Women Today

Branch manager JoAnn Burgett of Darboy's Citizens Bank offers this week's financial tip.

Are you looking for ways to manage your money and ways to achieve your financial goals? Here are four simple steps that can help you get started and stay on track to financial success.

• First, if you haven't already, identify and write down your financial goals. Whether its saving to send your kids to college, buying a new car, saving for a down payment on a house, going on vacation, paying off credit card debt or planning for retirement, make sure you put your goals in writing so you can refer back to what you are working toward.

• Next, break each goal into several categories. Determine what you can achieve in the next couple of months, in the next year and in the next five years. This is a great way to motivate yourself to get started and by breaking each goal down into smaller steps it provides you with the chance to succeed multiple times and can make the process of reaching your ultimate goal that much easier.

• Third, take the time to educate yourself and do your research. Read books and magazines about money, investing, etc. or surf the web.

• Lastly, consistently evaluate your progress on a monthly, quarterly, or at any other interval you feel comfortable with to determine if you're on the right track to reaching your goals. If your progress is not exactly where you want it to be on a particular goal, re-evaluate your approach and make the necessary adjustments.

These are just some of the things that you can do when beginning your financial goal setting. While goals are subject to change, planning ahead will enable you to stick to your overall goals and maintain a focus.

Branch manager JoAnn Burgett of Darboy's Citizens Bank offers this week's financial tip.

The Basics of Credit Scores: Many people would agree that having a good credit score is important. But knowing your credit score, what it means and how the financial decisions you make influence it can provide you with more control over your financial future. Credit scores influence interest rates on credit cards and loans and if you can even qualify for a loan. Additionally, it can also impact major purchases such as buying a car or a home. You don't always know ahead of time when your credit score will be a factor but, if you need to borrow money, you'll want to be prepared. Therefore, it's important to know your credit score and how your decisions impact it.

Let's start with the very basics:

• What is a credit score? A credit score is a number that typically ranges from 300 to 850 and provides lenders with a snapshot of how you've handled your financial decisions and credit in the past.

• Why is it important to have a high credit score? Lenders look at credit scores as a part of the process to determine whether to grant a loan or not. For example, lenders look at scores when deciding whether to change the interest rate or credit limit on a credit card. The higher your credit score, the more likely you are to be approved for a loan and at a lower interest rate.

• How can I find out what my score is? Utilize a free on-line service, such as www.annualcreditreport.com to order your credit report and view your score on a yearly basis. Remember, the higher your score, the better.

• How can I raise my score? Make sure you make payments on time on all loans and credit cards and pay more than the minimum balance whenever possible. Limit the number of open accounts you have that aren't in use, which means turning down credit card offers at your favorite retailers just to save 10-15 percent.

• How can I protect my credit score? To protect your score, be very cautious when giving out your social security number, phone number, date of birth or credit card information. Make sure you shred any documents received that contain any personal information. Finally, check your credit report frequently. If anything looks suspicious, call the lender immediately.

There's no time like the present to learn more about your credit score by ordering your credit report and working to improve and protect your score. Get into the habit of reviewing your credit report and credit score to monitor your progress.

Branch manager JoAnn Burgett of Darboy's Citizens Bank offers this week's financial tip.

- Summer Splurging: A co-worker is having a cookout to test out their new grill. One of your family members just bought a new boat. Your neighbors are sending their kids to summer camp or your friend just landscaped their entire yard. Sound familiar?

During the summer when we hear stories like this, it's very easy to forget that people who are making bigger purchases either took the time to budget and save, or are falling further into debt. When we don't keep these things in mind, we start to feel bad about what we have and, all too often, we impulse buy in an effort to keep up with our peers.

The problem with trying to keep up with neighbors' or friends' summertime purchases is that it's an addictive habit. Think about it. Your friend buys a jet ski, so you do. You feel satisfied at the moment but then you find out a week later they've bought a new boat. Now you feel as if you need a boat. If you aren't careful, your purchases can spiral out of control and before you know it, your savings may be gone or you're increasing your debt.

