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Gain Financial Clarity with O1ne Mortgage

Taking a moment to reflect on your full financial picture can provide newfound insight into how well you’re managing your money. This reflection can inspire you and offer clarity on steps to improve your financial situation.

Six Key Money Questions to Assess Your Financial Health

1. What’s Working Well?

Start your financial assessment by identifying what’s currently working for you. What financial decisions or habits make you feel proud and in control? For instance, you might be proud of paying off a credit card balance, starting a new job, or using a budgeting app. Recognize these successes and use them as affirmations to build the financial life you desire. Consider jotting them down and placing them somewhere visible, like your bathroom mirror, to remind yourself daily of your progress.

2. Am I Prioritizing Saving?

When you receive your paycheck, how do you allocate your funds? Do you have a plan for covering expenses, saving, and discretionary spending? If not, it might be time to rethink your money routine. Start by paying yourself first with automatic transfers into a high-yield savings account each payday. Many people use the 50/30/20 budget rule: 50% for essentials, 20% for savings and debt, and 30% for discretionary spending.

3. Am I Prepared for an Emergency?

Consider how a large, unexpected expense would impact your finances. Could you handle a $1,000 vehicle repair or medical bill? Preparing for such scenarios is crucial for financial resilience. Building an emergency fund is foundational to financial stability. Learn how to calculate the right amount for your emergency fund and strategies to build it faster.

4. What’s My Strategy for Paying Off Debt?

If you have debt, you’re not alone. In 2022, Americans had an average overall debt balance of $101,915, including mortgages, student loans, and auto loans. High-interest credit card balances should be a priority. Consider debt payoff strategies like the debt snowball or debt avalanche methods to tackle one balance at a time.

5. Am I Planning for Retirement?

Retirement planning should start as early as possible. If you haven’t already, explore options like a workplace 401(k) or an individual retirement account (IRA). Set goals and automatically contribute a percentage of your paycheck toward retirement. For a more detailed plan, consider consulting a financial advisor.

6. How’s My Credit?

Your credit score affects your ability to borrow money and the cost of borrowing. A higher credit score can help you access premium credit products. Even if you don’t plan to borrow now, maintaining good credit can provide leverage in the future. Check your credit score for free through Experian to see where you stand.

The Bottom Line

Making financial strides involves forward-thinking and reflecting on what’s working for you now. In addition to assessing your money management, consider signing up for free credit monitoring through Experian to keep tabs on your credit over time. Experian also offers a money tracking tool to help you monitor your spending and income, aiding in long-term financial improvement.

For any mortgage-related needs, call O1ne Mortgage at 213-732-3074. We’re here to help you achieve your financial goals with confidence.

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