finance

 

Managing Financial Stress During COVID-19

In March of this year, more than three million people filed for unemployment during a single week. In addition to the obvious concerns over physical health, Americans are feeling financial stress unlike any that’s been experienced in decades. Many wonder how best to handle this economic crisis. Spending money feels empowering and helps the economy. It also depletes our funds and leads to even more financial stress.

Reduced finances provide yet another layer in the stress and anxiety caused by COVID-19. Any kind of stress or anxiety affects all aspects of our health, and that can domino into more serious issues like lack of sleep, poor diet, and overall depression. While we can’t control many things about this pandemic, there are some healthy steps we can take to ensure our financial stability.

A good first response to financial struggle is to evaluate expenses. Take a look at your expenses, and place each expense into one of the following categories:

1. Big, unchangeable expense. These are items that hit your budget in a big way, but can’t be changed. For example, a home mortgage or car note.
2. Big, changeable expense. These are items that hit your budget in a big way, but can be eliminated. For instance, perhaps you don’t like to cook at home, so you’ve made a habit of eating at restaurants several times a week.
3. Small, unchangeable expense. These are little things like filling up your gas tank or paying your water bill. (Though depending on the circumstances, these may feel like big expenses.)
4. Small, changeable expense. These are the daily, or even weekly trips to Starbucks, or your afternoon trip to the vending machine.

The act of categorizing expenses in this way can often bring immense relief right away. Once we know where our money is going, we can easily figure out where to cut costs. Much of the stress we feel comes from not knowing exactly where our money disappears to.

Another way to find relief is to ask for help. This requires us to set aside our pride, and that can be difficult. However, many people are in the same situation. Government aid and local help programs are designed for such a time as this. Those programs aren’t intended for long-term use. They were created to help hard working citizens make it through a difficult time. Don’t hesitate to call your local food bank or other charitable institution and tell them your situation. If possible, offer to volunteer. These places often need an extra hand, and helping others in the middle of your own crisis can be extremely fulfilling.

Ask your employer or bank official for financial advice. They will often know of government aid incentives, such as lowered mortgage or delayed payment for loans. Don’t worry about trying to get out of debt during this crisis. Instead, focus on meeting basic needs for yourself and your family, while not accruing even more debt.

Finally, take a deep breath. This financial crisis may not end soon, but it will end. In the meantime, practice gratitude. When we focus on the things we do have instead of the things we don’t, our spirits naturally lift. We become more settled, more relaxed. And a healthy mindset does more for our wellbeing than a trip to Starbucks.

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Legal and Financial Planning for People with Alzheimer's Disease

 

Diagnosed with Alzheimer’s Disease

When diagnosed with a serious illness, it is important to examine legal and financial arrangements and to make plans for the future in light of the present circumstances. When someone is diagnosed with Alzheimer’s disease, this process of examination and planning becomes even more important as the diagnosis is one that carries an expectation of declining mental and physical health.

While being diagnosed with Alzheimer’s disease is a difficult time that calls for many unexpected changes and decisions, it is of utmost importance that legal and financial planning is conducted as soon as possible. There are some legal and financial documents available that can help to ensure that one’s personal wishes, financial decisions, or end-of-life healthcare decisions are carried out, such as a will, living trust, or advance directives. Experts recommend retaining a lawyer when preparing advance planning documents.

 

Planning with a Lawyer

 

Every state has different laws, documents, forms, and resources available for legal and financial planning. Lawyers who are knowledgeable on specific state laws can help with legal and financial planning in a way that ensures the person and their family’s wishes are carried out.

 

A lawyer can assist with:

• Documenting healthcare wishes of someone when that person can no longer make such decisions
• Documenting financial management and estate planning for someone who can no longer make financial decisions

Advance Healthcare Directives

Advance directives for healthcare are documents that communicate the healthcare wishes of a person with Alzheimer’s disease so that these can be carried out even if the person can no longer make or communicate these decisions. Below are examples of documents that can be used for advance healthcare directives:

• Living Will – A living will documents your decisions on medical treatment near the end of life or if otherwise unable to make decisions on emergency treatment.
• Durable Power of Attorney for Healthcare — The durable power of attorney for healthcare is the person designated to make healthcare decisions for the person with Alzheimer’s disease, when he or she can no longer do so.
• Do Not Resuscitate Order — This document instructs healthcare professionals not to resuscitate, or perform CPR, if the person’s heart stops or they stop breathing.

