No matter the amount, setting aside a budget-friendly amount each month for savings builds fitness and financial health.Ī secure financial future depends on building healthy habits, especially around credit and debt. You can automate savings directly from your employer or put into place other tricks to make it a seamless savings process. Setting and sticking to a realistic savings plan is a key component of financial fitness. They can provide information about mortgage repayment options, engage with mortgage servicers or provide other solutions.Īnother issue specific to the times we are facing is the challenge to keep up with savings goals, which helps when it comes time for financial goal setting. For those trying to avoid foreclosure, for instance, a certified HUD housing counselor is a powerful resource to understand the specific options to take. Housing costs are especially challenging. People don’t have to face their financial stresses alone.Ī financial counseling session is a chance for people to work one on one with a certified, HUD-approved counselor to understand their full financial situation, and get a specific action plan that works for their unique situation. One of the biggest misconceptions people have about managing finances, including getting a handle on high credit card balances, understanding their options when facing foreclosure, or other issues, is that they must face the challenges alone. So the times we are living in, with all the uncertainty, make prioritizing monthly expenses important to get a solid footing on money management and financial health. Many people are looking to understand how to manage monthly payments when relief ended, as well as how to handle any increases in consumer credit card balances. The end of these programs might contribute to uncertainty when it comes to meeting a financial goal related to saving, preparing for retirement, building up an emergency fund or other improvements to the health of our personal finance. Many of us relied on the now expired relief programs such as the Advanced Tax Credit, credit card deferments offered by creditors, deferrals on student loan payments, temporary mortgage forbearance and other relief related to debt. People may be experiencing changes in income, perhaps a temporary reduction in hours or pay, or other financial trouble. The recent years of the pandemic, with economic impacts such as rising inflation and expensive housing, are a challenging time for managing household finances. What are specific actions people can take who are looking to better manage debt? What is it about the times we are living in that make financial health and money management so important?
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