The Beginner’s Guide to Managing Money in Lincoln Continued

The Beginner’s Guide to Managing Money in Lincoln Continued

Posted on February 26, 2021

Yesterday we covered the basics of managing money. Budgeting, knowing the whole picture and creating a needs and wants list. Today we are discussing shopping around, monitoring your credit report, saving and not being afraid to ask for help if you need it.

Our Lincoln car loan team regularly advise customers to follow some or all of the below to help them manage their finances. We would recommend you do it too!

Shop Around for Everything

Shop around for cheap phone deals, for cheaper utilities, for cheaper car insurance, cheaper groceries and everything you spend your money on.

It’s easy to get into a habit of always buying the same things from the same people. It’s time to change that. Canadians tend to stick with the same insurer for years at a time. While our system works better than an open market, it’s always worthwhile shopping around once in a while.

The same for utilities if there are competitors where you live, cable, phone and everything you spend money on.

Monitor your Credit Report

Keeping an eye on your credit report can tell you in advance if your situation is changing and alert you to any fraudulent activity. Knowing your credit score long before you apply for a Lincoln car loan can give you the opportunity to increase it to get a better rate.

Fraud is everywhere and even the most careful person can get caught out. Several finance products out there will alert you to any changes in your credit report. Use one so you always know what’s going on.

Set up Some Savings

If you have any money left over at the end of the month, put it into savings. Even a modest amount will mount up over time and can get you out of a situation should the worst happen.

Set up an easy access savings account for emergencies. Aim to save the equivalent of six month’s total outgoings in that account. It might sound a lot but saving is a long term goal so even the smallest amount will help.

Once you have that, set up a longer term savings account. This can be for home improvement, a college fund, retirement or whatever you like. Keep it separate from your emergency fund and don’t be tempted to use it unless you really need to.

Ask for Help if you Need it

Our final piece of advice is probably the hardest for some. You need to ask for help if you need it. Money issues don’t carry the stigma they once did and everyone needs help sometimes.

Ask for help early and definitely before anything happens and you would be amazed at how helpful friends, family and even lenders can be!

We all want you to succeed and will do everything we can to help with that. If you find yourself in financial difficulty, talk to someone. Talk before you miss a payment or default on a debt. There are lots of ways to avoid going under. You just need to find them.

When you’re ready for a car loan, get in touch with the Lincoln car loan experts at Northway Ford for great deals on auto finance.

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