July 13, 2011
January 30, 2013
Vol 13 No 28
Get Financially Fit Recipes
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Home Cooking
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Musical Theatre: Forever Plaid
Business
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Profile: Fur Centre
Start the new year off on the road to happiness (or at least peace of mind) with a solid financial plan. By Branch Manager Lynda Shirley of West Community Credit Union in Brentwood, Kirkwood and O’Fallon. Contact Lynda at 636.720.2400. Even though 2013 is well underway, you should still consider making some changes to improve your financial health. If done sooner rather than later, these simple steps can significantly improve your monetary outlook. Stick to a budget. You can’t set spending and saving goals if you don’t know where your money is going. You need to develop and adhere to a budget—whether you’re making thousands or hundreds of thousands of dollars a year. Spend less than you earn. No matter how much you make, you will never get ahead if you spend more than you earn. Think about it: It’s a lot easier to spend less than it is to earn more—and a little cost-cutting can result in big savings. Pay off credit card debt. Credit card debt is the main obstacle to getting ahead financially. If you don’t pay your balances off quickly, you’ll end up pay-
ing far more for things than you would have if you used cash. If necessary, consider a debt consolidation loan to help you improve your credit and save money by lowering your interest rates and the amount you owe every month. Contribute to a retirement plan. A 401(k) plan is one of the best investment deals around. If you’re not contributing to one, you should be—and if you’re already contributing to one, you should try to increase your contribution amount. And, in the event that your employer doesn’t offer a retirement plan, consider an Individual Retirement Account (IRA). Start saving Ideally, you should have about three months’ expenses saved in case you lose your job, get sick or are hurt. But, don’t wait until you’ve met all your other financial obligations before you start tucking money away. Instead, set aside some of your income BEFORE you pay your bills. Better yet, have money automatically deducted from your paycheck and deposited into a savings account. If you already have a savings
account, add more money to it. Check your credit report. Check your credit report at the beginning of each year to look for errors or evidence that See FINANCIALLY FIT page 2
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Gangster Squad Photo courtesy of Warner Bros.
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