Family Finances « Confessions of a Poor Money Manager

Entries categorized as ‘Family Finances’

Retirement – An Elusive Dream – Plan Well!

September 9, 2009 · Leave a Comment

Most financial advice is aimed at the young! Do this, don’t do that, save, save and save! If you think about it, older baby boomers and retirees are maybe more vulnerable than anyone else. Here’s a great article if you are thinking or rethinking retirement. http://www.savingtoinvest.com/2009/08/5-personal-finance-tips-for-smart.html This article includes the following 5 tips.

1. Delay retirement
2. Don’t outlive your money (Longevity Risk)
3. Stay in control
4. Smart Budgeting by watching your expenses
5. Be careful when it comes to investments,

Categories: Family Finances

What Does A ThirtySomething Do With Money?

January 26, 2009 · Leave a Comment

You’ve seen the commercial on TV, “Life Comes At You Fast!” You think you have all the time in the world, then suddenly your twenties are over and you’re, like, a real adult. You’re wondering to yourself, how am I doing with money? Or, you might be saying to yourself, I’m too young to be in this much trouble! Erin Burt, Contributing Editor, Kiplinger.com, lists 10 Financial Commandments for Your 30s

Erin Burt writes, “Welcome to your thirties. The past decade was all about life’s changes and getting to know yourself — and your finances, see 10 Financial Commandments for Your 20sYou know the basics for managing your money. Now it’s time to build on that foundation and secure your financial future.” If you are in your thirties,I suggest you read the article at Kiplinger.com.

Here are ten principles that should be carved in stone for every thirtysomething:

1. Pay off your nonmortgage debt. Your thirties bring financial responsibilities you may not have had in your twenties, such as a mortgage or a family. Nothing frees up cash to meet those obligations like getting rid of your debt.

2. Kick the debt cycle altogether. What good is it to pay off your loans only to take out another one and rack up more debt?

3. Get serious about retirement. Your twenties were the time to start investing. No matter how little money you had to spare, it gave you a great head start. Now it’s time to look at your goals and set a plan in motion to reach them.

4. Diversify your investments. You want to make sure your money is spread among different types of investments to protect yourself in case one sector of the market tanks.

5. Continue to learn. Don’t stop investing in yourself once you land a job. “Keep your earning power growing through continuous education, training and personal development,” advises Knight Kiplinger, editor in chief of Kiplinger.com.

6. Protect your assets. Even the best-laid financial plans can be derailed by an unexpected cost. So it pays to be prepared for the “what ifs” in life. It also means having an ample emergency fund.

7. Live simply. Deferred gratification may not be fun, but adopting a simple lifestyle is one of the surest ways to meet today’s needs and still reach your long-term goals.

8. Make your will known. A will ensures your wishes are carried out should the unthinkable happen. Many assume that wills are for people who are old, rich, married or have kids. But everyone needs a will to spell out their wishes in case they die or can’t make medical decisions for themselves.

9. Get a life … insurance policy. If you have children (or someone else who depends on you financially), life insurance is a must. If you were to die, you’d want to make sure they were secure. When you’re in your thirties, you can get a great deal on term life insurance.

10. Be charitable. As you become more established in life and in your finances, take the opportunity to give something back. Again, as in Erin Burt’s article for twentysomethings, I agree with the 10 Tips for thirtysomethings. I would certainly expand the tip about being generous, following a biblical guideline for giving.You’ve seen the commercial on TV, “Life Comes At You Fast!” You think you have all the time in the world, then suddenly your twenties are over and you’re, like, a real adult. You’re wondering to yourself, how am I doing with money? Or, you might be saying to yourself, I’m too young to be in this much trouble! Erin Burt, Contributing Editor, Kiplinger.com, lists 10 Financial Commandments for Your 30s

Ashley Clayton, money management expert, providing support and guidance to pastor’s financial management ministry to their congregations.

Categories: Debt and Credit · Family Finances
Tagged: Ashley Clayton, Kiplinger.com, Knight Kiplinger

Starting Out Right With Money!

