Saving money and paying off debt is never fun, but is an important part of improving your financial future. Staying on top of things like paying off your credit card on time and putting a little money aside in savings each month can reduce stress and help you plan for the upcoming months and even next year. Our Denver accountants can offer a few useful tips on how to start getting on top of your finances and budgeting effectively:
Carrying around debt is stressful – reducing your outflow of money is key to cutting down your debt. If you’re having trouble saving money in certain categories such as entertainment or eating out, make a budget for them. Make a list of 10 things you can cut out of your spending each month without feeling deprived. Getting in control of your spending before the holidays will make sure that you won’t stress out about last minute gifts or unexpected expenses.
Raise your credit score:
There are a lot of factors that go into your credit score such as balances on revolving credit that are near limits, tax liens, bankruptcies, recent credit inquiries, and too few or too many accounts. It’s hard to keep track of your score, but luckily, there are financial tools such as Mint.com
that can help you stay up-to-date on your score and multiple accounts. It reminds you when your balance is due and can even update you on your progress on saving towards a goal.
Use a financial adviser to keep your investments on track:
A financial advisor can help you keep track of your investments as well as provide helpful advice. Keep in mind it’s ok to ask for help when looking to invest – according to Intuit, 62% of working-age women consult a financial adviser when making investment decisions and less than half of men do the same.
You can also get a jump start on reducing your taxes by clearing out your closet and donating unwanted goods to organizations and prepaying tax deductible expenses such as property taxes. Need help with getting in good financial shape by the end of the year? Don’t hesitate to contact your Denver tax specialists, Bloch, Rothman, and Associates for sound financial advice to get you through these next couple months.