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r e d f c u.o r g
Financial Fitness:
SPENDING: Do you spend more than you earn?
If you struggle to keep up with bill payments or run out of
money before your next paycheck, you are spending too
much.
Financial Fitness Tip: Create a budget to see where
your money goes and help control spending. Use
a spreadsheet to write down all your income (job,
pension, etc.) and all your bills (mortgage, phone, etc.).
Keep track of other costs (restaurants, gas, etc.) to see
where you can cut back.
SAVING: Do you have an emergency fund?
You need a stash of cash available to help in case of an
unforeseen event, such as a job loss or vehicle repairs.
Financial Fitness Tip: Ideally, you should have at
least three months' worth of living expenses in an
emergency fund. Consider placing your emergency
money in a share certificate or money market account
to potentially earn a higher dividend rate.
Just as we get checkups for our physical health, we
need financial checkups too. How do you know if
you are financially fit, doing just okay or need to call
in the professionals?
Ask yourself the following questions to take your
financial health temperature:
Financial Fitness:
How healthy are your finances?
