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These include rent or mortgage payments, car payments, groceries, insurance, health care, minimum debt payment , and utilities. These are your "must-haves. Half of your after-tax income should be all that you need to cover your needs and obligations. If you are spending more than that on your needs, you will have to either cut down on wants or try to downsize your lifestyle, perhaps to a smaller home or more modest car.

Maybe carpooling or taking public transportation to work is a solution, or cooking at home more often. This includes dinner and movies out, that new handbag, tickets to sporting events, vacations, the latest electronic gadget, and ultra-high-speed Internet. Anything in the "wants" bucket is optional if you boil it down.

You can work out at home instead of going to the gym, cook instead of eating out, or watch sports on TV instead of getting tickets to the game. This category also includes those upgrade decisions you make, such as choosing a costlier steak instead of a less expensive hamburger, buying a Mercedes instead of a more economical Honda, or choosing between watching television using an antenna for free or spending money to watch cable TV.

Basically, wants are all those little extras you spend money on that make life more enjoyable and entertaining. This includes adding money to an emergency fund in a bank savings account, making IRA contributions to a mutual fund account, and investing in the stock market. You should have at least three months of emergency savings on hand in case you lose your job or an unforeseen event occurs.

After that, focus on retirement and meeting other financial goals down the road. If emergency funds are ever used, the first allocation of additional income should be to replenish the emergency fund account. Savings can also include debt repayment. While minimum payments are part of the "needs" category, any extra payments reduce the principal and future interest owed, so they are savings. Importance of Savings Americans are notoriously bad at saving, and the nation has extremely high levels of debt.

Most of the magic of compounding comes at the very end. Savings Strategies There are a number of types of accounts where you can earn interest on your savings. When deciding where to put your money, consider how available you need it to be and what kind of interest rate you can earn on your money.

For example, emergency funds need to be readily available so a typical savings account is a good choice. Funds can be withdrawn at any time. Money Market Accounts These pay about one-half percent higher interest than savings accounts, but may require a higher minimum balance. You can usually make as many deposits as you like for free, but you can only write three checks each month.

Certificates of Deposit If you have money that can be tied up for three months to six years, certificates of deposit will offer the highest interest rates, depending on the term you choose. There are stiff penalties for early withdrawals, so choose a term you can live with.

Investment Options Investing is defined by putting your money to work for you. Growing up, most of us were taught that you can earn an income only by getting a job and working. That way, while you are putting in hours working and raising your family, you can also be earning money elsewhere even if it is in very small amounts. Quite simply, making your money work for you maximizes your earning potential whether or not you receive a raise, decide to work overtime or look for a higher-paying job.

There are many different ways you can go about making an investment. This includes putting money into stocks, bonds, mutual funds, or real estate among many other things , or starting your own business. The most obvious investment for many of us is for our retirement. A retirement plan is a savings strategy designed to provide employees with an income or pension after they are no longer working.

Retirement plans can be set up by employers, insurance companies, the government or other institutions such as employee associations or trade unions. The following are some of the ways you can save for retirement. Individual Retirement Accounts IRAs are retirement savings accounts that provide tax advantages when you save for retirement.

There are different types of IRAs, some provided by employers and others are set up by individuals. Pensions are retirement plans set up by employers to provide benefits to retired employees. Most plans are sponsored by private-sector corporation employers. Comparable salary deferral retirement plans include b plans that cover employees of educational institutions, churches, public hospitals and non-profit organizations and a and plans that cover employees of state and local governments and certain tax-exempt entities.

Determine how much money you need to retire comfortably. You may also have fewer expenses related to caring for children, but your healthcare expenses may be higher. As a general guideline, you can expect to live on 70 to 80 percent of your pre-retirement income. But this is just an estimate.

Some retired women spend as little as 60 percent of their pre-retirement income, while others spend more than when they were employed. To calculate your retirement needs, consider these questions: How long will your retirement last? Would you like to retire early or are you planning to work at least part-time as long as you can?

How much will a dollar be worth? How much will you spend? What type of retirement do you envision? Do you plan to stay in your current home? Contacting a personal financial representative can help you decide on the best investment strategy. Interest on the bonds accumulates tax-free.