Fortunately, there are ways to avoid falling into this summertime trap. To do so, consider the following:

• Determine the difference between wants and needs – People often fall into the trap of impulse buying because they haven't thought about the difference between a want and a need. If not having landscaping is starting to negatively impact your house, then landscape work may be a need. However, installing a fountain and an irrigation system in your yard is a want. Before making any purchase ask yourself, "Do I really need this or do I just want this?"

• Set financial goals – For most of us, having everything you want isn't financially possible. By saving, working toward a purchase and paying for it all at once is not only financially responsible but will make you feel better about your purchase.

• Establish a savings account – By building up a savings, you can stay on track with your financial goals and avoid falling further into debt. To reach your savings goal, try living below your budget.

• Create a budget and remember upcoming expenses – Determine how much money you earn each month and how much your monthly expenses are. From the remaining funds, reserve some money for savings and then let yourself have some fun. Developing a budget with a little room for nonessentials is key but, if your goals aren't being met, it's time to adjust your spending habits and current budget. Also, don't forget to add into your budget any upcoming expenses as this could affect how much you're able to save for a non-essential purchase.

Remember, the next time you see a friend with a brand new boat, before immediately ordering one, ask yourself, "Do I really need this, can I pay for this while still meeting my goals and am I staying within my budget?"

Branch manager JoAnn Burgett of Darboy's Citizens Bank offers this week's financial tip.

– If you've visited a retailer in the past couple of weeks I'm sure you've noticed that "back-to-school" items are the focus. Parents with students know this time of year can be tough on budgets and trying on patience when children offer their input on clothes and supplies. Because children will want to help with back-to-school shopping and they often don't understand finances, this is the perfect opportunity to teach children valuable financial lessons including:

• The difference between a want and a need – Children often think everything they want for school is a need. Help them understand that while basic school supplies such as pencils and erasers are a need, a new wardrobe or more expensive name brand items are a want.

• The importance of staying within a budget – Explain to your child the amount that you can afford to spend on back-to-school items. Then, during your shopping trip, help them add up what items are costing so they can see how much money they have left in their budget. If they are quickly reaching their spending amount, teach them ways to save.

• Looking for ways to save – Help them learn how to comparison shop by visiting multiple stores. Look through school supplies from last year and see what can be used again. Let them know that by getting the bare essentials now and waiting a few weeks after school has started to get the remaining items, they can save a bundle since retailers offer discounts after school has started. Finally, help them to understand that money can be saved by avoiding name brand items.

• The benefits of savings – Help your child understand that from the amount that is saved during your shopping trip, they can put that towards a more expensive item that may be a want instead of a need. Also, give your child the option to put the money saved into a savings account to keep for a later time.

• The importance of planning ahead for next year – Talk about the importance of planning ahead for next year's back-to-school shopping. Explain that you may be able to save money by shopping for school items throughout the year, rather than waiting until just before the start of the new school year. Also, consider opening a savings account that is reserved for back-to-school expenses so your child can understand the value of savings and the benefits of putting away a little money each month.

Even though your school shopping trips may take a little more time, it will be worth it as your children learn valuable life-long lessons about planning and saving.

Branch manager JoAnn Burgett of Darboy's Citizens Bank offers this week's financial tip.

Summer is in full swing and, while students might not be thinking about heading back to school in a few weeks, parents should be preparing their back to school budget. With the current economic environment, shopping for school supplies and clothes may place a financial strain on many families. Here are a few tips to help you complete your back to school shopping without breaking your budget:

• Make a list- Shopping without a list is one of the easiest ways to buy things that you do not need. Know what your needs are and how much you can afford to spend before hitting the stores.

• Take inventory- Before heading to the store, you should first take an inventory of what items on your list you already have at home from the previous school year. Many of these items can be reused for the upcoming year such as backpacks, lunch boxes, rulers, scissors, etc.

• Set a budget and stick to it- Once you have determined what you must purchase, set and stick to a budget that will not place additional strain on your finances. Determining how much money is available to spend before you head to the store will help you stay on budget.

• Shop the deals- You can save money by doing your research before you leave home. Find out which stores have sales. You can also pick up a few items here and there and begin to build the back-to-school supplies instead of doing one full blown shopping trip.