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Use a Buy Here Pay Here Lot in Utah to Reach Financial Goals

by - Posted 1 year ago

Are you ready to make this year the one where you seriously improve finances? Doing so could set you up for greater success, not just this year but also in the years to come. If this year is the year, here are four money-related goals to pursue in 2023.

We're a buy-here, pay-here car lot in Utah, and have seen drivers make financial improvements. Here's to yours this year.

1. Pay Down High-Interest Credit Card Debt

If you have balances on credit cards, paying off this specific debt should probably be your highest financial priority. High-interest credit card debt plagues personal budgets because the interest charged is so much. It slowly goes down if just minimum monthly payments are made.

Paying down your credit card debt will free up your monthly budget and reduce the total amount that you ultimately pay. You might want to pay off all debt and stop using credit cards altogether. Even if you aren’t that convicted or don’t have that much to put toward debt, increasing monthly payments just slightly can have a dramatic effect.

2. Build Long-Term Savings

Although the goals aren’t all identical, everyone has long-term financial goals to save up for. Yours might be a large purchase (e.g. a car or a house), kids’ college, retirement, starting a business, or something else. 

Whatever your long-term goals are, increase how much you’re saving up toward them. Start setting aside a little money each paycheck if you aren’t yet saving. Try to increase your regular savings contribution a little each month if you are already in the habit.

Boosting your savings will help you more quickly and more certainly reach your financial goals. It’ll also build up your savings habit, improving like a muscle the more you use it.

3. Increase Your Charitable Giving

Giving is rarely considered when listing financial goals, but it should be on everyone’s list. By giving, you don’t just do civic good but also improve yourself. You’ll likely feel good about your actions. You’ll also remind yourself that money isn’t just for self-serving purposes -- and serving others is something we all should remember.

There’s no set way that you should give. Make monthly donations to a religious group, offer a regular or one-time gift to a civic organization, or just help someone you know in need. Give whatever you’re able to, so long as you challenge yourself to be slightly more generous.

4. Improve Your Credit

Improving your credit score can have multiple benefits. You could qualify for better interest rates, be able to open a balance transfer credit card, get lower insurance rates, and even put forth a stronger job application. Credit scores influence many aspects of life.

While you can take many steps to improve your credit (including paying down credit cards), one that should be strongly considered is using an auto loan to purchase a vehicle. An auto loan can help you improve your credit in several ways:

·        Diversify your credit mix

·        Reduce your credit usage

·        Improve your payment history (assuming on-time payments)

All of these can have a substantial positive effect on your credit score. Of course, you’ll get a vehicle that’s new to you also.

Improve Your Credit While Getting a Car

If you’d like to improve your credit while getting a car, come see our selection of vehicles at Rocky Mountain Motor Cars. We offer buy-here, pay-here cars for Utah drivers, just north of Salt Lake City. Stop by, and we’ll get you in a vehicle with bad or no credit. We want to see you on the road -- and your credit back on track.


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