Budgeting for a Better Future

Money management is a crucial skill. One that we all improve on throughout the course of our lives. The better you are with budgets, the faster you can reach your goals. At Heights Finance, we want to help you feel like you’re thriving, not just surviving. So, we’ve put together a short list of tips and tricks to assist you in building the base for your financial future.

Step One: Build Your Budget

Starting your budget is easier than you might think, especially with this handy little worksheet from consumer.gov. Before you begin, it’s important to be honest with yourself regarding your current financial standings. Make a list of the expenses in your life that are non-negotiable and prioritize them. Then, turn your attention to “extra” expenses and eliminate unnecessary spending. Follow this formula and fill out the worksheet to get your head around your current financial situation and understand the immediate changes that need to take place.

Step Two: Family Finance Talks

Talking about money is never easy and for many, it can be a taboo topic. However, involving your family in your financial conversations can be extremely beneficial. It’s important to make sure that you and your partner are on the same page when it comes to budget, especially if you share incomes. We suggest downloading a budgeting app and sharing it with your family. That way, you can track spending and plan your budget together. If you have kids, it’s never too early to teach them financial responsibility. Involving them in your conversations will teach important skills that will greatly benefit them in the future.

Step Three: Debt Consolidation

Debt Consolidation is when you take out a loan to pay off your different existing debts and organize them into a single monthly payment. This strategy can provide a variety of different benefits, including lower interest rates, more money, more time to pay and lower monthly payments. If you already have a loan with Heights Finance that’s currently in good standing, you may also be eligible to refinance. Contact us today and ask about getting more money, time or loans to help consolidate debt.

Step Four: Reap the Rewards

There is nothing better than seeing your hard work paying off. Once you’ve committed to a budgeting strategy, you may begin to notice some extra cash in your account. We recommend depositing that money into a savings account. Why? You don’t want to tempt yourself and spiral back into overspending. Instead, set up a direct deposit system. That way, you can begin earning interest and easily access the money in case of an emergency.

Step 5: A Lending Hand is One Call Away

We want you to feel empowered in your financial journey. Whether that’s through budgeting, personal loans, refinancing or savings, we are here to help. Be sure to try out the tools listed above. If you commit to each and every step, you’ll be surprised at how quickly progress can be made. For more info, visit heightsfinance.com or give us a call to learn how you can better your financial future with our lending hand.