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The Best-Looking Models in Ballwin! 3 [Resolutions Get Your Finances in Order by lauren madras “A budget is telling your money where to go, instead of wondering where it went,” says Ken Poteet, president of Sterling Bank. He tells his clients not to worry about allocating every single expense, but to consider their monthly cash flow by group. “When people get into financial trouble, it’s usually because they are living a certain lifestyle their financial reality doesn’t support.” He advises planning a budget that first takes into account your financial commitments: bills, housing costs, etc. “After subtracting those expenses from your income, see what you have left. I always advise paying off debt first. You should never have more than 45 percent of your annual income in debt,” Poteet says. “And try to keep your housing expenses at 35 percent of your income or less.” Paying off debt is the best investment in a tough market, he says. “It’s unlikely any investment will earn more in dividends than you pay out in interest. Think of that saved interest as an investment in yourself,” Poteet says. Credit cards are the most important debt to pay because of their high interest. With the exception of the holiday season or some other special occasion, you should be paying off your entire credit card each statement period, he says. If you’re not, you’re spending beyond your means. “The best thing you can do for yourself is be realistic and look at the numbers. If you aren’t reaching the 35 and 45 percent benchmarks, then make a plan to get there as soon as possible,” Poteet says. “When you have a more manageable level of debt, put together a cash savings of three to six months of living expenses. You may find that you need to downgrade your housing costs to a more sustainable level or be prepared to face very harsh realities, such as foreclosure or bankruptcy.” Tour Our Model Apartments six secrets for financial freedom ] << Pick up the book, The Millionaire Next Door. If you read it, you will understand how successful people get that way. —Ken Poteet Join us for our Open House! Saturday, March 10 • 11 a.m. - 4 p.m. Call (636) 527-5700 for more information The best-looking models in town are at The Solana West County. Best-looking model apartments, that is. Stop by The Solana soon for a close-up look at our stylish and comfortable accommodations. You can even reserve an apartment or join our waitlist while you’re here. Call (636) 527-5700 to schedule your personal visit. << Use Supercook.com! Enter the ingredients you already have at home and find great recipes. You’ll avoid wasted food and last-minute dinners out. Americans waste an average of 14 percent of their food budget due to plate waste and food spoilage. —Catherine Klene, Managing Editor << When you have an increase in income or decrease in financial obligations (such as after a promotion or at the end of a mortgage), don’t change your lifestyle right away. Instead, put the extra money toward that six-month cushion or set it aside for higher-risk (and higher-yield) investments. —Lauren Madras, Lifestyle Editor << Find ways to reward yourself or relieve stress that don’t involve spending money. Splurging when you can’t afford it is a short-lived high and only adds to your stress level. —Tony DiMartino, Senior Editor << Don’t buy new clothes at the start of each season until you’ve taken older items out of the closet and tried them on. You may find they feel like new because you haven’t worn them in a year! —Dorothy Weiner, Editor in Chief << Common sense says bringing your own lunch and coffee to work from home is a money-saver. But did you realize you can save $3,500 a year by doing so? Invest in a full complement of Gladware and disposable to-go cups. —All of us Your story continues here… Personalized Assisted Living • Alzheimer’s and Dementia Care 785 Henry Avenue, Ballwin, MO 63011 www.brookdaleliving.com ® Reg. U.S. Patent and TM Office. 18760-ROP02-0312 BC 18 | TOWN&style | march 7, 2012 Check in with us each month for tips on common resolutions. Next month: Get Organized! Do you have an organizational success story to share? Call us at 314.657.2100 or email tellus@townandstyle.com

Town&Style St. Louis 03.07.12