Financial Tips

Smart money management is important. After all, your financial status doesn't just control what you can buy. It also has a major impact on where you live, and whether you can afford to travel, pay for education, get good health care for your family and save enough for retirement. It can be a stressful process for those who don't know where to start. No matter what stage of life you're in, here is some good advice:

1. Set a monthly budget. You can't reach savings goals if you don't know how much money is coming in and where it is going.
2. Form the habit of saving early and consistently. An often-stated goal is to set aside a minimum of 5% to 10% of your salary. It's best to have money automatically deducted from your paycheck so you're not tempted to spend it.
3. Understand your student loans. High levels of student loan debt can cripple you financially. Try to make more than the minimum payments, refinance loans to lower interest rates if possible, and see if you qualify for debt forgiveness programs.
4. Learn the truth about building a credit history and score. Your credit score can affect your ability to borrow money, rent housing and even get a job. Making regular payments on a credit card and paying your bills on time are two ways to boost your score
5. Start saving for retirement early. You're going to need a lot more than you think to live comfortably once you stop working. Consider investing in IRAs as well as an employer-sponsored 401(k) plan.
6. Pay off your credit cards. Credit cards are remarkably convenient, but the debt can add up. Try to keep balances in check so you don't end up paying more for items and services due to interest charges.
7. Check your insurance coverage. Make sure you have enough coverage to protect you and your family. And review your policies to make sure you're actually getting what you think you're paying for.
8. Pay attention to your taxes. Keep good financial records and consult a tax professional if you have any questions. You should pay your share of taxes, but no more than necessary.