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February 01, 2014 | Ben Heisler | Comments 0

Strengthen Financial Building Blocks for a Healthier Mortgage in 2014

Start Saving More for 2014 MortgagesIf you have seen our articles on the new rules for mortgages but aren’t sure what it means for your financial lifestyle and how you will be able to save up enough of a down payment to purchase your dream Atlanta new home, the Equifax Finance Blog can help. The tips that are mentioned in the “Five Money Management Resolutions to Make in 2014” don’t apply just to New Years’ resolutions, and include basic steps you can take now to get ready for a new Atlanta home this year!

Just a few of the ways you can turn your financial life around include:

  • Prioritize your spending. It’s never a bad time to cut out the excess. From un-used and under-used subscriptions and memberships to too many impulse purchases, you can save a lot by just being more mindful of how you are spending your money. An easy way to make this stick is to go through your expenses and rank them. This exercise will encourage you to spend consciously, it will give you a better grasp on your financial situation, and it will make it easier to identify which items to cut from your budget.
  • Invest more money. Evaluate how much of your money you are investing. Chances are it isn’t enough. Look for a little extra room in your budget – your priorities list will definitely help – and invest some of that money rather than spend it. It doesn’t take an incredible amount set aside for savings before you start seeing good returns.
  • Pay attention to your credit score. When was the last time you reviewed your credit report? If you can’t remember or you don’t know, then now is the time to set up regular credit checks. You can order one credit report a year for free from each of the three national credit reporting agencies, but since they share information, you can order one report every four months for free to get a  more frequent look at the state of your credit. Don’t forget you can also sign up for a credit monitoring service like the one Equifax offers to have a more up-to-the-minute view of your credit.

For more about saving, budgeting, building your savings and other personal finance advice, visit the Equifax Finance Blog today!

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