Posts Tagged ‘money management’

Government websites aren’t usually known for their user-friendly design and sometimes come off as too stuffy, difficult to navigate and businesslike for the average person to get past.

That’s why it’s refreshing to check out the new Money Matters site launched by the Federal Trade Commission (FTC). It doesn’t look or read like a government site but instead offers commonsense, easily understood advice that focuses largely on basic money management practices and avoiding a wide variety of consumer scams and rip-offs. Read more »

As the recession continues to deepen, what should you be doing with your discretionary money at the end of the month, after your basic living expenses are paid? Conventional advice has, in the past, touted the benefits of paying off high-interest debts as quickly as possible, then dividing your money to pay off debts and set some aside for savings. But in today’s economic slump, there are certain scenarios in which you may want to consider a different approach.

If there’s a chance you could lose your job …

Let’s face it, there probably aren’t many jobs that are 100% secure in this economy. If you have reason to believe you’re likely to get laid off, the best thing you can do for yourself is pay off debts. When you’re laid off, your income will be reduced to the amount of unemployment benefits you’re eligible for, and chances are you won’t have access to additional credit. Paying off as much debt as possible before you’re laid off will increase your available credit line in the event you need to access more money than you receive through unemployment benefits.

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Managing your finances is, in some ways, like managing your weight, according to a recent New York Times article.

Taking these three steps can help get your finances, and your body, in shape:

1. Changing your environment to remove food temptations eliminates habitual eating. If you can eat a bag of chips in front of the television and not even realize you finished the bag until it’s gone, you could solve the problem by keeping chips out of the house altogether, or by only eating in the kitchen, at the table, with the television off.
   Changing your environment to eliminate temptations will help you avoid shopping, too. If the Internet tempts you to shop, don’t visit retailers’ websites, and be sure to unsubscribe from online shopping newsletters.It makes sense that if you’re breaking your budget due to certain environmental cues, like the countless opportunities to spend money online, removing those cues will make it easier to cut back on spending. Read more »