Can Polo Funding Improve Your Credit Score?

If you’re frustrated with your finances, set some personal finance goals and establish a few constructive habits. 

You might, for example, decide to reduce your debts, establish a higher net income, and waste less money. Add deadlines to your goals to create a sense of urgency. If you miss the deadlines, reassess why and then set new ones.  

Let’s review how your goals could transform your finances. 

Goal #1: Clear Your Debts

A consolidated loan is a single loan from a single lender. Getting a consolidated loan will eliminate the hassle of keeping track of your various loans from diverse lenders. It’s exhausting trying to figure out the different balances, interest rates, and due dates that you have to pay each month. 

A consolidated loan program from a lender like Polo Funding will simplify everything. You’ll just make one payment once a month to manage all your loans. Not only will this decrease your debt burden, but it will also improve your credit score 

Goal #2: Improve Your Financial Net Worth 

While you can set an arbitrary goal, it’s much better to set a relevant one. To do this, you must first calculate your current financial net worth. Understanding your current financial position will make it easier to set relevant financial goals. This exercise will help you establish the difference between where you are right now and where you want to be at a selected time in the future.

Your financial net worth is the specific sum of money that describes how much you would have if you liquidated all your assets and paid off all your debts. Calculating your financial net worth will establish a baseline for your financial goals. 

You can calculate your financial net worth by subtracting your liabilities from your assets. Your assets are how much money you have in the bank and the value of all the things you own. On the other hand, your liabilities are the things that cost you money. So, assets put money into your pocket while liabilities pull money out of it. A dividend-paying stock is an asset while a car is a liability.

Once you’ve done this financial analysis, you’ll know exactly how much you need to earn to get from where you are now to where you want to be. 

Set a Goal to Reduce Impulse Buying

One way to save money is to avoid wasting it. You can do that by reducing impulse buying. This doesn’t mean that you can’t buy small things, such as a book, or a cup of coffee, going to a restaurant, or going to the movies when you feel like it. Simply allocate a small portion of your budget to a category like “entertainment.” This will give you the freedom to buy the small things you enjoy. 

The type of impulse spending that you should curb is spending money on big-ticket purchases. When you’re spending a large sum of money, it’s wise to plan your purchase ahead of time.

Let’s suppose you want to buy an expensive online course on digital note-taking after reading a persuasive sales page. Let’s say, it costs $1,200. Let’s also assume that spending this money is reasonable because it’s taught by a well-known educator. What’s more, let’s imagine you’re a medical student… so taking better notes will improve your chance of passing all your demanding exams.

Here are some questions you can ask before making the purchase:

  • Do I really need to learn how to take better notes?  
  • How is digital note-taking different from the way I’m currently taking notes with pen and paper? 
  • Is this the best course on digital note-taking or could I buy a better course at a lower price elsewhere online? 
  • If I buy this course will I have enough money to cover my other expenses this month? 

Thinking about what you’re planning on buying is not impulsive buying. If you do decide to buy the course, it’s because you have a clear idea of its value for you.

In conclusion, once you decide to change your financial life, you need to set specific goals that will increase your assets and decrease your liabilities so that you have a positive net worth. 

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