Here are a few more tidbits of information about managing our finances. These can apply to anyone, widow or not. Got them from the September 2012 of “O” Oprah Magazine. I hope you find these helpful!
Do This Now:
- “Electronic bills are great – unless they are lost in a crowded in-box. Set up a separate e-mail account (e.g. alexa.bills@emailhostdotcom) to keep your e-bills orderly.” – Alexa Von Tobel, founder of the personal finance Web site learnvest.com
- “Challenge yourself with a 21-day financial fast, during which you eliminate all spending except for the bare essentials. Halting unnecessary purchases forces you to reflect on how much you consume.” – Michelle Singletary, “The Color of Money” columnist for The Washington Post.
- “Stop delaying your savings! So many women say they haven’t done enough research to enroll in a 401(k) plan, but it’s far better to act now and tweak your allocations later than to delay building any security at all.” – Mary Caraccioli, host of We Owe What? on the Live Well Network.
Do This Soon:
- Step back and look at the big picture. Fifty percent of your take-home pay should be allocated for essentials, 20 percent should go toward savings and debt, and 30 percent can cover everything else.” – Alexa Von Tobel
- “Keep a spending journal for 30 days. A month’s worth of data makes it easier to see where you can cut back.” – Michelle Singletary
- “Pick one intimidating financial situation – whether it’s saving for a house or getting rid of your debt – and meet with a financial advisor. You can find one through the National Foundation for Credit Counseling (nfcc.org). A single session can put you on the right path.” – Mary Caraccioli
What’s your favorite financial hint from your own money makeover? Share it with us so we can all benefit.