Say "I Do" to Financial Freedom
May 12, 2009, 9:12 am
4 action steps toward financial freedom in the summer
The summer months are often filled with weddings, graduations and long-awaited vacations. For the engaged couple, planning a wedding can be very exciting. While couples are deciding important details like where to live or where to spend their honeymoon, statistics indicate that finances can often be the number one problem in marriage and a leading reason for divorce.
Whether you're planning the wedding of your dreams or a well-deserved vacation, the road map to financial freedom is paved with important steps that you should take. Springboard recommends the following action plans for your journey:
(1) Secure Proper Insurance
No amount of budgeting and money management skill can get you through a crisis like a serious medical emergency if there is no medical coverage. Similarly, should an auto accident occur without proper liability coverage, it's likely that the damages will be insurmountable.
No amount of budgeting and money management skill can get you through a crisis like a serious medical emergency if there is no medical coverage. Similarly, should an auto accident occur without proper liability coverage, it's likely that the damages will be insurmountable.
(2) Establish an Emergency Savings Fund
It is recommended that you build an emergency fund equal to three to six months of income. Sufficient emergency savings will minimize the need to use credit and incur debt.
(3) Establish a Budget
Spend money only on things you need as opposed to things that you want. Setting up a household budget will help guide you down the path of financial freedom.
(4) Gain Knowledge
Commit to personal education about financial health, budgeting, credit and personal debt. The more you understand about your finances, the more you'll be able to mange them effectively. To help you take control of your financial future, Springboard's books, Power of Paycheck Planning and Consumer Guide to Good Credit, are available for free download. Please visit the "Resources" section of our website at www.credit.org or if you are without internet access please call us at 1-800-947-3752 for printed copies of our educational materials.
Spend money only on things you need as opposed to things that you want. Setting up a household budget will help guide you down the path of financial freedom.
(4) Gain Knowledge
Commit to personal education about financial health, budgeting, credit and personal debt. The more you understand about your finances, the more you'll be able to mange them effectively. To help you take control of your financial future, Springboard's books, Power of Paycheck Planning and Consumer Guide to Good Credit, are available for free download. Please visit the "Resources" section of our website at www.credit.org or if you are without internet access please call us at 1-800-947-3752 for printed copies of our educational materials.
Author: Todd Emerson, President and Chief Executive Officer
