OCHM Mktg & Consulting
TIPS TO PUT YOUR FINANCIAL HOUSE IN ORDER
One of our core missions is to help you create a culture of financial stability, and considering the
recent economic headlines, many Americans have a renewed enthusiasm toward regaining
control of their financial future.
OCHM suggests that consumers review the following “Top Ten” financial basics to see if their
financial house is in order.
1. I open my bills the day they arrive.
This may seem like common sense, but everyday people walk into one of our Agencies with
grocery bags filled with unopened bills. Ignoring the problem won’t change anything, but facing
the facts and developing a plan will.
2. I review my monthly creditor statement thoroughly.
Consumers not only need to be aware of the amount they owe and payment due date, but should
check their statement for unauthorized charges which could indicate ID theft, rate changes, credit
limit changes, and any additional fees that might have been added on. Contact the issuer
immediately if you observe anything out of the ordinary on your statement, or if the terms have
changed.
3. I pay my bills on time.
Late fees can be in the $40 range, and one late payment can ding your credit score by as much
as 100 points. If you’re a procrastinator, travel, or are just plain unorganized, set up automatic bill
paying to make sure you’re never late with a payment.
4. I record each check I write, along with any ATM withdrawals.
Overlimit and Non-sufficient Fund fees can be as high as credit card late fees. Even if your
financial institution allows you to exceed your balance, you’ll pay a hefty price for that courtesy.
Record all transactions and know where you stand at all times.
5. I do not max out my credit card limits.
Utilizing all of your available credit will likely backfire on you. Creditors like to see people
responsibly manage their credit by using only 30 percent or less of what’s available. Maxing out
your cards could indicate that you’re in financial distress and move you over into the risk
category in the creditor’s eyes. That could equal higher rates and lower credit lines moving
forward.
6. I track my spending and know where my money goes.
You are relinquishing control of your financial future unless you have a keen awareness of your
spending habits. Many people feel that having a budget would restrict them, but in reality a
spending plan frees you to use your hard earned money exactly as you deem best. Track your
spending for 30 days, organizing the results by category. Once you see your spending in black
and white, it will put you in the financial driver’s seat where you belong.
7. I have at least one month’s income earmarked for emergencies.
Unanticipated expenses have been known to wreck the best of budgets. Without a rainy day
fund, when the emergency arises, you have to either pay for it by charging, often adding to an
already burdensome debt load, or grab cash from another area, thus neglecting that payment.
Start by putting 10 percent of each paycheck into an emergency account. At the end of a year,
you’ll have a little more than one month’s income stashed away, which will be a welcome safety
net.
8. I have three to six month’s income saved in the event I lose my job.
Job losses have affected almost every employment sector, thus no one is immune from the pink
slip. The time to prepare is now. Without a paycheck, cash is indeed king. Accumulating this
much money can seem like a daunting task. However, no one has ever regretted having
significant savings to fall back on during hard times. Recognize that you’re on a slippery slope if
this element is not a part of your overall financial picture.
9. I have an annual insurance check-up.
No one should be over-insured or under-insured. The way to avoid this is to review your policies
once each year with your insurance agent. Make sure that you understand exactly what is
covered and what isn’t, as the last thing you need in an emergency is a bad surprise. If you don’t
understand the lingo, ask for further explanation. Inquire about ways to save on your overall
insurance costs without sacrificing coverage.
10. I have a well thought through plan for tomorrow, and am executing it.
People have short-term and long-term goals, and we need to plan for each. An example of a
short-term goal is a summer vacation. Long-terms goals are things such as a college education
for your children and your retirement. Such financial realities cannot be ignored, nor will they
take care of themselves.
Hopefully you found that you are in good financial shape, answering yes to each of the above
statements. However, if you need assistance putting some components of this financial plan in
place, know that there is help available. Reach out to a trained and certified credit counselor.
One of our core missions is to help you create a culture of financial stability, and considering the
recent economic headlines, many Americans have a renewed enthusiasm toward regaining
control of their financial future.
OCHM suggests that consumers review the following “Top Ten” financial basics to see if their
financial house is in order.
