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By: Lidia S. Gabinelli, Sales Associate Berkshire Hathaway HomeServices New Jersey Properties Did you know that less than 40% of Americans can cover an unexpected emergency bill between $500 and $1000? Further, at least 25% of that 40% would most likely cut back on spending, 16% would ask a family member for a loan, and 12% would resort to their cred- it card. Whether you are facing an unexpected financial challenge, or just want to exercise more frugality, these are some ways to track your cash and save more of what your earn: 1. Know where your money is going. Make it a habit to list your fixed monthly expenses such as mortgage, taxes, insurance, utilities, groceries, car payments, and credit card payments. Next, list what you spent last month on “extras” including social activities, shopping, dining, morning coffee, toiletries, and so forth. Finally, make a third list of more infrequent expenses you have a few times a year, such as car maintenance, vacations, birthdays, holiday shopping. Total up the first two lists for monthly expenditures and compare them to your net income. For a full picture, multiply the total monthly lists by 12, add the yearly infrequent expenses, and compare to annual net income. If you are spending more than you earn per year, first make cuts on your monthly “extras” where possible, then look for a way to cut your infre- quent spending. 2. Set a budget. This allows you to keep track of how much more you are spending over your budget per month. Make sure to include savings into that budget! It is always a good idea to have a family meeting to discuss ways to cut back on spending. 3. Look for ways to save. Be cognizant of the utilities, cell phone, internet & cable costs, and shop around for reduced service rates. 4. Set up automatic savings. This way, you don’t have to think about transferring money each pay day. The money automatically transfers and is removed from your spending pool. Pretend it is not part of the income you have to work with! This allows a nest egg for an unex- pected rainy day. 5. Pay off debt. Each month, make it a goal to pay off the balance amount. Some debts like mortgages or stu- dent loans are considered “good” debts because they are investments. On the other hand, credit card debt is a problem for many Americans. Make a special note for credit card debt in your budget. In America, the average household pays over $6600 of INTEREST each year on credit card balances! Avoid not being able to make a credit card payment (and incurring large interest fees) by consistently making timely payments on the full state- ment balance for that statement cycle. Don’t let credit card debt build in case of a financial pitfall! 6. Maintain good credit. Maintaining good credit is the revolving door to all avenues to financial stability and ultimately to getting organized and achieving financial freedom. Make all payments on time. As a best practice, pay the full statement balance. If that is not possible, make sure to consistently pay at least the minimum amount due. This way, if an emergency bill does arise, there is no added worry of damaging your credit or falling short on other expenses. If you are thinking of buying a home, selling a home, or downsizing, contact me before your next move! What’s Cooking with Lidia... Achieving Financial Freedom! (908) 242-3322 | MyTechGuy.com | 8Mtn.Blvd,Warren MOBILE COMPUTERS • • • TUTORING HOME THEATER ` Class is now in session. :±ĜĹ ÏŅĹĀÚåĹÏå ƵĜƋĘ ƼŅƚų ÚåƴĜÏåŸ ±Ÿ ƼŅƚ Ĭå±ųĹØ Ïųå±ƋåØ ±ĹÚ ÚĜŸÏŅƴåų ĜĹ Ņƚų ĹåƵ ÏĬ±ŸŸųŅŅĵţ åŸåųƴå ± Ÿå±Ƌ ±Ƌ aƼåÏĘ:ƚƼţÏŅĵţPAGE 32