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Don't
be shocked, but when I'm not out shopping, I do try to
balance my checkbook and count my pennies. These are mundane tasks, but
as necessary for living well as searching out thrift stores for my
beloved Chanel. If I could outsource the task, believe me I would. But
sadly, I can't afford it. And, let's face it, no one cares about my
money as much as me! Last time I went to a financial advisor, they
tried to sell me a bunch of "load" mutual funds that would've netted
them a nice commission with questionable ROI for me. Instead of taking
the sales advice, I bought a book on financial planning, opened a low
cost brokerage account and made some thrifty investments in no-load
funds. These days, instead of buying books, I'm more inclined to surf
the Internet to find savings tips. One good free resource I have discovered are tips from Women & Co. You might want to check out their new worksheet, Set and Achieve Your Financial Goals. Believe me, I am studying it for tips! As Voltaire said, "Common Sense Isn't." Neither is Common Cents right now.
Recently,
I asked Women & Co. to share for some simple tips for
financial fitness. Following are their recommendations. If only Gov.
Schwarzenegger and the California legislature had used these tips,
perhaps the state of Cali-fornia would not be on the brink of disaster.
Assess Your Health:
Gather all important financial statements and review what you own, your
assets, and what you owe, your liabilities. Look carefully at how
you’re putting your hard-earned cash to work – what you’re earning,
spending and saving. Then set aside some time every few months to file
important papers and keep them organized.
Know Your Numbers:
Your credit score is a key indicator of your financial health. It’s a
primary criteria used by lenders to determine your likelihood of
defaulting on a loan and that may impact your ability to get many types
of loans, including a mortgage. Request your free annual credit report
from each of the 3 major credit bureaus at http://www.annualcreditreport.com/.
Set Your Goals:
Once you know where you stand today, set goals. Short-term goals are
those you’d like to accomplish within one year (e.g., pay off credit
cards); mid-term goals, within 5 years (e.g., make down payment on a
new home); and long-term goals, 5 years or more (e.g., save for
retirement). Write these down, using the worksheet from Women & Co.
to help you clarify and prioritize your financial goals.
Protect Yourself:
Maintain appropriate insurance coverage; keep your beneficiary forms
for your 401(k), IRA and insurance up-to-date; and put your wishes in
writing by executing a will, living will, power of attorney and health
care proxy.
Conduct Annual Check-ups:
Review your finances at least once a year with your financial advisor.
Keep in mind that life transitions such as having a child, getting
married or divorced, or moving to another state, often bring with them
financial, tax and legal implications.
Remember financial
well-being requires on-going maintenance to stay in shape. This summer,
I am taking a resolution to dust off my old Jane Fonda fitness tapes
and work on balancing my budget (again :) ).
Pictured: A Poster for the old Hopalong Cassidy Savings Club
Do
you have any tips you'd like to share? If so, please leave a comment
and let all blog readers know. Regrettably, the days of the Hopalong
Cassidy savings club have passed and we all have to come up with our
own savings club!
