• Take Control of Your Financial Future in the Month of April

• by krupp

April is Financial Literacy Month and there is no better time than now to take control of your financial future.

The current statistics are startling – according to a recent survey, more than 50 percent of working Americans have less than $1,000 saved for the future, and that percentage is growing.*

If you need help reaching your financial goals, these three tips can help you get started:

• Stop living paycheck to paycheck. Next time you’re paid, pay yourself first. Allocate at least 10 percent (or more) of your earnings into an emergency savings account. Eliminate all non-essentials until you’ve accrued at least three months worth of your salary.
• Pay off credit card debt. If you have credit card debt, you’ll want to move toward the habit of paying off all balances in full every month. Depending on your situation, you may have to pay down the debt until you have it paid off. A good way to do this is by using the debt stacking method where you make consistent payments on all your credit card debts and don’t accrue any new debt until you have all your debts paid off.
• Meet with a financial representative.** Contact a Primerica representative for a complimentary, confidential and customized Financial Needs Analysis that will help you identify your personalized financial goals. By working closely with one of our representatives, you’ll have the information you need to examine your current financial situation and form strategies to help you reach your goals.

**Primerica Representatives are independent contractors. Representatives are not licensed to sell all products in all states/provinces. Representatives may provide products and services only to individuals in those jurisdictions where they are licensed or approved. For more information, see Primerica’s Important Disclosures.

Life-licensed Primerica representatives are agents of certain affiliated Primerica Companies. In New York, term life insurance products are underwritten by National Benefit Life Insurance Company, Home Office: Long Island City, New York. In the United States (except in New York), term life insurance products are underwritten by Primerica Life Insurance Company, Executive Offices: Duluth, Georgia. In Canada, term life insurance products and Common Sense Funds segregated fund products are underwritten by Primerica Life Insurance Company of Canada, Head Office: Mississauga, Ontario.

In the U.S., securities are offered exclusively by PFS Investments Inc. In Canada, mutual funds are offered exclusively by PFSL Investments Canada Ltd, mutual fund dealer. Representatives not licensed with these entities cannot sell to you, or discuss with you, any securities or investment products. Primerica Home Office Address: 1 Primerica Parkway, Duluth, GA 30099. Canadian Head Office Address: 2000 Argentia Rd., Suite 300, Plaza V, Mississauga, Ontario L5N 2R7.

Advisory services offered through Primerica Advisors, which is the trade name under which PFS Investments Inc. conducts its investment advisory business.

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*GoBankingRates.com, “More Than Half of Americans Have Less Than $1,000 in Savings in 2017,” September 12, 2017

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• Are You Putting Your Tax Savings to Work for Your Future?

• by Kenzie Winn

You work hard for your money and look forward to payday… Who doesn’t? But over the past few months, you may have noticed your paycheck has increased – and not because of a promotion or extra hours worked.

 

It’s possible you have gotten a little extra income lately thanks to Congress’s new tax law changes. It’s estimated around 90% of workers saw an increase in their take-home pay.^*

 

With a little more money at your disposal, it’s easy to let this ‘found’ money dissolve into your budget or get eaten up by unimportant expenses. But you have an opportunity to do something important with it…

 

Don’t miss the chance to put this income to work FOR YOU. Somewhere it will make a BIG impact, like protecting your family, saving for your future, or even starting a business.

 

Are you putting your tax savings to work for your future? YOU are in charge of your financial future, so it’s up to YOU to seize this opportunity.

 

* Marketwatch.com, “Mnuchin says 90% of workers will get more take-home pay under withholding change,” January 11, 2018

Primerica Representatives are independent contractors. Representatives are not licensed to sell all products in all states/provinces. Representatives may provide products and services only to individuals in those jurisdictions where they are licensed or approved.

Life-licensed Primerica representatives are agents of certain affiliated Primerica Companies. In New York, term life insurance products are underwritten by National Benefit Life Insurance Company, Home Office: Long Island City, New York. In the United States (except in New York), term life insurance products are underwritten by Primerica Life Insurance Company, Executive Offices: Duluth, Georgia.

In the U.S., securities are offered exclusively by PFS Investments Inc. Advisory services offered through Primerica Advisors, which is the trade name under which PFS Investments Inc. conducts its investment advisory business.

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• How to Cover College Costs

• by krupp

Without Going Broke, Cashing in Your Retirement Savings or Co-Signing Loans

Let’s face it – college is expensive. And if you’re worried about funding your child’s college education, you’re not alone. You’re actually joining 70% of parents when asked about their biggest financial worry.¹ Here are four tips on how to cover college costs:

• Plan Ahead – Start Saving Early

Start saving for college while your little one is still little and you likely won’t have to consider withdrawing from your own retirement fund when he or she is graduating from high school. For example, a family that starts saving $10 a week at birth at 4% interest will accumulate $12,663.44 by the time the child turns 17 and enrolls in college.² Have a child already and haven’t started yet? Not to worry. Now is better than tomorrow.

