So if your credit score is bad and your debt is through the roof, will moving from Hialeah to the Bay Area whip your wallet into shape?
“Not at all,” said Gonzalez — the area is known for having a high cost of living, especially housing.
But moving could improve other aspects of your wallet’s health such as “risk exposure — unemployment rates, and of course, earning power and cost of living,” she said. Relocating may also be a good idea if you’re looking for a new job, she said.
How to whip your wallet into tip-top shape
Build that credit: Achieve excellent credit by always paying bills on time. (See other credit-building tips in the infographic below.) People with good credit can get better interest rates, saving hundreds of thousands of dollars over a lifetime compared to someone with bad credit, WalletHub said.
Save, save, save: The later you start saving for retirement, the more you’ll need to set aside (or the later you’ll need to retire) to meet the same goal. But retirement isn’t the only thing you should be saving for. Almost a quarter of Americans have no emergency savings at all, according to a Bankrate report. Don’t let that be you. At the very least, you should begin building an emergency fund and buy adequate insurance coverage, WalletHub recommends.
Stay debt-free: Another recent report by the personal finance site found that the average household credit card debt was $7,996 during the second quarter of 2017, up 5 percent from a year earlier. Take steps to pay down your debts and avoid racking up new ones.
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