Viking Magazine - March 2022 - 11

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@sonsofnorway
REVISIT YOUR BUDGET. Your
budget isn't a stagnant object,
but rather a fluid ool that
a service like BillFixers or Billshark
to handle the negotiating for you.
should constantly be updated to refl ct
your income and expenses. Compare
your budget to your actual spending
habits to see what needs to be adjusted.
Did you underestimate the cost of
groceries the last few months? Try
cutting back in other nonessential
areas-like entertainment or clothing
perhaps-to make up the difference.
CANCEL YOUR
SUBSCRIPTIONS. How many
times have you signed up for
a free trial of a new streaming service,
phone app or virtual fitness program,
only to forget to cancel and be charged
monthly? If you answered " too many
times to count, " you're not alone. Take
some time to go through your bank
account and track down those sneaky
charges, then cancel the subscriptions
you don't use. Alternatively, you
can pay a small fee for services like
Truebill and Hiatus to find and cancel
subscriptions for you.
SET UP AUTOMATIC PAYMENTS.
Nothing is worse than being
slapped with a $25 late fee,
simply because you lost track of the
day of the month. Adopt a " set it and
forget it " mentality by enrolling in
automatic payments for all your bills.
Some companies will even give you a
discount for opting into auto pay.
NEGOTIATE YOUR BILLS. As
set-in-stone as they may
seem, many of your bills are
actually up for negotiation, including
cable and satellite, cell phone, internet,
even rent. Start by doing a competitive
analysis of deals currently being offered
by other companies in the area. Know
what you're willing to settle for and,
when you call, ask if there's anything
the customer service representative can
do to lower the cost of your current
services. If you're uncomfortable with
that level of confrontation, you can pay
SNAPSHOT
5
THE
50/30/20
RULE
If your budget needs an overhaul,
consider the 50/30/20 Rule,
made popular by Senator
Elizabeth Warren in her book,
" All Your Worth: The Ultimate
Lifetime Money Plan. " It states:
*
50%
should go to needs,
like housing, food and
transportation.
*
30%
should go to wants
or discretionary purchases,
such as gifts, entertainment
and vacations.
*
20%
should go to savings-
think retirement, education
and emergencies.
ANALYZE YOUR CREDIT
REPORTS. Your credit
score is a representation
of your finan ial health used
by creditors to determine your
creditworthiness, or how suitable
you are to receive loans and credit
cards-so it's important to make
sure it's accurate. According to the
Consumer Financial Protection
Bureau, one in five mericans has
an error on at least one of their
credit reports. You can request a
complimentary copy of your report
from each of the three major credit
reporting agencies-Equifax,
Experian and TransUnion-
annually to review personal
information, account status, and
balance and data management
errors, and dispute mistakes for
Viking Magazine - March 2022

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