10 Personal Finance Tips for 2010
Making the right financial decisions is crucial during uncertain economic times. Planning ahead, tracking spending and avoiding un-neccessary fees along with other financial strategies can keep you on track. Here are some tips to help you prepare for the years ahead.
- Keep enough cash on hand. A rainy-day fund can provide peace of mind, even if you are not worried about losing your job. There are different guidelines for how much cash to keep on hand, but all areas of living expenses should be taken into consideration when saving.
- Continue to contribute to 401(k) and other retirement accounts. Some Financial Planners suggest you should take advantage of any match your employer offers for retirement fund contributions when available.
- Pay off expensive debts, especially those with high rates or those for which interest is not tax-deductible. The avoidance of interest could save you more than your investments would have earned. Financial Planners suggest paying off credit-card debt first, since it can be expensive.
- Consider refinancing your mortgage. If the interest rates are in your favor, you may save money in the long run. Contact one of our Loan Officers at 1.888.LIB.BANK to set up a FREE Mortgage Check-Up and see if you will benefit from a refinance.
- Maintaining a good credit score may increase your chances of being able to borrow larger amounts, at lower interest rates. Check your credit report regularly. You can view a free credit report annually by visiting one of the three U.S. Consumer Reporting Agencies.
- Write down a budget plan, and stick to it. A budget can help control spending and boost the amount of money you save each month. A simple budgeting worksheet can be found through Yahoo Finance.
- Don't forgo necessary insurance. Full coverage may not always be necessary depending on your personal situation, but make sure you're protected in a worst-case scenario. For a FREE Insurance Check-Up contact Liberty Insurance at 773.792.1660.
- Avoid ATM surcharges with your Liberty Bank Visa Debit Card by using our ATM Networks for your transactions. Getting cash back at point-of-sale transactions can also eliminate an ATM surcharge.
- Let Liberty Bank's Online Banking alert you when your checking account balance is low. eAlerts can help you avoid overdraft fees by sending you an email when your account reaches a low balance.
- Track your spending. Maintaining a list of what you spend helps you get a good handle on where your money is going so you can prioritize. Make housing, food and transportation your top priorities and try not to spend more than 60% of your take home pay on these essentials.
To find this inforamtion and more Personal Finance Tips visit Yahoo Finance and Bankrate.com
*Since these tips were obtained from public websites and since Liberty Bank does not offer personal finance advice, we do not attest to the accuracy of this information. We recommend that you contact your financial advisor before taking any action.