There may be other documents in addition to the ones mentioned above that can assist in more particular legal planning for someone with Alzheimer’s disease. It may be best to work with an attorney in preparing legal and financial planning so that documents and possible medical scenarios are not overlooked.

Advance Financial Directives

Advance directives for financial management are similar to the documents mentioned above but pertain to financial planning rather than medical. Financial and statement management documents must be created while the person with Alzheimer’s disease can still make these decisions.

Below are examples of documents commonly used in such situations:

• Will – A will documents how a person’s assets are to be distributed upon death. This can include arrangements for minors or other dependents, gifts, trusts, and funeral arrangements.
• Durable Power of Attorney for Finances — The durable power of attorney for finances is the person who is entrusted to make financial decisions on behalf of the person with Alzheimer’s disease when they no longer can do so.
• Living Trust — This document appoints a trustee to hold title to property and funds for the beneficiaries after the person with Alzheimer’s disease can no longer do so.

It is recommended that when someone is diagnosed with Alzheimer’s disease, they move into legal and financial planning as quickly as possible. In some instances it may take time to implement these documents or it may be that a person’s mental health declines more rapidly than expected.

There are many variables when it comes to legal and financial planning for people with Alzheimer’s disease, which is why experts recommend moving quickly and working with an attorney.

 

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Call us at 800-453-7733 and ask for your “Free 15 Minute Phone Consultation" with one of our licensed counselors. We’ll listen, answer questions you may have, and help you plan next steps.

 

Sources:

https://www.nia.nih.gov/health/legal-and-financial-planning-people-alzheimers

Financial Assistance for Caregivers

Changing physical, emotional, or mental circumstances happen in every family. You may find a loved one in need of additional help with housecleaning, meals, laundry, and personal care. Family caregivers can typically ease the burden for a loved one, enabling them to stay in their current home. While providing care minimizes a loved one’s challenges, caregivers often face their own struggles. Physical and emotional stressors, juggling work and caregiving responsibilities, and limited time for themselves and others are common issues. Additionally, financial hurdles and hardships affect many caregivers too.

Financial Assistance Options

There’s no one-size-fits-all when it comes to caregiver financial assistance. Researching the various programs available might seem daunting. Local Area Agencies on Aging or www.benefitscheckup.org are helpful starting points. Typically, financial assistance programs vary by state and may have restrictions. However, there are several programs that may be available, including: state, veterans, long-term care insurance, and caregiver contracts.

• State Programs- Assistance programs vary by state and might be called any of the following program names: consumer-directed, participant-directed, or cash and counseling. These plans help pay for a caregiver of choice. It’s important to note there are income and eligibility requirements for the caregiver of choice, with some states being stricter than others. To find out if your state has a caregiver financial assistance program, contact your local Medicaid office or Aging Services Department. You can also find the National Resource Center for Participant-Directed Services at caregiver.org.
• Veterans Programs- Caregivers of veterans may qualify for additional assistance. A law passed in 2010 provides a stipend for primary caregivers of any injured veteran in military conflict since 9/11. Benefits may include travel expenses, health care insurance, and mental health services. Caregivers of injured veterans prior to 9/11 may still qualify for assistance through a program called the VA’s Aid and Attendance Pension Benefit. Contact 1-877-222-VETS for more information.
• Long-Term Care Insurance- If you are providing care for a family member who has long-term care insurance, there’s a possibility it may cover home care. Some policies allow family members to be paid provided they do not live in the same household. Contact your family member’s insurance agent to explain the policy and its benefits and conditions.
• Caregiver Contract- In some situations, a family member might have the means to pay a relative for the care they provide. In this scenario, write up a contract with the help of an Elder Care lawyer. An experienced legal professional will ensure important areas are covered, such as taxes, inheritance, and potential family dynamics.

