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Top 10 Tips for Taking Back Control of Your Finances

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Friday, October 1, 2021

Does thinking about your finances send a shiver up your spine? 

According to a 2021 Capital One CreditWise survey, 73% of Americans rank their finances as the most significant source of stress in their life.  

October is Financial Planning Month Take advantage of these tips and get a handle on your finances:
 
1.    Don’t be afraid to handle your own bills. If you’re in the habit of having someone else handle your bills, begin doing them on your own and understand them. Take one day a month to sit down, go over your bills, and pay them.

2.    Consider getting a consolidation loan. If you have a lot of installment loans and credit cards, you may want to consider getting a consolidation loan. This type of loan combines all of your payments so you just make one per month and save money on interest fees.

3.    Ensure you’re saving money every month. A good rule of thumb to follow is to save 15% of your salary each month and put it into an account that earns interest. Once you’ve built an emergency fund that you’re comfortable with, start investing your savings.

4.    Consider refinancing your mortgage. When interest rates are lower than the one you started your mortgage with, you may be able to save thousands of dollars on your mortgage by refinancing. This is particularly true if you intend to stay in your house for years. Do the math to see if refinancing would be advantageous for you.

5.    Plan for vacations ahead of time. Plan for trips by joining travel clubs that can offer you tremendous savings. This can give you much more fun for your money.

6.    Make investments wisely. Investing in your future is good for you and your family. Seek professional help from a financial advisor if you’re unsure which investments would be right for you.

7.    Consider getting special accounts for Christmas and other special events. Do you always find that you’re short on funds during the holidays? Putting away a little bit each month can add up to a lot, when you save consistently. 

8.    Car repairs may need a separate account too. Inspections and other repairs can cost a lot of money. Having a special account for these repairs can lessen the financial blow when you need to spend money on your car.

9.    Understand interest rates and fees on your credit cards. Make your payments on time to avoid extra fees. See if you can negotiate a lower interest rate with your credit card companies or switch to another credit card.

10.    Understand your taxes. If you can’t handle these yourself, hire a CPA to assist you. Learning how to do your taxes gives you a tremendous amount of confidence. 

Rethinking your finances may take some patience on your part. These tips will help. Just try one strategy at a time. Once you get used to that strategy, add another. Repeat this routine until you’ve mastered all 10 tips. If you need further assistance, it could be beneficial to work with a financial advisor to guide you through the details.

 
IMPORTANT DISCLOSURES
Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.
To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. 
Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.
These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable-- we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.
David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances. Member FINRA & SIPC

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Founded in 1976, David Lerner Associates is a privately-held broker/dealer with headquarters in Syosset, New York and branch offices in Westport, CT; Boca Raton, FL; Lawrenceville, NJ; and White Plains, NY. For more information contact David Lerner Associates Call 800-367-3000 Visit our website: www.davidlerner.com

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