Wellness Wednesday – How Healthy Are Your Finances?

Where do you begin saving?

Your eating is on track, you’re making healthy choices, and you’re exercising regularly. Are you giving the same attention to your finances? It may be time for a check-up of your finances.

Here are a few questions to ponder.

·         When was the last time you checked your credit score?

·         Do you have an emergency fund?

·         Have you begun to prepare for retirement?

In an article from Sisters of AARP, several books were mentioned as resources to help you learn to take control of your finances. Below are a few that I have added to my summer reading list.

·         The 21 Day Financial Fast: Your Path to Financial Peace and Freedom, by Michelle Singleton

·         Girl Get Your Money Straight! By Glinda Bridgforth

·         Women and Money, by Suze Orman

Read the article in detail by clicking here.

Are you ready to strengthen your financial muscles? Create a plan and do something each day to work toward your goal.

Wellness Wednesday - What kind of shape are you in...financially?

Not only do we need to take care of our physical health, but our financial health as well. What are you doing about it? No time like the present to improve your health...financially.

Have you heard of Toastmasters? It is an international public speaking organization with clubs nearly everywhere. People join this group for various reasons, some are seeking a promotion on their job and want to improve their public speaking. Others want to improve their speaking, publically.

If you are in the Metro Detroit area, stop by and visit the Westside Professionals Club. We are holding an Open House where guests can learn more about Toastmasters. Our guest speaker will be a fellow Toastmaster for the Innovators Orators Club, Joseph Samples.

Mr. Samples is a financial coach and financial advisor. He helps people make better and informed financial decisions. He will share his financial expertise and entertain questions. Be a part of this informative presentation that will take place Thursday, January 10tha t 6:30pm - St. Mary Mercy Hospital, Livonia, MI.

What steps will you take to get your financial health in shape?

7 Signs that you may need to take control of your finances

photo courtesy of veteransunited.com

The other day I gave my son $5 to put on his lunch account. Before I left for work I searched my wallet again to see if I had a few dollars to stop for a coffee. I checked the zippered coin section, then the checkbook section behind the photo sleeves. Nothing. Where did my money go this week?

As I thought about it, there were warning signs that I was nearing the end of my allotted money for the week. I also asked friends about their spending habits. Below is the list I compiled of signs that you may need to take control of your finances.

1.       You write a check to your church and include a note that reads, “Can you hold this check until Friday?”

2.      You order a shirt for your child with his team’s logo, but it costs extra to have his name put on the back of it. You ask, “How much is it if I just put four letters of his name on it?”

3.      You try to get money from the ATM machine, but you forgot your pin number. You keep trying until finally the machine keeps your card.

4.      The fuel light in your car has just come on and you only have $10 in your pocket.

5.      The money you had set aside for groceries had to be gas because the money you had for gas had to be used for something the kids needed for school.

6.      You have to decide which bill you will pay late this month.

7.      You dread going into your bank because you know they’re going to tell you your credit card payment or your loan is due.

If you get stuck in a financial rut what can you do?

1.       Set a budget and stick to it. Distinguish the must haves (needs) from the wants.

2.      Make small changes first. Find ways to make minor adjustments. If you buy a cup of coffee everyday, cut back to a couple times a week.

3.      Purchase snacks for the kids lunches in bulk and make it stretch over a longer period of time.

4.      Plan ahead. Be aware of impulse purchases, spending money on fast food, and shopping when you’re hungry.

While this may not be new information, it can be comforting to know you are not alone. Nor do you have to go through it alone. For resources on financial planning check out the following websites. I am not endorsing either of the websites, but they are a point of reference:

www.financialplan.about.com/library/weekly/mpreviss.html

www.ameriprise.com/budgeting-investing/financial-planning-articles/

 What have been your challenges in keeping your finances in order? What has worked for you?