Nevada County Picayune and Gurdon Times Newspaper Archive

Living Well

With March and the coming of spring, consumers may want to take a check-up to see how they are managing their finances. Competent financial managers observe basic money management principles. You can begin to see how your finances rate and begin to "march" into better financial health by answering a few questions.

Do you take responsibility for personal money management?

Most of us will never have someone who will take care of ALL our financial responsibilities. For many purchases, no one really MADE us purchase that item.

Do you know your credit rights and responsibilities for each credit account you hold?

Do you have a list of the card numbers and information about how to report a lost or stolen card?

Are you aware of the credit limit amount as well as the late and over-the-limit fees of each card?

Are your monthly credit payments less than 20 percent of your take-home pay (excluding your home mortgage)?

Credit used wisely can help you attain your financial goals. Credit used unwisely can be costly.

Are you saving for a rainy day?

Do you save something from each paycheck?

Do you have an emergency fund equal to three months of living expenses?

Do you know how the interest earned on your savings is calculated?

Adding or beginning a savings plan should be included in a healthy financial plan.

What about your insurance? How much insurance is enough for your family? Can you locate your insurance policies? Do you know the type and amount of life insurance protection you need? Are you familiar with the terms and coverage of all your policies, whether life, automobile, health or homeowners? Have you shopped for insurance?

Check to determine if you are properly covered by requesting a conference with insurance representatives you trust. Insurance is another part of a healthy financial plan.

Are you planning for retirement? Do you know the sources of your retirement income? Do you know what official documents are necessary to collect various benefits, and are they readily available? Have you taken advantage of Individual Retirement Accounts and any retirement benefits that may be offered by your employer?

It is never too soon to begin thinking about retirement. Planning now for retirement, whether in 10 years or 30 years, is a sign of good financial health.

For a more in-depth check-up call the Nevada County Extension office at 887-2818 and ask for Financial Planning for Success, a 10-Minute Checkup.