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Jamie Letcher
VP, Wealth Management
Summit Financial Advisors
Located at Summit Credit Union
401 S. Yellowstone Drive
Madison, WI 53719
Phone: 608-271-1012
Email: james.letcher@lpl.com
November/December 2023
Adopt Healthy Money Habits
Your relationship with money may have its roots in your childhood. How your family handled their finances can affect your attitude toward spending and saving as an adult.
If your family saved responsibly for the things they wanted to buy, chances are good that you will, too. But, if your family squandered money and never saved, their bad money habits may be influencing how you handle your finances. Make sure you’re practicing good money habits like the ones below.
Examine Your Spending Habits
Buying small items, such as coffee and a bagel, every day on your way to work can add up to a substantial amount over time. Write down everything you buy over one or two weeks to find out how much you’re spending. You might be surprised at the total. You can adjust your spending habits once you see where your money is going.Live Within Your Income
Paying with cash means you’ll be able to spend only as much money as you have on hand. If you use a credit card, make sure you can pay off the balance when the bill comes.Pay Yourself
Treat your savings as a bill by putting money in your account every month before you pay anyone else. As your income rises, increase the amount you’re saving.Follow a Spending Plan
Build a monthly budget based on your income and expenses. Remember to account for items you pay yearly, such as insurance or homeowner association.478298
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