Tips for Successful Personal Finances
Now that we are gearing up for the fall, I wanted to share with you some workshops I am teaching at Norwalk Community College (Norwalk, CT) in the Extended Studies Dept in the Fall term.
Take Control Of Your Finances
Welcome To The Real World: Teens and Money
Budgeting For The Fluctuating Income
For more information and/or to register click here.
Do you have an overdraft line of credit associated with your checking account? We’ll we do. Sometimes it’s a life saver – literally!
This week I paid our mortgage as I always do, but something happened. I must have selected the “other” checking account and I didn’t notice it. Now you know that I check our bank accounts at least weekly, just to keep tabs on what’s going on (w
e don’t use a credit monitoring).
Well imagine my surprise to see the mortgage payment coming out of that checking. One of the worst things you can do is to bounce your mortgage payment and yikes this could have happened. But thank goodness it didn’t. Our overdraft line of credit saved the day by covering the overdraft. So the mortgage payment is paid and all is well there. I noticed it quickly, so we transferred the funds to pay back the overdraft and all is well.
If you don’t have overdraft protection on your checking account, you may want to think about it. It saved us this time.
This is part 3 of Money Habits To Avoid. If you missed part 1 or 2, please search my blog post.
6. Keeping up with the Jones’ — There is always going to be someone with a nicer home, car, clothing, etc. That’s just life. Your budget cannot survive trying to keep up with others. This habit will send your budget off a cliff. You going to need to get comfortable with where you are and what you have.
If you see yourself in any of these habits, the first step is awareness. Once you are aware, you can make the changes necessary to break the habit.
This is part 2 of Money Habits To Avoid. If you missed part 1, please search my blog post.
3. Using Credit Cards to Get By — You know what I mean, you use your credit card because you don’t have the cash to purchase … This is a red flag if this is an every day, week, or month occurrence. Credit cards definitely havea place in your finances, but they are not the means to spending more than you can afford on a regular basis.
4. Discretionary Spending to Impress — This may have happened to you, I know it did for me when I was coming out of college. You are out with friends and you offer to pick up the tab. Maybe you want them to think you are doing better than you actually are, maybe you want to seem on par with your friends, whatever the case, no one expects you to pay more than your fair share. If you can’t afford to do something at this point, maybe you politely decline.
5. Emotional Spending — Just like emotional eating, emotional spending can be a problem. You are upset, and you go out and buy a …… Yes, you feel great in the moment, but did you need a … ….? Was it money you were planning on spending? Probably not. You know what you need to purchase, make a plan and stick to it.
Check out the next posts to find out the rest of the Money Habits To Avoid.
In my opinion, there are seven money habits you want to avoid.
You may be currently doing these or have done them in the past (and I have been guilty of them myself), but now is the time to break the habits and get on with your finances.
Check out the next two posts to find out the rest of the Money Habits To Avoid.
As I sit here and write this blog post about spring, I feel that I am missing spring. Here in the northeast we seem to be having a never ending winter. Yes, we have had a few days of warm sunshine. We have been subject to various temperature swings – one day 50 and then cold, snowy / rainy days. I know it’s spring because the daffodils and crocus are blooming (and something peeking out of the snow).
Because the calendar says spring, lets talk about your finances. Now that tax season is over, it’s a good time to take a look at your finances and tackle these ideas:
Hopefully, the weather will agree with the calendar and spring will arrive soon.
Let me know what your spring finance projects are.
Valentine’s Day is a day when we exchange gifts, have a special meal and more with the person we love. Usually all is well and life goes on. 
In honor of Valentine’s Day, I want to talk to you about love and money. I have known many couples who were in love until they found out about the other person’s money habits.
Your money incompatibility doesn’t have to end the relationship. If this is the one, you can make it work. You just have to ask the right questions.
This is what you need to know about each other:
With this information, you can decide if you want to keep your finances together or separate. Joining your bank accounts together with someone who has ignored debt or back taxes may mean your money is at risk (even if it’s not your obligation), and in the end, puts you both in the same deep hole with no way out.
Finances can be the doom of relationships. Being informed and making proactive choices is the best way to make the relationship work.
It’s the start of a new year and it’s time to revisit your finances. Take a look at your finances.
Here’s a great article from AARP’s give Yourself a Financial Checkup to see if you have a plan in place for these five areas. In addition, the article gives you suggestions to tackle this area of your life.
I hope you enjoyed your holidays.
Now back to finances.
You may want to consider these steps and do them in this calendar year:
These two steps may work to your advantage with your income tax. Always check with your tax preparer about your individual situation.
It’s that time of year again for open enrollment for medical insurance. For Medicare you have until December 7 to make any changes to your secondary insurance and/or prescription coverage until December 15.
To enroll and/or make changes to your Affordable Care Act health insurance, you have from November 1 to December 22 in Connecticut. Check your individual state for your specific deadlines.
If you are coverage is through your employer, fall is typically the time to make changes as well. Please check with your individual state or company for possible changes to the deadline date.
If you want some general questions to think about to compare your options, here are some that you can consider when making your health insurance selection that is best for you:
1. What type of insurance is this?
2. What is the monthly premium cost and how much am I responsible for paying?
3. Are there subsidies available for us?
4. Do I have out of network coverage?
5. How much are the deductibles for both in and out of network care?
6. How much do I have to pay to see a healthcare provider?
7. Do I have medical coverage out of state and out of the country?
8. Will I be able to use my current doctors?
9. What additional benefits are included (prescriptions, dental, vision, etc.)?
10. Are preventative visits (physicals, routine tests etc.) covered without a deductible?
11. What is the procedure for going to a specialist and/or the emergency room?
12. How are disputed claims handled?
Ask these and more questions to make sure you have all the information to make the most informed choice for you and your family. Mark your calendar today to do this during your open enrollment each and every year as medical plans changes and so do your needs. If you miss the open enrollment period, you can only make changes if you have a life changing event.