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Financial Planning Tip of the Month

Monthly Financial
Planning Tips

2007 Financial Planning Tips Archive
December 2007 - Do some financial housekeeping for the new year
With the new year fast approaching, now's a great time to assess your household finances and prepare for new opportunities. To help you get started, here are a few suggestions.

November 2007 - Are zero interest credit cards a good deal?
Competition among credit card companies is making zero interest credit cards commonplace. But are these cards always a good deal for consumers? Remember that credit card companies aren't in the business of offering something for nothing. Statistically speaking, they know they'll make money on such offers. So those who apply for zero-interest cards need to understand the details behind that great low rate.

October 2007 - Avoid these 401(k) mistakes
With traditional pensions going the way of typewriters and eight-track tape players, it’s more important than ever to take charge of your retirement savings. If your employer offers a 401(k) plan, you have a ready-made tool for arriving at a financially secure retirement.

September 2007 - What's smarter? A rent-to-own plan or using your credit card
Should you buy that new washing machine or sofa using a rent-to-own plan? Or should you pay with a credit card?

August 2007 - Develop three habits to stay out of debt
Staying out of debt is simple, but it’s not easy. It requires fortitude. It means foregoing impulsive purchases in exchange for long-term financial freedom. Staying out of debt requires that you deny cravings, at least temporarily, for the “must-have” stuff that beckons from every mall, television advertisement, and slick magazine.

July 2007 - What you need to know about private mortgage insurance
If you’re in the market for a home, you’ve probably heard of private mortgage insurance or PMI. It’s insurance that protects lenders — not borrowers — if the mortgage goes into default. Lenders generally require PMI if you’re unwilling or unable to make a down payment of at least 20% of the home’s purchase price.

June 2007 - Paying mortgage points: A good idea for the borrower?
Typically, banks and other financial institutions offer borrowers the option of purchasing discount “points” in exchange for lower mortgage rates. Should you buy mortgage points? The answer, of course, depends on your situation. Here’s a primer:

May 2007 - Emergency savings — how much is enough?
We all need an emergency fund, but what’s considered “an emergency?” Any unexpected hit to your finances, including layoffs, unanticipated illnesses, and natural disasters. Car insurance premiums and regular home maintenance are (or should be) anticipated, so they’re not emergencies.

April 2007 - Homeowners: Don't make these insurance mistakes
Catastrophes, thefts, natural disasters, accidents, fires — they happen. If such misfortunes strike, a well-researched and up-to-date homeowner’s insurance policy can keep your family’s finances afloat during trying times. Proceeds from a homeowner’s policy can provide necessary funds to replace your house and belongings.

March 2007 - Need more retirement income? Check out a reverse mortgage
The boom in housing markets across the country has made many older Americans house-rich and cash-poor. Reverse mortgages provide a way for seniors to tap their home equity for home improvements, health care expenses, and additional retirement income.

February 2007 - How to maintain a high credit score
Having a high credit score can save you thousands of dollars in interest costs, and can provide bargaining power when you deal with landlords, insurance companies, cell-phone providers, utilities, and other businesses.

January 2007 - Credit cards for college students? Be sure you know the risks
Should a freshman in college have a credit card? Opinions are divided, both among parents and financial advisers. It’s a situation that can work out really well or really badly, depending on the student and the paren
"Financial Planning Tips" are published monthly to provide useful financial information. Return to this site every month for helpful suggestions on how to reach your financial goals.

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