Even in this day and age, it is amazing how few people really know what they spend and what for. Setting up a budget and tracking all your expenditures is a responsible and great habit to form. Most people have items they spend money on every month that they can reduce or eliminate in tough times. And the amount each month is often far more than they realized until they tracked their expenses. A simple coffee drink 3 times a week can add up to $60-75 per month. Going out to eat adds up even faster, even if it is cheaper food.
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Many people have poor or bad credit. No matter your score, there are ways to improve it quickly and save a lot of money in the future. The first is to get your debts paid off. Start with the highest interest but small account that you can get paid off. Then go to the next and so on.
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If you budget well and can pay off all your debt (except maybe an auto lease), your score will likely improve since this factor is over a third of your score and impacts it greatly. If you can then maintain a good history and make any payments on time or early, you will probably see additional improvements in your scores.
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Your credit score may decrease if your credit report has any suspicious activity or you are a victim of identity theft. Make sure to report any suspicious activity to your banks, lenders, and credit bureaus.
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