Points to Ponder

While it’s important to research your financial assistance options, there are additional considerations too. Tax benefits, program requirements, and how money is spent are key questions.

• Tax Benefits- Contact your tax professional to inquire about any tax deductions or benefits for which you qualify.
• Program Requirements- Some states require certain qualifications to provide care for a family member. Registering as a licensed care provider, background checks, and possible payroll taxes are all examples of state program requirements. Low-cost training may be available to become certified as a licensed elderly care provider.
• Allowances for Allocated Money- Typically “cash and counseling” program monies may be used to purchase items directly related to the patients activities of daily living, or ADLs. Qualifying activities include anything related to the patient’s: feeding, clothing, toileting, grooming, bathing, walking, and maintaining continence. Skills people need to live independently comprise the ADLs list. For example, cleaning services, meal preparation, or laundry services could easily qualify as a patient’s ADLs needs. If necessary, speak with a healthcare provider when adjustments need made to your patient or loved one’s ADLs.

Planning Ahead

When acting as a caregiver, it’s important to practice good self-care. Constantly seeing to the needs of others can leave you depleted and hardly thinking of yourself. It’s important to consider your own future as well, both medical and financial.

• Financial- Be sure to contribute to your own retirement and savings accounts. Speak with a professional financial planner regarding investment banking and to discuss options for your own financial long-term medical care.
• Insurance- Insurance helps to provide peace of mind. Whether homeowners, life, long-term care, or caregiver insurance, having the right insurance for your needs is key. Should an accident occur in your home while caring for a family member, you will want your policy to cover it. An insurance agent will be able to help you select the right coverage for your specific situation. In addition, consider long-term care coverage for yourself and loved ones. The best time to acquire this coverage is in your 50s.
• Respite Care- Caregiving can be a time-consuming, emotionally-wearying experience. Be sure to factor in financial options for respite care. For example, this might be monies allocated for an occasional professional caregiving service to a weekend away for respite care.

The benefits of caregiving are immeasurable, both in shared memories and relationship. However, the financial costs are real. Knowing the caregiving options for financial aid can help you and your loved one make informed decisions in the days ahead. Focus more on what matters most by minimizing the monetary strain.

Want to talk to a counselor today about this? 

Call us at 800-453-7733 and ask for your “Free 15 Minute Phone Consultation" with one of our licensed counselors. We’ll listen, answer questions you may have, and help you plan next steps.

 

Sources:

http://www.aarp.org/home-family/caregiving/info-06-2012/can-i-get-paid-for-taking-care-of-my-mother.html

http://www.caregivingcafe.com/information/benefits/

https://www.agingcare.com/caregiver-financial-support

Medicare.gov

https://www.caring.com/articles/activities-of-daily-living-what-are-adls-and-iadls

 

 

Dealing with Debt and Credit Problems

Financial goals are no different than any other life objective you might have.  The best chances of success are when your goals are clear and specific.  Financial decisions with measurable and attainable steps are more achievable than vague, general resolutions.  For example, you’re more likely to succeed when you announce, “I’m planning to pay off my credit card debt by the end of year,” than simply saying, “I’m going to do better with my finances.” 

Raising Your Credit Score

Like any major change in life, raising your credit score will take time. The following tips will help you get on the right track to increasing your credit score:

• No quick fixes- Beware of strategies that instantly raise your credit score. The best method is slow and steady improvement.  Being responsible over a long period of time provides the biggest payoff.
• Check for errors- Regularly check your credit report for any errors or late payments. Convey any discrepancies to the credit bureau. 
• Make payments- Create a bill payment method, either manually or by enrolling in automatic bank withdrawals. If making your own bill payments, be sure to pay on time to avoid late fees.  Be mindful that many automatic payment methods will only deduct the minimum amount.  It’s wise to pay as much as possible on your credit card balance. 
• Stop credit cards- Tackle your credit card debt and avoid using credit if possible. Pay your highest interest cards first, while making the minimum payments on your remaining cards.  Don’t close your accounts once you’ve paid off the cards, as this is a short-term solution for raising your credit score.  
• See a credit counselor- If you’re having financial trouble, consider talking with a professional. Do your research to ensure they’re a legitimate financial counselor and not taking advantage of you or your situation. 
• Avoid new accounts- Opening a new credit line won’t raise your score. Do this sparingly and only as needed. 

