– Sometimes it’s hard to build good habits, but they can benefit you in the long run if you stick to them. That’s also true for dedicating time to create money habits to manage your finances better.First, only apply for credit when you need it. A good credit score is vital for your financial well-being, so one way to get and keep a good score is to only apply for the credit you need.
Next, you're entitled to a free credit report every 12 months, so it's ideal to set up an annual reminder to be up-to-date and spot any potential errors that may be hurting your credit score. The CFPB also suggests setting up bank alerts to notify you of your checking account balance at the end of the week or if your balance gets too low. These notifications can protect you from incurring any overdraft fees.
If you have a financial emergency and you can't make bills this month, act fast and call your creditors. Missing a bill payment may have negative economic impacts, so it's best to call your lenders or creditors before your due date to see what options you have available. Lastly, when you're shopping for a loan, get quotes from at least three lenders. The CFPB says one of the best ways to save money on a loan is to shop around and get estimates to compare terms and fees.Ivan Herrera has worked as a journalist in San Antonio since 2016. His work for KSAT 12 and KSAT.com includes covering breaking news of the day, as well as producing Q&As and content for the "South Texas Pride" and "KSAT Money" series.