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From the ABA Foundation
It’s never too late to assess your finances, gain control, and stick to a new budget or savings plan. Taking control of your personal finances will allow you to save and prepare for unexpected expenses. Get financially fit by following the tips below.
Consider treating yourself to a gift of a financial organization system. Alphabetized file folders or filing systems specifically for financial organization are helpful when preparing for tax season. While you're getting organized, consider buying a shredder to keep your personal information safe from identity theft.
Track your income and expenses to see how much money you have coming in and how much you spend. If you have debt, establishing a budget will help you pay down your debt while saving. Use computer software programs or basic budgeting worksheets to help create your budget. Include as much information as you can and review your budget regularly. Print several copies of this budgeting worksheet to help you get started.
Debt from student loans, mortgages, and credit cards is pretty common. Most families carry about $10,000 in credit card debt. Establish a budget to pay down debts while you save. Avoid spending more money than you bring in, as that leads to financial stress.
Points to consider when cutting debt:
Pay yourself first. Saving is important; it ensures a comfortable future that can endure financial surprises. No matter how old you are, it's never too late to begin saving.