| Kathy Griffin has some wise insight on
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| | Trash
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| finances and money management. If you
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| | Water/Sewer
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| listen to her advice you may find
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| | DSL or Highspeed Internet
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| yourself in a much better financial
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| | Telephone
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| situation and if you don't listen to her
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| | Home Office SuppliesPersonal ExpensesCar
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| advice she my make fun of you on her show
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| | Payment
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| someday!During an episode of My Life on
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| | Car Insurance
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| The-D List, Kathy Griffin's reality show,
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| | Gas
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| she made wise cracks about actors and
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| | Health Insurance
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| actress and their finances. Kathy's
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| | Medications
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| comment was that she hates it when she
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| | Cell Phone
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| hears actors and actresses say, "I don't
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| | Club or Membership Fees/Dues
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| do the 'business thing'. I am an actor."
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| | Clothes
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| Kathy's sarcastic, yet true, remark
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| | Shoes & Accessories
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| about why this bothers her is that
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| | Toiletries
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| "business thing" is PART OF YOUR JOB.
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| | Subscriptions
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| You need to learn the business end of
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| | Entertainment (movies, theater,
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| things. You, as an actor or actress, are
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| | amusement parks, etc.)Debit
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| your own business and have to run your
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| | PaymentsCredit Card Payments
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| professional life and personal finances
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| | Loan Payments
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| as a business.Think that doesn't matter
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| | Student Loans
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| to the average Joe? The reason this is
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| | Second/Third Mortgage Payment
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| such an important point is that it is
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| | Boat, Motorhome, Time Share Payment(s)
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| pertinent to all working people. You
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| | Medical BillsIf you have childrenTuition
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| spend such a great deal of time working
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| | Day care
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| to make money but most spend so little
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| | Clothes
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| working on how to make that money work
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| | Sports, classes or club fees
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| for you.How do you learn to handle your
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| | School expenses (formals, pictures,
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| finances?While all of us might not have
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| | uniforms, etc.)
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| the A-List actor/actress income to manage
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| | BabysittingMiscellaneous ExpensesSpecial
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| everyone should manage their money. The
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| | Savings (see #3 for more explanation)
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| first step is Money 101: Create a
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| | Include any items omitted from the above
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| Budget!Alarming StatisticsOne-half of
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| | list that you spend money on***NOTE: Now
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| American households have accumulated less
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| | that you know how much you spend each
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| than $1,000 in "net financial assets",
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| | month SPEND SMARTER. Make changes to
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| the value of money in the bank, stocks,
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| | your budget and change your spending
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| bonds and other securities after
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| | habits to be able to save monthly.***3 -
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| subtracting loans, credit card debts, and
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| | THINGS YOU NEED TO PLAN FOR BUT USUALLY
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| other secured debtA majority of Americans
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| | OVERLOOKThere are items in your budget
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| in households with incomes of $35,000 or
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| | that come up irregularly but will
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| less believed that they are more likely
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| | inevitably come up. Things like new
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| to accumulate a $500,000 nest egg by
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| | tires, vacations, Christmas, etc. If you
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| winning a lottery or sweepstakes (40%)
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| | have not created a separate savings
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| than by patiently saving and investing of
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| | budget to plan for these items you will
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| relatively modest sums (30%).- Project
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| | soon find yourself overbudget and in a
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| C.A.S.H.START MANAGING YOUR MONEY BY
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| | jam.Know the "Special Savings" figure you
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| CREATING A BUDGET1 - KNOW YOUR TRUE
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| | actually NEED to save each month.This
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| INCOMEStart with the basics. Identify
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| | list will include the cost of the
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| how much money you make.Begin by figuring
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| | following:Income Tax
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| out your net paycheck and multiplying the
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| | Car maintenance such as new tires, oil
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| number of checks you receive per year
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| | changes, brakes, etc.
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| then divide by 12 (months in a year) or
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| | Vacation(s)
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| taking your annual net income and
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| | Christmas Expenses, gifts, etc.
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| dividing it by 12 (months in a year).For
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| | Car RegistrationIf you own a
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| example: If you are paid weekly $1200
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| | home:Homeowners insurance
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| then your monthly income is$1200 x 52
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| | Property Tax
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| (weeks in a year) = $62,400 / 12 months =
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| | Home repairs or maintenance costs (water
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| $5200 per month2 - MAKE A VERY, VERY
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| | heater, roof leak, etc)4 - SAVE, SAVE &
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| DETAIL BUDGETWhat are your actual
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| | SAVE MOREWhatever method of savings works
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| expenses? Take a look at how you are
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| | best for you, DO IT. Even if it a jar on
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| currently spending your money. By
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| | the dresser you fill with money, a
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| looking at your current spending habits
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| | savings account, whatever. Take 10% of
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| you can identify areas where you need to
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| | your earnings and pay yourself first,
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| modify spending. Some "necessities" are
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| | meaning save. This money will not only
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| often luxuries we like to think of as
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| | build a cushion for emergencies but will
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| necessities (morning coffee, dining out,
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| | help you sleep better knowing you have a
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| new shoes for every new outfit, etc).It
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| | little stashed away should something come
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| is smart to evaluate your current
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| | up unexpectedly.It will also create the
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| spending and set goals that take into
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| | habit of saving and budgeting will lead
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| account your financial goals. Once you've
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| | to smarter spending, which in the years
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| set your budget, STICK TO IT and track
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| | to come will develop into a solid
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| your spending to make sure it stays
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| | future.Even if you finish you spending
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| within the guidelines you've
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| | and savings budget and it is more than
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| established.It is important to detail
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| | you make it is a starting point. 40% of
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| every standard monthly expenditure you
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| | Americans live on 110% of their annual
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| have.
| |
| | income! Don't be one of them. Cut back
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| Be realistic on how much you actually
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| | expenses or find more income. It is
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| spend. Look at how much you spent last
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| | better to have to tackle your finances
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| month these items and you may be
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| | than to not even know you have a
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| surprised.Here is a sample list of
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| | problem.More sophisticated money
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| expenses: EXPENSE #1Savings - 10% of
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| | management, such as investments, can be
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| income (remember PAY YOURSELF
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| | tackled later. Start with getting the
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| FIRST!)Household ExpensesMortgage or Rent
| |
| | basics in and working!Nicole Anderson
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| Home Owners Association
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| | offers a free search for your portion of
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| Food
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| | the $25+ BILLION in unclaimed money in
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| Groceries
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| | the United States. Millions of Americans
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| Dining Out
| |
| | are unaware they are owed money. It
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| Coffee/Tea
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| | could come from old savings bonds,
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| Lunches (kids)Electric
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| | uncashed checks, checking and savings
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| Gas
| |
| | accounts, the list goes on and on.
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| Cable
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|
