I recently received a copy of my credit report from Experian.com. Although the report didn't give me my credit score (I have to pay an additional $8 for that:( ), it did show what I already knew which is that my credit is in pretty good financial standing. Yay and thank you Jesus! With that said, I still feel like I can do small things to improve my finances. Here is a list of five things that I feel could improve my finances throughout the new year:
1. Pay down my credit card: Seems like every time I get ahead, I take one step back. For example, I recently had a virus on my computer and had to use my card as payment for getting the virus removed. I guess c'est la vie, but I plan on putting more money on my credit card every month to bring the balance down.
2. Save more: In the past, I hoarded money because I equated it with security. But when I got back from India, I learned that money really isn't everything. As a result, I used most of the money from my savings account to by a plane ticket to San Antonio for Christmas instead of using my credit card. Now, my savings account isn't looking too pretty but I am slowly rebuilding. There's nothing wrong with keeping a little nest egg, as long as you understand that money comes and goes. And that's one thing that I am learning.
3. Spend and give more: OK, I know this is contradicting No. 2, but I will try to not be so cheap with myself. I've always believed that if you work hard, you must play hard and I've never really lived by that saying. In 2010, I will start investing in myself, as one of my mentors likes to say, and not feeling guilty about it. As long as I set a reasonable budget for myself, this shouldn't be a problem.
I will also try to make more small donations to charity and my alma mater, Norfolk State University.
4. Limit impulse purchases: This is going to be a hard one. Ever have a stressful day and go to Marshall's, T.J.Maxx, Target or Walmart and leave with what seems like the entire store in your shopping cart? Yeah, I know all about that. And retail therapy does for some women what football on Sundays does for some men. But next year, I will try to curb my impulse spending by um, well, ya know...OK, I'll just try my best with this one;).
5. Eliminate wasteful spending: This one can be linked to No. 4, which I already admitted will be somewhat difficult to do. I'm already pretty good at not buying things I don't need so this one shouldn't be too difficult.
How are you trying to improve your finances for the upcoming year? How will you cut back? How will you save?
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