• Look For and Apply For Scholarships, Grants

Encourage your child to apply for grants and scholarship funds to help keep tuition costs down – you won’t believe how much “free” money there is out there today for high school seniors applying for college! Check out all the free sources of information available about grants and scholarships.

• Encourage Your Child to Work Part-Time

Once scholarship and grant money is applied, and beyond what your savings doesn’t cover, encourage your child to get a part-time job to help offset education costs. Considering that only half of U.S. hiring managers feel that today’s new graduates are well prepared for the professional world, a part-time job can both build character and offset the need for student loans.³

• Encourage Your Child to Apply for Financial Aid

Beyond personal savings, scholarships and grants, and what expenses your child can cover on their own, applying for a student loan to cover other outstanding costs is an option. Borrowing money for college can be a smart idea if your child can get a low interest federal loan.

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1 Money.Time.com, “Honey, Who’s Going to Pay for College?,” October 12, 2016

2 Finaid.org, “Savings Goals: When To Start Saving,” viewed June 12, 2017

3 USAToday.com, “Weigh Whether to Work During College,” January 11, 2017

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Posted in Community, Tips, Wallet Wellness |

• Shop Smart When You Go Back to School

• by krupp

People are spending substantially more this year than last year on back-to-school shopping, and if you’re a parent with school-aged children, you’re probably bracing for the dent in your wallet right about now. In the U.S., families are projected to spend an estimated $83.6 billion (a 10 percent increase from last year), according to the National Retail Foundation’s annual survey — that’s on average $687.72 per child in elementary through high school and $969.88 per child in college.*

Don’t want to be average? Set some guidelines for tackling those back-to-school expenses:

Contact the school/teacher
From books to backpacks to electronics, school supplies can get very expensive. Your first step to finding out what is absolutely necessary to send your child back to school is to contact your child’s school or teacher and obtain a supply list. You can also look on the school’s website to see if a school supply list is posted. If your school does not have a uniform policy, it would be wise to check the student handbook and be aware of what type of clothing/shoes may be off-limits.

Set a budget and stick to it – and plan for unexpected extras
Depending on your family size and how much money you make, this is a no-brainer. Remember back-to-school supplies won’t be your only expense for the entire school year, so you’ll want to save money where you can. There will be more unplanned expenses throughout the school year you’ll need and want to meet, like fundraisers and school trips. And don’t forget about extra curriculars, sports and clubs.

Make a list
Sit down with your child and make a list of what he or she needs and use the opportunity to teach them money lessons and how to be wise about spending and saving. Are there any school supplies left over from last year that can be reused? Can you purchase used electronics or textbooks instead of buying them brand new? Keep your eye out for good sales and discounts and check them off your list. Shop online and take advantage of deeper discounts and free shipping. Make these activities teachable moments while involving your child in the process. It’s a great way to improve their financial literacy and can pay off big time in the long run.

*National Retail Foundation (nrf.com), “Back-to-School and Back-to-College Spending to Reach $83.6 Billion,” July 13, 2017

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• Are You on Track to Reach Your Financial Goals?

• by krupp

Making a New Year’s resolution is a fun way to positively change your life, whether it’s getting organized, losing weight or saving money. But according to research, approximately 80% of resolutions fail by the second week of February.¹ Now that April is underway, it’s a good time to assess your progress and think about your game plan moving forward.

If you vowed to get your finances in order in 2017, you’re not alone. In fact, one of the top New Year’s resolutions each year is to spend less and save more.² While saving money may seem easy at first – as the months go by, you may notice your resolve begins to fade. Here are two tips to stay on track:

• Reevaluate your approach to saving money. You may find that what worked for someone in the past may not work for you. If you notice you’ve been slipping … get back up and reconsider your approach! Your map toward success should not be set in stone, but rather adjustable according to your circumstances. Resiliency is vital – especially during these first few months!
• Measuring your progress is paramount. Not only does it serve as a source of motivation, but also it calls for reflection. Seeing how much money you’ve saved over time is a reminder of your hard work and dedication. It also indicates if you’re hitting a peak or falling backward, so that you can adjust your efforts accordingly. Tracking your growth each month will increase your odds of success and not to mention – if you don’t measure your finances, you can’t spot change!

As 2017 unfolds, celebrate your victories, but be compassionate when you slip up. You don’t have to wait for a New Year to start again … tomorrow’s a new day!

1. Businessinsider.com, “80% of New Year’s Resolutions Fail by February — Here’s How to Keep Yours,” January 3, 2017
2. Time.com, “8 Clever Money-Saving Tricks to Try This Year,” January 1, 2017

 

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