OCR Text |
Show July 8, 1993 Money: 15 Hilltop Times to plan, plan to fail If you fail If you're worried about paying all your bills or dis- couraged about your financial future, you're not alone. Many share those anxieties. You can calm some of those feelings by setting up a spending plan to gain control over your finances. A spending plan is a tool to help you spend money wisely and reach your goals. It can help you cut wasteful spending and give you more for your money, but it takes time and determination. To be workable, your spending plan must be tailored to your family's needs and income. Whatever the problem, a spending plan is important for any family. But you must be committed to controlling your spending and you must realistically face what your spending records show about you. A spending plan should not to be used to control the spending of another member of your family. Nor should a spending plan be the basis for a complete reform or a radical change in your manner of living. Rather, it should point the way to the achievement of your family's goals. The first step in making a spending plan is to set your goals. What do you really want to do with your money now and in the future? Your goals serve as a guide for the way you spend your money. You may find it helpful to think first about your long-tergoals those you hope to reach in 10 or more years. Then list your goals for the coming year. This way, your spending plan will include some savings toward and intermediate goals, and you will not long-terimmediate let goals push your other goals aside. mind in your goals change as the size, age and Keep income of your family changes. The next step in making a spending plan is estimating your family's income. Before you can plan wisely, you need to know how much money you will have during the planning period. A spending plan a week, a month may cover any convenient period or a year, whichever is best for your family. Be sure to consider all sources of income including wages, interest, dividends and others. Next you should determine your expenses for each m m To better understand financial planning, Trent Searle, a certified financial planner, will illustrate techniques in developing a successful spending plan on Wednesday from 4 p.m. at the Family Support Center, Bldg. 308. is required for the "Successful Money Management" workshop. Call Ext. to register or for more information. 2-- , , 1 .i 1 7 f month. If you're not sure where all your money goes, consider keeping a written account of your spending for several weeks. Record any money you spend using the general headings of food, housing, transportation, clothing, personal care, medical care and other. When you feel that you have kept a spending record enough weeks to get a representative pattern of spending, summarize your spending. Take a sharp look at where your income goes and why. Are you working toward your goals? You may be pleased with your spending pattern and choose to continue it or you may find you need to change. If your income and spending ends don't meet, then you are faced with three choices to bring the ends together. They are: 1. Increase the family's income; 2. Cut back on expenditures; and 3. Use credit to cover deficits and go into debt. Using the categories above, estimate your expenses for the next month. If your plan is to work for you, don't be too tightfisted in setting aside money for each category. Be reasonable in the amount of money allocated to savings and for different categories of family living expenditures. One of the greatest reasons that spending plans fail is that families cannot "live" within the constraints they set for themselves by their plan. Keep track of your spending to see how much you actually spend in " each category. After being on your spending plan for one month, fAlr2f 'rA check on your progress. Compare your actual expenditures to your estimated expenditures and make necessary adjustments. If it didn't work at all, don't give up. Most people don't make a perfect plan the first time. Use this month's expenditure records to make a new plan and try again. Repeat this process until you have a plan you can live with. Remember that the purpose of planning is to help your family get more satisfaction from the money you have to spend. Now that you have some basic information on planning you are in a position to use it to your family's economic advantage. 32 IN SINCE 1949 Roy Family Dental ewety v K CLEARFIELD .. :f - ' v. l " "Our integrity is your 7 assurance of quality merchandise SCHOOL RINGS SPECIALIZING IN DIAMONDS & GOLD BULOVA AND CITIZEN WATCHES GIFT ITEMS MON-FR- CREDIT AVAILABLE I 10-- 6 SATURDAY I I 825-075- 2 If t. Smith, tDS i Jefferif K. Wocfe. t)DS (Family Denttete) COSMETIC DENTISTRY BLEACHING 618 SO. STATE NITROUS OXIDE CLEARFIELD mm s 110$ Complete Dental Care including DENTURES CROWNS BRACES BONDING Me Love 10-- 5 Bennett Chiropractic Office -- HM-o1- 1845 CowAitds WtlcOMt LET US DESIGN A NEW MOUNTING FOR YOUR DIAMOND & PRECKXJS GEMS DUmdJter . 731-55- 28 JEWELRY, WATCHES REPAIRED IN STORE Med J. Riding C iMsrAW. DPS, FC Clivc Center ond service" P ' " West 4400 South Roy, Utah a .I . , OPEN Mon thru Sat nRTHonoismrs VA RATE REDUCTION your current VA loan rate is 8.5 or above, we can save you money. The VA Rate Reduction Refinance Program is a quick and efficient way to refinance your current home loan. If Costs No No Income Verification No Deposit Verification Out-of-Pock- I et Automatic Processing Limited Documentation Quick and Easy (No Hassles) VA ft - jf A STAFF "DEDICATED TO CARING FOR YOUR HEALTH" Private or Group Insurance Over 700 Insurance companies recognize and cover chiropractic care. This can reduce your cost to little or nothing. Palmer Method 5463600 195 E. Gentile Lavton Mail Handlers Call us for more details DIRECTORS MORTGAGE 975 North Main Street 3 Layton, Utah 84041 ASK FOR ROGER OR JEFF (801) 544-753- 5 |