Top 5 Ways to Take Control of Your Finances
Blog icon
You need more than a spare change jar to get your finances under control. Understanding where you are now and taking steps to improve your financial picture, like opening a savings account, can make a huge difference. At AmeriCash Loans, we understand how important it is to reach your financial goals. We’re here to help, starting with this list to help you take control of your finances today.
Evaluate Your Finances
Before you can actively improve your finances or create financial goals, you need to know where you are right now. To get started, make a list of all your assets. This includes cash, your checking account balance, savings, investments, and your home if you own one. Then, make a list of all your debts, including:
Calculate Your Debt-to-Income Ratio
Now that you have a list of your assets and debts, take a moment to calculate your gross monthly income – your monthly income before taxes and miscellaneous deductions are taken out. Divide your monthly debt payments by your gross monthly income to calculate your debt-to-income ratio, which is an indicator many lenders use when evaluating you for installment loans and other forms of credit.
Monitor Your Credit
You’re entitled to a free credit report from each of the major credit bureaus once a year. This is a great way to keep an eye on things and can help you effectively track improvements. After all, the better your credit score, the more options you have when it comes to obtaining credit cards, loans, and other forms of credit. You might also consider consolidating. AmeriCash Loans offers the opportunity to simplify the number of monthly payments you make and can help you pay your debts down faster.
Ask Yourself Where You Can Scale Back
Paying down debts should be a priority among your financial goals. Before you start wondering about looking into installment loans or considering if you should open a savings account, it helps to look at all your monthly expenses and divide them into two categories: wants and needs. What are the things you can cut out altogether or cut back on?
Make a Budget
One of the most effective ways of meeting your financial goals is having a budget. This is a simple tool that lets you decide how to spend your money every month. Start with your monthly income and subtract all your necessary expenses. This gives you the amount you can use to open a savings account, pay down debts, and spend on some of the wants that you’ve identified but cut back on.
Taking control of your finances doesn’t have to be overwhelming. Break it into manageable steps. Maybe today you create your budget and tomorrow you open a savings account. Look for ways to add extra cash to your monthly income. For example, AmeriCash Loans has a referral program that lets you earn up to $100 for every friend you refer. It’s easy to sign up and there is no limit to how much you can earn.
Evaluate Your Finances
Before you can actively improve your finances or create financial goals, you need to know where you are right now. To get started, make a list of all your assets. This includes cash, your checking account balance, savings, investments, and your home if you own one. Then, make a list of all your debts, including:
- Credit cards, mortgages, installment loans, and student loans
- Utilities like cable, phone, electricity
- Car payments, insurance
- Entertainment, food, and childcare expenses
Calculate Your Debt-to-Income Ratio
Now that you have a list of your assets and debts, take a moment to calculate your gross monthly income – your monthly income before taxes and miscellaneous deductions are taken out. Divide your monthly debt payments by your gross monthly income to calculate your debt-to-income ratio, which is an indicator many lenders use when evaluating you for installment loans and other forms of credit.
Monitor Your Credit
You’re entitled to a free credit report from each of the major credit bureaus once a year. This is a great way to keep an eye on things and can help you effectively track improvements. After all, the better your credit score, the more options you have when it comes to obtaining credit cards, loans, and other forms of credit. You might also consider consolidating. AmeriCash Loans offers the opportunity to simplify the number of monthly payments you make and can help you pay your debts down faster.
Ask Yourself Where You Can Scale Back
Paying down debts should be a priority among your financial goals. Before you start wondering about looking into installment loans or considering if you should open a savings account, it helps to look at all your monthly expenses and divide them into two categories: wants and needs. What are the things you can cut out altogether or cut back on?
Make a Budget
One of the most effective ways of meeting your financial goals is having a budget. This is a simple tool that lets you decide how to spend your money every month. Start with your monthly income and subtract all your necessary expenses. This gives you the amount you can use to open a savings account, pay down debts, and spend on some of the wants that you’ve identified but cut back on.
Taking control of your finances doesn’t have to be overwhelming. Break it into manageable steps. Maybe today you create your budget and tomorrow you open a savings account. Look for ways to add extra cash to your monthly income. For example, AmeriCash Loans has a referral program that lets you earn up to $100 for every friend you refer. It’s easy to sign up and there is no limit to how much you can earn.
