Hawkeye Associates Review Ways to Prepare for a Better Future

The $1.9 trillion American Rescue Plan Congress passed in March and the $3 trillion Build Back Better plan that President Biden will unveil in early April should give Americans plenty of hope for the future.  

Essentially, America is on the road to recovery after the impact of the pandemic. Not only is a vaccine rollout expected to stop the coronavirus, but the government also plans to rebuild the economy through infrastructure projects, extensive projects that will create millions of jobs. 

While this good news should give you hope for a brighter tomorrow despite the many socio-economic issues facing the country, you might feel less than optimistic about your own financial situation. With that in mind, here are some ways to improve your personal finances. 

Say Goodbye to Debt 

Unsecured personal debt from excessive spending on credit cards, whether it was because of necessity after a job loss in 2020 or because of unwise spending decisions, causes debt stress.

Many people worry so much about how they are going to make ends meet that they develop high levels of stress. That, in turn, leads to mental health problems, such as chronic anxiety or debilitating depression. Stress can also lead to physical problems, such as migraines, ulcers, or even heart problems.

Many people are also affected by the lack of options available to them because of their bad credit scores, which makes it difficult for them to get financing to buy a car to get to work or rent an apartment.

In an effort to help people in debt, Hawkeye Associates makes it easier for consumers to get consolidated loans. These are low-interest loans provided by the lender over a long period. Because the loans are based on a fixed interest rate, they are lower than credit card interest rates, which are based on market conditions.

There are no large monthly payments with a consolidated loan. Instead, payments are reduced by stretching out the length of the loan. A borrower will only pay what they can afford each month after estimating their annual income and expenses. 

Reduce Credit Card Usage 

Although paying off all your credit cards with a consolidated loan will allow you to use your credit cards again, almost as if they were new, you must break the spending habits that got you into debt.  

Here are some ways to keep credit card utilization low:

  • Only use your credit cards in an emergency when you are between paychecks, such as buying a new tire for your car because your tires are dangerously thin. Or only use them to buy something that you can’t pay for in cash, like shopping online.
  • Put nothing on your credit card unless you can repay the balance when you get your next credit card bill. 
  • A consolidated loan can help you get back on your feet financially provided you correct any excessive spending habits that resulted in your over-reliance on your credit cards to make up for a shortfall in income. 

Take Advantage of Employer Match  

If your company offers you a 401(k) plan, you should sign up for it. When you contribute to this plan, your employer will match it. This is like getting free money towards your retirement.  

If your company doesn’t offer a 401(k) plan, then get an Individual Retirement Account (IRA). A Roth IRA, for example, is a tax-favorable retirement account that will make it easier for you to build your nest egg from profits you receive from investing in ETFs, mutual funds, stocks, and bonds. 

Reboot Your Finances in 2021 

While the United States is striving to rebuild its infrastructure and increase job opportunities, you can get busy working on improving your own personal finance by eliminating debt, reducing your credit card usage to a bare minimum, and building your retirement nest egg. When you are in a good position financially you will be able to benefit from the financial opportunities available in the future, such as loan opportunities to build your own small business or employment opportunities to get a better paying job in a more prosperous industry.

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