Fiscal Fitness Guide—The New Normal When It Comes to Your Finances

As the year comes to an end, we’re talking about the new normal when it comes to your finances. We share some tips and tricks to keep you fiscally fit in the new year.

Well, for starters, you need to assess where you are and where you want to be.  Chase did a study and understandably found that post-pandemic people are actively trying to improve their credit. Credit is essential when it comes to making purchases, especially big-ticket items like a home or car. Credit plays an integral role in achieving life milestones. Your financial history is measured and weighed, allowing the credit bureaus to give you a score known as your credit score. And this is a reason why it’s important to understand how credit works and how you use it. When used correctly, credit cards can be a valuable tool in boosting your credit score. Look for a credit card that comes with some benefits. Consider an automatic APR reduction or a credit line increase. The new Chase Slate card, for example, is unique because it does all of these things, and there’s no annual fee. Plus, it has other benefits, like a $100 statement credit when you spend $500 in the first 6 months and access to Chase’s digital credit tools to help you make financial decisions. It gives cardmembers the ability to take some control of their finances. It helps them reach their financial goals faster and just put their best financial foot forward.

What else should we be doing? Make payments on time since late payments can negatively impact our credit score. A payment that's more than 30 days past due can knock as many as 100 points off your credit score. Paying off your balance each month is not only a good practice for reducing your debt burden, but it also helps keep your utilization in check.

Paying the minimum payment can be costly to your wallet and score, especially if you’re paying a high-interest rate. If you can’t pay off the entire balance, consider making more than just the minimum payment. That way, you’re not just paying interest but also the principal.

Make sure to check your credit score. It is very difficult to change what you don’t track and measure. There are a variety of free tools available to check your credit score so that you can begin making necessary changes and adjustments before your next major financial decision. For example, Chase Credit Journey is free to use (you don’t have to be a Chase customer to enroll) and can help you:

●         see your latest credit score for free anytime without affecting your credit.

●         get notified if your data is breached or exposed on the dark web.

●         receive critical alerts to help protect your credit and identity.

●         explore personalized resources to help you build and maintain your credit.

Reaching your financial goals takes time, effort, and careful planning, but it is possible.

We’re all on a journey of some sort, but by taking simple steps today, your money goals can be well within reach.

Finally, be accountable. Accountability can play a big role in maintaining your momentum and following through with your plans. Accountability can come from expected or unexpected places such and friends, family, online communities, or local groups you are a part of.

Lastly, honesty is an important trait that can help you with your financial progress. To begin and maintain financial progress requires being honest with yourself and taking accountability for your decisions. It is much easier to change what you are honest about than not. For example, if you are honest with yourself, you’ll be able to truthfully answer “can I really afford this right now?”, which can help you avoid a potentially costly financial mistake.

Reaching your goals can seem intimidating at first, but the longer you work at it, the more of a habit it becomes. No matter where you are in your journey towards owning your finances, with the right plan and tools, you’ll be able to reach your goals.

Watch the video: https://lifeminute.tv/home-and-family/video/fiscal-fitness-guide-new-normal-when-it-comes-your-finances