West Roxbury banker offers financial tips
News from Wicked Local:

I have routinely heard people suggest that when we change the time on our clocks twice a year we should check the batteries in our smoke alarms. Just like certain times of the year are good for checking our smoke alarms, the start of any new year is also a good time to consider implementing practical financial goals.

While many financial professionals can offer a variety of suggestions, I would like to share eight tips regardless of your income level that I feel everyone should consider in managing their finances and protecting their financial future:

1. Develop a budget and stick to it

How can you set spending and savings goals if you don’t know where your money is going? Whatever your income, it is very important that you establish a budget. Throughout the course of the year, make it a habit to periodically review and update your budget, determine its accuracy and use it as a tool to evaluate money spent as well as upcoming expenditures for the remainder of the year.

2. Pay off or reduce credit card debt.

Using a credit card for purchases instead of cash usually results in paying more than we would have paid because of finance charges. Credit card debt can be a major obstacle in your ability to get ahead financially. While I recognize that credit and the extension of credit is important, managing an…………… continues on Wicked Local

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Financial Tips for Single Parents
News from Fox Business:

Raising children is one of the hardest jobs on the planet–if not the hardest–and more than 13 million parents do it solo, according to 2006 Census data.

Experts recommend single parents create a balanced strategy that meets both the emotional and financial needs of themselves and their family. In 2010, raising a child cost $ 226,920 on average, according to the Department of Agriculture. Single parents are now the only head of the household, and have to calculate their finances to make sure family member’s needs are being met with diligent budgeting and planning.

Plan for the future. “Single parents tend to have less money for financial goals,” says Walter Primoff, director at Altfest Personal Wealth Management. “Once you’ve established goals that you can afford, you have to figure out how you’re going to pay for them.” Experts suggest single parents contribute monthly to retirement and education accounts.

Set Priorities. “Balance out what’s important to you,” says Patricia Seaman, senior director at the National Endowment for Financial Education. She notes that single parents are often tasked with making difficult choices between, for example, a family vacation or home improvements so families can spend more time together, solo, but it’s important to figure out what’s best for the family.

Budget.</…………… continues on Fox Business

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Thrifty Living: Be Thrifty, Make A Budget
Learn How To Track Your Spending, Create A Budget You Can Live With, And How To Save On Expenses So You Have More Money For Debt Payment Or Savings.
Thrifty Living: Be Thrifty, Make A Budget