Friday, March 29, 2024

Evergreen Apartment Group from Delaware Provides Evergreen apHEARTments Guide to Creating a Budget: Seven Steps for Success to our Residents in Wilmington, Newark, New Castle, Bear, and Eltkon, Maryland.

Evergreen apHEARTments is a program created and directed by the Evergreen Apartment Group which focuses on our commitment and dedication to the community. The program reaches out not only to each individual Evergreen apartment community but it also extends into the larger outside communities where our properties are located. What drives this program is our commitment to resident care and support, civic duty, our desire to build long term relationships with our residents and the community at large and to enhance the communities where our properties are located.

apHEARTments FOR RESIDENTS

apHEARTments starts at home with our commitment and dedication to resident care and support. When you choose to rent at an Evergreen property, you will find a great home AND a wonderful community. Building that sense of community starts with you knowing that there is always someone there to lend a helping hand. By providing heartfelt resident care and support, Evergreen builds communities to call home. That is apHEARTments and that is living Evergreen. The information contained herein was prepared as a courtesy for our residents.

The information contained herein is not a substitute for a thorough due diligence investigation by any person obtaining or utilizing the information. Evergreen, its agents and the complexes it manages shall not be held liable for providing such information and make no warranty or representation as to whether the information provided is complete, accurate, current or applicable to anyone’s individual circumstances. Evergreen is not an agent for (with the exception of the apartment complexes it manages) any agency, governmental body, company or organization providing resources, goods, or services.

Live Well… Live EVERGREEN

Creating a Budget: 7 Steps to Success

You'd never set out on a cross-country road trip without consulting a map. And, likewise, you can't expect to reach your financial goals without developing a plan for spending and saving. Information provided in this booklet was obtained from bankrate.com 7 steps for a successful budget

1. Track spending for a month.

2. Put savings on autopilot.

3. Prioritize spending.

4. Use cash for daily spending.

5. Tackle credit card debt.

6. Build emergency savings account.

7. Live within your means.

Follow the money: Track Your Spending

The first step to developing a budget is to track your expenses for at least a month, using a checkbook ledger, a sticky note inside your wallet or a daily expense spread sheet. Be sure to record every purchase no matter how small, including ATM fees. Once you know where your money is going, you can make an educated decision about how best to allocate your money.

Many novice budgeters make the mistake of becoming too financially conservative, at least on paper. The No. 1 rule of setting budgets is to not cut all the fun out of your life. Inevitably, budgets that have no allowance for entertainment are doomed to fail.

Instead, learn to moderate. If you're eating out every night, and that's something you enjoy doing, try eating out once a week instead. It's not about cutting out everything that gives you joy in life. It's about better allocating your money.

Make Savings Contributions Automatically

Though every budget scenario is different, a good rule of thumb is to allocate at least 10 percent of your earnings toward savings, using direct deposit to pay yourself first. If you put that money aside before you even see it, you won't miss it. Direct deposit helps to put your savings on autopilot.

Short-term savings that you may need to access can be held in an interest-bearing savings account, six-month certificate of deposit or money market fund. Long-term savings, meanwhile, should be directed toward a tax-friendly retirement savings tool, such as an individual retirement account, or IRA, or 401(k).

Define Spending and Priorities

45 percent of your earnings should be earmarked for housing and utilities. If you're saving for something specific, such as a new car or your child's college education, you may want to set aside another 10 percent of your earnings into an interest-bearing account or a tax-favored 529 college savings plan.

Everything else– the remaining 35 percent– is discretionary, for use on food, transportation, entertainment, clothing, household purchases, etc. That's where priorities come in. While you can't have everything you want, you can direct your dollars toward things you want the most. Start by deciding what's most important to you, then cutting back on some of the things that aren't important.

Pay With Cash

Once you've determined how much to set aside for saving, spending and investing; it's time to make those numbers stick. The growing popularity of credit and debit cards makes it all too easy to overspend. With the exception of your rent, utilities, and car loan, most consumers should implement a strict policy of paying with cash for groceries, clothes, and nonessential items.

Try relying less on ATMs, especially those that charge a fee. Withdrawing a fixed amount of discretionary money at the beginning of the month forces you to make better spending choices. By spending cash you begin to get a better feeling for where your money is going and what your priorities really are.

Strategically Pay Down Expensive Debt

It is difficult to get ahead if you don't also implement a plan to pay down your debt. Interest payments made to credit cards not only cost you big, but also deny you the ability to apply that money toward savings or entertainment.

Conventional wisdom maintains that consumers with multiple credit card balances should tackle the card with the highest interest rate first, while continuing to make minimum payments on their other cards. Once the first card is paid off, focus on the next highest rate card.

The secret to paying off debt is to determine how much you can afford to send each month and make those payments consistently. It's important to keep sending the maximum amount you can afford to send. Some people make the mistake of reducing the amount they send when they see their payments going down.

Build a ‘Safety Net’

No matter what your debt situation, you should also begin saving for a rainy day. Financial planners recommend setting aside three- to six-months' worth of living expenses into an emergency fund, in case you or your spouse lose a job, fall ill or get hit with an unexpected bill.

The most painless way to save, of course, is to set aside any financial windfalls you receive, such as bonuses, tax refunds or yearly raises. You could also try saving your change or any $1 bills that find their way into your wallet.

Live Within Your Means

Learning to live within your means is a simple matter of spending less than you make. For most consumers, that means cutting back. It does not mean doing without. There are dozens of ways to reduce your monthly expenses without crimping your lifestyle.

Live within your means

• If you're paying multiple credit cards, consider rolling the balances over to a lower rate card, taking note of any introductory rates that may expire.

• Slash health-care costs by ordering generic medications through a mail-order pharmacy. If you're taking a medication regularly, you can save a lot of money using a mail-order service (always consult your physician and medical plans first).

• Depending on your family's needs and comfort zone, you can also save big by raising the deductibles on your insurance policies.

• Don't be afraid to play hardball. Many consumers today continue to pay more than they should for cable TV, Internet service and phone plans. By approaching your current providers with more competitive offers and a threat to switch teams, you can often significantly lower the rates you pay.

• It's equally important to pay your bills on time. Not only will you avoid late fees, but you'll keep your credit score clean, which rewards you with the best possible rates on future loans.

And above all else, stop trying to keep up with the Joneses. Your neighbors with the latest clothes and luxury gadgets may be drowning in debt, and while you may not sport the latest and greatest, you will be able to sleep at night. Being in control of your finances not only saves you money, but it also makes you a more financially secure person and family.

For more information about aptHEARTments resources for our Evergreen Apartment Group residents in Delaware and Maryland, please visit http://www.evergreenapartments.com/pages/evergreen-apheartments.html

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