All About Finances

January 2015

We met to discuss ways to improve our finances and start off 2015 on the right foot! Noemy Martinez Conaway, a real estate consultant and finance expert came to share some very valuable information about how to improve our financial state, pay off debt, and save for the future.

We also talked about Dave Ramsey and some basic financial principle we can follow like monthly budgeting and attacking debt with the snowball method.

FINANCES
*Budget – Set a realistic budget and TELL YOUR MONEY WHERE TO GO.  Write it down so you can see where all your money is going and where you can make cuts.  Use this budget form to get started.
*Be willing to make sacrifices to reach your financial goals (cut back on unnecessary spending)
*Open a separate savings acct from your check…so you won’t have easy access / temptation to withdraw funds. Have $10, $20, $30 a paycheck (or whatever you can afford) direct deposited from your paycheck so it’s out of sight, out of mind, but growing.
*If you can afford to start a 401k, DO IT! Most companies will match your contribution!

CREDIT
*We discussed a few ways to tackle debt including the debt snowball methodDave Ramsey’s Financial Peace University! Andrea can provide specifics to those interested as she has the program.
*Cut those credit cards! (I personally have one as an emergency)
*If you use your credit card, pay it off the next month in full to avoid finance charges
*If you’ve charged up your card pay AT LEAST the minimum payment on them to avoid additional charges / late fees, a dent in your credit score, etc. Keep it mind you’ll be paying finance charges on the total balance owed.
*If you’re late on a payment, call the creditor and ask them to remove late fees (most places will as a one time courtesy)
*Get your free credit report annually HERE to monitor your report, make sure everything on there is correct..(Side note: FRAUD DOES HAPPEN!) 

If you have any specific questions post here and we can answer! One thing I didn’t get to share was how I got my credit score to increase from the 580’s to mid 700’s in just a few years! I am now close to 800! With hard work and dedication (along with some tricks like disputing items online) you can improve your score and don’t need to hire / pay anyone! It’s all about having the right mindset.  We can do this ladies!!! 2015 is YOUR year!

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