Improve Your Finances: Take the First Steps

I often wonder why people know so much about some things and little to nothing about others. Some people know every word of the latest music hit by the mega stars or can tell you which designer handbags are in vogue. We take time to talk about what Rhianna wore on her latest red carpet stroll or what's happening on "Scandal". We weigh in on Beyoncé’s baby's hair or Kim Kardashian's baby’s pierced ears. Somehow these type things catch our attention and we spend time reading about them, discussing them, and giving them thought.

My question to you is "how much time do you spend understanding your financial issues, i.e. developing a family budget, calculating your net worth, or planning for your financial future"?

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Small Steps Payoff Big-Financial Planning

The financial picture is murky and uncertain. After the massive Wall Street bailout and the crash of the housing market, consumers are struggling to find their way. When you look at the massive amounts required for a secure retirement and the huge mortgage, you're barely chipping away at it each month. Financial planning continues to be the "elephant in the room". Stop looking at the "big picture"-it's scary and bleak. Financial Advisor Suze Orman says start focusing on the small steps you can manage today that will help you prepare for tomorrow's uncertain future. Taking tiny steps today is your key to financial planning. Here are some small moves that yield big dividends:

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Paying Debt Vs. Planning for the Future

The challenge of paying down debt, whether college loans, house payments, or credit card debt, while saving for the future can be daunting—especially in a weak economic environment. For many, paying off debt is easier and more emotionally satisfying than building up savings. That's because debt obligations can be whittled down in to concrete chunks, while savings goals are more ambiguous and can change as easily as changing one's mind about how much to save. And, of course, contributions put into regular savings can be taken out and spent on a whim.

The top three financial priorities for African Americans, each chosen by more than half of respondents in a recent study, are reducing debt, saving for retirement, and building an emergency savings account.
But is paying off debt ahead of saving for the future always a good idea?

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Riding the Economic Storm: Food For Thought

The economy is growing again. But if things are looking better, why are we feeling worse? You have to agree that the past few years of bad economic news has colored our thinking. We tend to gloss over any positive news while focusing on gloomier headlines. It's time to get in touch with a "better reality' and take actions that will improve our financial situation.

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Freshen Up Your Finances

Don't limit seasonal cleaning to your closets and cupboards-it's time to get your finances in order too! From reviewing your retirement plan to updating your budget, here are some tips to help you freshen up your finances.

1. Check your credit
It's important to check your credit once a year. You need to make sure there aren't any errors dragging down your credit score. Free reports are available annually from each of the major credit bureaus at annualcreditreport.com. It's free, takes 10 minutes, and will give you peace of mind.

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