The best New-Years resolution that you can make for you and your family is to take charge of your finances, especially in the economic environment that we are currently in.

South- Africans have some of the highest debt percentages in the world, and if you add that to the current unemployment rate, it is clear that we are in for a tough couple of years.

However, all is not lost, and you can take charge of your financial situation, by seeing to it you’re your credit score is healthy and that if you need to buy a home or vehicle for your family, you will be able to do so.

Understanding how to maintain a good credit score isn’t always simple. Here are some helpful tips to help you manage your finances better in 2024.

• Check your credit reports annually. Everybody should check their credit report annually.However, there are many institutions that over to send you a report every month, and these you should avoid at all costs. Remember that every time you check your ITC record, it appears on the record and it will make the scoring higher and less attractive for banks.Make January your credit report month and then commit to remedy the problems thereon by next year January.There is no quick fixes.It takes discipline and commitment to address your financial woes.

• Make a list of all outstanding debt and balances as on 1 January and monitor your annual payments. Let’s be honest.We all have debt, but it is frightening to see how many people are not sure of how much they owe to which institution, or person.It is time to look at the facts.What is the interest rate on which loan, and start paying things off.Start with the small ones that you can get rid off quickly and then use those payments to make bigger payments on the other loans.If you want to know more, have a look at the Suzy Orman methods.Simple, but effective.