Is your financial health, like many other Americans,struggling in these tougheconomic times?Are you looking for someone or something to helpyou better manage yourfinances?Then you have come to the right place.This presentation will provide seven tips that willhelp you better manageyour finances and provide stable financial health.
The average American family has beenchallenged to make ends meet in themidst of this struggling economy.It’s been a tough couple of years for manypeople.Belts have been tightened, excess hasbeen trimmed, and we are learning todo without the extras that we’ve all beenused to enjoying.
In times of economic strife, it is a goodidea to take a realistic look at spendinghabits, financial responsibilities, andwhere discretionary income is going.The following are seven tips to help getyour financial health into top shape.
Financial Health Tip 1: Get a budgetand opt for simplicity- The mainobjective is to figure out whetheryou need or want to redirect yourmoney towardpriorities. Have a goal, Separatefixed and discretionary spending,create discretionary subcategories,pay off debt, and anticipate yourexpenses.
Financial Health Tip 2: Pay with Cash -Paying interest on a purchase canincrease actual cost dramatically.Unless you are paying off credit carddebt in full each month, save up firstand pay in cash when making apurchase. Practice Patience!
Financial Health Tip 3: When otherspanic, buy - With every financial crisisto date, the market sags. Late 2008through early 2009, with a 43% drop inthe Dow, was a great time to load upon long term investments. If you canafford it, this is a great time to invest.
Financial Health Tip 4: Debt can bedangerous – Credit is a valuable tool,but it must be used sparingly. This iswhere many people dig themselves intodeep financial holes. Get rid of theshovel. Pay off revolving debt but keepa minimum number of credit cards.Many financial experts recommendhaving no morethan three cards to be used only foremergencies.
Financial Health Tip 5: Your home is ashelter, not an investment – Homeprices can rise and fall, like any otherasset. Don’t expect appreciation in thevalue of your home to be a substitutefor retirement savings in traditionalinvestments. Start retirement planningearly, and consider long- term careinsurance.
Financial Health Tip 6: Manage yourpaycheck - More than 70% ofAmericans overpay their taxes eachyear. While a refund is nice, it’s evennicer to earn interest on your moneyinstead of giving the government afree loan. Check your withholdingswith the Form W-4. You can changeyour withholdings at any time.
Financial Health Tip 7: Do not livebeyond your means - Was this ever agood idea? It seems to be a problemfor many Americans. In the U.S,personal savings is practically non-existent. Too many of us are livingpaycheck to paycheck. Find a way tospend less than what you bring homeand your finances will slowly improve.
Financial Educators of America is happy toprovide you with the seven tips for financialhealth in tough economic times. We feel thatif you apply these tips they will help youget your financial freedom back! Financial Educators of America is a non-profit organization so all donations or sponsorships are greatly appreciated!Visit us at www.feainc.org , call 513-253-6326 or mailto 15 Vale Ave 3,Wyoming, Ohio 45215