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Copyright 2009 Silke Endress Magazine P.O. Box 2802 Orlando, FL 32802 |
Magazine Creation by Cole & Associates |
Work out your credit to get financially fit this summer Just as you take care of your physical health in preparation for summer fun, you need to pay attention to your financial well-being as well - and not just when the weather's warm, but all year round. And just as the key to losing weight is to eat fewer calories than you burn, financial health depends on your ability to earn and save more money than you spend. No financial fitness plan would be complete without a credit checkup. Unwise use and poor understanding of credit contributed to the real estate crash and the overall poor health of the economy, many money experts say. A credit checkup can help you better understand your overall financial health. Start by checking your credit score and report online. Think of a credit score as an indicator of your overall financial health. A good score tells potential lenders that you know how to manage money and are likely to be a good credit risk. A lower score may be a symptom of poor financial health. Web sites like freecreditscore.com provide valuable credit monitoring tools to help you assess your credit health and how your financial health habits affect your credit. Just as medical errors can harm your health, so can errors on your credit report. That's why checking your report regularly for errors or possible fraud is as important as monitoring your blood pressure if you have hypertension, checking your blood sugar if you're diabetic or watching your weight - for anyone. |
Women's finances: Embrace the power of the purse Every woman should have a healthy relationship with money, but the reality is that many women still heavily rely on men to handle their finances. Now is the time for women to break out of the traditional role and take action to gain financial independence. Personal finance expert Suze Orman shares advice on what every woman should carry in her purse, and the financial knowledge she should carry with her at all times. Reading materials: Once a month, read a financial newspaper or magazine, such as the Wall Street Journal, Kiplinger's or Smart Money. No need to read cover to cover, just flip through to get a feel for current financial trends. You might be surprised by what catches your eye. Debit card: These days it often makes more sense to pay your bills with a debit card online - a service that should be free. If you're worried about safety, don't be. Banks spend a lot of money to ensure that their networks are secure. In fact, paying your bills online may prove to be safer than mailing a check because the electronic payment is automatic. All your transactions are recorded and can be verified 24/7, allowing you to track debits and credits at your convenience. Remember, organization equals control. "Milk money": Save a lot and indulge a little. Even in tough times, there will always be expenses that may be outside your budget. To cover these purchases, consider taking on a side job that can provide supplemental earnings opportunity. Direct selling opportunities, like Avon (www.avon.com), can provide additional income based on the amount of time you can commit. For as little as $10, you can get started with a company that works for women because you can choose when, where and how much you want to work, while having the flexibility to work a full-time job and care for your family. |
Family photos: Keeping your family close in view - whether in your wallet photo flipbook or on your phone - serves as a daily reminder of your loved ones and what you can impart to them. Admittedly, sensible financial management is not something we are all born with, it must be learned. Feel confident that you can contribute to your family's financial success by educating your daughters and granddaughters about money and savings. Give them solid financial knowledge to stow in their purses for a lifetime. For more action steps you can take in 2010, and information on Suze Orman's Action Plan, visit www.suzeorman.com. |
Plan smart for your family's financial future Few things in life trigger a sense of personal responsibility like having children. Part of that responsibility is ensuring both your own and your children's financial futures. A good first step in getting back on track for retirement is determining what you need to do to secure your future, as well as your children's. Here are some things to keep in mind as you get started: * Save for yourself, help your children. By taking steps to secure your own financial future, you will be taking a burden off your children. * Plan ahead for your child's education. Early investment in your children's education could possibly help you and your children avoid substantial student loan payments down the road. * Put it all together. Set goals for how much you want to save and what you can realistically invest. Many savings plans provide materials to help you do the calculations. A comprehensive retirement planning tool, like TD Ameritrade's WealthRuler, allows you to enter all of your investment information and helps you determine what you need to do to effectively pursue your investment goals. |
