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- Plan-Plan for the future, major purchases, and periodic expenses
- Set Financial Goals-Determine short,-, mid-, and long-range financial goals.
- Know Your Financial Situation-Determine monthly living expenses, periodic expenses, and monthly debt payments. Compare outgo to monthly net income. Be aware of your total indebtedness.
- Develop a Realistic Spending Plan-Follow your plan as closely as possible. Evaluate your plan regularly. Compare actual expenses with budgeted expenses and make adjustments.
- Don't Allow Expenses to Exceed Income-Avoid paying only the minimum on your credit cards.
- Save-Save for periodic expenses, such as car and home maintenance. Save 5 to 10% of your net income. Accumulate 6 months to 1 year of your expenses in a reserve fund.
- Pay Your Bills on Time-Maintain a good credit rating. If you are unable to pay your bills as agreed, contact your creditors and explain your situation. Get professional help from a Credit Counselor to explore options for getting back on track.
- Distinguish the Difference between Wants & Needs-Take care of your needs first. Money should be spent for wants only after needs have been met.
- Use Credit Wisely-Use credit for safety, convenience and planned purchases. Determine the total you can comfortably afford to purchase on credit. Don't allow your credit payments to exceed 20% of your net income. Never borrow from one creditor to pay another.
- Keep a record of Daily Expenditures-Be aware of where your money is going. Use a spending diary to assist you in identifying areas where adjustments can be made.
Mortgage Amortization Calculator
Affording a House
Auto Loan Calculator
Making A Budget
Calculating Net Worth
Calculating Retirement Needs
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