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Financial Management Tips-The 60 Percent Solution
January 27, 2009
One of the most important tips for preventing and overcoming debt is tracking your entire income and outgoing payments. Track your expenses for a month and look back at old credit card statements and checkbooks. A simple rule to follow when creating a budget is to abide by the "60 Percent Solution."
This concept states that your essential spending; such as taxes, food, shelter, and clothing, comes from the first 60 percent of your total pretax income. The rest should be devoted to long-term and short-term savings and "fun money."
If you log in to Online Banking and make most payments with a Visa® Check Card or a credit card, this step is even easier. All of your transactions will be logged automatically, and you can even view your monthly statements right from your computer.
To sign up for eStatements, log in to Online Banking and scroll over "Online Services". Then, click on "eStatements" to get started.
