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Giving your finances a fresh start is a lot harder than people think, of course. It’s next to impossible to turn your financial situation around in less than a week, and only winning the lottery will give your bank balance the dramatic boost you’re really looking for. 


However, you can start working towards a more stable foundation whenever you feel the need to, especially when you’re working with some healthy tips. Whether you want to save some money, cut back on expenses, or build up an emergency fund just in case, we’ve got some ideas that could help you. 

What’s Happened to Your Credit Score?


Over the past 2 to 3 years, what’s happened to your credit score? With the current cost of living hanging over our heads, there’s a chance it’s gone down quite heavily. And if that’s the case, this should be your top priority. 


If you want to give your finances a fresh start, being able to prove your viability to credit companies, real estate agents, and even prospective employers is key. But how can you change what your credit score reflects? There are various ways to give it a boost, but the best possible thing is to prove you have a healthy credit history. More on that down below.

What Do You Pay for But Never Use?


We’ve all got a few things like that on the bill. A streaming service subscription we barely use, a gym membership you only use maybe once a month, a food parcel service that just gets thrown in the fridge – things like this happen! 


But if they happen too often, you need to cancel to save yourself some money. Clear as many of them off your budget as possible, and be strict. If you don’t use your subscription or membership at least three times a week, get rid of it. 


Cancel the Credit Cards


If you’ve got more than one credit card in your wallet, think about canceling as many of them as possible. Of course, keeping one around in case of emergencies can be a good idea, but limiting your options is also very good for your financial health. 


Similarly, keeping one line of credit open will enable you to slowly boost your credit score over time. But overall, we can think of at least 6 good reasons to use a debit card instead of credit, and the less of a credit budget you have to use, the less you’ll be tempted! 


Sometimes you’ve just got to put your credit score out of harm’s way. So if you’re able to, cancel at least one credit card; try to get the highest interest rate versions out of the way first. The less predatory the rate on your remaining card, the easier you’ll be able to breathe. 

Consider a Proper Debt Plan


Debt plans get rid of debt a lot quicker than just paying on the fly. Sure, you’re still working towards a $0 debt allowance, but without a plan in place, this’ll be hard to achieve. You need a reliable and consistent payment schedule to make real progress in creating a fresh start. Go over the debts you’re holding right now – what types are they? 


College loans? Credit card loans? Payday loans? The latter alone is going to be a big drain on your finances! Clearing it as soon as possible should be the priority, especially compared to the other two before it. And when you think about your debts in this manner, you’ll have a much more constructive payment method to follow.


Take Plenty of Time


Finances take some time to change, and this is incredibly true when considering positive changes. If you want to build up a good financial profile, you’ll need to take your time. Some steps forward, a couple back; both will happen, and they don’t need to be a worry when they do. 


Make small changes where you can, like cancelling some items that’ll save you money, and keep an eye on your credit report. Even in a year’s time, things might only be slightly different, and that’s OK.


Your finances might be due a do-over, so why not set them off in style? Giving things like your credit score and your debt repayment a fresh start is a long process, so take your time and don’t expect overnight results. Remember, the more you work towards this goal, the more stable your finances will be, and that’s always a good thing!