Wallet Wellness Wrap Up
Wallet Wellness Wrap Up Key takeaways and Q&A
The keys to everything
Everyone’s income is limited
Your choices will determine if you are financially successful Money is a tool, it is not good or bad Every dollar you spend is a dollar not used for something else If you make a mistake, don’t ignore it. Own it and learn from it. Align your financial decisions with your core values to achieve happiness
Focus on the things you control, which is more than you think MAKE THIS A PRIORITY!! Schedule time to focus on your money
Goals
Write them down Make them specific and achievable Measure your progress Adjust as needed
Budget Analyze past spending to set monthly targets • Don’t think of limits, think of targets
The more specific, the better • A misc. category is the worst enemy of a budget
Be prepared to make adjustments • Life changes, so should your budget
Plan for “expected unexpected” expenses • Annual and period expenses can sneak up on you
Be conservative with income estimates • Not every month will be your best month
Prioritize your goals!! • Give your dollars a purpose!
Credit - Ways to build and maintain a strong score Pay your bills on time, all the time Keep outstanding balances low
• Number one thing!!
• 50% or less is good. 30% or less is better
Keep old lines of credit open and active
• Use it and pay it off about every 6 months
Do not apply for a lot of loans in a short period of time
• Shopping around for the best rate is ok
Over time, build a good mix of types of loans
• Lines of credit and fixed loans
Get caught up on anything past due
• Pay off any old collections accounts
Make sure your credit report is accurate
• Visit annualcreditreport.com
Debt Management Stop or reduce accumulating new debt • Cut the cards (but don’t close them) Not all debts are equal • Ok debts are for things that gain in value like a mortgage or education Try to get your rates as low as possible
• Refinance or consolidate when it makes sense Strategically pay down existing debt • Organize by rate and pay the highest off as quickly as possible, then move to the next Build an emergency savings • You want to avoid using debt as a safety net
ID Theft Deter • • • •
Shred sensitive documents Protect your digital information with strong passwords and software Watch out for skimming devices and phishing emails Use a specific credit card, not debit card, when shopping online or traveling
Detect • Monitor your financial accounts regularly • Look for read flags, like being denied credit or receiving suspicious mail • Review your credit reports once every 12 months
Defend • • • • •
Notify the proper people immediately Visit IdentityTheft.gov for step by step instructions Contact the credit bureaus File a police report Complete an ID Theft affidavit
The keys to everything
Everyone’s income is limited
Your choices will determine if you are financially successful Money is a tool, it is not good or bad Every dollar you spend is a dollar not used for something else If you make a mistake, don’t ignore it. Own it and learn from it. Align your financial decisions with your core values to achieve happiness
Focus on the things you control, which is more than you think MAKE THIS A PRIORITY!! Schedule time to focus on your money
Goals
Write them down Make them specific and achievable Measure your progress Adjust as needed
Budget Analyze past spending to set monthly targets • Don’t think of limits, think of targets
The more specific, the better • A misc. category is the worst enemy of a budget
Be prepared to make adjustments • Life changes, so should your budget
Plan for “expected unexpected” expenses • Annual and period expenses can sneak up on you
Be conservative with income estimates • Not every month will be your best month
Prioritize your goals!! • Give your dollars a purpose!
Credit - Ways to build and maintain a strong score Pay your bills on time, all the time Keep outstanding balances low
• Number one thing!!
• 50% or less is good. 30% or less is better
Keep old lines of credit open and active
• Use it and pay it off about every 6 months
Do not apply for a lot of loans in a short period of time
• Shopping around for the best rate is ok
Over time, build a good mix of types of loans
• Lines of credit and fixed loans
Get caught up on anything past due
• Pay off any old collections accounts
Make sure your credit report is accurate
• Visit annualcreditreport.com
Debt Management Stop or reduce accumulating new debt • Cut the cards (but don’t close them) Not all debts are equal • Ok debts are for things that gain in value like a mortgage or education Try to get your rates as low as possible
• Refinance or consolidate when it makes sense Strategically pay down existing debt • Organize by rate and pay the highest off as quickly as possible, then move to the next Build an emergency savings • You want to avoid using debt as a safety net
ID Theft Deter • • • •
Shred sensitive documents Protect your digital information with strong passwords and software Watch out for skimming devices and phishing emails Use a specific credit card, not debit card, when shopping online or traveling
Detect • Monitor your financial accounts regularly • Look for read flags, like being denied credit or receiving suspicious mail • Review your credit reports once every 12 months
Defend • • • • •
Notify the proper people immediately Visit IdentityTheft.gov for step by step instructions Contact the credit bureaus File a police report Complete an ID Theft affidavit
