Financial Freedom-Week 1 Recap
Posted Dec 24, 2014
Over our first week of financial tips, we focused the discussion around managing money. Even though it’s a broad area there were some very good points. Many of the days covered shopping, which is a perfect topic for this time of year.
On day one, we talked about overspending during the holiday season and not to confuse love with gift giving. Remember this is not a competition and to honor your gift-giving budget. Buy your loved ones the best gift you CAN afford. Give it to them with your love and it will be received with love too. It wouldn’t be a money management discussion without bringing up budgeting and reminding everyone that it is not a naughty word! For more information on the topic please read: http://www.financial-inspiration.com/home-budgeting.html
This next topic transitions nicely into a ‘ Peter’s Pointers’ from our business lending officer, Peter Kottwitz. His tip was to, “Spend less than you earn!” and unfortunately, on average 19% of all Americans are spending more than they earn. When we are out shopping for our holiday gifts we all must remember to protect our information and on another day, a link was given that had tips to avoid scams this time of year. More information can be found at http://www.mycreditunion.gov/about-NCua/Pages/Shopping.aspx Another pointer from Peter was to, “start building your ‘emergency fund’ in case something happens like a furnace going out or you lose your job” and that, “an individual should have at least 3-6 months’ salary saved up for a rainy day.” The week was ended with a recommendation to start planning your meals in the new year and quit throwing away money! Figuratively, in the form of food purchased but not eaten. Look for next week’s tips on new technology in the financial world!