January 26, 2009 · Leave a Comment

Just starting out? Still in College? Starting your first job? Thinking and praying about getting married? Now is the best time to set yourself up for a lifetime of money success with some time-tested principles. The article, “Ten Financial Commandments For Twenty Somethings” by Erin Burt, Contributing Editor, Kiplinger.com, lists ten great tips for every twenty something. Erin Burt writes,

“When you’re in your twenties, change is a way of life. You’re choosing a career, paying your own bills, getting your own place to live and perhaps making decisions about marriage and family.”

Following are the 10 Financial Commandments:

1. Plan ahead. To get where you want to go in life, you need goals and a plan to reach them. Having neither is like driving a car without a steering wheel — with your eyes closed.

2. Live within your means. Can’t afford something? Don’t buy it. Sounds simple, but too many people have a heck of a time following this one and get in over their heads in debt.

3. Make saving a habit. Arrange with your bank to automatically divert part of your paycheck every month into a savings account.

4. Pay off your credit cards. Set a goal to pay off all credit-card debt before you turn 30 and have other financial responsibilities to tend to. A $2,000 balance at 18% interest would take nearly ten years to pay off if you made the minimum 4% payment each month and would cost you an extra $1,116 in interest.

5. Start investing. The sooner you start investing for retirement, the less painful it will be and the more money you’ll accumulate.

6. Establish credit. In order to qualify for the best interest rates on a credit card, auto loan or mortgage, you need to start building a solid credit history.

7. Have a marketable skill. “Your own earning power — rooted in your education and job skills — is the most valuable asset you’ll ever own,” says Knight Kiplinger, editor in chief of Kiplinger.com. Your twenties is the time to invest in yourself to acquire those skills that will start your career and boost your earnings.

8. Cut the financial umbilical cord. You have your own apartment and your own paycheck. You may even have your own spouse and children. Isn’t it time you grew up? If Mom and Dad are still preparing your taxes, balancing your checkbook or managing your investments, consider this: Whoever controls your finances controls your life.

9. Marry wisely. You and your spouse create the most important team in your life. You’ll want to make sure your team works well — and shares similar financial values — so you can work together toward common goals. Money can drive a wedge between even the strongest of couples.

10. Have some fun. Personal finance doesn’t have to be boring.

I recommend the 10 Tips as Erin Burt has suggested. I would add, Be Generous in Giving, after all, it all belongs to God! Clearly, what we do with money is a test of our faith!

Ashley Clayton, money management expert, providing support and guidance to pastor’s financial management ministry to their congregations.

Categories: Family Finances

Are You Ready for Retirement?

January 15, 2009 · Leave a Comment

: Image by scottwills via Flickr

Thinking about retirement? CNN Money says, RUN THE NUMBERS

Using their online free calculators you can determine how much work you have left to do. The Retirement Calculators will help you determine the following:

What you need to save

How much to put away each year if you hope to retire at age 65 with 80% of your pre-retirement income.

How fast will your savings grow?

Tell us how much you have, how long you will save and at what rate, and find out what your nest egg will grow to.

How much will you need?

Get an idea of what kind of nest egg is necessary to replace your income.

Can you retire early?

Tell us your age and income and learn how much you need to invest if you want to retire by age 60.

How does your net worth compare?

See where you rank based on your age and income.

When will you be a millionaire?

Tell us how much you have, how long you will save and at what rate, and find out when your nest egg will hit 7 figures.

You can’t argue with the cold hard facts. Go ahead, plug in the numbers and see where you stand in preparation for retirement! The old adage, “what we don’t know can’t hurt us” is really, really wrong!

Ashley Clayton, money management expert, providing support and guidance to pastor’s financial management ministry to their congregations.

Categories: Family Finances
Tagged: Calculator, CNN, CNN Money, money, Money management, Personal finance, retirement, Saving

What Me? A CFO!