Tackling Debt

There’s no shortage of information available about paying off debt.  These strategies offer ways to minimize your liabilities:

• Record debts- Make a list of all your liabilities, or debts, and exactly how much you owe. If you’re unable to find the balance, contact your lender.  Write down what your minimum payments are as well. 
• Trim expenses- Find extra money in your budget by eliminating unnecessary expenses and spending. Check your monthly bank account statement to know where your money is going.  Then, pick a few expenditures to consider reducing or removing.  Some ideas are:
  • Borrow books or movies from the library instead of purchasing or renting them.
  • Exercise at home or outside rather than paying for a gym membership. There are a variety of apps for your mobile device with workout programs and personal training information.
  • Cancel magazine or newspaper subscriptions you’re no longer using.
  • Consider packing your lunch at home or making your own coffee instead of paying your local barista.
• Bill savings- Look for cost-saving opportunities through your insurance company, phone provider, and credit card accounts. Many businesses have lower rates available or discounts for paying in full.  A little time invested to “shop around” for utilities and other bills can really pay off. 
• Reduce debt- There are several ways to tackle your debt. Financial experts suggest different methods.
  • Highest interest rate- One strategy is to pick your highest rate credit card. Put all your financial weight on that, keeping minimum payments on all your remaining debts. 
  • Smallest debt- Another debt-reduction plan is to focus on the smallest debt. Tackling the smallest debt builds your financial momentum.  Add the amount used on the previous debt to the next one and so on.  This technique is known as “snowballing.” 
• Reward yourself- Once you’ve eliminated your debt, treat yourself to a reward or gift. Print out a reminder, picture, or inspirational quote to visualize your success.  Hang it on your refrigerator or office wall to provide daily motivation.
• Find extra income- Look for any way to bring in some additional cash flow. Could you pick up a part-time job or do some freelance work?  Tutoring or delivery services are options too. 
• Check statements- Avoiding bills or bank statements because you’re afraid of the balance won’t get you closer to your financial goals. Ignoring creditors’ calls also makes you vulnerable to lawsuits.  Instead, be courageous and educate yourself about your spending habits.  Take advantage of the online tools and mobile apps to help track your expenses. 

When dealing with debt and credit problems, it’s important to start small.  Chances are, your debt accumulated over time.  Likewise, changing your financial future won’t be a quick fix.  As you begin to see success in a few areas, it will build your momentum.  A little forward progress might be just the push needed to change your habits and reach your financial goals.   

 

Want to talk to a counselor today about this? 

Call Amplified Life at 800-453-7733 and ask for your “Free 15 Minute Phone Consultation" with one of our licensed counselors. We’ll listen, answer questions you may have, and help you plan next steps.

 

Sources:

http://www.myfico.com/crediteducation/improveyourscore.aspx https://www.mint.com/blog/goals/the-debt-destroyer-menthod-tackling-your-debts-one-by-one-0113/

 

Help with Financial Stress

We know our minds and bodies are connected, but did you realize our bank accounts are linked to them as well? Financial stress can have a significant impact on your physical health, your thoughts, and your relationships with other people.

Physical and Emotional Impacts

Financial stress affects our bodies the same as any other stress.  When we experience stress, our bodies go into a “fight or flight” mode.  This increases our heart rate and expends additional energy.  Financial stress on our bodies increases our risk for heart attack, diabetes, and stomach problems.  Strains on our bank accounts can even lead to symptoms of anxiety and depression.

