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Real Simple Financial Planning

Posted by: Lisa Nichols | Mar 10,2008

Real Simple magazine tackles readers’ financial worries in this month’s issue. The magazine polled readers to learn more about their financial concerns, and then set up action plans to help ease money woes. Some of the top financial planning tips from the magazine that works to make everything, including money management, easy:

 

Spending too Much Money a Major Financial Concern

 

Not surprisingly, Real Simple readers pointed to “spending too much money” as their number one financial concern. The magazine points out that the mind releases dopamine, the same chemical that scientists relate to the good feelings associated with chocolate and sex, during shopping trips. Spending too much money is also a result of poor planning, and not enough time to devote to simple actions that can save money, like cooking at home instead of dining out in a restaurant. The magazine recommends changing habits, like steering clear of favorite stores, to avoid spending too much money in the short term. Long term solutions include finding “other” ways to get happy besides shopping.

 

Saving Too Little another Financial Planning Hindrance

 

Americans are saving less money than ever, according to Real Simple. Tips to save money include signing up for a 401(k) plan and asking the bank to automatically transfer money to a savings account each month. Long-term money saving tips include investing money that’s currently resting in a savings account in a mutual fund to earn higher interest rates and to enjoy the added flexibility of investing money in a variety of mutual funds.

Money Woes from Paying too much at the Gas Pump  

Money woes abound among Real Simple readers from paying too much money at the gas pump. Gas prices have popped up at an increasingly steep rate, with most people paying more than $3 a gallon. Real Simple recommends comparing gas prices online and keeping up on auto maintenance to save money on gas.

 

A gas rewards credit card can also make saving money at the gas pump easier. A gas rewards credit card provides cash back every time it’s used to buy gas, or provides rewards like discounts and gift certificates to use at your favorite places to shop. Compare and apply for gas rewards credit cards online.

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