Here are some saving tips for you
It’s vital to manage your credit exposure carefully. Make sure you pay off your full balance owing on your credit card every month.
You can save money in 2023 and remain debt-free.
Kriben Reddy, head of consumers at TransUnion, shared his top five tips to get 2023 off on the right financial footing.
Budget
“The only way to get on top of your finances and avoid overspending in 2023 is to create an effective budget,” said Reddy.
List your monthly income and expenses. Once you’ve allocated the fixed expenses, like your home loan, school fees and credit card payments, you can set realistic budgets for groceries, eating out, and entertainment.
Try to put aside a portion of your salary to pay for any unexpected financial crises, such as health emergencies or a major repair on your car or a household appliance.
Debts
If you can, pay more than the minimum balance owing each month.
“If you’re going to battle to make all your payments, it is vital that you speak to your lenders and restructure your loan repayments. Once you default on a payment, it affects your credit score negatively, and will hurt your chances of getting credit in the future,” said Reddy.
Get your latest credit report
Your credit report lists your current credit accounts, including credit cards, home, car and student loans. You can get your annual free credit report and check your report for any mistakes, which might affect your credit score. Once you know your score, you can start taking steps to improve it.
Change your spending habits
It’s vital to manage your credit exposure carefully. Make sure you pay off your full balance owing on your credit card every month.
“And if you want that fancy new big-screen TV, save up for it.
“If you’re financially stressed right now, you want to start planning how to avoid feeling the same next year. Your stress levels will thank you in 12 months,” said Reddy.
