HealthyLife Articles

Tag: Manage Money

Deal With Debt

Financial Health

Get out of debt on your own or with help.

Whether it’s from living above your means, expensive medical bills, a job loss, or supporting your parents, you can eliminate debt. The first step is to avoid getting deeper in debt. Limit spending to essentials and follow a plan to pay down the debt.

On your own:

* Cut up credit cards or put them away until they are paid off.

* Rank order what needs to be paid off – student and other loans, credit cards, etc.

* Contact your creditors right away to work out payment plans that you can manage. Do this before debt collectors get involved. If you can’t work out a plan with your mortgage company, contact the local office of the Department of Housing and Urban Development or the housing authority in your state, city, or county for help in finding a legitimate housing counseling agency near you.

* Bring in more income from a part time job and selling household items you no longer need at a garage sale or online site, such as Ebay. Consider selling some of your gold and silver jewelry for cash.

Get professional help from:

* A professional financial planner through work

* The Financial Planning Association (FPA) at 800.647.6340 orwww.fpanet.org

* The National Foundation for Credit Counseling at 800.388.2227 orwww.nfcc.org/FirstStep/firststep_03.cfm.

Beware of any debt relief service that*:

* Charges any fees before it settles your debts

* Pressures you to make “voluntary contributions,” another name for fees

* Touts a “new government program” to bail out personal credit card debt

* Guarantees it can make your debt go away

* Tells you it can stop all debt collection calls and lawsuits

* Guarantees that your credit card and any other debt not tied to an asset, such as your house, can be paid off for just pennies on the dollar

* Offers to enroll you in a debt management program (DMP) without teaching you skills to budget and manage your money

* Adapted fromwww.ftc.gov/bcp/edu/pubs/consumer/credit/cre19.shtm

Action Step

Pay off the credit card or other debt with the lowest balance first. After this is paid in full, pay down the next debt with the lowest balance.

© American Institute for Preventive Medicine

January 23, 2026
Declare Your Independence From Credit Card Overuse

Financial Health

* 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.

© American Institute for Preventive Medicine

January 23, 2026
Financial Wellness

Financial Health

Having financial security to meet your needs and enjoy your life is, well, priceless. But if you’re struggling and juggling bills, the stress can make you sick. Your financial well-being is an important part of your overall well-being. Money-related stress can trickle down to affect every area of your life, including your health.

Making wise financial choices can help you take control of your money, so it doesn’t control you. It’s a small price to pay for peace of mind.

© American Institute for Preventive Medicine

January 23, 2026
Collecting Unclaimed Funds

FINANCIAL HEALTH

Could you have money waiting for you? Learn about unclaimed money or property from bank accounts, tax refunds, insurance policies or wages and pensions.

You can find your unclaimed money for free. Here’s how:

* Search in every state where you have lived. Look up each state’s unclaimed property office. You can also try contacting the state treasurer’s office.

* Search the FDIC database. If your bank or credit union closed, you could have unclaimed deposits. You can also check out the National Credit Union Administration (NCUA) atwww.ncua.gov/support-services.

* Current or former VA life insurance holders can check for unclaimed life insurance funds. Go toinsurance.va.gov/UnclaimedFunds.

* Look for tax refunds from an FHA-insured mortgage. If you earned income but your wages were below the tax filing requirement, you might have a refund waiting. Go toirs.gov/refunds to check. If you bought mortgage insurance from the Federal Housing Administration (FHA), you might have a refund. Go toentp.hud.gov/dsrs/refunds.

* Do you have unclaimed back wages or pension money from a past employer? Go to the Workers Owed Wages (WOW) website atwebapps.dol.gov/wow. You can also check the Pension Benefit Guaranty Corporation atpbgc.gov.

Notice that these websites include “gov.” They don’t have a “com” or “org.” The “gov” means it’s an official U.S. Government website. You should never have to pay any money to find or claim your unclaimed money. It’s FREE. Watch out for scammers and people who want to charge you for this service.

Source: usa.gov

© American Institute for Preventive Medicine

January 23, 2026
Make Thrifty Count

Financial Health

Building personal wealth starts with making wise financial decisions. Be strategic about where you save money, so it is sustainable. Make it fun and economical, such as cooking a gourmet meal at home with your family and then turning off the lights to have a “candlelit” dinner. Or, get an annual state or national park pass and plan outdoor weekend adventures with your family, saving money while also making memories!

Be More Earth-Friendly

Many products we use regularly consume more energy than is needed. Choose energy-efficient products, such as ENERGY STAR certified LED light bulbs, which use up to 90% less energy than standard bulbs and last 15 times longer.

© American Institute for Preventive Medicine

January 23, 2026
Debt-To-Income Ratio: Faqs

FINANCIAL HEALTH

A healthy debt-to-income ratio is an indicator of financial stability. Just as the term implies, this ratio compares the amount of money you pay toward debt against your income.

A stable debt-to-income ratio is anything 43% and lower. Someone with a higher percentage may struggle to make ends meet and keep up with their payments.

When applying for a mortgage, lenders will use this number as a determining factor, so it’s essential to know where you stand. In most cases, you must have a debt-to-income ratio under 43% to get a qualified mortgage when buying a home.

Calculate debt-to-income ratio

The equation looks like this: Total monthly debt payments ÷ monthly gross income (before taxes) = debt-to-income ratio

Here’s an example: Let’s say you make $6000 each month before taxes, and you have an $1800 mortgage, $300 car payment, $150 student loans, and $50 credit card payment.

($1800 + $300 + $150 + $50) ÷ $6000 = debt-to-income ratio

$2300 ÷ $6000 = 0.38

Your debt to income ratio is 38%.

