Successful Money Management

Did you know that almost 70% of Americans consider themselves good money managers?  Personally I find that to be a very interesting statistic, I wouldn’t have guessed it quite so high.

It appears we have a very positive perspective on our money management skills.

Here are a few tips regarding Money Management:

• Look over your bank statement every month; keep it balanced and make sure that all of the charges are accurate.  Also make sure that there are not any unnecessary fees.  Unnecessary fees will undermine your money management plan.
• Pay more than the ‘minimum amount due’ on all credit cards IF you cannot afford to pay them off monthly.  Consider finding a credit card that offers a consistent low rate and use it instead of your other cards.
• Be sure to pay all of your bill on time.  Do not incur any late fees if you can avoid it.
• Review your insurance policy on your home and vehicles.  Are you getting the best rates?  This can be a very big part of your money management plan and is one that is forgotten often.
•  Create a monthly budget (to include your family) and stick to it.
• It is the end of tax year, do you need to update your W-4 to make sure that you don’t have too much withheld from your pay?
• Make goals and work towards them…budget for them so that you can take that family vacation without having to feel ‘strapped’ in doing so.
• Be sure to contribute to your retirement account.
• Check your credit report and question anything that doesn’t appear to be your debt.
• Make sure that you have the best rate on your home loan.  If you don’t consider giving us a call.  Rates are low and there are great programs to suit most people.

If you create a plan, stick to it and assess it regularly you will become successful at Money Management.