April 12, 2021 #1 Local News, Forum, Information and Event Source for Venice Beach, California.

5 Tips for Keeping Your Finances Fit

 

11:01 am

If a commitment to improving finances is among your resolutions for 2017, you’re not alone. A survey from the National Endowment for Financial Education (NEFE) shows that more than two-thirds of U.S. adults will make a financial resolution this year.

However, one out of three Americans said their financial quality of life is worse than they expect, as saving money and debt concerns top the list of stressors. Additionally, almost two-thirds of respondents experienced a financial setback in 2016, with transportation issues, housing repairs and medical care cited as the leading causes. For the nearly 50 percent of those who admit they’re living paycheck to paycheck, significant unplanned expenses can add up.

“To be successful with your financial resolutions in 2017, set thoughtful, realistic goals,” said Paul Golden, spokesperson for NEFE. “If your goal is to build an emergency savings, start with a small amount like $500 dollars to show yourself you actually can achieve that mark then set the bar higher. It’s not uncommon to be hit with an unexpected expense, so be prepared.”

These five tips can help get you on the path toward tackling your financial goals:

1. Get debt under control. Take a hard look at what you owe. If there are warning signs of too much debt, take action. Set a goal to reduce your debt next year by 5-10 percent. That might mean reducing impulse shopping, which six out of 10 people admit to doing, and 80 percent regret the purchases later. When you face temptation, walk away for at least 30 minutes to make sure you still want the item.

2. Start saving now. Ideally, you should have six to nine months of income set aside, but achieving a small goal can provide a sense of security and reduce stress. The rules of retirement have changed: Review your long-term savings and ensure they are appropriate and on target.

3. Shop for better services. Make a game out of shopping providers to find the best value in the services you use. How long has it been since you shopped your insurance policies? Is there any chance you can save money on your cell phone, internet or utilities? Visit current providers and ask, “What’s the best deal?” Be sure to understand your policies and services so that you are comparing fairly and accurately.

4. Understand what’s behind your financial decisions. If you’ve ever wondered why you feel good about spending money on vacations but avoid saving for retirement, the answer may lie in your unique values and how they influence your financial decision-making. Take the LifeValues Quiz at SmartAboutMoney.org.

5. Don’t be afraid to ask for help. Recruit a “financial buddy” and share your resolutions with a trusted family member or friend who can provide support in helping you meet your financial goals. Find someone who will hold you accountable and set a good example for you to follow.

For more help getting your finances in order, visit SmartAboutMoney.org.

Working on your savings and building it
Working on your savings and building it
Related Posts

Dual Building Development Rises Near Venice High School

April 11, 2021

April 11, 2021

Two-building development underway on Venice Boulevard By Chad Winthrop Work is well underway on a two-building, mixed use development near...

Edify TV: A Look at a Proposed Westside Homeless Shelter Locations

April 11, 2021

April 11, 2021

Take a look at a collection of Westside properties that a LA lawmaker is proposing bringing homeless shelters to in this...

Westside Business Spotlight: The Bike Shop California

April 9, 2021

April 9, 2021

Today on the Westside Business Spotlight we visit The Bike Shop California, your neighborhood spot for all things bike-related.

‘Next-Generation’ Pudding Comes to Venice

April 8, 2021

April 8, 2021

Pudu Pudu opens on Abbot Kinney By Kerry Slater A dessert shop specializing “next-generation” pudding has come to Venice  Pudu...

Food Review: An Almost-Essential Westside Sandwich

April 8, 2021

April 8, 2021

Johnnie’s french dip pastrami sandwich in Culver City  By Kerry Slater  While there are far better sandwiches in Los Angeles,...

Foster Youth Staffed Cafe Set to Open on First California Shop

April 6, 2021

April 6, 2021

La La Land Kind Cafe to open in former Starbucks space  By Toi Creel  A Texas-based cafe that makes an...

Venice Japanese American Memorial Monument Committee’s Annual Commemoration

April 6, 2021

April 6, 2021

Annual event to be held virtually Thursday April 15 Submitted by the Venice Japanese American Memorial Monument Committee Standing at...

Edify TV: Helping Local Cultural, Religious and LGBTQ+ Centers

April 5, 2021

April 5, 2021

Westside cultural, religious and LGBTQ+ centers stand to benefit from a new fund the City of Los Angeles has created...

New Interactive Map Sheds Light on Venice’s Tsunami Vulnerability

April 5, 2021

April 5, 2021

California Geological Survey’s interactive Tsunami Hazard Area Early Monday morning a 4.0 earthquake occurred near LAX, rattling the Westside. After...

Bonin Proposes Westside Shelters Including in Fisherman’s Village and Pacific Palisades

April 2, 2021

April 2, 2021

Temporary site for tiny-homes or safe camping at Will Rogers State Beach, Fisherman’s Village parking lots? By Sam Catanzaro Councilmember...

‘Interlocking’ Buildings Development Underway

April 1, 2021

April 1, 2021

A look at The Brick and The Machine development By Chad Winthrop A shiny development featuring two “interlocking” buildings is...

Man Arrested After Reported Child Molestation at Venice Boardwalk

March 30, 2021

March 30, 2021

Victim released back to a responsible adult following Sunday incident, LAPD says By Sam Catanzaro A suspect was arrested after...

Rodeway Inn Near Venice Beach Signs Agreement After Non-Compliance With ADA

March 30, 2021

March 30, 2021

United States Attorney’s Office announces agreements with 27 Southern California hotels  By Chad Winthrop Federal prosecutors have signed an agreement...