Money Management

Money Management Tips

From the National Endowment for Financial Education

• Write down everything you spend this month to get a sense of where your money goes.

• Calculate how much money you think you will need for retirement.

• Pick a date by which to pay off all your credit card debt.

• Next payday, pay yourself first by putting money in your savings account before spending anything.

• Assess your debt – how much do you have?

• Check into all of your employee benefits and ask yourself if you are taking full advantage of them.

• Always pay your bills on time.

• Write down one financial goal you intend to achieve by the end of next week.

• Have you created an emergency fund for yourself and your family?

• Make more than the minimum payment on your credit card bills. If you can, pay them in full every month.

• If you are renting your home or apartment, make sure you have renter’s insurance.

• Pick one area of personal finance you want to know more about and research that subject in the Financial Literacy Resource Center.

• Tell a trusted friend about your financial goals; have him or her follow up with you periodically.

• Borrow books, DVDs and CDs from the library instead of buying them.

• After paying off your credit cards, cancel all but one.

• Pay any bills you receive each month as soon as you get them.

• Write down one goal on a slip of paper and stick it in your wallet to remind you of your financial goals. This will help when you are shopping and temptation arises.

• Avoid using payday lenders and check cashing services.

• If your employer will match the amount of money you contribute to a retirement account, contribute enough to receive the full benefit of the match.

• Be sure to compare benefits before deciding on a financial institution.

• Always read financial documents and agreements before signing them.

• Identify three long-term financial goals, such as buying a house or paying for your child’s college education.

• Purchase disability insurance if you don’t already have it.

• Spend one hour today organizing your financial files.

• Always take time to shop around before making large purchases.

• Leave your credit cards home when you go out this week.

• Check to be sure your beneficiary designations are up to date.

• When you no longer need your financial documents, shred them to avoid identity theft.

• Withdraw cash only from ATMs that do not charge you a fee.

• Encourage your children to take advantage of financial education courses at school.

• Order copies of your credit report.

• Make a spending plan for next month.

• Suggest to your partner that, as a gift to each other, you both attend at least one session with a financial professional.

• Make a plan for achieving one long-term financial goal.

• Check into classes that are offered at your workplace regarding employee benefits; sign up to take the next one offered.

• Open a retirement savings account. If you already have one, increase your contribution.

• Assess your spending plan for this month. Are you on track?

• Rebalance your investment portfolio at least once a year.

• Take time this week to assess how well you are keeping your tax records.

• Spend an hour talking to your children about the importance of saving money.

• Make an appointment with your lawyer to create or update your will.

• Every time you use your credit card this week, write down what you bought.

• Give your children or grandchildren financial gifts, such as money for college.

• Take an insurance inventory. Do you have all the coverage you need?

• Check on your long-term financial goals, such as saving for an emergency fund or buying a house, and ask yourself how you’re doing.

• Compare car insurance prices on the Internet; if you find a better price, consider switching policies.

• Protect your financial documents from disaster by keeping them in a safe deposit box at a bank or credit union.

• Next time you get a raise, and for every raise thereafter, increase your contribution to your retirement account.

• If you are tempted to make a spontaneous purchase this week, wait an hour before doing so.

• Compare prices of produce and products at the grocery store; see how much you can save just by purchasing generic brands or items on sale.

For additional assistance with personal or work concerns, contact Agnesian HealthCare’s Work and Wellness Employee Assistance Program (EAP) at (800) 458-8183. 

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