Bills as debt

* Monthly rent or house payment

* Auto, student, or other monthly loan payments

* Monthly alimony or child support

* Monthly credit card payment

* Any other debt

© American Institute for Preventive Medicine

January 23, 2026
Mend Your Spending

Financial Health

Use your money wisely.

You have probably asked or heard the question, “Do you really need that?” It is a good question to ask when you are thinking of making a purchase. Buying on impulse can be a big budget buster. Getting by with less is a budget saver.

Use credit cards wisely:

* Keep cards to a minimum.

* Pay your bill on time to avoid a late payment fee and a higher “penalty” interest rate. Stay below your credit limit.

* Pay the balance in full. If you can’t, make more than the minimum payment.

* Try to avoid getting cash advances, which have very high interest rates.

* Ask for a lower interest rate on credit cards you currently have.

Trim costs for tech services:

* Choose a cellphone plan that avoids hefty fees for extra minutes and texts. Consider dropping your landline phone or just using it for basic services.

* Shop around for best prices and services for Internet, phone, and cable. Bundle services if this saves money. Contact your current provider and ask if it will match a competitor’s lower price.

* Evaluate your use of cable, especially premium channels. Check out cheaper ways to get movies and programs, such as through your local library, Netflix for movies, and Hulu for TV.

Other savings tips:

* Refinance your mortgage if you can lower the interest rate enough to make it worth your while. Use the extra money for other bills or to apply to the principal to pay your mortgage off sooner.

* Shop for items, even cars, online. Compare prices.

* Take advantage of employer sponsored programs and services. Examples are matching your 401(k) contributions and flexible spending accounts (FSAs), which allow you to use pre-tax dollars to pay for medical and child care expenses.

* Clip and download coupons for free, as well as reduced prices on groceries, restaurant meals, retail items, and home improvement services. Send in rebates that come with products you buy.

* Eat out less. Take your lunch to work.

Action Step

Have fun at little or no cost. Attend free community events, such as concerts and picnics. See movies at discount theaters or swap DVDs with family and friends. Go for hikes and bike rides as a family.

© American Institute for Preventive Medicine

January 23, 2026
Filing For A Tax Extension

FINANCIAL HEALTH

A federal tax extension allows you extra time to file your taxes. You can request an extension for any reason and receive an additional six months to complete your return. Here’s what you need to know.

* You must request an extension before your filing deadline. Don’t delay or you risk a penalty.

* Submit the form via mail or electronically by your regular tax return deadline, usually April 15th.

* To avoid any potential penalties, pay estimated taxes at the time you submit the form.

* If you cannot pay what you owe, you can request a payment plan. Visit the IRS website to learn more.

* Use the extra time to file your return. The IRS does not allow a second extension, so don’t let the time slip away.

* Fill out the Application for Automatic Extension of Time To File U.S. Individual Income Tax Return available atirs.gov.

© American Institute for Preventive Medicine

January 23, 2026
Save For More Than Just A Rainy Day

Financial Health

Invest in your future.

Money doesn’t grow on trees, but it can grow when you save and invest it wisely. First, identify what you want to save for:

* Emergency funds? (Plan for three to six months of expenses.) Holiday expenses? Vacations? A house? College for your kids? Retirement?

* Rank order your goals.

Invest, but do not put all your eggs in one basket.

Diversify with stocks, bonds, mutual funds, IRAs, real estate, and commodities, such as gold and silver. Find out more about investing fromwww.mymoney.gov. Things you can do on your own:

* If your employer has a retirement plan, such as a 401(k), have as much deducted from your pay as possible, especially if your employer matches some or all of the amount you contribute.

* Get resources on planning for retirement and long-term care fromwww.csrees.usda.gov/fsll.

* Check out “529” prepaid tuition and savings plans for college fromwww.collegesavings.org. These offer tax-saving advantages.

* Get professional investment advice from employer sponsored programs or from your financial planner. Find a certified professional from the Association for Financial Counseling and Planning Education atwww.afcpe.org.

Revisit your budget:

* Pay off credit card or high interest debts first. Then use some or all of the payment money for your savings plan.

* Put aside whatever you can in savings accounts, checking accounts, and certificates of deposit.

* Look for additional ways to save fromhttp://investor.gov/sites/default/files/Saving-and-Investing.pdf

* Decide the best ways you are likely to save money.

– Have your paycheck automatically deposited in your bank and have some go directly into one or more savings accounts.

– Save money you get from tax refunds, work bonuses, and extra income.

Action Step

Beware of investments that promise high returns with little or no risk. If it sounds too good to be true, it usually is.

© American Institute for Preventive Medicine

January 23, 2026
Improve Your Home

FINANCIAL HEALTH

Owning a home is a big investment. Regular maintenance and improvement projects help protect your asset and keep it in top condition. These home projects are the best bang for your buck.

Freshen up the paint

A new coat of paint, both inside and out, can make your home look up to date and appealing. It’s an inexpensive way to transform any room, and it’s easy to do yourself.

Update fixtures

Outlet covers, switch plates, light fixtures, and door knobs are simple to replace and make great finishing touches. These minor details really stand out.

Kitchen cabinets

Kitchen remodels are one of the priciest home upgrades. If that is outside your budget, don’t worry. Instead, refresh your existing kitchen cabinets with a more modern paint color or stain.

Install crown molding

This task takes a bit of know-how, but it’s a simple cosmetic improvement that boosts the appearance of the interior. Crown molding makes rooms look pulled together and complete.

Replace front door

Your front door can make a big statement. If the door is worn out, old, or just plain boring, replace it with one that has a fresh, updated color.

Clean up the landscaping

The exterior of your home is the first thing people see. A well-cared-for yard and tidy landscaping set the tone for everything else. Keep planting beds free of weeds and well-mulched.

© American Institute for Preventive Medicine

January 23, 2026