FINANCIAL
MANAGEMENT TIPS
By Barak Strickland, Personal Financial Coach
When you've spent your paycheck,
is there still a stack of bills to be paid? Is a savings account
something you're still planning to open instead of something you
put money into regularly? If so, you're not alone.
Here are some tips to help:
* Pay yourself first. Invest at least 10% of your income in consumer
debt repayment or in some type of investment account. To make real
financial progress you must reduce your liabilities and increase
you assets.
* Establish specific written financial goals. Set short term, medium
term and long term objectives for yourself and your family. Review
and update your goals regularly, no less than annually.
* Make a realistic spending plan and use it. You must plan how your
income will be used or someone else will! Track your expenditures
using receipts, a notebook, or whatever is convenient for you.
* Learn about the different types of insurance available. Buy only
what you need to cover a specific risk. Increase deductibles to
the highest amount you can afford.
* Stay current with your finances by reading regularly, taking courses
and working with your own personal financial coach.
If you've heard all of this before but haven't acted on it, now
is the time to move forward!
Remember "Knowledge without action is ultimately the same as
not knowing."
