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FINANCE Family Money Management


Top Financial Institutions


Ally Financial Inc.


American Express Company Ameriprise Financial, Inc. Bank of America Corporation Bank of the West Barclays Group US Inc. BB&T Corporation BBVA USA Bancshares, Inc. BNY Mellon


Capital One Financial Corporation Citibank, N.A. Citigroup Inc.


Citizens Financial Group, Inc. Credit Suisse (USA), Inc. Edward Jones Fifth Third Bancorp Freddie Mac


Goldman Sachs Group, Inc., The Harris Financial Corporation HSBC North America Holdings Inc. ING Americas


JPMorgan Chase & Co. KeyCorp M&T Bank


MasterCard Incorporated MetLife, Inc. Morgan Stanley Northern Trust Corporation PNC Financial Services Group, Inc., The Regions Financial Corporation State Street Corporation SunTrust Banks, Inc. Taunus Corporation


TD Bank US Holding Company TIAA-CREF U.S. Bancorp Union Bank, N.A. Vanguard Group, Inc., The Visa USA Wells Fargo & Company


48 PROFESSIONAL WOMAN’S MULTICULTURAL MAGAZINE


Tips for Surviving the Hard Times by Darlyn Burkle


G


ood family money management is more important than ever during


these uncertain times. We all need to learn how to manage our money. Making sure that your family is on board with your plan is extremely important. Use these tips to help ensure that your family is ready for whatever comes your way:


Limit your spending The most important step for family


money management is to watch your spending. As much as you would like to go out for dinner and a movie or buy some new clothes, resist that urge. With the ex- tra money that you save, you could be saving for your daughter’s wedding, put- ting yourself back in school, or even pay- ing off the mortgage on your home faster.


Set Goals When you set up goals in your family


money management plan, it makes it eas- ier to accomplish them. You may want to pay off all your credit cards or get rid of that car payment. Figure out how much extra money per paycheck you can afford to send to send in addition to your normal payment and plan on sending it every month. Once you pay off one bill, put the full amount of the bill you just paid off to the next bill you want to get rid of.


Prepare for Emergencies We have all had those unexpected doc-


tor appointments that come up. Your fam- ily money management plan should in- clude setting aside some extra money in a savings account in case of emergencies. Plan on putting $20 or $30 into your sav- ings account and only use it for an emer- gency such as medical emergencies or if your car breaks down. You need to talk with your spouse and make sure that he or she knows not to use it for anything else.


CELEBRATING 11 YEARS OF DIVERSITY


What You Need to Do


In order to start your family money management plan, you need to sit down and figure out how much you make in a month. Then you need to decide how much money you want to allocate to your monthly bills. You should plan on setting aside some for any emergencies as stated above. Be sure to include any expenses for your vehicle. This would include gas money, insurance, plates, parking etc. Also, include your groceries and other things you need around the house. Any money left over can be put into


your savings account or simply kept in the checking account for other unexpected items, such as an unexpected party invita- tion.


Be sure to talk with your family about


your plan. If your kids and spouse are on board with your plan, it’s more likely that they will not ask for money for unneces- sary items. This will also set a good ex- ample for your kids. They learn by what you do. If you have a good family money management plan, chances are good they will grow up having no problem budget- ing their own money.


Source: EzineArticles.com WWW.PROFESSIONALWOMANMAG.COM


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