Three simple money management tips

submitted by Joan Reading, President, Credit Counseling Center, www.ccc-credit.com

  1. Create a working spending plan so you know what is coming in and what is going out. Know your financial situation, set financial goals – it helps to know what you are working for.
  2. Have money automatically deducted from each paycheck and deposited into a savings account- for future expenses, car repair etc. You can also have several savings accounts for different categories, house repair, and car repair or college savings. Keep a record of what you spend daily – this shows you where you are spending your money. And, distinguish between wants & needs.
  3. Use credit wisely – pay off your balance each month so you aren’t spending unnecessarily on interest rate and other credit card fees. If you have more than 20% of income on credit cards it time to park them.

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Where does your money go?

submitted by Joan Reading, President, Credit Counseling Center

When you get paid every two weeks or twice a month, do you pay yourself first? Do you have a 401K account that automatically deposits money into your account? Or do you automatically direct money from each paycheck to a special savings account?

You should be answering yes to all of the questions above!

You are the most important person on your list of bills that have to be paid each month. Your number one job is to take care of yourself!

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How you handle money is critical to your well-being

submitted by Joan Reading, President of the Credit Counseling Center

Do you find yourself asking where your money goes at the end of each month? Do you worry that you won’t have enough money to pay for car repairs or to fix your washing machine if it’s on the blink?

According to a poll conducted by The Associated Press-NORC Center for Public Affairs Research, three-quarters of people in households making less than $50,000 a year and two-thirds of those making between $50,000 and $100,000 would have difficulty coming up with $1,000 to cover an unexpected bill.

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