If you are reading this, and you, along with all the other 7.6 billion people on planet earth, are struggling through this worldwide pandemic and wondering how to pull-thru or even come out on top, don’t give up hope. Keep reading, and let us help you help yourself with a few tips and tricks from one of the top leading young professionals in the credit consulting space. We got the inside scoop from him on how to save money, cut spending, and get that banging credit score.
Matt’s first tip: Have a budget sheet. Make a list of your monthly expenses and cut out all unnecessary spending where you can. What is the number one way to cut non-essential expenses, you ask? Stocking up on groceries and cooking your food versus going out to eat every night. It may not seem like much, but those extra dollars in food prices and tips can add up quick. Cut out “self-entertainment.” For example, instead of going to the movies (if you still can), watch a free movie on a streaming service instead. Instead of going out to bars and blowing all your money on overpriced drinks, bad decisions, and cover charges at your crappy local hole-in-the-wall, opt for a house party with a few bottles of alcohol instead. Not only will you save a ton of money, but you can (almost) guarantee that you’ll end up back in your own bed by morning, with all of your belongings and dignity intact.
Also, make sure you are always looking for new ways to cut back on these unnecessary expenses, while also looking for new ways to bring in multiple streams of income. These alternate streams of revenue are not only entirely possible, but most people (especially massively successful people) are already doing this. The best thing about this day and age is that, now, these various ways of bringing in extra money are accessible to anyone, anywhere in the world, and usually at the simple click of a button or touch of a screen. Have a closet full of clothes and accessories you never wear (or that may even still have the tags attached)? Sell them online. Download a few survey apps. Find your side hustle, whatever that may be. (We’re not here to judge.) And when your income increases, that does not mean your expenses need to increase. When you reach a stable savings and earn a comfortable living, keep it that way. Don’t buy that new house/car/watch. It will make you happier in the long run.
Live within your means. Now, you may think you know what this statement means, but the difference here is making a real effort to keep track of every single dollar you spend, when you spend it, and what you spent it on. Keep a budget sheet. Keep track of all bills, receipts, paystubs, etc. Record every visit to the gas station, pharmacy, strip club, and everything in between.
Our third tip? Communicate with your creditors. Keeping in touch with them means they are much more likely to forgive mistakes or past-dues. For example, if you run into a situation where you can’t pay minimums, call them and let them know what the situation is. They are more willing to work with you as long as you communicate openly and honestly. (And maybe bring them some lovely baked goods every once-in-a-while.)
Monitor your credit. Pay attention to your monthly credit reports. Most credit card companies offer free credit reports. Take advantage, and take action on the tips they are giving you to increase your credit score, and the advice they give on how to fix a bad credit score. Your credit score is basically a report card of your entire life’s spending habits (minus the A+ buffer you got from that random elective credit theatre class you took in high school.)
Follow the “Snowball Effect.” When credit card debt comes knocking, start by paying off your lowest debt and compound from there.
Step 1:
List your debts from smallest to largest regardless of interest rate.
Step 2:
Make minimum payments on all your debts except the smallest.
Step 3:
Pay as much as possible on your smallest debt.
Step 4:
Repeat until each debt is paid in full.
Matt Carpenter is a leader in the credit consulting space, and has helped to successfully repair 500+ credit scores. His focus and determination on quick turnaround, high-quality work, and client relationships has built his reputable name and business on a strong foundation of happy customers, and a long list of referral partners.
Credit is like fitness, a lifestyle that requires consistency. It’s time to acquire a better financial routine. For more tips & tricks, or to reach out to Matt, head over to his Instagram: @thematthewcarpenter and @peakcreditcourse
(Syndicated press content is neither written, edited or endorsed by ED Times)
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