6 Set S.M.A.R.T. Financial Goals! SS pecific MM easurable AA ction/Agreeable RR ealistic TT ime-Related
7 Change these dreams to specific goals: Pay off my credit card balance and not make any new charges. I will play Bingo every other week and I will use the $40 to pay extra on my credit card balance so my balance will be zero by June 2010. Drive a car that is paid for By packing (not buying) lunch 2 days per week, I will pay an extra $50/month on my car payment so my car will be paid off by December 2009
8 $$$ Smart Money Tip ORGANIZE FINANCIAL RECORDS
33 Signs of Credit Trouble Exceeding 20 percent rule Second salary used to pay debts Dishonest about credit use Credit not thought of as debt Use credit impulsively Use cash advances to pay bills Bills paid late Paying only the minimum due each month Defaulting on payments Anticipated income increase committed to credit Don’t know total amount of debt
An emergency fund will… Help you feel in-control financially Pad your bank account to help you avoid overdraft fees Make it possible to deal with the emergency quickly and get back to normal Help you avoid extra interest charges for unexpected repairs or emergency purchases
41 Emergency Fund GoalsBudget Financial Plan Financial Statements Financial Records Credit Record LifeHealth Insurance Disability Property Financial Foundation Liability
42 Ask about available discounts Comparison shop – follow the rule of “3” Don’t try to save money by reducing or dropping necessary coverage Don’t select insurance company based on price alone Don’t surrender a whole-life policy for its cash value
43 Consider disability income insurance Consider long term care Update beneficiary designations Keep up with changes in Medicare as you approach retirement
45 Saving Preserve principal while getting a small return. Investing Increase principal in hopes of getting a greater rate of return.
46 Do Your Own Ball Park E$timate For Retirementwww.asec.org/ballpark/
47 $$$ Smart Money Tip CREATE A PLAN FOR YOUR ESTATE
48 Your Estate Plan A will or trust A guardianship/trust for minor children or disabled loved ones A power of attorney (general, financial, health care) Health Care Advanced Directives Personal Property Inventory with named recipients
49 $$$ Smart Money Tip Make a TO DO list to help Manage Your Personal Finances!
50 Lynn Little Extension Educator University of Maryland Extension Washington County Office Your Financial Check-Up
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