Financial Literacy Month Topic #2: Being MoneyWise

MoneyWise-Building & Maintaining Good Money Habits

What do you want to do with your money? Go shopping? Check out a movie? Buy a new car or purchase a home? Or maybe you want to just spend, spend, spend. The way you manage your manage money will decide if you get to do all or any of those things.

Good money management is a habit and habits are not developed over night, so start now!
-Establish goals both Short-term & Long-term. Determine how much it will cost.
-Determine where you are now. Calculate your net worth. Add up assets and subtract liabilities which gives you your net worth. Be honest!
-Track expenses for at least 4 weeks. Every single penny.
-Pay yourself 1st. At least 10%. If 10% is too much right now, set aside as much as you can and aggressively work toward saving 10%.
-Learn to say NO!

For more assistance please contact us at 205-251-1572 or visit www.gateway.org to schedule a appointment with certified financial counselor and ask about our financial coaching program.  No matter your financial situation, big or small, we are here to help!

1 comment (Add your own)

1. Jeanmarie wrote:
Try calling the ceidrt card companies especially if u are 90 days late on the payments. Ask them if they will take payment in kind'. This means if u owe 2000 they may take 1200 cash. If they agree tell them to send u the paperwork which should state they will not report you to any of the ceidrt bureaus. Then send them the agreed upon amount via certified mail. If they wont do that ask them to lower your interest rate. Most will do that.

Thu, May 31, 2012 @ 9:24 PM

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