Life after debt consolidation
Life after debt consolidation is a mystery to many. The following article will explain what that looks like and will share how to maintain the momentum. Consolidating debt is only the beginning of feeling better about money. The most important part is what you do next. You need to avoid putting yourself back in that stressful financial situation.
It’s very easy to start using your cards again, so here are some pointers to help keep debt manageable.
Offers, offers and more offers
Your score will likely improve, which means you’re going to get new credit card offers. They are going to tempt you, but do you really need them? And will you be able to resist using them? At Budget Build Buy we encourage smart credit use. Credit cards are not evil. However, if you don’t use them they use you.
At Budget Build Buy we teach you how to earn cash rewards – real money in your pocket and never pay the banks a penny of interest.
Start budgeting
Get budgeting. Figuring out how you’re spending money means you’ll be able to manage it better. And better money habits mean less reliance on bad debt. Your budget is your gps on the road to building generational wealth. Without a solid budget you will easily lose your way.
Know your numbers
Track your credit score. Watching it go up can help keep you motivated. The same can be said of your savings and investment accounts. The more they grow the better you will feel about your complete financial picture. At Budget Build Buy we love to show clients how to calculate and track their net worth in real time.
Set financial goals
Set financial goals. A great place to start is setting an emergency fund goal. Maybe it’s the first time you’ve been able to build an emergency fund. Or maybe you want to plan a getaway…without swiping your card* (we recommend saving for goal then paying with credit card to earn the rewards). Savings goals can help keep you focused on building generational wealth.