January 15, 2009 · Leave a Comment

: Image by sean dreilinger via Flickr

If you are primarily responsible for the household finances — paying bills, managing accounts, overseeing spending. It’s not a hobby; it’s a job. You’re the Household Chief Financial Officer! Mechel Glass is one too, and she is also CredibilityU Director at Consumer Credit Counseling Service of Greater Atlanta.

Says Mechel, “In a recent national survey of Household CFOs, we found that a majority are not adequately prepared for short-term financial setbacks or long-term financial needs, putting Americans at risk in the event of a family emergency. In response, we launched the Household CFO Campaign to empower you to Explore, Learn and Grow as a Household CFO. On our CredAbilityU site, you’ll find a host of resources, free webinars and financial management tools to put yourself on the road to financial success. You can learn at your own pace and when it’s most convenient, and focus on the topics that are of greatest importance to you. “

The stakes are really high for households as 2009 gets underway. I suggest every Household CFO get additional training!

Ashley Clayton, money management expert, providing support and guidance to pastor’s financial management ministry to their congregations.

Categories: Family Finances
Tagged: CFO, Chief financial officer, Consumer Credit Counseling Service of Greater Atlanta, Financial Consultants, Financial Services, Mechel Glass

Worried About Your Job In 2009?

January 15, 2009 · Leave a Comment

: Image by ted1um via Flickr

Is this the first time in your life you have paid attention to the unemployment rate in America? All of a sudden 7% unemployment is a topic of everybody’s conversations. Oh by the way, many prognosticators suggest the rate could go as high as 9%. That means almost one out of every ten adults in America will be on the streets looking for a job! It also means that perhaps another one million of us will lose our jobs in 2009!

Crown Financial Ministries has an article entitled “How To Protect Your Job”, which includes three suggestions you can implement to keep from becoming a data point in the Unemployment Index! Blessings!

Ashley Clayton, money management expert, providing support and guidance to pastor’s financial management ministry to their congregations.

Categories: Family Finances
Tagged: Business, Crown Financial Ministries, Employment, Job Search, unemployed, unemployment

50 Tips for a Better Life

January 8, 2009 · Leave a Comment

: Image by д§mд via Flickr

This post was passed on to me by a friend. The original author is unknown but is excellent. I thought I’d share them with you today. Think about it: If you practiced just one of these tips each day, I’d guarantee that the world outlook, our economy wouldn’t appear so bad and perhaps even more manageable. I hope you enjoy!

Take a 10-30 minute walk every day. And while you walk, smile. It is the ultimate anti-depressant.
Sit in silence for at least 10 minutes each day.
Buy a DVR and tape your late night shows and get more sleep.
When you wake up in the morning complete the following statement, ‘My purpose is to__________ today.’
Live with the 3 E’s — Energy, Enthusiasm, and Empathy.
Play more games and read more books than you did in 2008.
Make time for prayer and Bible study. They provide us with daily fuel for our busy lives.
Spend time with people over the age of 70 and under the age of 6.
Dream more while you are awake.
Eat more foods that grow on trees and plants, and eat less food that is manufactured in plants.
Drink green tea and plenty of water. Eat blueberries, wild Alaskan salmon, broccoli, almonds & walnuts.
Try to make at least three people smile each day.
Clear clutter from your house, your car, your desk, and let new and flowing energy into your life.
Waste your precious energy on gossip, issues of the past, OR negative thoughts or things you can not control. Instead invest your energy in the positive present moment.
Realize that life is a school and you are here to learn. Problems are simply part of the curriculum that appear and fade away like algebra class, but the lessons you learn will last a lifetime.
Eat breakfast like a king, lunch like a prince and dinner like a college kid with a maxed out charge card. (I don’t quite understand this one. Must be my blonde hair!)
Smile and laugh more. It will keep the NEGATIVE BLUES away.
Life isn’t fair, but it’s still good.
Life is too short to waste time hating anyone.
Don’t take yourself so seriously. No one else does.
You don’t have to win every argument. Agree to disagree.
Make peace with your past so it won’t spoil the present.
Don’t compare your life to others’. You have no idea what their journey is all about.
No one is in charge of your happiness except you.
Frame every so-called disaster with these words: ‘In five years, will this matter?’
Forgive everyone for everything.
What other people think of you is none of your business.
REMEMBER GOD heals everything.
However good or bad a situation is, it will change.
Your job won’t take care of you when you are sick. Your friends will. Stay in touch.
Get rid of anything that isn’t useful, beautiful or joyful.
Envy is a waste of time. You already have all you need.
The best is yet to come.
No matter how you feel, get up, dress up and show up.
Do the right thing!
Call your family often. (Or email them to death!)
Each night before you go to bed complete the following statements: I am thankful for__________. Today I accomplished_________.
Remember that you are too blessed to be stressed.
Enjoy the ride. Remember this is not Disney World and you certainly don’t want a fast pass. You only have one ride through life so make the most of it and enjoy the ride.
May your troubles be less, May your blessings be more, May nothing but happiness come through your door!

