You’€™re Worth It April 10, 2012My MoneyOff

It’s great to check your bank account balance and feel pride instead of panic.

But constantly stressing about budgets and bills probably isn’t worth the saved cash.

Experts say feeling good about your finances mostly involves living within your means. So, what exactly does that entail?

It means that “your only debt is a house and car payment. You can pay your bills all at once. And you have money in savings for unexpected expenses.”

That’s according to Donna L. Kain, VP and relationship manager of business banking at Fifth Third Bank.

She adds that, ideally, you’d also contribute the maximum amount to your 401(k)

or other retirement account and still have fun without always feeling stressed out about finances.

How can more women live within their means? “It definitely requires a mind shift,” explains Samantha Fraelich, CFP and vice president of Bernard R. Wolfe & Associates, Inc.

She says it takes breaking bad habits like only making minimum payments and accumulating credit card debt.

“Sometimes we think, the more I make the better, but that’s not necessarily true,” adds Kain. “If you’re not happy and you don’t have any time for yourself or loved ones, at some point it just becomes greed.”

Experts offer tips like asking “Does this match my values?” and “Which things are truly important to me?” before making purchases, and trimming expenses with specific, measurable and attainable goals.

Bonus PINK Link: Job security is a thing of the past. Here’s how to save for a rainy day.

Are you living within your means? and tell us your story.

 

By Caroline Cox

“People who think money can do anything may very well be suspected of doing anything for money.” Mary Pettibone Poole

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