Lillian Lincoln Lambert

Finances

Many people are intimidated about financial matters and that is usually because they have a lack of knowledge. That can be easily corrected if you are willing to take responsibility for gaining the knowledge you need. There are many resources to help you accomplish this. You may choose to attend seminars, read financial publications or talk to those who have the knowledge, such as financial planners.

It is critical that women become more financially astute because too many find themselves in situations where they are unexpectedly in the position of having to manage the family finances because of either death or divorce. Too often, they have no idea what they own or how to manage it. In today’s critical financial environment, it is even more important that everybody become knowledgeable about finances. It does not mean you have to become an expert but it does mean learning some of the basics. These include, but not limited to, knowing how to develop and live on a budget, how to get the most out of your money, how to maximize your return, knowing techniques to save money, and asking the right questions. This requires some investment of time but it is well worth it in order to increase your knowledge. An important thing is staying on top of your credit. Keep your credit under control. With the high interest rate on credit card debt and the high penalty of paying late or paying the minimum, it is important not to overextend yourself.

So how do you get and maintain good credit. First, get a copy of your credit report. Everyone is entitled to a free credit report from each of the credit bureaus: Transunion, Equifax and Experian. If you have a computer or access to one you can secure your report at www.annualcreditreport.com. Your other option is to call each agency: Equifax 800-685-1111; Experian 888-397-3742; Transunion 800-916-8800. Having a computer and knowing how to use it is beneficial because you can go on line and retrieve this information. In addition to getting your credit report, get a copy of your credit score, which is what lenders use to determine your credit worthiness.

Your credit score is based on the following:

• payment history
• outstanding debt
• length of your credit history
• recent inquiries on your credit report
• types of credit in use

Some ways to save money:

• Clipping coupons and sending in rebates
• Using your senior citizens discounts everywhere you can
• Learn when stores have discounts and shop on those days
• Plan trips to save gas
• Save change

Things you need to have in place:

• A will
• A living will or medical directive
• Long-term care insurance
• A trusted financial advisor

Share your information with someone you trust. So many people work all their lives and much of what they accumulate goes to the government or lawyers simply because they have not put a proper plan in place. Vow not to let that happen to you.

You are now in an important phase of your life and you should enjoy it. Plenty of people miss their share of happiness, not because they never found it, but because they didn’t stop to enjoy it. Learn to enjoy every minute of your life. Be happy now. Don’t wait for something to happen in the future. The time you have now is precious. Every minute should be enjoyed and savored.