| Kathy Griffin has some wise insight on finances and | | | | DSL or Highspeed Internet |
| money management. If you listen to her advice you | | | | Telephone |
| may find yourself in a much better financial situation | | | | Home Office SuppliesPersonal ExpensesCar |
| and if you don't listen to her advice she my make fun | | | | Payment |
| of you on her show someday!During an episode of My | | | | Car Insurance |
| Life on The-D List, Kathy Griffin's reality show, she | | | | Gas |
| made wise cracks about actors and actress and their | | | | Health Insurance |
| finances. Kathy's comment was that she hates it | | | | Medications |
| when she hears actors and actresses say, "I don't do | | | | Cell Phone |
| the 'business thing'. I am an actor." Kathy's sarcastic, | | | | Club or Membership Fees/Dues |
| yet true, remark about why this bothers her is that | | | | Clothes |
| "business thing" is PART OF YOUR JOB. You need to | | | | Shoes & Accessories |
| learn the business end of things. You, as an actor or | | | | Toiletries |
| actress, are your own business and have to run your | | | | Subscriptions |
| professional life and personal finances as a | | | | Entertainment (movies, theater, amusement parks, |
| business.Think that doesn't matter to the average | | | | etc.)Debit PaymentsCredit Card Payments |
| Joe? The reason this is such an important point is that | | | | Loan Payments |
| it is pertinent to all working people. You spend such a | | | | Student Loans |
| great deal of time working to make money but most | | | | Second/Third Mortgage Payment |
| spend so little working on how to make that money | | | | Boat, Motorhome, Time Share Payment(s) |
| work for you.How do you learn to handle your | | | | Medical BillsIf you have childrenTuition/Day care |
| finances?While all of us might not have the A-List | | | | Clothes |
| actor/actress income to manage everyone should | | | | Sports, classes or club fees |
| manage their money. The first step is Money 101: | | | | School expenses (formals, pictures, uniforms, etc.) |
| Create a Budget!Alarming StatisticsOne-half of | | | | BabysittingMiscellaneous ExpensesSpecial Savings |
| American households have accumulated less than | | | | (see #3 for more explanation) |
| $1,000 in "net financial assets", the value of money in | | | | Include any items omitted from the above list that you |
| the bank, stocks, bonds and other securities after | | | | spend money on***NOTE: Now that you know how |
| subtracting loans, credit card debts, and other secured | | | | much you spend each month SPEND SMARTER. |
| debtA majority of Americans in households with | | | | Make changes to your budget and change your |
| incomes of $35,000 or less believed that they are | | | | spending habits to be able to save monthly.***3 - |
| more likely to accumulate a $500,000 nest egg by | | | | THINGS YOU NEED TO PLAN FOR BUT USUALLY |
| winning a lottery or sweepstakes (40%) than by | | | | OVERLOOKThere are items in your budget that |
| patiently saving and investing of relatively modest | | | | come up irregularly but will inevitably come up. Things |
| sums (30%).- Project C.A.S.H.START MANAGING | | | | like new tires, vacations, Christmas, etc. If you have not |
| YOUR MONEY BY CREATING A BUDGET1 - | | | | created a separate savings budget to plan for these |
| KNOW YOUR TRUE INCOMEStart with the basics. | | | | items you will soon find yourself overbudget and in a |
| Identify how much money you make.Begin by figuring | | | | jam.Know the "Special Savings" figure you actually |
| out your net paycheck and multiplying the number of | | | | NEED to save each month.This list will include the cost |
| checks you receive per year then divide by 12 | | | | of the following:Income Tax |
| (months in a year) or taking your annual net income | | | | Car maintenance such as new tires, oil changes, |
| and dividing it by 12 (months in a year).For example: If | | | | brakes, etc. |
| you are paid weekly $1200 then your monthly income | | | | Vacation(s) |
| is$1200 x 52 (weeks in a year) = $62,400 / 12 months | | | | Christmas Expenses, gifts, etc. |
| = $5200 per month2 - MAKE A VERY, VERY | | | | Car RegistrationIf you own a home:Homeowners |
| DETAIL BUDGETWhat are your actual expenses? | | | | insurance |
| Take a look at how you are currently spending your | | | | Property Tax |
| money. By looking at your current spending habits you | | | | Home repairs or maintenance costs (water heater, |
| can identify areas where you need to modify | | | | roof leak, etc)4 - SAVE, SAVE & SAVE |
| spending. Some "necessities" are often luxuries we like | | | | MOREWhatever method of savings works best for |
| to think of as necessities (morning coffee, dining out, | | | | you, DO IT. Even if it a jar on the dresser you fill with |
| new shoes for every new outfit, etc).It is smart to | | | | money, a savings account, whatever. Take 10% of |
| evaluate your current spending and set goals that take | | | | your earnings and pay yourself first, meaning save. |
| into account your financial goals. Once you've set your | | | | This money will not only build a cushion for |
| budget, STICK TO IT and track your spending to | | | | emergencies but will help you sleep better knowing |
| make sure it stays within the guidelines you've | | | | you have a little stashed away should something |
| established.It is important to detail every standard | | | | come up unexpectedly.It will also create the habit of |
| monthly expenditure you have. | | | | saving and budgeting will lead to smarter spending, |
| Be realistic on how much you actually spend. Look at | | | | which in the years to come will develop into a solid |
| how much you spent last month these items and you | | | | future.Even if you finish you spending and savings |
| may be surprised.Here is a sample list of expenses: | | | | budget and it is more than you make it is a starting |
| EXPENSE #1Savings - 10% of income (remember | | | | point. 40% of Americans live on 110% of their annual |
| PAY YOURSELF FIRST!)Household | | | | income! Don't be one of them. Cut back expenses or |
| ExpensesMortgage or Rent | | | | find more income. It is better to have to tackle your |
| Home Owners Association | | | | finances than to not even know you have a |
| Food | | | | problem.More sophisticated money management, such |
| Groceries | | | | as investments, can be tackled later. Start with getting |
| Dining Out | | | | the basics in and working!Nicole Anderson offers a |
| Coffee/Tea | | | | free search for your portion of the $25+ BILLION in |
| Lunches (kids)Electric | | | | unclaimed money in the United States. Millions of |
| Gas | | | | Americans are unaware they are owed money. It |
| Cable | | | | could come from old savings bonds, uncashed checks, |
| Trash | | | | checking and savings accounts, the list goes on and |
| Water/Sewer | | | | on. |