WFAA's Money Manager Eric Amado shares seven financial tips to use to gain control of your finances in 2014.
- When using a credit card, make sure you have plan. I prefer not using credit cards, but when you find yourself using one, be sure to think ahead on how and when you can pay it off. You don't want to have balances where you accrue expenses.
- Save. No matter how small you start, even a $1 a day can get you $30 a month, which can add up. You want to get the benefits of compounding interest over time. Even a dollar a week is better than nothing. Eventually, you want to save 15 to 20 percent of your income.
- Check your credit report. You want to check your credit report at least twice a year. Make sure there's no erroneous information on your report. Once a year, you can get a free credit report from the larger institutions, but you should check it twice a year.
- Create an emergency fund. You want to have three to six months of emergency savings. You need this in case you lose your job or have a costly medical emergency.
- Get your name off the mailing list. You can use OptOutPrescreen.com. You place your information into an account, and they reduce the amount of solicitations you receive in your email and on your phone.
- Set up an appointment with your tax accountant. This is a good time to get a jump start on your 2013 taxes. Get ahead of the game and you can ready yourself for a refund or prepare yourself to make a payment.
- Set some financial goals. Set realistic goals. Instead of trying to pay off your credit card immediately, allow yourself the year. Set a date and make a plan and you will reach that goal.