Next time you go to the grocery store, take a thoughtfully planned list and stick to it. This will help decrease money spent on impulse buys and also help you remember everything you need so you can get it all in one trip!
- Contact your banking institution and set up one or more named savings accounts specific to the financial goals you are currently working towards. Some examples could be Christmas fund, travel fund, emergency fund, new car fund, or down payment fund. Set up a direct deposit into each account every time you get paid or on a monthly basis.
- What was your first major purchase you made entirely on your own? Write it down and share the insights with a child, spouse, family member or friend. When we reflect on past money experiences and lessons, we can use them to shape future financial decisions. Your money experiences can be a valuable lesson for others as well.
- Create or update a power of attorney. A power of attorney gives a designated person power to manage your financial affairs. Make sure to choose a trusted individual who is aware of your wishes. It allows the individual to make bank transactions, collect Social Security payments, etc. if you are medically incapacitated.
By: Brenda Langdon
