Page 26 - Harnett Life Fall 2018

By: Dr. Veronica L. Hardy
Confronting Financial

Challenges:

Time to Make a Plan

As we transition through life, we come contact with many six months of your expenses during periods of job loss or
financial spending temptations along the way. Gossip-ori- lay off.
ented literature crowds the magazine racks at store check-
out lines in hopes that you will make a spur-of-the-moment 2. Monitor Your Spending
purchase. Pop-up ads fill the screen as you log on to the in- Become familiar with your spending habits. You can do
ternet. College students are flooded with credit card applica- this by using the next 30-day period to record your spend-
tions as they enter the middle ground between adolescence ing in a financial journal. This will enable you to recognize
and adulthood. The newest, better, and must-have product the necessary versus wasteful spending. In addition, seek
consumes television commercials during holiday seasons. to carry cash rather than credit cards. We may be less likely
How often do we make impulse purchases based on what to spend when we can see the dollar bills are dwindling.
we want versus what we actually need? I confess, I have This helps to decrease the temptation of making impulse
done so (and still do from time to time). Yet, keeping our purchases that increase your credit card debt.
finances in order is necessary for both the present and the
future. Therefore, it is important to be aware of our financial 3. Consider Your Family
standing and take steps toward the feeling of security. As a Participate in steps that will protect your family such as
result, it would be beneficial to create a plan, monitor your obtaining important forms of insurance (i.e. health and life
spending, and consider your family. insurances). If you have children with a goal to attend
college, explore funding options that gain interest that will
1. Create a Plan contribute to the college fund. Also, begin teaching your
Explore your financial goals and develop a budget. If nec- children the basics of money management as soon as pos-
essary, obtain a financial planner or consultant to help you sible.
better understand your full financial picture and identify in-
vestment options you may not have been aware of before. Overall, financial planning for the future helps to decrease
Next, be sure to take full advantage of financial opportuni- stress during periods of emergency. Taking time to imple-
ties your job may offer such as retirement plans. Be sure to
meet with human resource personnel to explore the options ment these steps now may be a great benefit for both your-
that may be available. Finally, to the best of your ability, self and your loved ones. Therefore, begin creating your
have an emergency fund that would be able to cover at least plan.