Personal Money Management
Personal Money Management is something we as consumers need to be aware of from time to time. Besides taking care of basic needs to dating expenses perhaps, where is most of the money going?
Hello again. My name is Wendy A Mall. I have become obsessed about reading little helpful articles in my AARP magazine lately. I found something else I wanted to share with you under, “MONEY SAVERS“; Money Habits to Break In 2023.
The articles are by Karen Hube, (she is a veteran financial editor & a contributor for Barron’s) pp28-29.
I will take a look at 6 Habits & 6 ways to Break the Habits. I will be curtaining the various ways she stated, but of course to get the full benefits of this great article, all in all. you can read it yourself.
I’m sure you will enjoy reading and perhaps “Find Ways to Get Off to the Right Start in 2023.
Money Management/Habits (Bad Practices)
#1 HABIT/ CONTANTLY CHECKING YOUR PORTFOLIO
“The more you check your portfolio, the wider you open the door to counterproductive emotions,” she stated.
Exuberance can fuel-over-confidence and unwise risk-taking, while fear of loss can drive you to yank money out of stocks, and miss out on future returns, she continued.
How to Break this #1Habit
Keep in mind that short-term ups and downs are a package deal when you invest in stocks, but over time the stock market recovers from declining and resumes climbing.
#2 HABIT/DOWNPLAYING THE RISK OF CYBERCRIME
Basically, the older you get the more of a target you become to cybercrime. $3 billion was stolen from people 50 plus and older in 2021-more than all younger age group combined-according to the FBI. Personal data is easy to get from online search and scammers targets the unsuspected person with personal questions & scam them.
Breaking this#2 Habit
Anytime you get a request for an account number or personal information, or anytime you’re invited to click a link, you should be skeptical, says Paul Tracey-Ceo (of Innovative Technologies, a Cyber-Security Company).
#3 HABIT/MAKING MINIMUM PAYMENT ON YOUR CREDIT CARD
A fast way to eat up cash is keeping a large balance on your credit card.
Credit card debt surged 13 per cent over the year ending in the second quarter of 2022-the largest annual hike in the last 2 decades, according to the Federal Reserve Bank of New York.
To break this #3 Habit
“Transfer your balance to a zero per cent card,” says Ted Rossman, a Senior Industry Analyst at Bank-Rate. If unable to qualify, ask the credit card company to lower your interest rate. (try/ fcaa.org /for debt counseling).
More Money/Habits
some link you may want to try
https://creation-gemini.com/2022/12/ 30/mindfulness-and-self-care-tips/
Hydration and Weight Loss for Women
#4HABIT/PROCRASTINATING ON YOUR TAXES
Waiting to prepare your tax return to meet the April 15 filing deadline can cause errors and trigger IRS scrutiny and delay refunds.
Breaking #4 Habit
Early as February 1 get started. Error free tax return file electronically and opt for direct deposit, any refund should land in your bank account within several weeks.
2 more personal money management
#5 HABIT/PUTTING EXPENSES ON AUTOPILOT
You could be spending hundreds even thousands of dollars.
When is the last time you sat down to reevaluate your expenses? Shopping for cheaper auto or home insurance, cancelling unused subscriptions and memberships or monthly expenses you can eliminate.
Habit breaker #5
On a quarterly basis, Jason Noble, a financial advisor at Prime Capital Investment Advisor in Charleston, South Carolina, advises to sit down with your bank and credit card statements.
Place “E” next to essentials and “D” next to discretionary ones, he says. Can you eliminate or whittle them down with the “D“?
Finally, #6 HABIT/POSTPONING JOY
“What are you waiting for? “, After working and saving diligently for decades, asks Freddie Rappina (a founder of Opta Financial a Fair Fay, Virginia Firm, advisor). Take that Alaska Cruise, an Island getaway!
#6 Habit breaker
This is your time to live the life you want, says Rappina. Review that bucket list. Chose a few realistic goals-go for it! As long as your income needs are covered and emergency funds intact.
Talk soon
Wendy A Mall
New You Fresh Start
Greetings. What's your thought or comment?