1. I open my bills the day they arrive.
This may seem like common sense, but everyday people walk into one of our Agencies with
grocery bags filled with unopened bills. Ignoring the problem won’t change anything, but facing
the facts and developing a plan will.
2. I review my monthly creditor statement thoroughly.
Consumers not only need to be aware of the amount they owe and payment due date, but should
check their statement for unauthorized charges which could indicate ID theft, rate changes, credit
limit changes, and any additional fees that might have been added on. Contact the issuer
immediately if you observe anything out of the ordinary on your statement, or if the terms have
changed.
3. I pay my bills on time.
Late fees can be in the $40 range, and one late payment can ding your credit score by as much
as 100 points. If you’re a procrastinator, travel, or are just plain unorganized, set up automatic bill
paying to make sure you’re never late with a payment.
4. I record each check I write, along with any ATM withdrawals.
Overlimit and Non-sufficient Fund fees can be as high as credit card late fees. Even if your
financial institution allows you to exceed your balance, you’ll pay a hefty price for that courtesy.
Record all transactions and know where you stand at all times.
5. I do not max out my credit card limits.
Utilizing all of your available credit will likely backfire on you. Creditors like to see people
responsibly manage their credit by using only 30 percent or less of what’s available. Maxing out
your cards could indicate that you’re in financial distress and move you over into the risk
category in the creditor’s eyes. That could equal higher rates and lower credit lines moving
forward.
6. I track my spending and know where my money goes.
You are relinquishing control of your financial future unless you have a keen awareness of your
spending habits. Many people feel that having a budget would restrict them, but in reality a
spending plan frees you to use your hard earned money exactly as you deem best. Track your
spending for 30 days, organizing the results by category. Once you see your spending in black
and white, it will put you in the financial driver’s seat where you belong.
7. I have at least one month’s income earmarked for emergencies.
Unanticipated expenses have been known to wreck the best of budgets. Without a rainy day
fund, when the emergency arises, you have to either pay for it by charging, often adding to an
already burdensome debt load, or grab cash from another area, thus neglecting that payment.
Start by putting 10 percent of each paycheck into an emergency account. At the end of a year,
you’ll have a little more than one month’s income stashed away, which will be a welcome safety
net.
8. I have three to six month’s income saved in the event I lose my job.
Job losses have affected almost every employment sector, thus no one is immune from the pink
slip. The time to prepare is now. Without a paycheck, cash is indeed king. Accumulating this
much money can seem like a daunting task. However, no one has ever regretted having
significant savings to fall back on during hard times. Recognize that you’re on a slippery slope if
this element is not a part of your overall financial picture.
9. I have an annual insurance check-up.
No one should be over-insured or under-insured. The way to avoid this is to review your policies
once each year with your insurance agent. Make sure that you understand exactly what is
covered and what isn’t, as the last thing you need in an emergency is a bad surprise. If you don’t
understand the lingo, ask for further explanation. Inquire about ways to save on your overall
insurance costs without sacrificing coverage.
10. I have a well thought through plan for tomorrow, and am executing it.
People have short-term and long-term goals, and we need to plan for each. An example of a
short-term goal is a summer vacation. Long-terms goals are things such as a college education
for your children and your retirement. Such financial realities cannot be ignored, nor will they
take care of themselves.
Hopefully you found that you are in good financial shape, answering yes to each of the above
statements. However, if you need assistance putting some components of this financial plan in
place, know that there is help available. Reach out to a trained and certified credit counselor.
OCHM
Top Ten
Top Ten
TIPS TO PUT YOUR
FINANCIAL HOUSE IN
ORDER in 2013!
FINANCIAL HOUSE IN
ORDER in 2013!
Copyright 2010 OCHM Mktg & Consulting.org
All rights reserved.
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Address
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Email: ochm@ymail.com
All rights reserved.
Web Hosting by Yahoo!
Address
27475 Ynez Rd. #338 Temecula, CA 92591 Ph:951-797-8084 Fax 951-797-8084
Email: ochm@ymail.com
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