NOT SAVING FOR YOUR FUTURE: We know it can be tough to scrape together enough money to pay for a place to live, a car, and other expenses each month. However, sometimes we need to sacrifice a little today to “get ahead” for tomorrow. Start by “paying yourself first”. That means even before you pay your bills each month you should consider putting money into a savings for your future.

PAYING TOO MUCH IN FEES: Whenever possible, use your own financial institution’s ATM or the ATMs owned by financial institutions that DON’T charge fees to non-customers. Always have some cash in your wallet or at home in a safe place for emergencies as these fees really add up! Try not to “bounce” checks—that is, writing checks for more money than you have in your account, which can trigger fees from your bank ($15-$30 each time) and from merchants. If you don’t think you will have enough to pay a certain bill, call the company and inform them of a time that you will be able to pay—they will usually be willing to help and notate your account. Communication and organization is the key!

DON’T KEEP WAITING TO SAVE $$: Even small amounts really do add up. If you are not disciplined enough to do it every week/month on your own, sign up for automatic deductions through your bank/financial institution. With this down, saving won’t seem like a chore and you will benefit from “dollar-cost averaging”—frequent deposits that help to even out your investment over the years due to an up/down market. (more to come on that next week) J

NOT ESTABLISHING AN EMERGENCY FUND: Ideally this should be cash or liquid money that you can get to whenever you need it. An emergency cash fund is essential to your day to day life. This money should be worth six months or more of expenses that you incur on a monthly basis. This can help you get through emergencies so your not tempted to dip into long term investments, home equity, and ultimately prevent incurring more debt. Start now building an emergency fund—it will make you feel more secure and comfortable.

NOT HAVING A PLAN FOR RETIRMENT $$: Just a couple of years ago, I was one of those people who thought “Retirement” was nonsense! And that I was SO YOUNG that it didn’t even apply to me—boy was I WRONG!!! Now (better late than never) is the time to organize your goals for the days when you will not be working a 9-5 job. Make sure to put your plan in writing and talk to expert to help you reevaluate your strategy as your goals evolve. More to come on this in a future editorial…
Thanks for reading--Join me again soon!
Write to me if you have a question!
 

have the courage to question & challenge the status quo... refuse to accept "traditional" thinking and answers as fact....
~Kimlee