Health Talk Today

Debt

Who Are You?

Are you defined by the things you have? The things you buy? Are you in debt beyond what you can reasonably expect to ever repay? Are you always trying to keep up with your family and friends’ lifestyles?

Or are you defined by WHO you are? What are your values? What are your priorities? What do you truly believe in? Isn’t this much more important than stuff?

The recession is real and it’s not going away any time soon. It’s making all of us take a long, hard look at who we are.

Suze Orman had very good advice on the Today Show today. She said, “If you have the money – Spend it. But if you don’t have the money – You need to save it.” Great advice from an expert. If you’re digging yourself deeper and deeper in debt, it’s time to stop. It’s time to prepare for the future. Pay your bills – Mortgage/rent, utilities, car payment. But stop the non-essential spending – Going out to eat, movies, vacations. Find the money to start saving. If things get worse before they get better, you’ll be glad you have some money put away. And when the economy improves – And it will – You’ll have a habit of savings AND money in the bank!

Marilyn Kvasnok

Calculate Your Way Back to Financial Health

The first step to financial health is knowing where you are today . . .

  • Assets – What do you have?
  • Income – What do you earn?
  • Debt – What do you owe?
  • Expenses – What do you spend?

The next step is to set realistic goals . . .

  • Live within a budget
  • Pay off credit cards
  • Save for retirement
  • Create a college fund for children/grandchildren

The hardest step is finding a way to get from where you are to where you want to be.

Chase has several online planning tools to help. You don’t need to be a Chase customer to use the calculators. Chase Calculators.

For even more help, click on the Financial Education Library at the bottom of the Chase page.

Marilyn Kvasnok

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