Resolve to be Fiscally Fit

If you did all of your holiday spending on a credit card, you may have spent 2-3 times as much when you figure in interest and finance charges. According to a survey by the American Bankers Association, most people think they will have their holiday debt paid off by the end of February when it actually takes them about 6 months to pay off. This year resolve to make a fresh start with your finances.

Keep good records. Getting your financial papers organized will save you money and time. File important documents such as mortgage and loans, taxes, insurance policies, car titles, will or trust, military records, etc. List important contacts such as doctors, lawyers, and brokers. List investments, bank, and credit accounts along with phone numbers.

Make savings a goal. The earlier you start the better. While saving 10 percent is a good goal, it may not be possible. In that case, saving what you can is better than nothing at all. Simply putting $10 - $20 aside per week into a separate savings account adds up over time. Or have money automatically withdrawn from your paycheck and placed into a separate savings account. It is recommended to have between 2 and 6 months of living expenses saved for unexpected hard times. And keep it liquid because you never know when life circumstances can create financial hardship such as unemployment, illness, divorce, emergencies, etc.

Cut monthly banking fees. There are a number of free checking accounts available that do not charge a monthly service charge or per-item fee regardless of balance.

Pay no ATM fees. It’s your money, so why spend it to get it. Switch to a bank with a larger ATM network and use only your bank’s ATM. Limit ATM usage by asking for cash back with debit purchases at the grocery store or withdrawing larger amounts less frequently.

Join a credit union and let the savings begin. Credit Unions offer great savings to their members. Besides personal services and reasonable fees members find low rates on everything from auto loans to mortgages.

Bank Online. Online banking is another way the Internet can help to simplify your financial life. Advantages include no lines, open 24 hours a day, 7 days a week, access to real-time account information, including your monthly statements, the ability to pay bills electronically, check deposits you’ve made, and when checks have cleared. Besides you’ll save on stamps and trips to the post office.

Tansfer balances to a low-rate credit card. Some issuers are offering card deals with a 0% introductory rate. You won’t be charged a penny of interest on transferred balances for several months. Pay off as much debt as possible during the introductory period.

Close unused credit lines. Simplify your life and lighten your wallet by closing unused credit card accounts. The goal being to have no more than 2 credit cards - one with a low interest rate and one that you must pay in full at the end of every month. Ask the issuer to note in any statement to a credit bureau that the account was closed at the customer’s request.

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Improve your credit rating. Pull your credit report from all three credit bureaus and check it for accuracy. Errors can cost you money. If you find any inaccuracies in your report, you’ll want to be sure they are corrected. You can usually find instructions for disputing those mistakes on the last page of the report. And watch out for credit repair agencies. Some charge hundreds or thousands of dollars when they cannot legally “fix” credit. There is nothing they can do that you are not able to do for yourself.

Get rid of your PMI. Homebuyers who make a down payment of less than 20 percent are usually stuck having to pay private mortgage insurance or PMI. Cancel PMI once the loan balance is less that 80 percent of the house’s value. If you pay PMI, and you’ve been paying on time for a few years, you might be able to get rid of that extra amount added to your monthly mortgage payment.

Guard your personal information – OPT OUT. You can remove your name from prescreened credit or insurance offer mailing lists from Experian, TransUnion and Equifax, by calling (888) 5OPT OUT.