Financial inventory today will save you money tomorrow
Issue date: 8/9/09 Section: Business
3. Explain to your family that everyone needs to contribute to the expense cutting. Making it a family effort will increase everyone's willpower.
4. Use cost-cutting strategies to make the most of your budget. For example, pay in cash and remove credit cards from your wallet. Re-evaluate extra phone and television features. Or, consider eating at home more often, skipping the movie and enjoying a night of board games.
Optimize your retirement plan
1. Many companies offer a 401(k) plan and may match your contributions. Take advantage of these deferred income tax benefits; you could be missing out on free money.
2. If your work doesn't allow you to participate in a 401(k), consider opening up an IRA; or perhaps both. There are different types of IRAs, so before deciding, investigate your options and find the best IRA type for you.
3. Remember, these are long-term retirement plans not short-term savings plans, so be patient and give your money time to grow.
These basic steps will help put you on the path to financial security. If you're not following at least three of them, begin today. Once you are on your way, you will quickly see how easy it is to incorporate all five into your life.
Courtesy of ARAcontent
4. Use cost-cutting strategies to make the most of your budget. For example, pay in cash and remove credit cards from your wallet. Re-evaluate extra phone and television features. Or, consider eating at home more often, skipping the movie and enjoying a night of board games.
Optimize your retirement plan
1. Many companies offer a 401(k) plan and may match your contributions. Take advantage of these deferred income tax benefits; you could be missing out on free money.
2. If your work doesn't allow you to participate in a 401(k), consider opening up an IRA; or perhaps both. There are different types of IRAs, so before deciding, investigate your options and find the best IRA type for you.
3. Remember, these are long-term retirement plans not short-term savings plans, so be patient and give your money time to grow.
These basic steps will help put you on the path to financial security. If you're not following at least three of them, begin today. Once you are on your way, you will quickly see how easy it is to incorporate all five into your life.
Courtesy of ARAcontent
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