Center for FInancial Health- Quarterly Newsletter

News from Center for Financial Health

Hello, 2016!  The first of the year always brings the promise of new beginnings coupled with the desire for self-improvement.  Whether your goals are to get fit physically or financially, it pays to have a support system in place to help hold you accountable throughout the year. In fact, studies show we are more likely to complete tasks when monitored by someone else than by doing it alone.  As a non-profit organization, the Center for Financial Health is able to offer support in the areas of housing and financial education for little or no cost to clients. Our counselors and trainers are experts in their fields. Transforming bad financial habits isn't necessarily easy or quick, nor is it always simple, but it is possible with the right tools and support systems. The Center's team is ready to help you build the support team you need so you can make 2016 the best financial year yet!  

 


We have mail, from a client!

Center for Financial Health is changing lives in our community. One of our clients recently shared his exciting achievements, including a home purchase.  After attending Home Buyer Education and meeting with a housing counselor, Kent achieved:
  • A PITI mortgage payment of $420 per month
  • Increased his income after finding part-time work
  • Created a household budget that is easy to follow
  • Took advantage of the Consumers Energy "Appliance Protection Program" to save on repair costs
  • Started a savings plan and continues to grow his reserves
How to get financially fit in 2016

The second most common New Year's Resolution each year is getting your financial health in order.  We recommend you take advantage of the first month of the year when your mailbox will be filled with financial information such as your W2 forms and other income documents, bank statements and even credit card statements showing an analysis of where you spent all of your money. Take time to perform these three important financial tasks to ensure your financial health in 2016:
  1. Establish a budget and a spending plan.  Review bank and credit card statements to identify spending leaks and then put a strategic plan in place that will help you cut expenses, reduce debt and grow savings.
  2. Evaluate emergency reserves.  The rule of thumb is to have 6 months of your annual income in reserves, but realistically this is not possible for many people. To jump start your savings, begin with a $1,000 emergency savings fund. An emergency savings fund will help you if you miss a few days of work because you're sick and you don't have sick time, get a speeding ticket, have an accident or need a car repair. Each of these circumstances can force you to reach out to a credit card to serve as your emergency reserve. Let's try hard this year to strategically build an emergency fund so that you can avoid credit card debt and have a backup emergency fund in place.
  3. Organize your tax paperwork.  Prepare your important tax information so that you can quickly file your income tax return as soon as possible to ensure if you get a tax refund, you can strategically fund cash reserves. We recommend you resist the urge to splurge, as many people do when they receive their tax refund. Be disciplined and think about the importance of having a cash reserve and the peace of mind that if may bring to you and your family.    
How will you begin or continue your journey toward financial health? Make a financial date with yourself to conduct a financial checkup and consider joining our 90 Day Money Challenge which begins Jan. 19 at 6 p.m and continues every Tuesday evening through March.


Visit our video library for more financial tips here.
Upcoming Events

 

90 Day Money Challenge -

 Tuesdays from 6-7:30pm through March 8th

 

Home Buyer Education

     January 23rd - 9:30am - 4pm

    February 13th - 9:30am - 4pm

    March 5th - 9:30am - 4pm

 

 

Register online here.
Center for Financial Health inspires a lifelong commitment to financial wellness by providing tools and resources for people to make empowered decisions about money and housing.  As a nonprofit, the Center provides housing and financial counseling to raise awareness and improve access to safe, affordable and sustainable housing.
Center for Financial Health  
3815 W. St. Joseph St. Lansing, MI 48917 | 517-708-2874 

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