Getting Ahead of Debt

Career-Finance | Grace Bulabula

As an adult, the biggest life lesson we have all been taught or are now learning is credit and how to keep it in good standing. Let's face it: credit is intimidating as hell, but it is an important gateway to the many needs we'll all need at one point in our lives. For myself, re-establishing a good credit score has been my priority since crossing over into my late 20s, but I often find myself wondering if too much damage was done to my credit during my early adult years and what steps should be taken to get back to that ideal 750 credit score. Student loans, credit cards, late payments, and bills are some of the most detrimental things that impact our finances. Many of us have similar goals when it comes to getting our finances on the right path. Limiting spending, changing priorities, and managing your money are the smallest changes that make the biggest impact. With a little research and lessons from personal experience, I've picked up a few tips along the way that I've gotten to help with saving and improving my finances.

Strategy, commitment, and a whole lot of willpower are really all you need to get your credit back on track and getting out of debt for good.

Creating a plan is the most logical first step to take. Establishing credit goals while figuring out where your major credit hits lie is the best way to zone in on the problem and begin to repair your credit. With there being so many apps for any and everything, spending applications are an easy and efficient source to help with limiting your spending. MINT, Fudget Budget Planner, and Truebill Budget are three top mobile apps that track how much you spend, help you to make sense of how to spend, and help you create budgets based on your income and expenses. With wants and needs comes bills, and with those bills can come late payments. Now, of course, we all have or continue to pay some bills late because of well, life. Unfortunately, those late payments add on late fees which will negatively affect your credit. Sometimes it's easier said than done to pay things on time, but it is doable and will be better for your pockets in the long run! Last but not least, the most important tip anyone can give you is to spend only what you have– it has been my biggest lesson thus far when it comes to rebuilding my credit. Living within your means and being smart with your money can't be done without setting a budget (remember those apps I mentioned?) Cooking at home and staying in is not only underrated but the amount of money you save is worth it. When it comes to taking control of your credit and fixing your financial faults it takes a lot of discipline. Strategy, commitment, and a whole lot of willpower are really all you need to get your credit back on track and getting out of debt for good. Trust me, the payoff is bigger than what you could imagine.