World Finance offers Greenville residents tips for financial success
More than 92 million Americans will make financial resolutions this year, according to a recent WalletHub study1. While research shows that up to 80 percent of New Year’s resolutions fail by February 2, World Finance says that doesn’t have to be the case. The finance company, headquartered in Greenville, offers tips for how to set – and keep – realistic financial resolutions.
“A significant reason many New Year’s resolutions fail is because they are too vague, or too lofty, making them easy to abandon. It’s important to set a realistic goal, celebrate small successes along the way, and don’t give up when you hit a speed bump,” said Chad Prashad, president and CEO of World Finance. “We know that many Greenville residents are looking to better their financial outlooks in 2022, and we want to help people unlock their financial good with some simple steps and helpful tips.”
Don’t know where to start? World Finance has laid out some financial resolutions along with simple steps for follow-through:
1. Create a personal budget.
A great first step to improving your finances is to create a personal budget or spending plan. There’s no “one size fits all” approach to budgeting, so determine what is right for you. Some common methods are the 50/30/20 Rule, Zero-Based Budgeting, and Envelope Budgeting.
2. Establish an emergency fund.
Some experts will say it’s important to have 3-6 months of living expenses saved. If that seems impossible, you’re not alone. When you’re just starting your emergency fund, set your sights lower. First, try to save the equivalent of two weeks’ pay by moving a little money to your savings account each week. That safety net could help pay for an unexpected car repair or medical bill. Once you meet that milestone, you can work up to a month (and more!).
3. Pay down existing debt.
There are a few different approaches to paying down debt – from the “snowball method,” where you focus on paying off debt with the smallest balance first, to the “avalanche method,” where you put extra money toward debt with the highest interest rate. You can also use a debt consolidation loan to streamline your monthly payments into a single payment that is easier to track and manage.
4. Establish or improve your credit score.
An established credit history is a must-have for big investments like buying a home, leasing a car, or starting a small business. Many people establish credit by responsibly using a credit card, but that might not be an option for everyone. A personal loan is another smart way to build and improve credit. Making regular, on-time repayments on a loan helps your credit steadily grow. No matter what route you go, be sure to make payments on time.
“To help make your financial wellness a reality this year, local World Finance branch team members are available to assist with reviewing finances, establishing budgets and improving credit scores,” said Prashad.
To learn more, visit www.loansbyworld.com.
1WalletHub New Year’s Financial Resolutions Survey
2U.S. News and World Report
About World Acceptance Corporation
Since 1962, World Acceptance Corporation (NASDAQ: WRLD) has helped millions of people unlock their financial good. World aids customers in overall financial wellness, celebrating the hundreds of thousands of customers able to achieve mainstream credit each year. Headquartered in Greenville, SC, World reaches over one million customers annually – turning their financial possibility into reality through services like personal loans and tax preparation. With over 1,200 branches in 16 states, World is proudly rooted in the communities it serves. World sets itself apart as the financial partner with heart, offering an ever-expanding menu of customer-focused services and a commitment to teamwork, community, and care.