QUIKRISK™ Assessment: How’s Your Financial Health? Take the following quiz to measure your financial well-being. u Do you know how much debt you owe? Yes ____ No ____ v Do you frequently run out of money each month? Do you have to use credit cards to cover basics like gasoline and food? Yes ____ No ____ w Do you only pay the minimum amount on revolving debt? Yes ____ No ____ x Are you spending more than 15% of your take-home pay on nonmortgage credit payments? Yes ____ No ____ y Do you frequently pay bills late or skip payments altogether? Yes ____ No ____ Have you used debt-consolidation loans to pay off old debts? Yes ____ No ____ If you answered yes to any of the questions, you might have too much debt. Take steps toward financial health by creating a monthly budget to reduce spending. Reduce unnecessary expenses, such as fewer restaurant meals, so you can pay bills on time. If that sounds too difficult, start with 1 day a week and build up. Buy coffee every day? Bring coffee made at home to work. Hit the snack machine often? Buy snacks at the store and bring from home. Avoid opening new debt accounts until you pay off current debts. Getting out of debt takes time, but small steps can lead to big changes eventually. Tip: Create an emergency fund before you need to repair or buy an appliance to avoid breaking your budget. Appliances: Repair or Replace Major appliances are expensive. Deciding if you need to replace or repair appliances can be difficult. Use these strategies: 1. How much will the repair cost? If the repair cost is more than 50% of the value of a new appliance, buy a new one. 2. How old is the appliance? e 50% rule also applies to the age of the appliance. If the appliance has passed more than half of its lifespan and will cost more than 50% to repair, it’s time to replace. Unsure of the lifespan in years for appliances? Here are a few: dishwasher – 9; dryer – 13; ranges – 13 (electric), 15 (gas), freezer – 11; fridge – 13; washer – 10. 3. Is it time for a more energy-efficient appliance? If your appliance requires high repair bills and generally costs more to use, you’ll save more buying a newer, more energy-efficient model. It’s important to routinely clean major components in appliances: R Clear air vents of dryers to allow the machine to last longer. R Vacuum condenser coils to remove dust and debris for proper cooling. R Clean range tops and ovens to keep gas flow clear and remove buildup. 11.2019
Transcript
QUIKRISK™ Assessment:How’s Your Financial Health? Take the following quiz to measure your financial well-being.
u Do you know how much debt you owe? Yes ____ No ____
v Do you frequently run out of money each month? Do you have to use credit cards to cover basics like gasoline and food? Yes ____ No ____
w Do you only pay the minimum amount on revolving debt? Yes ____ No ____
x Are you spending more than 15% of your take-home pay on nonmortgage credit payments? Yes ____ No ____
y Do you frequently pay bills late or skip payments altogether? Yes ____ No ____
� Have you used debt-consolidation loans to pay off old debts? Yes ____ No ____
If you answered yes to any of the questions, you might have too much debt. Take steps toward financial health by creating a monthly budget to reduce spending. Reduce unnecessary expenses, such as fewer restaurant meals, so you can pay bills on time. If that sounds too difficult, start with 1 day a week and build up. Buy coffee every day? Bring coffee made at home to work. Hit the snack machine often? Buy snacks at the store and bring from home. Avoid opening new debt accounts until you pay off current debts. Getting out of debt takes time, but small steps can lead to big changes eventually.
Tip: Create an emergency fund
before you need to repair or buy
an appliance to avoid breaking your budget.
Appliances: Repair or ReplaceMajor appliances are expensive. Deciding if you need to replace or repair appliances can be difficult. Use these strategies:
1. How much will the repair cost? If the repair cost is more than 50% of the value of a new appliance, buy a new one.
2. How old is the appliance? The 50% rule also applies to the age of the appliance. If the appliance has passed more than half of its lifespan and will cost more than 50% to repair, it’s time to replace. Unsure of the lifespan in years for appliances? Here are a few: dishwasher – 9; dryer – 13; ranges – 13 (electric), 15 (gas), freezer – 11; fridge – 13; washer – 10.
3. Is it time for a more energy-efficient appliance? If your appliance requires high repair bills and generally costs more to use, you’ll save more buying a newer, more energy-efficient model.
It’s important to routinely clean major components in appliances:
R Clear air vents of dryers to allow the machine to last longer.
R Vacuum condenser coils to remove dust and debris for proper cooling.
R Clean range tops and ovens to keep gas flow clear and remove buildup.
11.2019
The Smart Moves Toolkit, including this issue’s printable download, Are You Weight-Loss Ready?, is at personalbest.com/extras/19V11tools. 11.2019
TOPDOLLAR TIP: PREMIUM VS. REGULARWhether a car needs premium or regular gasoline depends on car type and engine. Premium, has a higher-octane rating than regular. It costs 20 to 40 cents more, depending on location. Premium is best for vehicles with higher compression ratios or a turbocharge feature. However, most modern engines can run almost as efficiently on regular gas. Unless a mechanic or the car dealership tells you to buy premium only, regular gas is sufficient.
Community-Supported AgricultureCommunity-supported agriculture (CSA), also known as co-ops, is a recent concept for food sourcing. Local farmers sell shares of their crops to people in their community.Shares are baskets of various goods available weekly or monthly. Locals can also buy in to receive meats, bread, eggs and other naturally preserved products. Some farmers provide baskets with in-season items. Other co-ops may let customers choose what they want. There are many advantages: Products are usually unprocessed (except for foods, such as breads, etc.) and provide the best sourcing of nutrients. Locals support their community and learn about farming.While CSA sounds like a win-win for farmers and consumers, there are risks. Buying into a co-op also means buying into the highs and lows of farming. If a season produces a bad crop, shareholders could receive a less-than-stellar basket of produce they can’t return. In some cases, consumers are asked to sign a statement that they understand the risk of poor farming seasons. But in doing so, consumers gain a better understanding of how nature impacts what we consume and the cycle of farm to table.
Black November has replaced Black Friday and Cyber Monday. As of last year, November has become a month of major sales for the holiday season. November is a great time to save big on gifts and products for you. Plan in advance so shopping is a financial success.
è Create a budget. How much can you afford to spend? If you only want to spend $100 on family, you will know when you have bought enough for each person. And if you know you want to spend only $30 on earrings for your mom, you will be able to say no to overpriced impulse items.
è For some, it’s easy to overspend this time of year. Emails flood our inboxes with amazing deals. Prices drop closer to and bottom out after the holidays. If you’re willing to take the risk, wait to see what is available after the holidays, especially if you’re shopping for yourself.
è Read store emails and mailers. Check to see if deals are in-store or online only. Prioritize your list of stores and items to avoid buyer’s remorse. Take note of return policies and price adjustments.
It’s possible to make it into the New Year without spending all your money. Have a plan before November arrives to make it through unscathed.
TOPDOLLAR DICTIONARY:Secured Credit CardsSecure credit cards are backed by collateral in a savings account opened at the financial institution that issues the card. Banks offering secured credit cards typically charge an application fee and require a deposit of $500 to $1,000 into a savings account. The person then receives a credit limit in the same amount on a bank credit card. The savings balance cannot be withdrawn while the card is used. The deposit is refunded (with a small amount of interest) when the credit card balance is paid off and the account is closed. Scams abound in this market so make sure you choose a reputable institution. Also, shop for the lowest account fees.
