Take steps to get finances in shape

Chicago Tribune ^ | By Gail MarksJarvis

[kawaii]

Take steps to get finances in shape Trim expenses this year so you can put more into savings, retirement funds

By Gail MarksJarvis

Posted January 14, 2007

Just what you need--a few more New Year's resolutions.

Yet, if you've already given up on the promise you made to get into shape, perhaps you can try to make your finances a little healthier. And if you are still at it on your workouts or weight-loss program, keep in mind that getting the basics right on your finances can be a lot like losing weight--the hardest part is getting started.

When you put the financial fundamentals in place and feel more secure about taking care of yourself and your family, you should give yourself the positive reinforcement you need to keep on going. Try these:

[kawaii]

Life insurance is also necessary for families, but not the whole life or universal life policies that pay insurance salesmen large commissions. Financial planners who do not depend on commissions from insurance generally encourage parents to hold term life insurance, which is cheaper.

Life insurance needs vary. For example, Overland, Kan., financial planner Sheryl Garrett suggests that if one parent is staying home with a child, term life insurance should be adequate to cover child-care expenses and household debts while the surviving parent works. That might be about $250,000 in coverage, she says.

I like the buy term and invest the difference philosophy myself...

[B4Ranch]

Good article. Post it again next Saturday morning.

[kawaii]

why saturday morning?

[B4Ranch]

Because posts regarding financial matters seem to do better on the weekends.

[kawaii]

interesting...