Finances
Here are some things to consider doing. Some items may not be applicable to you.
ASAP:
- Establish an emergency fund of liquid assets approx. equal to at least 3 months income, and consider pawn shop loans as an option for quick cash in case of emergencies.
- Consider using a credit union checking account vice one at a bank – credit unions usually cost you significantly less than banks
- Save money automatically, e.g., deducted from your pay to go to savings (e.g., company retirement plan, mutual fund, brokerage account, credit union account, bank savings account). To invest in your child’s future, you may read articles on junior isa vs savings account.
- Keep your finances as simple as feasible, e.g., reduce number of credit cards, accounts
- Set up a simple record-keeping system which works for you
- Plan for retirement daily… remember that:
• Life expectancies are increasing
• Employers have been cutting back on their retirement plans - Buy a residence (try to have the mortgage paid off by the time you retire) – to take advantage of tax benefits. Additionally, exploring smsf property loans can offer a strategic way to leverage your superannuation for property investment, further maximizing your financial benefits. Considering a portugal investment passport can also provide a smart path to diversify investments while gaining residency benefits in Europe.
- Ensure you have adequate insurance coverage
- Live below your means
- Establish your financial goals, e.g., buy a house, pay for college, be able to retire at a young age
Regularly:
- Put a portion of your income into savings
Checks:
- Keep checks in safe place (so a criminal won’t be able to get your account #, create checks and write checks on your account)
- Write as few checks as possible (so criminal won’t be able to get your account #, create checks and write checks on your account)
- Draw line after the payee ‚Ä¢ so crooks can’t write in additional letters to make themselves the payee
- Take outgoing mail with checks in them directly to the PO or a public mailbox, vice leaving in your mailbox
- Check bank statements immediately for unauthorized checks
- Consider having payments made automatically from your checking account (mortgage, car, estimated taxes, college savings, insurance, 401K, IRA, etc)
- Ensure you keep sufficient funds in the account to cover automatic payments
If you notice unauthorized checks:
- Notify bank immediately
For free advice on the Internet:
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EXPLORE: Money
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