It is important that consumers re-evaluate their finances and get themselves back on track if they’ve slipped up over the summer.
BOSTON (PRWEB) October 17, 2019
Many consumers experience financial anxieties, but may not know what actions they need to take to improve their financial situation. The fall is a good time for consumers to take a moment and review their finances, re-evaluate and reorganize if necessary. National nonprofit American Consumer Credit (ACCC) counseling explains what consumers should check to achieve a successful fall financial tune-up.
“The fall is an ideal time for consumers to review their finances so that they can best position themselves for the upcoming holidays and the New Year,” said Steve Trumble, President and CEO of American Consumer Credit Counseling. “It is important that consumers re-evaluate their finances and get themselves back on track if they’ve slipped up over the summer. The first thing consumers should review is their yearly budget to see where they might need to adjust.”
According to the Bureau of Labor Statistics, the average spending per consumer was $61,224 in 2018, almost a two percent increase from 2017. This study also found that the average pretax income rose 6.9 percent to $78,635, after dropping 1.5 percent the previous year.
ACCC explains what consumers should pay attention to when re-evaluating their finances.
1. Budget – Consumers should take this time to either make a budget if they don’t have one or re-evaluate their current one. This is particularly useful if consumers find themselves running out of money before the end of the month and relying on credit cards until the next payday.
2. Credit – Consumer should check their credit score and review their credit report. Consumers should comb through their credit reports for errors and dispute any missing or inaccurate information.
3. Debt – Debt can cause a lot of financial anxiety. Consumers should examine their debt and address any issues as soon as possible so they don’t dig themselves into a deeper hole. Consumers should focus on paying off the debt with the highest interest rates first.
4. Review yearly goals – Now is the time for consumers to take a look back at the financial goals they set at the new year and see if they have kept on track with achieving these goals. If not, consumers can take this time to figure out ways they can get themselves back on track.
5. Retirement – Check in on retirement savings. Consumers should see how much they have saved and if they can afford to contribute more to their savings plan, like a 401(k). If consumers don’t have a retirement plan set up, they should enroll in employer- sponsored 401(k) plans and start contributing pre-tax money to their retirement savings immediately. It is never too early to start saving for retirement.
6. Evaluating expenses – Consumers should take a look at their spending over the last couple of months and see if there are areas they can cut back in spending to save more.
ACCC is a 501(c)3 organization that provides free credit counseling, bankruptcy counseling, and housing counseling to consumers nationwide in need of financial literacy education and money management. For more information, contact ACCC:
- For credit counseling, call 800-769-3571
- For bankruptcy counseling, call 866-826-6924
- For housing counseling, call 866-826-7180
- Or visit us online at http://www.ConsumerCredit.com
About American Consumer Credit Counseling
American Consumer Credit Counseling (ACCC) is a nonprofit credit counseling 501(c)(3) organization dedicated to empowering consumers to achieve financial management through credit counseling, debt management, bankruptcy counseling, housing counseling, student loan counseling and financial education concerning debt solutions. To help consumers reach their goal of debt relief, ACCC provides a range of free consumer personal finance resources on a variety of topics including budgeting, credit and debt management, student loan assistance, youth and money, homeownership, identity theft, senior living, and retirement. Consumers can use ACCC’s worksheets, videos, calculators, and blog articles to make the best possible decisions regarding their financial future. ACCC holds an A+ rating with the Better Business Bureau and is a member of the National Foundation for Credit Counseling® (NFCC®). For more information or to access free financial education resources, log on to ConsumerCredit.com or visit http://www.consumercredit.com/financial-education.aspx