Fiscal Fast
- Try to go through an entire week or two without spending a single dollar!
- Use this opportunity to rid your shelves and kitchen cabinets of old items.
- This is your chance to simultaneously save money and reduce household clutter.
- This exercise should instill and reinforce the essential behaviors of moderation and self-control.
Mini Budget
- Perhaps you haven’t been successful with a full-blown budget in the past?
- Consider trying a miniature budget by modifying your habits for just a few major expenditures.
- For example, you might reduce the number of times you eat out from three times per week to once per week.
- A budget doesn’t necessarily need to be measured in dollars and cents; it can be implemented by controlling activities that translate into financial results.
- Expand your scope once you have been successful in a few areas.
- Continuous improvement will produce increasing rewards!
Check Your Credit Report
- Obtain free copies of your credit report from each of the three main credit reporting agencies (TransUnion, Equifax and Experian) by visiting www.annualcreditreport.com. Be prepared to answer questions to verify your identity.
- Read your credit reports carefully to identify inaccurate, outdated or incomplete information.
- Look for late payments that may have been incorrectly reported.
- Verify the accuracy of the balances owed on current accounts.
- Ensure that old accounts have been listed as closed.
- Dispute errors with the credit bureau in writing.
- Specifically explain which items you are disputing and why you are disputing the information.
- Inform the creditor in writing that you are disputing their information and provide supporting evidence.
Add to Your Emergency Fund
- Just an extra month or two could make a huge difference in your financial security!
- Try to have enough to cover at least three to six months of expenses.
- More is even better!
- Don’t touch the emergency fund unless you have a true emergency!
SMART Goals
- Tangible goals are SMART goals.
- Specific
- Measurable
- Attainable
- Realistic
- Time-based
Courtesy: Christopher Harper, CPA, MBA