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5 Ways to Clean Up Your Finances in the New Year
Barclays Ring Public Blog

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5 Ways to Clean Up Your Finances in the New Year

 

If you went over budget with your holiday spending or just want a better handle on your finances, the new year offers a great opportunity to take a closer look at your money habits and clean them up.

 

Making a few simple adjustments to the way you manage your cash — and your credit — can help you reach your savings goals, improve your credit and get you through the year without financial troubles.

 

Here are five ways to clean up your finances this year:

 

1: Get Your Budget On Track

Budgeting doesn't always mean cutting out things you enjoy. Look at your budget as a plan or a tool that helps you track and monitor your spending, so you're more aware of where your money is going and where you might be overspending.

 

Simply categorizing your purchases can help you get a clear idea of your spending, so you can cut back as needed. If you're not yet using a budgeting app, check out MvelopesMint, or Acorns to help organize your money.

 

 

2: Start Tackling Holiday Debt

If you racked up extra debt over the holiday season, make it a priority to pay off some — if not all — of that debt as quickly as possible. Transferring high-interest credit-card balances to a lower-interest credit card can be a smart money move if you don't think you can pay off those balances within a year.

 

If you pay more than the minimum amount each month, you can whittle down your balance more quickly — and hopefully before the next holiday season.

 

 

3: Make Smart Purchases with a Rewards Credit Card

If you have a rewards credit card, like the Barclaycard Arrival® Plus World Elite Mastercard® or the Barclaycard Visa® Apple Rewards, you can use it to spend strategically across certain categories to earn miles or points toward future purchases.  

 

You don't have to make major purchases to earn rewards — review your credit card terms to determine how much you can earn from different types of purchases.

 

 

4: Prioritize Your Savings

If you didn't meet your savings goal last year, or you just want to build up an emergency fund this year, create a plan to make saving money a bigger priority. Once you have a budget and know where your money is going, you can allocate some of your income toward savings each month.

 

Treating savings as an expense can get you in the habit of saving without really thinking about it. Choose an amount that works with your budget and deposit additional funds when you receive your tax refund, a bonus or another financial windfall.

 

 

5: Check Your Credit Report

Your credit score can be a fair indicator of your financial health, and reviewing your credit report can give you a chance to check for any suspicious activity. You can request a free credit report from Annual Credit Report.com and get your credit score from sites like Credit Karma for a snapshot of what's happening with your credit.

 

Fix any errors, and continue to monitor your credit score throughout the year to ensure your credit isn't compromised in any way.

The new year is the perfect time to check in on your finances and set new goals. Use these tips to get your finances on track and make the most of your spending — and saving — in the year ahead.

 

The new year is the perfect time to check in on your finances and set new goals. Use these tips to get your finances on track and make the most of your spending — and saving — in the year ahead.

 

Sabah Karimi

 

 

 

 

All content provided in this blog is supplied by Sabah Karimi and is for informational purposes only. Barclays makes no representations as to the accuracy or completeness of any information contained in the blog or found by following any link within this blog.

Image Credit: iStock

 

 

 

 

 

 

 

 

 

 

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