Now the world is slowly returning to normal and people are gradually going back to the office, now is a good time to review your finances after COVID. We didn’t get hit as bad as some countries, but the virus still took its toll. What better time to see how your finances fared?
We asked our Campbellville auto loans team to outline a few simple steps to review your finances after COVID.
Here’s what you need to do.
Check your credit report
First thing first, check your credit report. Not a lot may have happened or it could have changed completely. Our first job is to see where you’re at and what work, if any, you need to do.
Make sure it’s all accurate and that your score looks correct.
Have any errors corrected and make sure your credit report accurately reflects your current situation.
Check your debt levels
Did you pay off debt or acquire more debt during the pandemic? Now is the time to find out. Check all your credit cards, loans and other forms of credit to assess how much you owe and to whom.
If you have a household budget spreadsheet, make sure it’s accurate and that all debts are listed in order of expense.
Prioritize expensive debt first
If your debt increased or you’re still paying some off, prioritize the most expensive debt first. That’s usually credit cards but can also be bad credit car loans or payday loans.
Order all debts in order as above, then set up automatic payments for all of them if you haven’t already. Then pour all your extra cash into paying off the most expensive debt and working your way down the list until you’re all paid up.
Rebuild if you need to
If your finances took a hit or your credit score was negatively impacted by something, now is the time to begin rebuilding. As the world slowly opens up again and we return to normal, we can also make sure our finances also return to normal.
Paying off debt, putting something aside for savings and planning for the future are all positive steps that can help remedy the current situation. Doing your bit for your future while governments and the world at large do their bit for everyone.
Then, once you’re ready, you can think about a Campbellville auto loan to enjoy this new world with a new car. When that time comes, you know where we are!
For those of you that have checked your finances after COVID, and know that you have a challenging credit situation, please visit Dixie Auto Loans where we have a team of credit specialists ready to help you get approved for a car loan today!
For any questions or concerns, please don’t hesitate to contact us here!