Wellness Wednesday: Get Financially Fit

Get fit this summer!

With summertime right around the corner, it's no secret people are getting back in the gym to shape up and get fit for the warmer days ahead of us. Although I'm a big advocate of staying active and being healthy, I'm going to to tell you about another way to be fit this summer... with your finances. 

I’m not talking about slimming down your checking account or buffing up your savings account. I’m talking about clearing up your credit issues, managing your money, and managing the debt you have occurred whether good or bad. My fellow Spokester, Alysha from Young & Free Florida recently wrote a blog post that inspired me to share some financial fitness tips, so here you go:

Money management

Are you getting ready to start college? Maybe you’re already in college or you just graduated? Whatever stage of life that you might be in. It is important to set up a budget which reflects that life stage. The budget of a college freshman will differ from the budget of a college graduate who has to pay back loans.

Take a look at this simple Shoebox Budgeting guide to get your started on making a budget and sticking to it! Or watch this video for more information. If you start managing your money today, you will be better off tomorrow.

Credit Issues

Whoops! You  remember that credit card with the high limit that you can’t pay back? You know how it is holding you back from getting loans? Or how about that fraudulent activity that took place at your financial expense? Keeping up to date with your credit score and credit report is very important so when you want to get a loan you don’t face challenges.

If you're wondering how important it is to maintain a good credit score, take a look at this article, Life 'With' and 'Without' a Credit Score by Jill from Young & Free AlbertaIt's also a good idea to look at your credit report today to address any mistakes so that you don’t have a problem getting a loan in the future.

Managing Debt

Are you in financial trouble? Do you have to screen your calls because of debt collectors? You shouldn’t have to live your life that way! Clear up your debt, get help negotiating lower payments and work to reduce interest fees.

Take a look at my recent blog post, Good Debt vs. Bad Debt to get a better look into what kind of debt is worth having and what kind of debt should be avoided. Working on your debt now keeps your stress level lower.

There are many financial issues that you shouldn’t have to deal with alone! Credit unions are terrific resources when it comes to answering questions, solving problems, and making things work for your situation. To find a credit union near you, visit MaineCreditUnions.org.

Don't wait another season to get financially fit!

Be well, 

Lauren R.