When you buy a savings bond, you usually pay half its value, and when it matures the bond is worth twice as much as you paid. Mutual Funds Mutual funds are a collection of stocks from different companies that are combined or co-mingled to provide a single investment. For example, a mutual fund might invest 10 percent in bank stocks, 25 percent in retail outlet stocks, 25 percent in medical technology stocks, 25 percent in high-tech stocks and the remaining 15 percent in government securities.

Earnings are paid back as dividends or retained to help the company grow. Bonds Bonds correspond to a loan to a company. A bond is a contract that guarantees your loan will be repaid by a specific date maturity date and that you will receive a specific interest rate for the use of your money. Bonds are a relatively safe way to invest and most pay interest semi-annually. They pay the face amount when they reach maturity.

The last area to address in regard to investment options, and one that is less common, is estate planning. An estate plan will preserve your assets after you die. An estate plan can protect your assets and provide financial and emotional stability for your survivors. If you die without an estate plan, legal problems may delay the distribution of your assets.

There are several ways to protect your estate that are outlined below. Establish a will. This is usually the heart of an estate plan. Without a will, the laws of your state will determine who receives your property. Establish a trust. This can hold virtually any kind of tangible or intangible property and can be as flexible as needed to meet your objectives. Some trusts are established to avoid probate or reduce future estate taxes. Others are designed to provide for minor children. Designate powers of attorney.

This document clearly states your wishes about how to handle your healthcare and property and who is responsible for carrying them out if you are unable to communicate. Be sure to pick somebody who as consistently been a part of your life and likely always will. Purchase life insurance. Life insurance can provide the cash your survivors may need to pay federal estate taxes when you die.

If you purchased life insurance prior to leaving your abuser, remember to change the beneficiary names. In addition to these common investment options, most communities offer a variety of asset-building programs to help you reach your financial goals.

Contact community organizations to find out if they offer any of the following programs and whether there are income limits: Individual Development Accounts IDAs are savings accounts matched by public and private sources for investments in education, homes and businesses. The accounts match your savings and allow a set period to save for specific goals. These goals usually include education, home purchase or seed money to start a business. Financial Literacy Programs help families learn how to manage their finances and make wise economic choices.

These programs help families move toward goals, including owning a home or business, or saving for education and retirement. Insurance Overview Insurance is an important part of your financial well being.

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The most obvious investment for many of us is for our retirement. A retirement plan is a savings strategy designed to provide employees with an income or pension after they are no longer working. Retirement plans can be set up by employers, insurance companies, the government or other institutions such as employee associations or trade unions.

The following are some of the ways you can save for retirement. Individual Retirement Accounts IRAs are retirement savings accounts that provide tax advantages when you save for retirement. There are different types of IRAs, some provided by employers and others are set up by individuals.

Pensions are retirement plans set up by employers to provide benefits to retired employees. Most plans are sponsored by private-sector corporation employers. Comparable salary deferral retirement plans include b plans that cover employees of educational institutions, churches, public hospitals and non-profit organizations and a and plans that cover employees of state and local governments and certain tax-exempt entities. Determine how much money you need to retire comfortably.

You may also have fewer expenses related to caring for children, but your healthcare expenses may be higher. As a general guideline, you can expect to live on 70 to 80 percent of your pre-retirement income. But this is just an estimate. Some retired women spend as little as 60 percent of their pre-retirement income, while others spend more than when they were employed.

To calculate your retirement needs, consider these questions: How long will your retirement last? Would you like to retire early or are you planning to work at least part-time as long as you can? How much will a dollar be worth? How much will you spend?

What type of retirement do you envision? Do you plan to stay in your current home? Contacting a personal financial representative can help you decide on the best investment strategy. Interest on the bonds accumulates tax-free. When you buy a savings bond, you usually pay half its value, and when it matures the bond is worth twice as much as you paid.

Mutual Funds Mutual funds are a collection of stocks from different companies that are combined or co-mingled to provide a single investment. For example, a mutual fund might invest 10 percent in bank stocks, 25 percent in retail outlet stocks, 25 percent in medical technology stocks, 25 percent in high-tech stocks and the remaining 15 percent in government securities. Earnings are paid back as dividends or retained to help the company grow.

Bonds Bonds correspond to a loan to a company. A bond is a contract that guarantees your loan will be repaid by a specific date maturity date and that you will receive a specific interest rate for the use of your money.

Bonds are a relatively safe way to invest and most pay interest semi-annually. They pay the face amount when they reach maturity. The last area to address in regard to investment options, and one that is less common, is estate planning. An estate plan will preserve your assets after you die. An estate plan can protect your assets and provide financial and emotional stability for your survivors.

