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News and Announcements – April 2017

News and Announcements – April 2017

Why Budgets Are Important 

For most of us, a budget is arduous and time-consuming, but it is the first step in securing your financial future. Do you want to buy a home? Go on a fabulous vacation? Retire comfortably? Then planning is critical, and you must know how you are currently spending your money. The merits of a budget include:

The foundation for establishing and reaching financial goals — You must understand your overall financial situation to be able to set financial goals. The first step is to understand your income and expenses. Review your bank, credit card, and income statements for the past six to 12 months. Once you know where your money is going and if you have a surplus or deficit, you can establish goals, such as paying off debt or saving for something you want.

Helping you spend based on your priorities — Now that you understand your complete financial picture and have established goals, you can begin to control your money instead of it controlling you. It will help you decide if you need or want to make sacrifices to meet specific goals. It will also help you determine how much debt you can afford if, for example, you are interested in buying a house.

Building wealth and saving for retirement — You can also begin to focus on the long term as part of your budget. Identify how much you can put toward savings and investments so that you can reach some of the goals you defined. You will be able to clearly see what spending you may need to reduce or cut in order to save. And retirement warrants special attention, so put away as much as possible. Even $100 a month can increase your savings by tens of thousands of dollars by the time you retire.

Reducing stress — This is so important. Feeling confident about your finances will significantly reduce stress and help you enjoy the benefits of your hard work.

Financial Rules of Thumb

Financial Rules of Thumb

Financial rules of thumb are designed to provide quick guidelines for your finances. However, you shouldn’t blindly follow them without giving thought to your personal circumstances. Some of the more common financial rules of thumb include: Save 10% of your gross income.  While this rule will give you a good start, it’s typically the minimum, not the maximum, you should be saving. It was devised when… Continue Reading

Guarding Your Financial Information

Guarding Your Financial Information

An estimated 17.6 million Americans were victims of identity theft in 2014, with 86% experiencing the misuse of an existing credit card or bank account. Approximately 4% of victims had their personal information activity stolen to open a new account or other fraudulent activity (Source: Bureau of Justice Statistics, September 2015). Protecting your financial accounts and information is extremely important. Here are some steps to help you guard… Continue Reading

How Flexible Is Your Financial Plan?

How Flexible Is Your Financial Plan?

When it comes to flexibility in a financial plan, it’s a delicate balancing act: it is important to maintain enough flexibility so your financial plan can accommodate unexpected events that are out of your control (like the loss of a job, unexpected illness, market downturn, or tax rate increase). On the other hand, a sound financial plan needs to be firmly grounded by factors you… Continue Reading

How to Save Without the Pain

How to Save Without the Pain

Let’s face it, many of us think saving is just plain old painful. And it can be if you completely deny yourself, but there are many ways to save without feeling deprived. The following are some painless saving suggestions: Direct deposit or automated savings — One of the easiest ways to save is to make it automatic. Set up a direct deposit from… Continue Reading

Electrical Safety 101: Overloading Circuits

Electrical Safety 101: Overloading Circuits

An overloaded electrical outlet is more common than not. It’s easy and inexpensive to find quick electrical solutions when your facility is in a pinch. However, oftentimes, these practices become commonplace and puts your organization at risk. An electrical circuit overload occurs when more electrical demand is placed on a circuit than it can handle.… Continue Reading

Breakroom Appliances: Hidden Fire Hazards

Breakroom Appliances: Hidden Fire Hazards

Many break rooms have non-commercial low-end appliances that most of us wouldn’t consider having in our homes. To complicate the matter, these low-end appliances are often used much more frequently in the workplace than they would be in a home. Overloaded outlets, light duty extension cords, inadequate overcurrent protection, dusty environments and poor housekeeping are several of… Continue Reading

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