We are so much more than a car dealership for our customers. We are here to make sure you get on the road to financial health & wellness. We do this by giving you the opportunity to rebuild your credit when you work with us. Here are some tips on how to achieve financial health & wellness on your own in addition to giving yourself the opportunity to build your credit through E-Z Loan.
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Financial Health & Wellness
The ability to manage your personal finance is key for successful long term financial health and stability. Regardless of how much you earn, being able to make your income work for you is essential. Not everyone requires a large salary and an expensive home and car to be happy, but they do need to be comfortable in terms of being able to eat and sleep in a healthy environment, and provide adequate clothing and shelter for their families as well. This can only be achieved through sensible personal financial management, that is, only spending what you can afford, not borrowing money over and above what you can realistically afford to pay back, and ensuring you and your family will be comfortable and able to maintain thatstandard of living.
THE 5 KEYS TO FINANCIAL HEALTH & Wellness
1. Spend Less Than You Earn
It sounds simple, but many people struggle with this basic rule. Never overextend yourself financially because getting out of that hole will not be easy. Learn how to control spending in order to effectively manage your debt and live in good financial health. No matter how much or how little you're paid, you'll never get ahead if you spend more than you earn. Often it's easier to spend less than it is to earn more, and a little cost-cutting effort in a number of areas can result in big savings. It doesn't always have to involve making big sacrifices.
2. Put Money Away
It’s important to establish a habit of saving consistently. You should have long-term savings, savings for retirement, and an emergency fund. Always maintain funds for an emergency, such as medical bills, car repairs, or dealing with the loss of employment. Resolve to set aside a minimum of 5% to 10% of your salary for savings BEFORE you start paying your bills. Better yet, have money automatically deducted from your paycheck and deposited into a separate account.
3. Stick to a Budget
How can you know where your money is going if you don't budget? How can you set spending and saving goals if you don't know where your money is going? You need a budget whether you make thousands or hundreds of thousands of dollars a year.
4. Use Credit Wisely
Some types of debt are worse than others. You may not be able to avoid a car loan, student loans, or medical bills, but you can avoid depending on credit to survive. Avoid accruing any debt that you cannot reasonably pay off quickly, such as credit card debt. It is the number one obstacle to getting ahead financially. Those little pieces of plastic are so easy to use, and it's so easy to forget that it's real money we're dealing with when we whip them out to pay for a purchase, large or small. Despite our good resolves to pay the balance off quickly, the reality is that we often don't, and end up paying far more for things than we would have paid if we had used cash.
5. Have a Plan!
Planning is essential to getting where you want to go. Your plan may change over time, and this is fine, as long as you have a basic idea of where you’re heading. Your financial plan will help you stay in good financial health by helping you prepare for the future.