Six Tips for Financial Health in Tough Economic Times

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Six Tips for Financial Health in Tough Economic
Times By Samuel Kerch Controller Director of
Tax Compliance
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Financial Health In a Tough Economy

• Is your financial health, like many Americans,
  struggling in these tough economic times?
• Are you looking for someone or something to help
  you better manage your finances? Then you have
  come to the right place.
• This presentation will provide six tips that will
  help you better manage your finances and provide
  stable financial health.
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Financial Health In a Tough Economy

• The average American family has been challenged
  to make ends meet in the midst of this struggling
  economy.
• It's been a tough couple of years for many folks.
• Belts have been tightened, excess has been
  trimmed, and we are learning to do without the
  extras that we've all been used to enjoying.
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Financial Health In a Tough Economy

• In times of economic strife, it is a good idea to
  take a realistic look at spending habits,
  financial responsibilities, and where
  discretionary income is going.
• The following are six tips to help get your
  financial health into top shape.
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Financial Health Tips

• Financial Health Tip 1 Pay with Cash - Paying
  interest on a purchase can increase actual cost
  dramatically, so unless you are paying off credit
  card debt in full each month, save up first and
  pay in cash when making a purchase. Practice
  patience!
• Financial Health Tip 2 When others panic, buy -
  With every financial crisis to date, the market
  sags. Late 2008 through early 2009, with a 43
  drop in the Dow, was a great time to load up on
  long term investments. If you can afford it, this
  is a great time to invest.
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Financial Health Tips

• Financial Health Tip 3 Debt can be dangerous -
  Credit is a valuable tool, but it must be used
  sparingly. This is where many people dig
  themselves into deep financial holes. Get rid of
  the shovel. Pay off revolving debt and cut up
  credit cards. Keep a minimum number of cards.
  Many financial experts recommend having no more
  than three cards to be used only for emergencies.
• Financial Health Tip 4 Your home is your
  shelter, not an investment - Home prices can rise
  and fall, like any other assets. Don't expect
  appreciation in the value of your home to be a
  substitute for retirement savings in traditional
  investments. Start retirement planning early, and
  consider long-term care insurance.
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Financial Health Tips

• Financial Health Tip 5 Manage your paycheck -
  More than 70 of Americans overpay their taxes
  each year. While a refund is nice, it's even
  nicer to earn interest on your money instead of
  giving the government a free loan. Check your
  withholdings with the Form W-4 Assistant
  available on the Internet. You can change your
  withholdings at any time. On the Internet you can
  find the tools to put this money back into your
  pocket.
• Financial Health Tip 6 Do not live beyond your
  means - Was this ever a good idea? It seems to be
  a problem for many Americans. In the U.S.,
  personal savings is practically non-existent. Too
  many of us are living paycheck to paycheck. Find
  a way to spend less than what you bring home and
  your finances will slowly improve.

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About the Author

• Samuel Kerch, CPA is the Controller and Director
  of Tax Compliance of Symmetry Software, a
  software developer that specializes in payroll
  and payroll-related software applications for the
  internet and corporate intranets. For more
  information about financial health, visit
  http//www.paycheckcity.com/index.asp today.