Achieve Perfect 20/20 Financial Vision in 2010
GreenPath focuses in on 11 ways to a financially successful New Year!

GreenPath Debt Solutions is setting its sights on the New Year. Yes, it’s time to peer at the financial eye chart on the wall for 2010. While the New Year may look a bit blurry at the moment, now is the opportune time to get your finances into focus!

Counselors at GreenPath have compiled the top eleven ways (everyone likes a bonus!) to attain perfect 20/20 financial vision in 2010.

1. Hold a financial conference with the family. Present a “state of the household” speech where you review your current budget and make any necessary adjustments. Hold people accountable for specific changes that are required to balance the budget or establish a savings goal. 
   
2. Post your budget goals for the year. Include goals that will motivate you to achieve them – vacation, retirement, house, car, etc. Post a picture of this goal (i.e. on your refrigerator where everyone goes daily). Treat yourself to something small every month you reach your goal. 
   
3. Start paying off credit cards. Once you have established a balanced budget with a savings plan for emergencies, work on those credit cards. If you are already on a debt management plan with GreenPath, you are well on your way! If not, here are some helpful tips:
   
   a. If you have trouble with interest charges each month, call your creditors and request interest decreases. If they deny you, ask them what you need to do before you can get one. Document who you speak with along with the date and time.
   
   b. Pay it down! Review a list of all of your creditors to determine balances and interest rates. Determine a plan of attack (some people start with smaller balances and eliminate cards; others send the most to the highest interest cards).
   
   c. Set the payments you determine for each card into a bill pay service through your bank. Some banks eliminate monthly banking fees if you choose direct deposit and/or use their Internet banking features.
   
   d. If you have trouble controlling spending, take all of the cards and lock them in a safe place. Out of sight means out of mind.
   
4. Determine a baseline in your checking account. This should be your zero point (e.g. account never goes below $200). You’ve just created your own overdraft account! 
   
5. Many banks and/or credit cards offer cash back or miles programs. Using these cards within your budget, and paying them off immediately, can get you a good chunk of change by the end of the year and can even help you achieve a vacation goal. 
   
6. Don’t forget the pets! Many pet stores offer coupons and other incentives by signing up for their discount card. Scan the aisles for deals. Ask your veterinarian if there is a less expensive food for Fido that still provides good nutrition. Some companies even offer pet insurance as a perk! 
   
7. Visit or re-visit your retirement goals. Start saving now for retirement. If your employer offers sponsored programs that can match or have established savings vehicles, use them. Ask yourself how much it will take to retire and calculate this based on current savings and years left as a viable employee (differences based on industry). 
   
8. Find a way to track your expenses. Save receipts throughout your day (ask for these whenever you spend). Make this activity a part of something else you do daily already. For example, before or after writing in a journal or putting your kids to bed, review where your money went that day. 
   
9. Go to the IRS website (www.irs.gov) and read up on all of the new initiatives to put more money in your pocket.
   
10. Seek help. If you cannot take some of these actions on your own or you are feeling overwhelmed, contact a GreenPath financial counselor who will help you answer your questions and assist you in developing a financial “action plan” for free. 
    
11. Share your story. If you do any of these and see your financial future come into focus, share your story and educate those around you.

For more information, contact GreenPath Debt Solutions at (866) 648-8122 or log on to  www.greenpath.com. 

Know Your Money Personality

If you feel like your spending is out of control, or you feel insecure about your job and the economic outlook, January is a good time to ask yourself why you spend money the way you do.

Many forces impact the development of what is known as your money personality. Purchases are made to fulfill desires and to provide satisfaction. We are also influenced by advertising, media, society, friends, family, and easy credit. In addition, shopping has become an “experience” to enjoy with so many affordable goods available at a store or online.

One way to determine your money personality is to identify your attitudes about money. Where do you fit? 

• Hoarder – The hoarder likes to save, budget, and prioritize 
• Spender – The spender likes to spend 
• Planner – The planner is the nitty-gritty, take-it-one-step-at-a-time type 
• Dreamer – The dreamer hatches passionate schemes, but has no idea how to make them come true. 
• Merger – The merger wants to pull all of the couple’s money together 
• Separatist – The separatist wants at least some of his/her own money 
• Risk-taker – The risk-taker loves adventurous investing 
• Risk-avoider – The risk-avoider goes for the sure thing

You might find that your approach to money includes more than one profile. Take some time to know yourself and your spouse better. For instance, if you know you are a spender, and your spouse is a planner, you might want to let your spouse manage the finances. If your spouse is a separatist and you are a merger, you may be more likely to argue over money that is “ours” versus “yours.”

When you understand your money personality and attitudes toward money, you can make adjustments and changes as needed to help you set and achieve your financial goals for 2010.

$mart Money Choices Equal a Brighter Future
GreenPath offers a fun way for children to learn the importance of personal finance, budgeting and saving!

The National Foundation for Credit Counseling (NFCC) is sponsoring the 2010 Be Money Wi$e National Financial Literacy Poster Contest. The contest is being offered as a way to educate and build awareness with our young people on sound money management and financial responsibility. The contest also provides a creative outlet for students to express themselves. The theme for the 2010 contest is “$mart Money Choices = A Brighter Future.”

As a member of the NFCC, GreenPath Debt Solutions is hosting the contest in your community.

Students in grades 3-12 are eligible to enter with local and national winners to be chosen from three grade categories (3-5, 6-8 and 9-12). Entries will be judged on expression of the theme, artistic style, and creativity. Posters must be submitted to GreenPath no later than February 15, 2010.

GreenPath will award the winners in each grade category with a $100 savings bond and a $50 Barnes & Noble gift card. One runner-up in each grade category will receive a $25 Barnes & Noble gift card. Local winning grade category entries will be submitted to the NFCC as national finalists.

The national overall contest winner wins an all-expense paid trip to Washington, DC with a parent or guardian and will be given official recognition in April as part of Financial Literacy Month on Capitol Hill.

To become involved, visit www.MoneyWisePosterContest.org, to find more detailed information, including contest rules, entry forms, and where to submit poster entries. You may also contact Kristine Schultz at kschultz@greenpath.com with questions.

Happy Poster Making!