Personal Finance Goals For The New Year

Added December 31, 2001 by Ilyce R. Glink

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Summary: What are some actions you can take to improve your personal finances? To improve your personal finances you should save money for an emergency fund, not buy anything you don't need and put together an estate plan. Following these tips will put you on more firm financial footing.

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.

Jan. 1, 2002.

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