HealthyLife Articles

Tag: financial

  • 4 Financial Health Steps

    Financial Health

    Couple going over finances.

    1.  Track your monthly expenses.

    –  List fixed costs. These include mortgage or rent, car payment, phones and child care.

    –  List costs that vary, such as clothing, eating out, personal care, and entertainment.

    2.  Make and follow a plan to pay down debt. Do this on your own or with professional help.

    3.  Plan a budget. From your net income, aim for:

    –  50% for basics (house, food, transportation)

    –  30% for lifestyle choices (hobbies, phone and cable, personal care, pets, eating out)

    –  20% for short-term savings and retirement

    4.  Get tools to help you manage your financial health frommymoney.gov.

    Take Action: Keep Your Numbers Safe

    1.  Protect your bank account, credit card, driver’s license, social security, and other personal ID numbers.

    2.  Use secure websites, passwords, and PIN numbers. Change passwords often, using upper and lower case numbers and symbols. Consider using multi-factor authentication (MFA). This is an added layer of security to your information where a system requires you to present a combination of two or more credentials to verify your identity.

    ays to Well-Being book by the American Institute for Preventive Medicine. www.HealthyLife.com. All rights reserved.

    © American Institute for Preventive Medicine

  • Declare Your Independence From Credit Card Overuse

    Financial Health

    Credit cards fanned out on table.

    *  Limit your number of credit cards.

    *  Use 1 or 2 major credit cards that have low interest rates. Individual store and gas cards have very high interest rates.

    *  Only charge what you can pay in full when you get the bill. Or, aim to keep the balance to less than 25 percent of the total amount you can charge.

    *  Pay with cash. If you are an impulse buyer, leave your credit cards at home when you shop. Avoid or limit shopping online and through TV shopping channels.

    Dos

    *  Make payments on time to avoid late fees and a possible increase in your interest rate.

    *  Make more than the minimum payment.

    Don’ts

    *  Don’t open new credit cards to save 10 or more percent. For each new card you open, your credit score could go down 10 points.

    *  Don’t use your credit cards for cash advances.

    ays to Well-Being book by the American Institute for Preventive Medicine. www.HealthyLife.com. All rights reserved.

    © American Institute for Preventive Medicine