Key Life Area: Financial - Tip Sheet

1. Track your income and expenses, and prepare a budget.

2. Have the funds left over from subtracting your expenses from your income automatically transferred from your checking account to a savings account each month, immediately after receiving your paycheck, known as paying yourself first.

3. Set a financial plan with each account you would like to put your savings toward to fund short, medium, and long-term goals, such as a savings account for an emergency fund, an IRA for retirement, a 529 Plan for your child’s education, a CD for a house down payment, etc.

4. Maintain a limited balance on your credit cards, that you pay off each month, in order to keep good credit.

5. If you have a large amount of credit card debt, try paying them off using the Debt Snowball or Avalanche methods. If you have an overwhelming amount of debt, you may want to consult a nonprofit debt counseling service such as Credit.org.

6. Make sure you have a sufficient amount of each type of insurance.

7. If you need estate planning, consult a Certified Financial Planner and an appropriate attorney.

8. You may want to meet with a Certified Financial Planner periodically to review your finances.