![]() ![]() Follow Recommended Financial Practices - Studies indicate that many people do not put into practice actions that are frequently recommended by financial experts.Review it carefully and look for unusual listings which may indicate that credit accounts were fraudulently opened in your name. Reduce the Risk of Identity Theft - Request a credit report annually from each of the three major credit bureaus: Experian, Equifax, and TransUnion.These include disability, liability, catastrophic medical expenses, the death of a household earner or family caregiver, and major damage to, or the total destruction of, your home and/ or personal property. Protect Against Large Financial Losses - Purchase adequate insurance to protect against potential “big dollar” losses.This can be done through a tax-deferred employer retirement savings plan or via automatic investment plans for stocks or mutual funds. The best way to save money for most people is to make saving automatic. In declining markets, you’ll buy more shares with your fixed deposit. Dollar-cost average by making regular deposits at regular time intervals (e.g., $50 a month) to purchase investments. Save and Invest Regularly - Make regular deposits to savings plans (e.g., 401(k) or credit union) available through your employer.This worksheet will help you set specific goals. Planning for the future includes calculating the savings required to achieve future financial goals and addressing potential future challenges such as the cost of long-term care and estate planning. Planners also experience less financial stress because the act of planning provides an increased sense of control. Be Future-Minded - Research indicates that, at every income level, people who are “planners” are more successful financially and feel better about their financial situation than those who do not plan ahead.Download a spending plan spreadsheet that uses pre-programmed Microsoft Excel® software to make income and expense calculations with a computer, visit. Download a “paper and pencil” spending plan worksheet. Rutgers Cooperative Extension has several online resources. Spend Less Than You Earn and Avoid Excessive Debt - If household income is reduced and/ or household expenses continue to rise, adjust your spending plan (budget) accordingly or prepare one for the first time.Want to improve your finances? Consider these financial planning recommendations: While individuals can’t control what happens in the overall economy, they can control how they spend and save and plans for future financial security. Variable expenses, such as utility bills, can typically be lowered with behavioral tweaks like turning off the lights as you leave a room, and discretionary expenses consist of wants rather than needs and provide the most opportunities for saving.Extension Specialist in Financial Resource Management ![]() Fixed expenses (such as your rent) remain the same from month to month and thus often constitute the basis of your budget. Drill down into your expenses and further categorize them into fixed, variable and discretionary expenses.If your expense total is larger than your income total, all is not lost, but you'll have to make some choices about where you spend some of your money going forward if you want to balance your budget. If your income total is larger than your expense total-congratulations-you just found more money for saving, investing and paying down your debt. Add up each set of figures, and subtract the expense total from the income total to get a general picture of your financial health.Then list all expenses-for example, rent or mortgage payments, credit card payments, installment loan payments, grocery receipts and utility bills. List all of your income after taxes-for example, employee and freelance income, investment income, and interest earned on any savings accounts. Create a budget worksheet, using a budget template from Google Sheets, an Excel spreadsheet, or paper and pen.Or keep track of monthly income and expenditures as they happen. ![]()
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