 

Barriers to Financial Wisdom

The largest obstacle between financial wisdom and lowering our stress is our attitude.  In our quest to make the right decisions, we can become afraid of making the wrong one.  In turn, we make no decisions at all. Trying something new, and even possibly failing, is better than never making a move at all and continuing our bad financial habits.

 

Tips to Alleviate Financial Stress

Taking steps to make wise financial decisions can provide some immediate relief as well as motivate you for the long-term.  The following tips will help you understand why you make the financial decisions you do and give you the knowledge to alleviate the stress and strain on your wallet: 

• Change your perspective- Often when we have failed in the past, success seems farther out of reach than it actually is. Perceptions can easily be flawed.  Our attitudes about what we have control over and what we can’t control directly impact our level of success. 
• Identify unhealthy emotions- If you make a poor financial choice one day, this doesn’t mean you’re destined for failure. Guilt is never a helpful emotion.  Instead, focus on what you can change, rather than beating yourself up for your prior financial mistakes. 
• Know your weaknesses- Avoid places, people, or situations that will tempt you to spend money you don’t have. For example, if you’re prone to impulse spending after a stressful day at the office, try taking a walk or borrowing a movie from the library.  Practice saying “no” to people who pressure you to spend too much money.   
• Take small steps- We can all make big changes to how we save and spend, but it’s the little, daily steps that give us a sense of control. Simple changes like packing a lunch for work or making our own coffee at home can really add up.  Deposit the money you would have spent on restaurants, coffee shops, or additional expenses into your savings account.  Watch your money grow and the anxiety and worry shrink.  A little change can be a big boost to your financial confidence. 
• Communicate- Talking with your spouse or partner is critical to achieving your fiscal goals. What priorities do you share?  Where do you need to compromise?  When you are on the same page with the one you love, motivation and accountability come easy.
• Seek help- Look to the experts for help if you need it. Speaking with a legitimate professional can answer your financial questions and guide you toward a specific, attainable goal.  Why not benefit from their expertise?

Financial Tips that Make “Cents”

• Budget, budget, budget- Knowing how to track your money is critical. Establishing a clear budget shows you exactly how much inflow and outflow you have.  If you’re unsure how to make a budget, there are online tools and mobile apps available to teach you. 
• Cut expenses- Look for ways to trim your cash flow. Many websites offer information and comparisons on cell phone plans, Internet and television services, and utilities.  Finding ways to cut your expenses and look for bargains can be a fun challenge. 
• Pay off credit- Lower your bad credit by paying off debt as quickly as possible. Some experts classify bad debt as anything other than a mortgage, student loan, or car payment.  Always pay more than the minimum payment amount.  Tackle the credit card with the highest interest rate first. 
• Take advantage of free money- Take advantage of any employer programs that match your IRA or health savings contributions. Free money is a bonus.
• Know your credit score- Periodically check your credit score, making sure it’s correct. Increasing your credit score won’t happen overnight.  Paying your bills on time and lowering your debt will drastically improve your credit score, but it takes time.
• Start an emergency fund- Always put away extra to establish an emergency fund. Life will happen unexpectedly with costs you didn’t budget.  Having funds available, rather than accumulating more credit card debt, is the best way to go. 

Good money management gets easier the longer you stick with it.  Surround yourself with like-minded people, even if that’s simply by reading books or blogs.  Making wise financial decisions will continue to alleviate the stress and strain on your bank account, body, and mind. 

 

 

Want to talk to a counselor today about this? 

Call Amplified Life at 800-453-7733 and ask for your “Free 15 Minute Phone Consultation" with one of our licensed counselors. We’ll listen, answer questions you may have, and help you plan next steps.

 

Sources: http://www.forbes.com/sites/financialfinesse/2012/08/29/10-common-money-management-mistakes-that-youre-probably-making/

 

Daily Money Management Tips

Do you control your money, or is it controlling you?  Managing money can be difficult for many reasons. While there is no shortage of advice available to you, it can feel overwhelming when you are deciding when and how to start making smarter financial decisions.  You might also feel confused about how to turn long-term strategies into daily habits. 

