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A Key To Success
A key to success is ACTIVATION!!! Where is Your Money is here to help you build a financial plan that will increase your net-worth. Don’t delay, contact us today!
Frequently Asked Questions
How much should I save?
Most people have similar reasons for saving and the amount to SAVE will vary based on your overall financial plan. The finance world will encourage you to SAVE 10% of your gross income, but WIYM recommends that you SAVE a 10%-40% of your net income. When saving it is important to be consistent and aware of the saving vehicles that you choose to use. Pre-tax savings and after-tax savings must be considered when making final decisions.
Is it wrong to have some fun?
No, Never!!! Fun should be a line item in your budget. You can add it into your budget or financial plan as “Entertainment”, “Eating Out”, “Vacations”, “Partying”, or “Hobbies”. The recommendation is for you to be committed to the decision that you make. The danger is when the fun budget is exceeded. Another danger is spending more money having fun and not enough money for savings or paying your bills on-time.
What is the best way to pay off credit cards?
There are a few steps that need to be taken to pay off credit cards (1) *stop using them (2) Paying-off credit cards:
Step 1: Gather all credit card statements
Step 2: Identify all credit card interest rates & balances
Step 3: Plan a pay-down strategy
For the pay-down strategy you could use something called a Snowball Effect… Target your lowest credit card balance by increasing your monthly payments for that particular card…once that credit card is paid-off use all the monies to pay-off the next card…
You can do it!
*Stop using them does not include the small monthly purchase that you should make just to keep your credit score in good standing (purchase an item for less than $10 and pay it off immediately…this will reflect usage on your credit card account”)
How should I save to send my kids to college?
Saving for your child(ren)’s college fund is a major item to include in your budget. Researching the college savings plans that provide the best tax benefits. There are three to consider: Education Savings Account (ESA) or Education IRa, 529 Plan, or UTMA or UGMA (Uniform Transfer/Gift to Minors Act).
WIYM takes pride in educating and empowering its clients to make the best decisions for their families. Contact Us today to get the support and guidance that you deserve!
How do I make a budget?
You will need concentrated time to develop this powerful document. There are several steps to make a budget:
Step 1: Order the Where is Your $$$ workbook, so you can document all the information necessary to develop the budget (it includes a step-by-step system for budget development)
Step 2: Gather all your bills
Step 3: Begin writing down all the pertinent information for each account, such as, the name of the company you owe, monthly amount due, total amount due, interest rate (if applies), and bill due date
After Steps 1-3, you will need to review the details and determine if your income exceeds your debt. The budget will help you better understand where you stand every month.
How do I get personal support with my money management goals?
WIYM has several methods for you to contact us for services and questions:
Online Coaching Is a private, confidential service that you can use to get hours of one-on-one guidance to improve your financial plan. Schedule your consultation today!
Email WIYM by simply providing your name, cell phone #, email, and private message. Your questions and requests will be responded to within 24 hours. WIYM is here for you!!!
- Our mission is to educate and empower teens, college students, and adults with practical steps to pay their bills on-time, eliminate debt, and plan for their future spending.