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-Financial Strategies

Dealing with:
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-Money Issues

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-Cut Grocery Store Costs
-Avoid Wasting

Budgeting:
-Why You Should Budget
-Developing a Plan
-Mistakes to Avoid
-Money Spending Challenge

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FINANCIAL STRATEGIES
Similar to your fashion likes, you need to sustain your money management skills with your lifestyle. The same financial practices that got you through your 20s and college is not going to work once you hit your 30s or 40s, or have a family...whichever comes first.

At this stage in your life you likely have more money, as well as more responsibilities. However, if you still utilize the same system you used when you were younger, chances are that you have just as much money as you did then...which may not be much!

Money management is 85% behavior. The first thing you should do is pay the minimums on your credit cards and put away $2,000 in a high interest savings or checking account for emergency situations. Try and do this as fast as you can; hopefully in less than six months.

Next, we recommends paying off all of your unsecured debts. The best practice is to eliminate your smallest debts first. This will give you a sense of success. However, some experts indicate that it is wiser to eliminate credit card debts with the highest interest first, then move to the proceeding highest. The order in which you choose to eliminate your debts is up to you. Both techniques will work.

Once your debts are eliminated, increase your $2,000 emergency fund to three to six months' living costs and expenses. And once you have that, begin putting a minimum of 10% of your salary into a retirement plan -- particularly if your company offers matching funds. It is not easy to control finances to save for retirement. However, with a little patience and structure, you will be able to accomplish your goals.

The next steps to consider include funding your children's college and paying down your mortgage. These are big steps and may never get fully accomplished. However, taking initiative is the only way to get ahead.

Learn what you can do to better prepare yourself for dealing with money problems.

Avoid wasting money today!


 

 

 

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Managing Money Info: Financial Strategies | Financial Emergencies | Money Issues | Allowances
Teaching Kids Credit | Saving Money | Savings/Investing Calculator | Trimming Expenditures
Cut Grocery Store Costs | Avoid Wasting | Why You Should Budget | Developing a Plan
Mistakes to Avoid | Money Spending Challenge | Checking Accounts Money

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