BY: AMANDA KAY
“A budget is telling your money where to go, instead of wondering where it went.”
-John C. Maxwell
This year is near a close so it’s the best time to get that yearly financial health checkup and create a budget plan for your money in 2015. If you are living pay check to pay check and have very little in your savings account, this article is for you! End 2015 with a bang with more money in your bank next year than you have in your account this year using these helpful tips:
1. Set up auto deduction of your pay check with your employer to multiple checking/savings accounts. I would recommend that you keep your savings account at a different bank than your checking account. When your savings and checking are at the same bank, it’s so easy to refer to that “transfer function” through online banking when your checking account balance is getting a little low. Using different banks keeps your savings “out of sight and out of mind” because you never see your savings account balance when you log into your checking account.
Here is an example how you can use auto deductions to separate accounts to increase your savings:
You can have three separate accounts.
(1) Main Checking account: Use to pay BILLS ONLY.
(2) Main Savings Account: Use for building an emergency fund
(3) 2nd Savings Account: Use as a Christmas Savings account.
* Start saving for Christmas January 1st.
Auto Deduct only $65.00/pay period ($130/month)
and distribute as below:
2. Begin budgeting and start operating using the Envelope System. Use your main bank account for bills only. Have a separate envelope for gas/transportation, groceries, misc, and have a set budget for each envelope. This keep a visual of how much you have to spend and how long it must last. Once the money is gone…it’s gone.
3. This year at your job’s open benefit enrollment, make it a priority to really look into what your job has to offer.
Ask questions and see how the different types of benefits, could benefit you. Take advantage of 401K and contribute enough to where your company matches…this is free money!! Don’t think you can’t afford it, think about all the mindless spending you have done over a course of a year. Start saving for your future!
4. Set up savings account for each of your children. You can transfer as little as $5 per pay period and you can increase as your pay increases, and make additional deposits whenever you can.
5. Pay off your debt. Get out all those outstanding bills and bills that have gone to collections together and pay them all off one by one, fast as you can, from smallest balance to the largest.
6. Make your money grow! After 6 months of savings, reevaluate your interest bearing options, look into investing options and additional IRAs. Get with a financial advisor that could help you in this area.
This is just a quick guide on how you can create a budget plan for you and your family. Learn from the experts. Get in contact with a financial counselor that can help you with your personal budget and help you reach your financial goals. Please check out Dave Ramsey, who is a financial author, radio host and motivational speaker. He is known for encouraging people to get out of debt and gives them simple, step by step on how one can build financial wealth.
Check out his website for lots of information, www.daveramsey.com
If someone will suffer financially when you die, chances are you need life insurance. Life insurance provides cash to your family after your death. This cash (known as the death benefit) replaces your income and can help your family meet many important financial needs like funeral costs, daily living expenses and college funding. What's more, there is no federal income tax on life insurance benefits.
Most Americans need life insurance. To figure out if you need life insurance, you need to think through the worst-case scenario. If you died tomorrow, how would your loved ones fare financially?
Would they have the money to pay for your final expenses (e.g., funeral costs, medical bills, taxes, debts, lawyers' fees, etc.)? Would they be able to meet ongoing living expenses like the rent or mortgage, food, clothing, transportation costs, healthcare, etc? What about long-range financial goals? Without your contribution to the household, would your surviving spouse be able to save enough money to put the kids through college or retire comfortably?
The truth is, it's always a struggle when you lose someone you love. But your emotional struggles don't need to be compounded by financial difficulties. Life insurance helps make sure that the people you care about will be provided for financially, even if you're not there to care for them yourself.
Since childhood, it has been ingrained in us from society, the media, and from family and friends, the more money you make, the more money you have to spend.
Don’t believe the hype! Don’t listen to those sweet sounding sales pitches! They are not trying to help you. They are making money off you. It is time for you get smart about your money. CareerBuilder.com states 6 out of 10 people are living paycheck-to-paycheck. Of those 60% of the population, a full 40% are reliant on their credit cards. It has been the norm for us to use credit for our basic needs. We go into debt to buy a car, purchase clothes and we even charge our groceries. Years ago it was an embarrassment to go into debt. Don't you think it's about time to take responsibility and take care of your finances?
Don't believe the marketing, throw away those credit card applications and ask yourself if these purchases are wise or just adding to your stress.
By Amanda Smith
By: Amanda Kay
Are you having trouble applying for numerous jobs and never getting a call back?
Many hiring managers may never see your resume. Companies are using applicant tracking systems (ATS) to scan resumes for keywords. If the company doesn't use ATS, according to a study by TheLadders, the average recruiter spends six seconds scanning a resume before deciding whether or not to pursue an applicant. 6 seconds!! So If your resume doesn't match what the companies are looking for, you resume could be tossed away and never looked at.
Resume dos and don'ts
when recruiters pull your resume. So to prevent your resume from being discarded, omit creating
fancy resumes and use simple fonts.
Need help with your resume?
We can help!!
Contact View Woman for more resume tips or hire us to build your resume.
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