Personal Finance Resolutions for the New Year
WGN-TV Show Notes -- January 01, 2002
ANCHOR: If you haven't already tallied up your end of the year bills, you might want to do that.
ANCHOR: Money and real estate expert Ilyce Glink is here with a few suggestions on how to make it a better year for you financially.
GOOD MORNING
ILYCE: Since the recession doesn't seem to be ending any time soon, today is a great day to make some financial resolutions that can dramatically alter not only how much cash you'll have at the end of 2002, but the direction of your financial future. Start by
EVALUATING YOUR SITUATION
ILYCE: Evaluating your financial situation. Where are you? What are you debts?
Assets? How much cash do you have on hand and how long would it last if you lost
your job? You should have
3-6 MONTH EMERGENCY FUND
ILYCE: at least enough cash to last for 3 to 6 months in case something happens. If you have to take a second job to pump up your emergency fund, it's worth it. Next, be sure you're prepared in case disaster strikes. It's important to have
DEVELOP AN ESTATE PLAN
ILYCE: Your estate in order. That means a will, particularly if you have children, a living will, and named powers of attorney for health care and financial matters. An estate planner can help you set this up. You should
SET FINANCIAL GOALS
ILYCE: Set your financial goals for 2002. What are the big and small-ticket items that are on your list? Will you be paying college tuition this year or saving for it? Will you need to buy a new or used car? Buy a home? Take a big vacation or go on maternity leave? Or will you need to change jobs? When you're making a big purchase or a planning for a big change, it's important to know how much cash you'll need ahead of time. Finally,
DON'T BUY ANYTHING THAT'S NOT NECESSARY
ILYCE: Don't buy anything that's not necessary during the first quarter of the year. I know that's a conservative position, but until we see where we're going with this recession and when it might be ending, I'd rather you build up an extra cash cushion just in case the unthinkable happens.
ANCHOR: For more year end financial resolutions, visit Ilyce's website at www.thinkglink.com
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