HomeMy WebLinkAboutClinton News-Record, 1980-03-20, Page 52r9
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saving. p.rofitabie.
Learning to save „found.
money" is also wQr'
thwhile for newlyweds
trying to save a nest egg
or anyone trying to save
during these inflationary
tines, Make a pact (and
.stick to it!) to save
bonuses, cash gifts, tax
returns and the like,
Include in this pool of
funds the new spendable
cash you regularly have
when you finish paying
for a car or other monthly
bill. Resist the temp-
tation to expand on your
spendable income. Here's
where your budget helps
by encouraging you to
spend only ` within its
s esseintia
—Amusa
n save he rest.
If you have budgeted
carefully to meet other
needs, you can easily
save this "found" money.
Phase two of your
financial plan should
certainly begin as soon as
your budget permits.
This means acquiring life
insurance for ° both
spouses. (Hopefully you
already have health
insurance, usually in a
group plan with your
employer.) It's important
to protect both husband
and wife. Most families
do not realize the
financial contribution of a
working 'wife or the high
cost of replacing a wife's
housekeeping and child
care responsibilities.
Keep in mind that the
younger you are, the less
insurance premiums will -
cost. But, of course, don't
buy more than your
budget permits. Your
insurance agent will be
happy to help you choose
a plan appropriate to
your needs.
Along with your efforts
to budget daily expenses
and save a nest egg for
the future, you may be
encouraged to establish
and use credit to help
purchase the goods and
services a young
household. needs. Or you
may already have credit
in the form of an auto
loan, department store or
gas company credit card
— underestimate the
power of your credit. It
Gan help you establish a
financial identity.
Everyone relie. s on credit
for buying a house and
car as well as to ,cover
cash emergencies. .With
credit you can stretch
payments on furniture or
appliances or even
finance sudden, ex-
pensive auto repairs.
Used this way, credit can
,.be_a financial lifesaver.
Credit is also easily
abused. Charging $10
here, $35 20
somewhere else is not
necessarily extravagant,
but when it becomes a
habit combined with
other credit expenses like
monthly furniture and
appliance payments,
trouble is sure to follow.
Mounting credit
payments and their high
finance costs can quickly
destroy your financial
plan. Whenever you use
credit, keep in mind that
you will have to pay for
the goods or services
purchased.
A special note to brides
of any age: if you already
have credit, keep it in
your own name. If you
don't have credit on your
own, establish some now.
Protect your credit by
using it wisely. Despite
protective- legislation=
many women fail to
establish their financial
identity. Then, as widows
or divorcee's they pay a
high financial and
emotional price for this
oyersight. However, if
you take the right step's
now, you won't have to
prove your financial
identity later.
Most couples con-
cerned with their
financial future are eager
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to invest in their own
home and -or the stock
market. 13oth of these
ventures are real
possibilities for young
families who have saved
an emergency nest egg
and budgeted for in-
surance. Real estate is a
real favorite now that
housing prices are rising
faster then other in-
vestments. The stock
market always holds
appeal and potential for
even timid investors. In
•
either case, the
prospective investor
must do his homework
and seek the advice .of
qualified professionals.
And, of course, both
partner, s should un-
derstand and agree on
any financial venture.
While budgeting daily
expenses, saving for the
future and making in-
vestment plans, keep in
mind. thatt marriage is
also a legal partnership.
As suckit it offers benefits
and protection for each
spouse, but also sub-
stantial responsibilities.
Most of these focus on
taxes and issues of joint
or sole ownership of
property such as real
estate, stock or insurance
policies. It's never too
soon to thinly about
protecting yourself from
excessive income or
inheritance taxes:- And
you cantake several
steps now to enhance
your future position.
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