The basics of personal finance

(Editor’s Note: Jack Winkler of Arledge & Associates, answers finance questions below.)

Q: What are some basic personal finance tips to keep in mind?

A: Some basic personal finance tips include creating a budget, setting financial goals, paying off high-interest debt, saving for emergencies and investing for the future.

Q: How can I create a budget?

Winkler

A: To create a budget, you should first track your income and expenses for a month. Then, categorize your expenses and identify areas where you can cut back. Set realistic goals for your spending and savings and track your progress regularly.

Q: Why is it important to set financial goals?

A: Setting financial goals helps you stay focused on your priorities and make informed decisions about your money. It also gives you a sense of direction and purpose, and helps you stay motivated to achieve your objectives.

Q: How can I pay off high-interest debt?

A: To pay off high-interest debt, you should first stop using credit cards and other forms of borrowing. Then, prioritize your debts by interest rate and pay off the highest-interest debt first while making minimum payments on the rest. Consider consolidating your debts or negotiating with creditors to reduce interest rates.

Q: How much should I save for emergencies?

A: Financial experts recommend saving at least three to six months' worth of living expenses in an

Fall

walking cycle is spent on one leg. If seniors can’t balance on a single leg, their strides are shorter and slower, creating a fall risk. Practicing singleleg balances for 10 seconds can help minimize that possibility. In addition, single-leg balances strengthen the leg from the hip down to the ankle. 22 emergency fund. This can help you cover unexpected expenses, such as a job loss, medical bills or car repairs without going into debt.

Bonus: Heel Raises- This works on power which helps a senior to catch themselves when having a loss of balance moment.

#4 – Side-Lying Windmills: This exercise helps the low back, mid back, and neck to stay flexible. Spines are meant to move; when people stop rotating them, they become stiff, and range of motion shrinks. This exercise is vital for keeping the range of motion and the ability to look left and right while driving and walking, rolling over in bed, or catching oneself during a fall.

#5 – Daily Walking (hint: 10,000 steps not required): Gone are the times when professionals recommended 10,000 steps every day.

Q: What are some good ways to invest for the future?

A: Some good ways to invest for the future include contributing to a retirement account, such as a 401(k) or IRA, investing in low-cost index funds or exchange-traded funds (ETFs) and diversifying your portfolio to minimize risk. Consider working with a financial advisor to help you make informed investment decisions.

Q: What are some common mistakes people make with their finances?

A: Common mistakes include overspending, not saving enough, investing too aggressively or too conservatively, failing to plan for the future and not seeking professional financial advice when needed.

Jake Winkler, CPA, is a partner at Arledge, the largest locally owned accounting firm in the Oklahoma City metropolitan area. Arledge is a recognized leader in the accounting industry offering practical solutions in the areas of tax planning, auditing, consulting, accounting advisory services and client accounting.

This article contains general information only and does not constitute tax advice or any other professional services. Before making any decisions or taking any action that might affect your income taxes, you should consult a professional tax advisor. This article is not intended for and cannot be used to avoid future penalties that may be imposed by the Internal Revenue Service.

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From Page 8

Now, experts say you can reap all the benefits you need from walking 7,500 steps per day. That can be three to five 10-minute walks a day. The speed doesn’t matter, just the steps count. By meeting this goal, seniors can reduce their risk of mortality, improve cardiovascular health, lower cholesterol, improve cognition, and prevent muscle loss in the legs.

Aging gracefully — and safely — is both trendy and timeless. These exercises are especially important now as the weather is warming up and people are going out and enjoying the outdoors.

About Physical Therapy Central (PTC)

Founded in 2004, Physical Therapy Central is a private physical therapy practice with 28 locations in Oklahoma City and throughout central Oklahoma. Nationally recognized for our commitment to clinical education and extraordinary patient care, our clinicians have a wide range of clinical expertise in orthopedics.

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