If you die without an estate plan, legal problems may delay the distribution of your assets. There are several ways to protect your estate that are outlined below. Establish a will. This is usually the heart of an estate plan. Without a will, the laws of your state will determine who receives your property.

Establish a trust. This can hold virtually any kind of tangible or intangible property and can be as flexible as needed to meet your objectives. Some trusts are established to avoid probate or reduce future estate taxes. Others are designed to provide for minor children. Designate powers of attorney. This document clearly states your wishes about how to handle your healthcare and property and who is responsible for carrying them out if you are unable to communicate.

Be sure to pick somebody who as consistently been a part of your life and likely always will. Purchase life insurance. Life insurance can provide the cash your survivors may need to pay federal estate taxes when you die. If you purchased life insurance prior to leaving your abuser, remember to change the beneficiary names. In addition to these common investment options, most communities offer a variety of asset-building programs to help you reach your financial goals.

Contact community organizations to find out if they offer any of the following programs and whether there are income limits: Individual Development Accounts IDAs are savings accounts matched by public and private sources for investments in education, homes and businesses. The accounts match your savings and allow a set period to save for specific goals. These goals usually include education, home purchase or seed money to start a business. Financial Literacy Programs help families learn how to manage their finances and make wise economic choices.

These programs help families move toward goals, including owning a home or business, or saving for education and retirement. Insurance Overview Insurance is an important part of your financial well being. It can help protect you financially if you have health problems, are involved in a car accident, or if your home is damaged or destroyed. Such insurance may cover some or all of the expenses of dental care, eye exams, drugs and medicines, etc. Auto Insurance can help you repair or replace your car if you get into an accident and help protect you in the event of a lawsuit.

In most states, you are required to have some level auto insurance if you have a car. Drivers must be able to pay for any losses they cause, including the cost of repairing a damaged car, paying for medical expenses and more. Renters need insurance to protect their furniture and other personal property, as well.

Life Insurance can help provide your family with a stable financial future. It can help cover funeral expenses, childcare and other costs. Disability Insurance provides a portion of income lost due to a total or partial disability caused by illness or accident.

In addition to insurance you may purchase on your own, when applying for a job ask the potential employer about employee benefits that may include short- or long-term disability or life insurance. Educational Opportunities This topic of the module includes strategies for continuing your education.

There are several ways to develop advanced skills, pursue higher education earn an advanced trade or obtain a professional license. By completing a GED, undergraduate or advanced degree, certificate or on-the-job training, you are more likely to get a better job and advance in your career.

In fact, people with more education generally earn higher salaries. Note: The General Educational Development or GED credential is an international document accepted by many employers and postsecondary institutions. You need to know where you are now and where you want to end up in order to map a course to meet the goal.

You map your financial path using a spending and savings plan, or budget, which tracks your income, savings, and spending. You check on your progress using a balance sheet that lists your assets, or what you own, and your liabilities, or what you owe. A balance sheet is like a snapshot, a moment in time, that we use to check our progress. Budgets The term budget is unpleasant to some people because it just looks like work.

But who will care more about your money than you? We all want to know if we have enough money to pay our bills, travel, get an education, buy a car, etc. Technically, a budget is a specific financial plan for a specified time. Budgets have three elements: income, saving and investing, and expenses.

Figure For example, you can set a budget for your family for a year. Income Income most often comes from our jobs in the form of a paper or electronic paycheck. When listing your income for your monthly budget, you should use your net pay, also called your disposable income. It is the only money you can use to pay bills. If you currently have a job, look at the pay stub or statement. You will find gross pay, then some money deducted for a variety of taxes, leaving a smaller amount—your net pay.

Sometimes you have the opportunity to have some other, optional deductions taken from your paycheck before you get your net pay. Examples of optional deductions include k or health insurance payments. You can change these amounts, but you should still use your net pay when considering your budget.

Some individuals receive disability income, social security income, investment income, alimony, child support, and other forms of payment on a regular basis. All of these go under income. During school, you may receive support from family that could be considered income. You may also receive scholarships, grants, or student loan money.

Saving and Investing The first bill you should pay is to yourself. You owe yourself today and tomorrow. That means you should set aside a certain amount of money for savings and investments, before paying bills and making discretionary, or optional, purchases.