Ultimate Sunday Reset: 5 Finance Tips for a Better Week
Budgeting, credit scores, retirement and emergency planning—digging into your finances may sound like a lot for a Sunday. But it’s easier than it sounds—and the perfect way to reset your week and head into Monday prepared and stress-free. Whether you're working toward paying off student loans or saving up for a down payment on a house, taking some time to reflect and plan can make a big difference. Here are five financial tips to help kickstart your Sunday reset:
1. Make a Budget and Stick to It
Did you know that only 41% of Americans follow a budget? Creating a budget is the foundation of any successful financial plan. Take some time today to review your expenses from the past week and make adjustments as necessary. Make sure to include your income, fixed expenses (like rent or mortgage), variable expenses (like groceries and entertainment), and savings goals. Use free tools like Google Sheets, Mint, Goodbudget, and more to make it even easier.
2. Check Your Credit Score
Your credit score is an important factor in determining your ability to access credit and secure favorable interest rates. And while checking it may seem scary, it’s a lot better to know where you stand than be surprised later! According to recent studies, the average American has a credit score of 711. See where you stand and consider some simple steps you can take to raise your score. It’s also important to check for any errors or discrepancies. Checking your credit score only takes a few minutes, and you may be able to check directly through your bank’s app or online banking system. If not, there are plenty of free tools you can use to check and monitor your credit score, like Credit Karma and NerdWallet.
3. Save for Retirement
It's never too early (or late) to start saving for retirement. If you're not already contributing to a retirement account, consider opening one today. According to a recent survey, only 16% of Millennials are saving the recommended 15% of their income for retirement. Here’s a quick guide on saving for retirement.
4. Understand Your Student Loan Options
If you have student loans, make sure you understand your options for repayment and forgiveness. If you’re thinking about returning to school or pursuing an upskilling program through a bootcamp or certificate program, Income Share Loans (ISLs) are a flexible and affordable alternative to traditional installment loans. Unlike traditional installment loans, ISLs made available through Stride Funding are paid back as a percentage of your future monthly income and only require repayment when you are earning above a certain income threshold.
5. Plan for the Unexpected
Life is full of surprises, both good and bad. Make sure you have an emergency fund set aside to cover unexpected expenses. According to a recent survey, 69% of Americans have less than $1,000 in savings for emergencies. Here are some tips on how to start building an emergency fund today.
You've Got This
At Stride Funding, we believe in empowering individuals to achieve their financial goals through access, education, and support. Whether you're a recent graduate or a seasoned professional, taking a few minutes to reset your finances this Sunday can make a big difference in achieving your future goals—and reducing your stress for the week. If you need help getting started or have questions about our outcomes-based funding products, don't hesitate to reach out to our team. Let's start this week off strong!