Steps to get your finances in order for the new year


COLUMBUS, Ohio - Many people will resolve to improve their financial situation for the new year.

Ryan Ambrose, VP of Retail Sales & Services at Kemba Financial, says there are simple things every person can do to help get their finances on the right track for 2020.

If your goal is to build savings, he recommends the following steps:
1) Set a Specific Goal & Budget for It
2) Pay yourself first to put your savings on autopilot
3) Evaluate your current savings accounts and put your money in the right place

If your goal is to improve your credit score, Ambrose recommends the following:
1) Only open the credit cards you need and keep balances low, ideally under 50% of your limit.
2) Don't close unused credit cards, scoring models include the length of credit history.
3) Pay your bills on time.

Remember, your credit score is divided into five categories:
Payment History – 35%
Amounts owed – 30%
Length of Credit History – 15%
New Credit – 10%
Types of Credit Used – 10%