What is Money Management?

Money management is sometimes used interchangeably with the term, budgeting.  Quite simply, it is a way to visualize how your money is being spent and how it will be used in the future.  Any amount of money after all outstanding bills have been paid is a surplus, and quite literally, money in your pocket.  When you extend yourself beyond your means, you enter into a liability, or debt.  Money management controls the inflow and outflow in your budget. 

 

Daily Money Management Tips

How do we start controlling our money?  By starting today.  In order to reach your long-range financial goals, there are small but significant money principles you can apply now.  Here are a few strategies to help you with daily money management and make you feel more in control of your financial future:

• Keep track- Record everything you spend for one month to see where your money is going. There are a variety of software programs or free websites that can help you budget.  Knowing where you spend your money, and what you spend it on, is a critical step in budgeting.
• Make a budget- Set and follow a monthly budget. Factor in big expenditures, like insurance, as well as everyday expenses, such as gas and groceries.  If you pay a larger bill once a year, divide the total amount by twelve.  This allows you to budget monthly for the annual bill.  It requires discipline to manage your money strategically, but it’s worth the peace of mind knowing the money will be there when it’s time to pay the bill.
• Pay bills on time- Know when bills are due by keeping a bill calendar. Avoiding late fees is an easy way to keep money in your pocket.  If you are likely to forget, you can set up a direct payment from your bank account.   
• Check bank statements- Avoidance is not the answer when it comes to your bank statement, so be aware of your balance. Checking regularly keeps you informed of what you have and helps you feel more in control of your finances and future.
• Change small habits- Look for small ways to cut out any daily expenditure. Are you grabbing a coffee before work?  Make your own at home.  Hitting the vending machine for your mid-afternoon slump?  Bring an energy-boosting snack from home.  Simple changes like these are almost like making money. 
• Save first- People often plan to save, but they might think about it too late. It’s important to establish an emergency savings.  Pay yourself first by setting aside money in savings.  This challenges you to spend strategically with what you have left.
• Reward yourself- Thinking of a vacation or a special reward may act as an incentive and useful motivator to keep saving and reduce spending. Focus on what you can do with the money you save rather than what you can’t do. 
• Know Your Weaknesses- There are triggers for everyone when it comes to overspending. Does the end of a stressful day often find you at the mall?  How about online shopping during a sleepless night?  Knowing where you are most likely to trip up and avoiding those scenarios is key to minimizing overspending. 
• Set short-term goals- Tackling debt, paying off student loans, or saving for retirement can seem overwhelming to many people. Instead, focus on some shorter-term goals that work toward those larger financial goals.  For example, if you have a $10,000 student loan, focus on saving $1,000 and applying it to that debt.  Achieving smaller goals gives you the positive energy and momentum you need to make big dreams seem attainable. 
• Identify emotions- Just because you might make a poor financial choice today does not make you a failure. Guilt is not a helpful emotion.  Focus on what you can change, rather than beating yourself up for past financial mistakes.  Recognizing unhealthy and negative emotions will help keep your goals in focus and your mind in the right perspective. 
• Give- Perhaps, the greatest money managing strategy is to give some of it away to a non-profit organization or charity of your choice. Consider doing something meaningful and lasting with a portion of your income.  Not only will you feel good, it allows your money to work for many more people than just yourself and family. 

Applying these simple money-managing tools really does add up to significant change.  While money may not buy happiness, using it wisely does alleviate unnecessary strain and stress. 

 

Want to talk to a counselor today about this? 

Call Amplified Life at 800-453-7733 and ask for your “Free 15 Minute Phone Consultation" with one of our licensed counselors. We’ll listen, answer questions you may have, and help you plan next steps.

