Fiscal Fitness in 2014

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Many of us are hoping to kick off 2014 with a healthy financial start, but we may not know the best place to start.

It could be a good idea to take a look back before you look ahead, so we brought in our WOTV-4-Women pocketbook expert Nancy Loftis of Advia Credit Union to share some tips to help us get started.

http://youtu.be/Lss836gD3fs

Why January is such a great time to get your finances in order:

Can review all of 2013 bills and statements easily (typically available online)

Fresh new perspectives and resolves to kick off the new year on the right foot

Everyone is exhausted from spending money at the holidays, so mindset is to save

Some people will receive a year-end bonus or tax return soon that can be used for savings

 

Tips:

Paying Down Debt

Consolidate Loans, especially Credit Cards

Pay off the highest interest rate loans first

Living Expenses

Watch this category heavily – can easily get away from us when we lose sight of ‘needs’ versus ‘wants’

Shop for insurance annually or bi-annually at the longest

Call your service providers and ask for discounts (cable, garbage bill, etc.)

Review how much you’re eating out or buying impulse items

Get the entire family involved in just this category of the budget

 

Savings

Don’t forgo this category – needed both a short term emergency and long term savings

Start young for college savings

Consider a Roth IRA if available as compared to the benefits of a traditional 401(k)

www.adviacu.org

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