Nov 112010
 

“Creating Your Financial Sanctuary”

Sanctuary has many meanings.  One of these meanings is “a place of safety.”  One area many people tell us that they don’t feel safe is in the area of money and finances.  In the last few years especially, we have heard this over and over.  The following tips are not meant to be all-inclusive , but are ideas to help you begin to feel some safety, some sanctuary, with money and finances.

TIPS

1.    Reduce credit card debt: Many people have gotten into trouble using credit cards to live on and now are under a mountain of credit card debt.  Once the credit card debt piles up it’s very difficult to pay it off so if you do have credit card debt make it a priority to pay it off as quickly as possible.  Start with the card(s) that have the highest interest rates and pay those off first.  Stop using credit cards if possible.  Keep one card that is a rewards card and keep a second card that should only be used for emergency expenses.
2.    Know what you are spending your money on: Budgeting is as important for businesses as it is for individuals.  It gives you an opportunity to review where you are spending your money and where you want to be spending your money and making sure you can cover those items with your current income.  Equally as important as preparing a budget is looking at it and comparing what was actually spent  on a regular basis.  Then use the comparison to adjust spending if needed.

3.    Save as much as you can: It is important to save money for a “rainy day” or for a life event (getting married, retiring, education).  Here is where a budget can help as well since you can plan for   savings.   Once you figure out how much you can save  set up an automatic deposit into an account (such as a savings account, 401k or Section 529 Plan).   This is enforced savings—the money can’t be used for other expenses.

4. Buy insurance wisely: Everyone needs insurance for catastrophic circumstances, but you want to be sure you have the correct insurance for potential issues that might come up for you in your life.  Find and use a knowledgeable insurance agent to help you determine what insurance you need.

5.    Use financial advisors wisely: To assist you in setting up and maintaining your financial safety plan, financial advisors can be priceless.  There are different types of advisors so you should understand those types and what they can contribute to your overall financial plan.    After you have chosen your advisors, use them.  Tap their knowledge and skill set.

HHL Group, Inc. provides services which will help you and/or your business review your financial “sanctuary”.  Contact us today at 330-721-1410 or at http://www.hhlgroup.net/ to set up a free 30 minute consultation.

Company: HHL Group, Inc.

Phone: 330.721.1410

Email: info@hhlgroup.net

Website: www.hhlgroup.net

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