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Family Shopping!
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Regardless
of your family's Annual Gross Income (AGI) level, there are some basics to
consider. Be sure your family financials include these points,
goals, and targets.  Set
a budget, and live by it!
You need a budget to track your spending, and begin
setting your goals towards future purchases.
Live Within Your Means.
Housing expense should be less than or equal to 15% to
25% of your monthly income. This includes rent, mortgage, utilities,
and improvements. Set your budget accordingly.
Plan
for "extras."
Set aside 5% to 10% of your monthly earnings for
vacations, special purchases, or entertainment expenses. This will
help you to avoid running-up costly credit card bills.
Practice
S.M.A.R.T.™ planning.
Each financial decision you and your family make should
be Simple, Manageable, Affordable, Respectful, and
Timely. If you
need to finance a major purchase, be sure to finance with simple interest,
double monthly payments, finance on shorter terms, and avoid late
penalties or additional finance costs. Also, be sure your purchases
and investments are manageable and affordable. Stay within your budget. By making good buying decisions, you can be sure your
purchases are respectful and timely. Be sure there is a buy-back,
equity, or good return on your investment. And, most important,
don't make an impulse buy. Wait until the right time to make a major
purchase. You'll be glad you did. |
