Where Does Your Money Go?

Updated 12 months ago

Do you keep track of how and why your money is spent? Many people who have money troubles do not really have a clear picture of how money is spent. Here are some questions to ask yourself: 1.) What interest rate are you paying on debt? What interest rate are you paying on school loans, credit cards, car loans or the mortgage? You need to know these numbers to be connected to your money.2.) How much do you spend on snacks, etc.? I met with a man this week who said ‘it’s amazing how much money get spent on things like coffee and your morning bagel at Starbucks.’ Exactly! How much are you spending per week for snacks, lunch and coffee per week?3.) What’s the first thing you do w/ paycheck? Do you spend as the first action or is money automatically coming out for retirement, emergency savings accounts and maybe a another account for bills? It’s those automatic actions that make savings grow.4.) How do you make purchases?- Do you save for vacations, household appliances and other larger purchases? Do you spend more than you have because a local store is going out of business or having a great sale?5.) How do you feel when you think about $ ? How do you feel when you think about YOUR finances? Do you feel in control? Do you feel hopeless or desperate?Be strong, be a grow-up, understand your money!Marion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out our website that includes weekly streaming videosWWW.NorumbegaFinancial.com Voted Bangor’s Best Financial Planning Firm 2009 by Market Surveys of AmericaIn compliance with requirements from FINRA, all e-mail sent via the WSFG domain will be subject to review and archiving by Wall Street Financial Group, Inc. Email management, archiving & monitoring technology powered by Smarsh, Inc. Disclaimer:Only securities and advisory services offered through Wall Street Financial Group, Inc. Registered Investment Advisor. Member FINRA/SIPC. Norumbega Financial and Wall Street Financial Group, Inc., are separate entities, independently owned and operated.


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