What are your goals?
Spend some time thinking about what you need for a meaningful life. Make a list of life goals that you want to work toward, adding in a date when you want to have achieved each goal. Update your list from time to time by deleting outdated goals and adding new ones.
Manage your money
Being financially solvent can bring great peace of mind. When you regularly review your entire financial situation, it’s easy to see where you can cut spending, increase saving and begin planning for a home purchase, educational funding for your kids or even your retirement.
Plan out your budget
Get started now. There are many tools to help you, including spreadsheets for planning and tracking—they’re a budgeter’s best friend. They make it easy to calculate how much you have left at the end of the month and plan ahead for the coming month.
Be ready for crisis situations
If your financial circumstances take a downturn, an emergency fund of six months worth of expenses can reduce the stress of a job loss, high medical bills or expensive home repairs. Set aside a small amount from every paycheck until you reach this emergency fund goal. This will be your safety net— use it carefully.
Maintain a good credit score
A high credit score will help you get the best loan rates. Keep your credit score high by: finding a credit card that best suits your needs and has a low interest rate; paying the full balance due each month; and making payments on time.
Reduce your debt
Would it make sense to consolidate your credit cards or refinance your mortgage at lower interest rates? As a financial partner, Mountain America helps its members analyze their situations and saves them money. In fact, over the past 12 months, we’ve helped members reduce their debt load by over $56 million dollars.
Curb unrealistic spending
If you’re wondering where all your money goes, track all of your expenses in a small notebook. You may be surprised how small (and large) impulsive purchases can add up.
It’s an ongoing process
Successful financial management is a continual process and adjustments to your plan will be necessary over time. As you reach a goal, add a new one to your list or see if you can put more money toward fast-tracking other goals.
Help is available at Mountain America
We have financial experts who can help you get started. Call us today at 1-800-748-4302 to start on the path to reaching your dreams.
To get more info on reaching your goals, go to www.macu.com.