As spring approaches, many people are thinking about getting organized, but financial experts say this is also a great time to \u201cspring clean\u201d your money.<\/p>\n
The first step? Understanding exactly where your money is going. That means taking a close look at your bank and credit card statements.<\/p>\n
\u201cDownload a spreadsheet of your transactions from the past year and spend some time going through it to see where you actually spent,\u201d said Matt Schulz, Chief Consumer Finance Analyst at LendingTree.<\/p>\n
Once you have a clearer picture, the next step could save you money quickly: negotiating your credit card interest rate.<\/p>\n
\u201cAbout three out of every four people who ask for a lower interest rate on their credit card get one in a given year, but too few people ever ask,\u201d Schulz said.<\/p>\n
Those reductions can be significant, sometimes lowering your rate by six or seven percentage points. And you don\u2019t need perfect credit to try.<\/p>\n
\u201cWe\u2019ve seen for years that 75 to 80 percent of people who ask for a lower APR get it,\u201d Schulz explained. \u201cThat\u2019s a pretty good indication you don\u2019t need a 750 credit score or higher.\u201d<\/p>\n
From there, focus on building an emergency fund and tackling debt, but not getting overwhelmed by finding the \u201cperfect\u201d strategy.<\/p>\n
\u201cPeople can get overly hung up on the method,\u201d Schulz said. \u201cWhat really matters is getting started and finding a system that motivates you.\u201d<\/p>\n
\t\t\t\t\t\t\tMore ways to save<\/p>\n
Strategies to save at the supermarket<\/a><\/p>\n 5 On Your Side: How to save money as prices rise<\/a><\/p>\n