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In Q3 2024, Americans had$1.166 trillion in credit card debt the highest balance ever recorded.
Financial guru Suze Orman has long been dedicated to helping the average American reach financial freedom.
GOBankingRates highlighted five ofOrmans standout, practical and realistic tips.
And look, you may be partly to blame for being in a bad place with your finances.
Maybe you went a little too wild with spending on the holidays and took oncredit card debt.
Maybe you took on a mortgage you cant afford.
Maybe you retired without having saved enough money to do so comfortably.
But youve got to stop beating yourself up about it.
You simply cant move forward while gripping the past.
We are free to move forward only when we remove the emotional shackles of regret, Orman wrote.
Deep breath, everyone.
Now you are ready to put your financial house in order.
But you need a finely-honed, crystal-clear picture of absolutely everything pertaining to your finances.
When doing this, look for opportunities to make things easier.
For example, automate your recurring bills, as well as a savings portion from each paycheck.
But saving more is such a vague sentiment.
And it can also feel condescending.
How can we save more when were already spread so thin and barely getting by?
This can be really simple and even satisfying.
Start with your utility bills.
I challenge you to reduce every one of your monthly utility bills by 10 percent, Orman said.
I bet you might seriously trim your utilities by spending one afternoon increasing your homes energy efficiency.
Get Into the Nitty-Gritty of Your Retirement Plan
You may be 25 or you may be 55.
This means having your investments spread among a number of different categories.
In 2025, ensure your investments arent stuck in just one place.
Keep your eggs in a number of different baskets.
So, get to it in thisso very young year.
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