5 Ways The Experts Save Money & Build Wealth

Woman Inserting Coin In PiggybankThe new year marks that time when individuals reflect on the last 365 days and what they can do differently to be more successful. While we’d like to think we have all the answers, truth is, we all need a little help when it comes to managing our big bad finances. So, we’ve compiled a list of five expert tips to manage your bread in the year ahead.

1. Zero in on your FICO score: Everyone’s got to start somewhere. We suggest taking a closer look at your debts owed. A sentiment Teri Williams, president and CEO of OneUnited Bank and author of I Got Bank: What My Granddad Taught Me About Money, appears to share.

“FICO is the most widely used credit score, which is a number that represents your credit worthiness or likelihood to pay back a loan,” Williams once told Essence. “It is a calculated compilation of past due debts you owe, frequency of past due debts, type of debt, bankruptcy and other information.”

Of all the information included in your FICO score, Williams stated that the frequency of payments has the biggest influence on your rating.

2. Find a partner: “Often, reaching your goals requires enlisting the help of a friend so you remain accountable.” Tiffany Aliche, better known as “The Budgetnista,” who developed the Live Richer Challenge to help women accomplish just that in 2015, once told U.S. News.

“Work toward specific financial goals with an accountability partner,” she says. “… Money management is a team sport.”