When it comes to managing your money, is your goal to get out of debt? If so, what do you want to accomplish financially once you meet that goal? Send your children to college? Retire comfortably?
To help you achieve your financial goals, here some tips.
· To measure your financial health, compare your assets to liabilities. Add up the worth of everything you own (bank accounts, investments, home, other personal property, etc.) and compare it to the cost of everything you owe (loans, auto loans, student loans, mortgage, all outstanding credit card balances, etc.). A financially healthy person should have twice as much in assets as in liabilities.
· To reduce debt, use some of your assets (such as savings) and reduce expenses so that you can pay more towards the debt.
· If you need extra help dealing with debt problems, contact your local credit counseling office.
· To keep your spending on track, establish a budget. Record how you currently spend your money and then figure out how you can change your spending habits in order to achieve your financial goals.
Please keep in mind that I’m always available to serve you and others with financing needs.
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