Financial Planning Basics
Consider these points as you begin to take steps toward financial planning for your family:
- Be honest. Know yourself when it comes to your money. Do you plan? Are you an emotional-spender? Are you too tight with your cash or do you use it against the ones you love? Money is an emotional thing and these trying times can make it all the more emotional. Assess your relationship with money and know what needs to change or improve. After all, this relationship is for good!
- Take control. Know your financial limits and set goals. How you manage your money can determine your whole life! Create a budget and stick to it! Cut out wasteful spending by tallying your receipts regularly. Watch out for credit card pitfalls, and, probably the toughest of all, stop making debit card purchases! Without even realizing it, your bank account has been a slow drip of fees and mindless purchases, which all adds up to big dollars!
- Get smart. Know how financial products work and what will work for you vs. what will work against you. Knowing the who, what, where and when of your money, whether it's banking, saving, investing or borrowing, is more than half the battle—it saves you money!
- Find deals. Thanks to the internet, it's easier than ever to save money with the click of a mouse. So search, search, then search some more. Whether you're looking for an online savings account or a new booster seat, use the web to comparison search and find coupons and deals.
- Plan ahead. Know that planning for tomorrow can help you live better right now. If you've already set up your retirement savings, your emergency fund, and can manage those credit cards, you're setting yourself up for a solid, secure future and in the meantime, you can live in the present knowing that you're protected and in control.
Get more financial advice from our personal finance expert, Carmen Wong Ulrich!
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Carmen Wong Ulrich
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