Additional Healthy Financial Habits to Adopt

financial health

Additional Healthy Financial Habits to Adopt

Last week, we gave you six habits to adopt for healthy finances. This week, we want to give you some more habits to consider incorporating into your life to strengthen your financial situation. Adopting just a few of these good habits could lead to a better financial future overall.

 

1. Set up Automatic Savings

If you have not set up automatic deposits to your savings, you should do so. Putting money in savings is crucial. To avoid having it slip your mind, opt to have it done automatically.

 

2. Organize Financial Records

Knowing where all of your important financial records are is important. You don’t want to be scrambling around when you need them for something. Keeping them organized will help save you frustration in the future.

 

3. Save More Than 10%

Putting 10% of your paycheck into savings is a rule of thumb for many people. Think about saving more than just 10% from your paychecks if you are able to. This gives you a little more cushion financially and can help you reach your goals quicker.

 

4. Record Everything you Buy

If you struggle with impulsive purchases, consider taking a week or so to do a financial diary. Write down all of your purchases day by day. Writing down every single item you purchase in a day will make you re-think what you should and shouldn’t be spending your money on. Even though your bank account keeps track of transactions, making an itemized list is more likely to make an impact.

 

5. Make a List And Stick to it

Take the time to think of what you need from the store and do not stray from that list while shopping. Impulse spending is much more likely to happen when you do not shop with a list.

 

6. Read a Financial Book

Many experts in the financial field have written books full of guidance on how to be smart with your money. Reading one of the many available financial advice books in your spare time can prove to be very beneficial. Author Dave Ramsey is a popular financial radio host and is also considered America’s trusted voice on money. His 2003 book, Total Money Makeover: A Proven Plan for Financial Fitness, is a New York Times Best Seller.

 

Keep in mind these are not always a good fit for everyone. Assess your own financial situation and see which could potentially benefit you. If you need guidance, consult your loan officer or financial planner before making any changes.

 

Our Mission Statement

Our mission is to be the home financing partner that you trust to serve your family, friends, and community. Through our family of dedicated mortgage professionals, our commitment is to deliver an exceptional experience. Our unwavering dedication to integrity, honesty, and ethics is the foundation of all of our relationships.

About Inlanta Mortgage

Headquartered in Brookfield, Wisconsin, Inlanta Mortgage is a growing mortgage banking firm committed to quality mortgage lending, ethical operations and strong customer service.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac and Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs.

Inlanta Mortgage was recently named a Top Workplace for a third time in 2015. Inlanta has also received the Platinum Million Dollar USDA Lender Award and has been recognized as a Top Mortgage Employer by National Mortgage Professional and a Top 100 Mortgage Banking Company and 100 Best Mortgage Companies to Work For by Mortgage Executive Magazine.

Inlanta Mortgage, Inc. NMLS #1016.

Healthy Financial Habits to Adopt

 Financial Habits

Healthy Financial Habits to Adopt

 

The Power of Habit by Charles Duhigg explains that a habit loop consists of a cue, routine, and reward. For a habit to be formed, this loop gets repeated over and over again for the same action until it eventually becomes subconscious, or a habit to us. It is made clear that a habit cannot be erased completely, but rather covered up by another one. Utilizing this information can help you adopt financially responsible habits through repetition and realizing the ultimate reward.

 

1. Set Goals

Whether it’s paying off loans, owning a home, saving up for a renovation, or affording a vacation, set goals for yourself, review them often, and share them with family and/or friends. This will help you be held more accountable for those goals and least likely to give up.

 

2. Check Your Balances

Try to incorporate time to check your bank account balances every day. Assess how close you are to your financial goals and make sure you are on track to achieving them.

 

3. Pay Bills Ahead of Time

Scheduling a payment is a good feature to utilize if you do not want to commit to automatic payments. Take time to schedule your bill payments ahead of the due date.

 

4. Shop Without Your Credit Card

Credit is always a good thing to have but should be used very responsibly. Next time you go shopping, leave the credit card at home to avoid getting carried away.

 

5. Pay More Than Just the Minimum

If you are able to do so, paying more than the minimum payment amount on your credit card bill gets you to financial relief much quicker. Better financial habits will more than likely follow suit the closer you get to being debt free.

 

6. Replenish Emergency Fund Frequently

An emergency fund is useful for things such as job loss, health expenses, car problems, unexpected travel, and more. If you do not have an emergency fund yet, you should start one today and keep it well funded. Preparing for the unexpected will save you from stress later on.

 

This is post is the first in a two-part series about healthy financial habits. Check out our post next week for additional tips on healthy finances.

 

Our Mission Statement

Our mission is to be the home financing partner that you trust to serve your family, friends, and community. Through our family of dedicated mortgage professionals, our commitment is to deliver an exceptional experience. Our unwavering dedication to integrity, honesty, and ethics is the foundation of all of our relationships.

About Inlanta Mortgage

Headquartered in Brookfield, Wisconsin, Inlanta Mortgage is a growing mortgage banking firm committed to quality mortgage lending, ethical operations and strong customer service.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac and Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs.

Inlanta Mortgage was recently named a Top Workplace for a third time in 2015. Inlanta has also received the Platinum Million Dollar USDA Lender Award and has been recognized as a Top Mortgage Employer by National Mortgage Professional and a Top 100 Mortgage Banking Company and 100 Best Mortgage Companies to Work For by Mortgage Executive Magazine.

Inlanta Mortgage, Inc. NMLS #1016.

Financial Fitness – Begins with Our Youth

Financial Fitness 101

Inlanta Mortgage is delighted to announce it is partnering with Make a Difference – Wisconsin and other local organizations to provide personal finance training to Waukesha area high school students at the Seventh Annual Financial Fitness 101 Event.

Financial Fitness 101 Event organizers are expecting 350 students to participate in this one-day event on March 15 at Waukesha County Technical College. The event is an exciting way for students to learn about personal accounting, financial responsibility, and life choices while interacting with volunteer business professionals in the Waukesha area. Inlanta Mortgage loan officers will help students understand the mortgage process and responsibilities. Other stations students will rotate through include car dealers, credit card services, and day care providers.

“The ability to make critical financial decisions, manage money, and use credit effectively are lessons we owe to our youth,” said Inlanta Mortgage CFO, John L. Watry. “We are proud to be a part Financial Fitness 101. It is all of our responsibility as parents, educators, and a community to make sure our young people begin their adult lives with the financial literacy necessary for them to succeed.”

At this year’s Financial Fitness 101 Event, Inlanta Mortgage President Nicholas DelTorto and Loan Officers Tia MacNerland, Michele Fritz, Patricia Napgezek and Harold Bloch will be helping the students understand their home financing options.

Inlanta Mortgage loan officer Patricia Napgezek recently participated in the Reality Store Program at Oconomowoc High School. The Reality Store Program is similar to Financial Fitness 101 in that it also walks students through decisions that will affect their personal finances. At the Reality Store, Napgezek calculated each student’s debt-to-income ratios and helped them determine if they had enough money left after college loans and auto payments to purchase a home. The overall simulation was very realistic.

Inlanta Mortgage is proudly celebrating twenty years in business. Learn more about Inlanta’s twenty year history here.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS #1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.