HealthyLife Articles

Tag: review

  • Reevaluate Your Budget

    FINANCIAL HEALTH

    Women working on a budget.

    Following a monthly budget is one of the best ways to manage your finances. A budget provides a clear picture of where your money comes from and where it is going.

    Budgets change over time. Changes in your income, expenses, or spending can create an imbalance or even a surplus. If it’s been a while since you reviewed your budget, it may be time for a checkup.

    Record all income

    Add up all your sources of income in a month. These can include paychecks, child support, and government benefits. The total of all money coming in counts as income, whether it came from a traditional paycheck or not.

    Record all expenses

    Add up all the bills you must pay. These include housing costs, car payments, utility and phone bills, child support, debt payments, etc. Most bills are recurring each month.

    Evaluate spending

    In addition to bills, you also need to allocate money for food, gas, and sundries. This is where spending can quickly get out of control. Review three to six months of spending in each category and determine what a reasonable monthly amount should be.

    Consider saving goals

    Assess the state of your savings. Ideally, you should have several months of expenses in a savings account as a safety net. Determine if you need to allocate more money in this area.

    Make a long-term plan

    Financial stability requires long-term thinking. Reflect on your long-term financial goals such as college savings, retirement, or big expenses. Is your current budget working?

    Adjust budget

    Using the information you’ve gathered, update your budget to accurately reflect your current income and expenses. If you have extra at the end of the month, consider increasing your saving goals or long-term financial plans.

    © American Institute for Preventive Medicine

  • Tips For A Healthy Budget

    FINANCIAL HEALTH

    Couple smiling going over budget.

    Not sure where to start with a budget? It doesn’t have to be complicated. Here are some tips.

    Add up your monthly income.

    Look at paystubs or your bank deposits from your job for one month. Include other income, like child support payments, if you have them.

    Cut back where you can.

    Put a limit on coffee stops or meals out. Too much online shopping? Give yourself a 48-hour waiting period before you buy.

    Add up your expenses.

    Think about bills you pay each month, such as mortgage, rent, utilities and car payment. Look at credit card bills or bank withdrawals. This tells you how much you’re spending.

    Divide into optional and essential.

    On a piece of paper or computer, divide your expenses into two columns: optional and essential. When needed, cut expenses from your optional column.

    Source: Federal Trade Commission

    © American Institute for Preventive Medicine

  • Why You Should Check Your Social Security Statement

    FINANCIAL HEALTH

    Man smiling while using the computer.

    If you’re not close to retirement, you may not think much about your Social Security statement. But you can – and should – check it once a year. Here’s why:

    *  There could be errors in your wages that need to be corrected.

    *  You can see how much you’ve paid into Social Security.

    *  You can get an estimate of your future Social Security payments.

    *  You can make sure your address or direct deposit information is correct.

    Check your statement for free online at the official Social Security website atssa.gov. Make sure you are on a website that ends in “.gov” or it’s not the official website.

    © American Institute for Preventive Medicine

  • Rate Your Doctor

    Medical Care

    In order to feel good about your medical care, you should feel good about your doctor, too. Use this checklist when evaluating your physician.

    *  Is your doctor ‘board certified” or ‘board eligible?” To check, contact the American Board of Medical Specialists (ABMS) at 1.866.ASK.ABMS (275.2267) or accesswww.abms.org. Board certified means that he or she has two or more years of training in a specialty after medical school graduation and has passed a national examination certifying competence in the specialty. Board eligible means that the training has been completed, but not the exam. Please note, however, that credentials do not guarantee competency.

    *  Does your doctor listen to you and answer all your questions about the causes and treatment of your medical problems, or is he or she vague, impatient, or unwilling to answer?

    *  Are you comfortable with your doctor? Can you openly discuss your feelings and talk about personal concerns, including sexual and emotional problems?

    *  Does your doctor take a thorough history, asking about past physical and emotional problems, family medical history, drugs you are taking, and other matters affecting your health?

    *  Does your doctor address the root causes of your medical problems or simply prescribe drugs to treat the symptoms?

    *  Does your doctor have an associate to whom you can turn should he or she be unavailable?

    *  Do you feel at ease asking your doctor questions that may sound

    Page from A Year of Health Hints book by the American Institute for Preventive Medicine. www.HealthyLife.com. All rights reserved.

    © American Institute for Preventive Medicine

  • An Annual Financial Review

    FINANCIAL HEALTH

    Women writing on paper with laptop next to her.

    Managing your finances is a long-term investment. Following a budget is the blueprint for financial health. But, how do you know if it’s working?

    A yearly financial review provides a snapshot of how well your financial management achieves your financial goals. And it allows you to identify and adapt to changes in your financial health.

    Step 1: Review your debts

    Begin by making a list of all your debts and their interest rates. Evaluate your progress in reducing your debt burden in the past year. Determine if your current payoff plan is working or if you need to allocate more resources to reduce debt.

    Step 2: Reevaluate your budget

    Compare your budget to your actual monthly expenses. Make adjustments so it accurately reflects your current bills and income. It’s normal for things to change over the course of a year. Identify areas where you are overspending and need to adjust either your budget or your spending habits.

    Step 3: Assess your savings

    It’s wise to have a rainy-day fund set aside in a separate savings account. That account should be paid into each month to provide a safety net in case of unexpected expenses. Check to see how well you did contributing each month.

    Step 4: Review retirement accounts

    Check in with any retirement or investment accounts and consider whether they are growing at a comfortable pace. Make sure you are taking full advantage of any matching retirement funds from your employer. Double-check how the maximum IRA contribution may affect you in the coming year.

    Step 5: Update your financial goals

    Using all the information you have gathered, set both short and long-term financial goals. Paying off debts, reducing expenses, increasing savings or retirement, or planning for a large purchase can all be part of your updated goals. Keep the goals specific and measurable.

    © American Institute for Preventive Medicine