Money Matters

Mike Iuen

Now that 2011 is underway it might be time to get financially fit this year. 19% of consumers currently do not monitor their money, double from a year ago.

So the Kansas Credit Union Association has the following suggestions:

First. Make goals, not resolutions. Your resolution may be to get out of debt or grow your savings but these require weekly or monthly goals. Something you can track.

Second. Be realistic. Start small. Can you eliminate one lunch out and save $10 a week? Can you trim $20 from your grocery bill?

Third. Re-invest the money. Now that you're saving that $10 or $20 a week, pay off other debt or start an emergency fund.

Fourth. Spend less than you earn. Sounds simple but you have to work at it.

Fifth. Shop for the best price. Take a look at your financial institution. Are you happy with the service? Check around and see if a switch is necessary. Do the same with your credit cards.

Sixth. Involve your children. A recent survey shows more than half of graduating seniors lack confidence in money management. So teach your kids about the family budget.

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