Seven Tips for Financial Health in Tough Economic Times By: Thomas Davenport Director of Financial Educators of America

Financial Health In a Tough Economy Is your financial health, like many Americans, struggling in these tough economic times? Are you looking for someone or something to help you better manage your finances? Then you have come to the right place. This presentation will provide seven tips that will help you better manage your finances and provide stable financial health.

Financial Health In a Tough Economy The average American family has been challenged to make ends meet in the midst of this struggling economy. It’s been a tough couple of years for many people. Belts have been tightened, excess has been trimmed, and we are learning to do without the extras that we’ve all been used to enjoying.

Financial Health In a Tough Economy In times of economic strife, it is a good idea to take a realistic look at spending habits, financial responsibilities, where discretionary income is going. The following are seven tips to help get your financial health into top shape.

Financial Health In a Tough Economy Financial Health Tip 1: Get a budget- Opt for simplicity the main objective is to figure out whether you need or want to redirect your money toward priorities. Have a goal, Separate fixed and discretionary spending, create discretionary subcategories, pay off debt, and anticipate your expenses. Financial Health Tip 2: Pay with Cash- Paying interest on a purchase can increase actual cost dramatically, so unless you are paying off credit cards debt in full each month, save up first and pay in cash when making a purchase. Practice Patience! Financial Health Tip 3: when others panic, buy- With every financial crisis to date, the market sags. Late 2008 through early 2009, with a 43% drop in the Dow, was a great time to load up on long term investments. If you can afford it, this is a great time to invest.

Financial Health In a Tough Economy Financial Health Tip 4: Debt can be dangerous – Credit is a valuable tool, but it must be used sparingly. This is where many people dig themselves into deep financial holes. Get rid of the shovel. Pay off revolving debt, keep a minimum number of credit cards. Many financial experts recommend having no more than three cards to be used only for emergencies. Financial Health Tip 5: Your home is a shelter, not an investment – Home prices can rise and fall, like any other assets. Don’t expect appreciation in the value of your home to be a substitute for retirement saving in traditional investments. Start retirement planning early, and consider long- term care insurance.

Financial Health In a Tough Economy Financial Health Tip 6: Manage your paycheck- More than 70% of Americans overpay their taxes each year. While a refund is nice, it’s even nicer to earn interest on your money instead of giving the government a free loan. Check your withholdings with the Form W-4. You can change your withholdings at any time. Financial Health Tip 7: Do not live beyond your means- Was this ever a good idea? It seems to be a problem for many Americans. In the U.S, personal savings is practically non-existent. Too many of us are living paycheck to paycheck. Find a way to spend less than what you are bring home and your finances will slowly improve.

Financial Health In a Tough Economy Financial Educators of America is happy to provide you with the seven tips for financial health in tough economic times. We feel that if you apply these tips they will help you get your financial freedom back! Financial Educators of America is a non-profit organization so all donations or sponsorships are greatly appreciated! Visit us at www.fea-inc.com , call 513-253-6326 or mail to 15 Vale Ave 3,Wyoming, Ohio 45215