NBC Cares about Your Financial Wellness!
Nazarene Bible College received this timely reminder about Financial Wellness. We hope that you find the information as informative as we did. Please take a few minutes to review 9 Managing Money tips provided here.
Managing Your Money: Nine Tips to Achieving Financial Wellness
1. Know Where Your Money Goes
Be aware of how you are spending your money. A $5 cup of coffee five days a week costs you
$100/month. Review items you spend your money on to find areas where cutting back can grow your savings account.
2. Develop a Budget
Plan for your spending by developing a budget and live within your means based on your monthly income. Make adjustments to remain within your budget, and don’t use a credit card to cover a shortfall or unnecessary purchases.
3. Include Savings in Your Budget
Pay yourself first. Treat your savings account like any other monthly bill by making a monthly payment toward it.
4. Plan for Major Purchases
Adjust your budget accordingly to build savings for your next major purchase without using credit.
5. Save for Emergencies
A good plan is to have a minimum of six months’ salary available in your savings account. While this goal will take time to achieve, it is important to strive for it, so you’re prepared for most unexpected emergencies.
6. Plan for Retirement
Take advantage of interest and market upturns by saving for retirement early. Often your employer will help you save for retirement with a 401(k) plan. You can also benefit from pre-tax contributions using this method of retirement savings.
7. Get Tax Advice
If you have circumstances that create tax dilemmas (i.e., self-employed, own and/or lease property, etc.), make sure to seek tax advice from a professional for the best outcome.
8. Protect Your Credit
You have the right to pull a free credit report from each credit reporting agency once per year at AnnualCreditReport.com. Keep in mind that late payments will adversely impact your credit, as will a failure to pay. You should immediately report any credit issues or discrepancies to the credit reporting agency. Use your credit wisely and ensure your reports are accurate.
9. Keep Good Financial Records
Use online tools as well as paper copies of receipts to keep records of your pay stubs, banking information, taxes, insurance, and other documents important to your financial situation.
Nelnet: Education Loan Servicing
NBC Financial Aid Department
Published: 11/02/2020
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