Even if you don't have a lot of money, managing the money you have can help you live the life you want. To make the most of your income, take control of your finances.
For example, ask yourself:
- How can I make sure I'm spending my money wisely? You can track your income and expenses, being careful to avoid spending more than you earn. You can set — and stick to — a reasonable budget. You can keep track of important financial records.
- How can I build good credit? Having good credit is important for things like renting an apartment or buying a car. If you have bad credit or no credit history at all, you might want to start by working with a program that reports rent payments to credit bureaus and making sure to pay your bills on time. You can also take steps to protect your credit — such as monitoring your credit report.
- What if I have debt? If you owe money, you can start by making more than the minimum payment each month. You can make a timeline to pay off each debt. In some cases, you might be eligible for a debt settlement or loan forgiveness program.
Booklets to help talk about money | Consumer Financial Protection Bureau
Conquer your debt | Lutheran Social Service of Minnesota
Daily spending diary | National Disability Institute
How the Hub can help
The Hub team can help you:
- Use budgeting tools
- Understand how to build credit
- Connect to financial counseling, training and other money management resources