The year may be almost half over, but it is not too late to revisit your financial resolutions for 2010 and make sure that you are still following them as closely as possible. If you have veered off the rails, there is still time to get back on track. If you have already accomplished the goals that you set, then this is a good time to make new ones, so that you can finish the years in better financial shape than you started.
Take a look first at your spending practices. We all have the urge to use our credit cards to make purchases that we don’t necessarily have the cash for. Resist the urge to make impulsive purchases, especially things that are not truly necessary. By making it a practice to only purchase things with cash, you can cut down on the amount of money that you pay to your credit card companies. Just be sure that you have covered your bills before you use the excess cash to treat yourself.
You should also write down how much to you owe to each creditor. If it is at all possible, try to work out a payment plan that will eliminate as many creditors as possible within the year. You do not necessarily want to close out any revolving debt accounts, as this might actually hurt your credit, but by carrying a zero balance on your credit card, you could boost your credit score by several points.
If you do happen to have a bit of money left over after you pay your bills, then it is a great idea to set up a savings account. Many financial experts advise keeping six months of living expenses in a savings account, which will be extra helpful if you find yourself in an emergency situation or you lose your job without warning. It does take time to reach that amount of money in a savings account, so you may have to cut some luxuries from your budget to make it happen.
Above all, protect your identity. We live in an electronic age, where thieves are finding it easier to pluck information from the Internet. Always keep a close eye on your credit report, and be vigilant when releasing personal information to anyone. You can find effective identity protection companies, but the most important thing to remember is just be careful.