HONOLULU (KHON2) — The new year means new financial resolutions which include saving more to paying down debt.
Getting started can be overwhelming.
Here are some tips on KHON2’s Action Line consumer alert.
If you’re looking to start the year off right, financially, here are some things to keep in mind.
First, you should always prioritize your debts.
“Figure out what is your highest interest rate debt,” said Honolulu Federal Credit Union branch manager associate Kanani Kin In-Kauhane. “Possibly pay that down first, and then work on your next one. Apply the payments that you’re using for the first loan, and then work your way from there until you get to where you want to be.”
Before you set new financial goals or make any changes, create a budget.
Then look at your budget for areas to cut back.
“They should probably look at all of their expenses like if they have a lot of Netflix, Hulu, Disney Plus,” said Kin In-Kauhane. “Maybe that’s something they should cut back on. Maybe not eat out as much. Maybe make home lunch. Stay home watch movies not spend $15 on a movie.”
Many banks offer free reminders when payments are coming up.
Also, if you’re having a financial emergency, don’t wait until you’ve already missed payments.
“If you can’t make that payment that you thought you would be able to, creditors rather you call them to make arrangements,” said Kin In-Kauhana. “They can do versus you going into debt and not fulfilling those arrangements you had made initially.”
If you have a concern or are interested in becoming an Action Line volunteer, give us a call Monday through Friday at 591-0222.
You can also send an email to email@example.com.
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