Tips For Managing Your Money

Whether you are suddenly faced with a new financial challenge, or simply trying to save money, these tips can help you achieve your goals.

Begin by creating a realistic budget plan:

• Know what bills are due and when.

• A checking account will provide an easy way to pay bills and a way you keep track of what you spend.

• Ask the electric and gas companies if you can get on their budget plan or average payment plan.

• Know how you spend your money.  Get in the habit of keeping receipts. Categorize your expenses and look for ways you can economize.

• Plan for large and periodic expenses.  Make a budget calendar showing the appropriate amount of these expenses and when they are due.

• Budget for regular maintenance and unexpected repairs

• Adhere to a regular savings plan. Many financial advisors suggest saving 5% of your take home pay.

• Always keep an emergency fund on hand. You need to have a nest egg.

• Plan a head for major purchases rather than making impulsive decisions.

• Put together a seasonal inspection checklist for your home and car to prevent costly repairs in the future. 

• Buy do-it-yourself repair books and videos for minor home repairs or go to local libraries to check out books and videos on do it yourself projects.