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Your Own Personal Fiscal Cliff

Just like our nation, many Americans are battling their own Fiscal Cliff.  The average American Household is inclined to overspend, have too much debt, not enough in savings for emergencies and retirement, and be under prepared for their financial future.  Your decisions around your home are more impacted by all the other areas of your life than other possessions you will ever own.

To avoid creating and nose-diving off your own financial fiscal cliff, here are a few things to in your own personal finances.

Buy and borrow sustainably.  Before you buy make sure you have emergency savings in place to handle any home- related expenses.  Also, make sure you can handle your mortgage, property taxes and other home related obligations long term. Then don’t  forget about the other expenses in your life:  food, entertainment, vacations, utilities, water, etc

Plan, save and account.  Each month write down and track all your income (take home paycheck) and expenses (food, entertainment, vacations, utilities, water, rent/mortgage, etc)

Stand guard against the temptation to pull cash out or move up for its own sake. No need to keep up with the Jones if it puts you worse financially.

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January 5, 2013 - Posted by | Uncategorized | , , , ,

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