Author unkown.

I’ve added my 10 Tips

God owns it all! Every dollar in your pocket, bank accounts, stock portfolio and 401K belongs to Him! Go ahead and acknowledge it!
Implement a spending plan (www.crown.org), which, of course, used to be called a budget.
Stop borrowing! Now!
Get out of debt now. Implement the debt snowball.
Establish an “emergency ” fund. Most household and everyday emergencies are less than $1,000.
Spend less than you make. The average American spends $1.26 for every $1.00 earned.
Save money. Every day look for ways to save money. Once these dollars are gone, they are gone!
Give. Be generous. The Bible teaches us to be generous givers. God promises to “open the windows of heaven and give us a blessing that we cannot believe!” (Mal 3:10).
Avoid Greed. Jesus said, “…beware of all kinds of greed…for a man is not defined by what he has.” (Luke 12:15 ff)
Take a step in the right direction. The first steps of any journey are always the hardest. Start a personal journey of financial freedom today!

Be sure and add your own through the comment box below.

Ashley Clayton, money management expert, providing support and guidance to pastor’s financial management ministry to their congregations.

Categories: Debt and Credit · Economy · Family Finances
Tagged: Ashley Clayton, Bible, Evangelism, Family Finances, life, money, Religion and Spirituality, spending

10 New Year’s Financial Resolution Tips!

December 30, 2008 · Leave a Comment

I’ll say it again, there is never a better time than right now to start a personal journey of financial freedom! Investing for Beginners has a great “tips” list for the New Year resolution crowd. The following tips are practical and productive. Give them a try.

10 Financial Resolutions for 2009:

Know What You Want
Prioritize Your Debts
Open an IRA
Enroll in an Automatic Savings Plan
Close Unnecessary Accounts
Make Money Doing What You Love
Collect Your Change
Give Money
Begin Using Personal Finance Software
Read a Financial Book Each Month

Ashley Clayton, money management expert, providing support and guidance to pastor’s financial management ministry to their congregations.

Categories: Family Finances · stewardship
Tagged: Ashley Clayton, finances, New Years Resolutions

Alarming American Consumer Debt Statistics

December 16, 2008 · Leave a Comment

: Image by Getty Images via Daylife

Following is a good dose of reality regarding debt in America. These and other statistics are posted at ProgressiveRelief.com.

