Stock-market rebound coming soon? I’m not so convinced so I’ve come up with a few little guidelines to some burning questions that can help us out in the meantime!
Are you one of those people stuck wondering where your paycheck goes every month? Do you like the idea of starting a budget, but after a couple of weeks do you always seem to steer away from it and go back to your old habits? Then here’s one simple rule of thumb that I follow; it’s less work and super easy to remember! Put 60% of your monthly income into paying fixed expenses such as food, mortgage or rent, utilities and transportation, then divvy up the other 40% like this: 10% to a retirement fund (yes, even if you have debt!), 10% to paying off debt or to an emergency fund if you have no debt, 10% to short-term savings for things like home repair, and 10% for fun stuff that will give you the excitement you need in life! Simple right!?...You just have to remember two numbers, 60 and 40. Check out this cool site I like to use www.mint.com, it’s a great tool to use when managing your money!
Are any debts out there worth incurring? Well sure there are, but you have to know how to pick them out, and it’s not another Coach purse or a Rolex! “Good debt” is buying anything that maintains or increases its value over time, like a home or your education. In fact, just recently I have been thinking about incurring some of my own, hmm...“grad debt”! So unless the goodies are giving back it’s not worth spending money that you don’t have.
Do you need a financial planner? How do you find a trustworthy one?... especially after watching the news these past couple of weeks. You might want to double check where you have investments... I know I sure did!
- So, quiz time! Is your credit card balance zero?
- Do you have financial goals that exist a few years out?
- Do you have a retirement savings account?
- Does the word “portfolio” mean anything to you?...and no I’m not talking about those sketches in the back of your closet.
If you’ve answered no to any of these questions, you could benefit from talking to a professional, particularly in today’s economic standings. AND just your luck, Kohler Credit Union has partnered with MEMBERS Financial Services to offer our members an awesome service that can help you get on track, and p.s. they’re nice too!
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