 

Sources:

http://www.bankrate.com/brm/news/financial-literacy/12-steps-home.asp

http://www.forbes.com/sites/financialfinesse/2012/08/29/10-common-money-management-mistakes-that-youre-probably-making/

 

 

 

Managing Finances

With the average American credit card balance at $11,000, there’s no time like the present to start managing our finances.  Controlling personal cash flow can be difficult.  For most people, the number one problem with money management is they just want more, the higher the amount, the better to support the “buy, buy, buy” culture.  The other reason controlling finances can be complicated is due to the wealth of financial information available.  Knowing where to start can seem overwhelming. 

What is Money Management?

The term “budgeting” is sometimes used synonymously with money management.  Budgeting is simply a means to visualize how much money is coming in, going out, and how it’ll be used in the future.  After all your bills are paid, any surplus is “money in your pocket.”  Extending yourself beyond your means enters you into a liability, or debt.   

 

Financial Management Tips

If your desire is to control your money, instead of the other way around, there are small but significant money principles you can implement now.  Here are a few strategies to help you manage your money:

• Track your spending- The first step to controlling your cash is to track where it goes. Do you know how much you spend in a month on food, rent, utilities, and entertainment?  Write down how much money you use in a one-month period.  There are countless software options and apps for your mobile device to track your spending.  If you have bills you only pay once or twice a year, such as insurance policies, be sure to calculate what the monthly cost of those would be. 
• Make a monthly budget- Having a way to visualize cash flow is necessary for wise financial management. Allocate money each month to begin an emergency fund.  This can then be used for unexpected costs that arise, and it’ll keep you from having to accumulate more debt. 
  • Look for money drains- Are you losing money in ways you could easily avoid? Taking a little time now to price-compare for utilities, phone, cable, and Internet services can really make a difference.  Consider ways to trim your dining and entertainment budgets as well.  Pack your lunch, borrow movies from the library, and cancel magazine subscriptions you no longer use. 
  • Avoid impulse purchases- Buying something you really don’t need might make you feel good in the moment, but chances are, you’ll regret it later. If you don’t have the cash to buy it, you shouldn’t really be considering it.  Delaying gratification and shopping around for the best price can be exciting and rewarding.
• Save first- Deposit the money you want to save each month right away.
  • Pay yourself- When you deposit your savings first, it ensures you’ll actually do it, rather than seeing what’s left over at the end of the month.
  • Save for retirement- It seems obvious to save for the future, but we often prioritize the immediate for the long-term. Many employers offer matching programs for retirement or health savings.  Take advantage of this free money.  Today is the perfect day to start.
• Pay bills on time- Avoid late payment penalties and damage to your credit score. If you struggle to remember, set up a direct bill payment plan through your bank.  You can also make a bill payment calendar manually or through your mobile device. 
• Avoid credit card debt- If you’re unable to pay the balance on your credit cards each month, you should stop using them. It’s too easy to let your credit card debt grow faster than you can pay it off.  Instead, work on paying off the balance to avoid high interest rate charges.  Always pay more than the minimum suggested.
• Know your long-term financial goals- What are your future desires? Would you like to own a home, a new car, or help your kids through college?  Is there a certain age by which you’d like to retire?  There are a variety of tools available online to estimate these costs and help you begin saving for them today.
• Get your credit report and score- It’s important to periodically check your credit report and score for accuracy. Maintaining a high three-digit credit score can yield lower credit rates.
• Reward yourself- Having a special purchase or vacation in mind can be a useful motivator to making small, daily changes. Think about how it will feel to have a credit card or other debt paid off.  Consider how you can celebrate in a financially responsible way. 

If you’re not in a good financial place right now, it won’t help feeling guilty over the money mistakes you’ve made in the past.  Focus on the present and how you can make these simple, small changes to your everyday life.  Wise money management will positively impact you and your family’s life and future.

 

Want to talk to a counselor today about this? 

Call Amplified Life at 800-453-7733 and ask for your “Free 15 Minute Phone Consultation" with one of our licensed counselors. We’ll listen, answer questions you may have, and help you plan next steps.

 

Sources:

http://www.patreasury.gov/assets/pdf/Tips-PersonalFinance.pdf