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7. Changing Jobs? Roll-Over that 401(k)
When people change jobs/careers they will be faced with a decision to either "rollover" their 401k (retirement plan) or to withdraw it. It will be ever so tempting to withdraw money since it will be a substantial amount, but don't! You will be charged fines and penalties for an early withdrawal that will cut YOUR total by 40%-60%! That's like giving half of your earned retirement savings away to a stranger. Why would you do that? Even though you may want money now, resist temptation and roll it over. It will be well worth it in long run.
8. Avoid Getting Too Many Credit Cards
Why have eight credit cards? That's just going to provide you with more opportunities to go further into debt. It's fine to keep 1-3 cards to build credit, establish yourself, and for emergencies, but credit cards are double-edged swords. They can help or hurt you depending on your self-control.
9. Check Your Credit Score/Report
It's important to know where you currently stand as a consumer and since your credit report is most important historical list of your financial past and present, it's a very good idea to check it from time to time. There are a number of places where you can get your credit report, however most detailed compares information from top three national credit bureaus: Experian, Equifax, and TransUnion. Once you get your report, look through it carefully to see if all information is accurate. If there are any discrepancies, get those solved as quickly as possible to improve your credit rating - a score of up to 800. Often times, consumers are unaware of unsettled accounts, or accounts that are still open/active when they should be closed. Pay close attention to this when inspecting your report.
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10. Finally: Review - Revise - Retry
Once you start implementing these tips and become more familiar with money saving opportunities you have, take time to REVIEW your progress. Check and see where it may be possible to REVISE some of your techniques or where you can implement new ones. Once you have revised your plan, RETRY to see if your results improve. The more frequent you review, revise, and retry your saving ideas, more "in tune" you'll be with your finances and spending habits, and learn what works and what doesn't for you.
Follow these 10 steps to improve your financial situation and lower your overall debt. These steps are straightforward, and ready to be implemented into your daily lifestyle.