As the new year kicks off, maintaining your financial health is something to keep in mind.
There are several things people can do to better manage their money. Jim Temmer with the Better Business Bureau of Wisconsin offers a tip on credit cards
“If you have multiple credit cards, you know credit cards have real high interest rates, they can waste a lot of money over time,” he noted. “Reach out to your credit card companies and [ask] can you do a balance transfer; can you switch to a card with a lower rate? If you have multiple ones with balances, if you can pay off the one with the lowest balance and get rid of it, that’s a great thing to do.”
As Temmer continues, it’s not only about paying off debt, but also being able to budget finances.
He suggested you “Create a written budget and track your spending. Its one of the best ways to save money and stop spending more that you earn. A lot of us can’t have that much control over the money we bring in, but we do have more control over the money we spend. Watch your spending.”
Temmer adds that there are several useful and free tools online that can help people curate a budget and track their finances.
He mentions that while you look for these tools, be wary of scams that ask for personal information or credit card numbers.
He adds your bank or credit union’s website is a great place to start.
More finance tips can be found online at BBB.org
