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| 5 Steps to Reduce Money Worries
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| If just the thought of your finances strikes fear in your heart, try these five steps to take back control of your money — and start lowering your finance-related stress today! |
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- Eliminate credit-card debt.
If you have credit-card debt, work to eliminate it. Pay off the credit card with the highest interest rate first and always pay more than the minimum payment. Also, negotiate with credit-card companies for the best interest rate — even if it means switching companies.
Don't be late.
It might seem obvious, but pay your bills on time. If you're late, you can incur late fees, or worse, it can affect your credit rating. Set up a bill-paying schedule and assign bills to get paid through automatic withdrawal. Most banks offer this service, which deducts money for your bills directly from your checking or savings account. You never have to worry about stamps for bills again!
Calling all credit!
Know your credit history. Obtain credit reports from a credit reporting agency (checking for accuracy will not affect your score), and make sure you agree with them. If something looks wrong, investigate the situation and try to fix it. Maintaining a good credit rating helps you qualify for lower interest rates when applying for loans or making major purchases.
Invest in your future.
Devote what you can to your retirement. Talk to a financial advisor about making contributions to a 401K or an IRA.
Protect your family's future.
Write a living revocable trust to ensure your wishes for your family are carried out. When you pass away, your family will not have to go through the court systems as they would with a will. Everything you decided on in your trust becomes effective immediately. Another added benefit: You can appoint someone you trust to act on your behalf if you become unable to represent yourself. Make an appointment with a local attorney to find out how.
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