Consumer Debt Statistics:

There are 1.3 billion payment cards – including credit cards, debit cards and store cards – in circulation in the United States. The average American home has 13 payment cards.
Americans make over 1.5 trillion dollars worth of credit card purchases annually.
The typical credit card purchase is 112% higher than if using cash.
Over 40% of US families spend more than they earn.
Americans carry, on average, $8400 in credit card debt. If one were to make a 2% payment every month at an annual APR of 15%, it would take about 30 years to pay off and include about $13,000 in interest.
The average U.S household pays $950 in interest each year.
About 18% of all U.S. personal consumption expenditures (PCE) are made on bank credit cards. If retail cards and debit cards are included, the figure rises to 24%.
96% of all Americans be financially dependent on the government, family, or charity at retirement.
Almost 1 in every 100 households in the United States will claim bankruptcy.
According to the National Association of Realtors, the average homeowner stays in his home for 7.1 years. With an 8% mortgage, he will sell his home still owing over 90% on his mortgage. If he was to continue this trend, he would never pay off a mortgage in his lifetime. Only 2% of homes in America are paid for.
On average, Americans can expect to receive only 37% of the amount they will need to live comfortably from their retirement plan.
Nearly half of all Americans have less than $10,000 saved for their retirement. 39% of Americans are anxious about their ability to achieve their desired retirement lifestyle.

*These numbers change and may not be the most updated information.

Ashley Clayton, money management expert, providing support and guidance to pastor’s financial management ministry to their congregations.

Categories: Debt and Credit · Family Finances
Tagged: American Consumer Debt Statistics, Ashley Clayton, Credit card, Credit card debt, Debit card, money, National Association of Realtors, Personal finance, United States, US

A Conversation Every Parent Should Have This Christmas With Their Kids!

December 13, 2008 · Leave a Comment

: Image via Wikipedia

Part II

Ask your kids: Have you heard about all the money problems going on? Just because our kids hear the same nightly news we hear, doesn’t mean they heard what we heard! Before you start telling, listen to what they are saying. How did they interpret the news? What spin did the neighborhood kids put on it? What did the teacher at school say?

Explain to your kids: There is a right way and a wrong way to do everything! When it comes to managing money we should see what the Bible says. Did you know there are over 2350 scriptures on money in the Bible? As a matter of fact, Jesus had more to say about money than he did about any other subject!

Share with your kids: The scripture says, “The earth is the Lord’s and everything in it!” If God owns everything, then what is our part? Our part is to manage it all for God. Explain the parable of the talents. Each person was given something important, something valuable and something to do. What was the difference between the three people in the story?

Engage your kids: Get a basket and begin putting apples in one at a time. Each apple represents something God has given our family to manage. Ask your kids to identify as many things as they can. WHAT’S IN YOUR BASKET? Well, first He gave us a family. We are managers of our family. It’s our job to protect and preserve our family. What’s next, well, there’s money, friends, influence, natural strengths and gifts, health, time, jobs and etc.

Six simple tips to confidently talk to your kids about the financial crisis in America are detailed in a Kiplinger.com article by Janet Bodnar, Talking to Young Kids About the Financial Crisis. The best two simple tips are:

Children live in a black and white world and take you literally! Don’t resort to dark humor about going broke or ending up in the poorhouse. They may not know what a poorhouse is, but they’ll figure it can’t be good! Don’t suggest “we’re all going to end up in a box on the street!”
Encourage the kids to pitch in! Let them know up front that their Christmas “wish lists” will have to be shorter this year. They will be happy to do their bit for the family. You were looking for a way to reduce spending this Christmas, weren’t you!

The bottom line is this, be honest with your kids, address the issues at hand including the financial crisis, help them to be informed even when the other kids don’t have a clue.

Ashley Clayton, money management expert, providing support and guidance to pastor’s financial management ministry to their congregations.

Categories: Budget · Family Finances
Tagged: America, Ashley Clayton, Bible, Christmas, Financial Crisis, God, Jesus, kids, Kids and Teens, Kiplinger.com, money, Money Problems

Entries categorized as ‘Family Finances’

September 9, 2009 · Leave a Comment

January 26, 2009 · Leave a Comment

January 26, 2009 · Leave a Comment

January 15, 2009 · Leave a Comment

January 15, 2009 · Leave a Comment

January 15, 2009 · Leave a Comment

January 8, 2009 · Leave a Comment

December 30, 2008 · Leave a Comment

December 16, 2008 · Leave a Comment

December 13, 2008 · Leave a Comment

Category Cloud