by Janice Forostiak, Marketing Department
One of the best things about starting off a new year is the chance to start over. There's something about the beginning of the year that gets everyone moving. At Signal Financial, we're going to start fresh with our blog, and bring you some behind-the-scenes thoughts on financial matters, as well as other timely topics.
Signal Financial currently publishes "Healthy Signals," our in-house newsletter where we explore health topics that many of us want to know more about. We'd like to share with members and friends some of these informative articles each month (in addition to financial tidbits) so that you can also stay on top of your physical well-being. Who would argue that all-things health related eventually have an affect on your financial position? One illness or accident can be very expensive to treat, so it's important to plan for emergencies -- any type! -- to ensure your family's security.
Despite snowstorms, polar vortexes and other weather annoyances, we were thrilled to participate in the NBC4 Health & Fitness Expo on January 11-12 in DC. This annual event promotes physical as well as financial fitness. Area credit unions partnered with SavvyMoney.com -- a website dedicated to help you get out of debt -- to bring consumer expert Jean Chatzky to the expo to offer free financial check-ups. Ms. Chatzky is the author of "Money Rules: The Simple Path to Lifelong Security," an excellent, easy-to-read book with no-nonsense tips on managing your finances. Careful planning and following some simple rules will get you started. Here are a few:
* Live below your means. Period. Don’t live on what you make . . . live on LESS THAN what you make. You can’t spend every dime and save money at the same time. Aim to save 10 - 15% of your paycheck for the future. Then take pride in your accomplishment!
* Credit cards don't have to equal debt. Credit cards aren't evil -- if you charge what you can afford and pay the bill off each month, they're a great tool to keep a good credit score as well as to earn frequent flier miles, reward points, and more. Discipline is key.
* Use your emergency savings for emergencies. Refrigerators go kaput. Medical bills come up. The car needs repairs. Don’t put these unavoidable expenses on credit cards; use your emergency fund. Then replenish your emergency fund.
* There’s no such thing as chump change. $100 is not a lot of money. But if you save it every week, invest it in a retirement account with a conservative rate of 6%, keep doing it for 30 years, then you’ll have over $400,000! In 40 years, you’ll have twice that! Now THAT is a lot of money!
These are only a few of the many great and simple ways to manage your money. You can get a copy of Money Rules at Amazon.com or in most bookstores.
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Enjoy this blog? Tune in next week when we'll feature some great tips to kick off Heart-Healthy month.
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