My Money Rules to Live By “Part 3-My credit rule to live by”

About money rules to live by

Just like lane markers on a highway, your money rules to live by are guidelines that keep you moving in the right direction. You might have to speed some things up, slow down others, or change lanes from time to time, but your money rules can help you reach your financial destination. 1  2 

This worksheet is part of a series that focuses on three common rules to live by that may help you make good financial decisions in your life. The other two worksheets are on credit reports and saving. To read the research that helped inform this worksheet, and to hear about how other consumers think and feel about rules of thumb, read “Consumer Voices about Financial Rules to Live By”. Visit consumerfinance.gov/adult-financial-education for these resources.


A common rule of thumb

“Check your credit report at least once a year.”

Many consumers have said that they sometimes find common financial rules of thumb—like “check your credit report once a year”—hard to apply to their own circumstances. Don’t feel discouraged, you can decide on your own personal rule to live by that works for your financial situation. You may know that you can get a free credit report from each of the three nationwide credit reporting companies once every 12 months—but did you know that you can request the reports at different times to monitor your credit files throughout the year?

Instructions: Use this worksheet to create your own personal rule to live by that will help you meet your savings goals. Breaking your goals into small actionable steps will keep you from feeling overwhelmed. Writing down your goal will make you much more likely to stick to it.

My credit rule to live by

Step 1: Create a rule to live by to help you check your credit report

  • Choose an easy-to-remember a date to check your credit, like your birthday.  Or, choose up to three dates to check throughout the year.
  • Put the date(s) on your calendar ahead of time to remind you to check your credit.
  • Write down your date(s) below, sign this worksheet, and keep it where you can find it.

 

I will check my credit report:

Once a year on this date:  _________________________

Or

Throughout the year in the months of:  _____________________________

Step 2: Make a promise to yourself- and take action on your rule

I will use my unique rule to live by to help me achieve my credit goal.

_________________________________________________

(sign here)

Step 3: Take action  on your goal

  • Get a free copy of your credit report from each of the nationwide credit reporting companies. Visit annualcreditreport.com, call (877) 322-8228, or download and complete the Annual Credit Report Request Form from annualcreditreport.com and mail it to the address on the form.

Tip: Beware of other websites offering free credit reports. Some companies offer free credit reports, but you may have to buy another product or service to get it. ¨ After you get your credit report, visit consumerfinance.gov/askcfpb and click “Credit reports and scores” to learn more about your credit report, how to fix errors on your report, and more.

  • After you get your credit report, visit consumerfinance.gov/askcfpb and click “Credit reports and scores” to learn more about your credit report, how to fix errors on your report, and more.

 

###Larry Marvin

LifeCrafter- Money $ense


 

  1. ©2017 Larry Marvin, Image Credit26787351554_d349c3d321_o.jpg
  2. https://www.consumerfinance.gov/adult-financial-education/.

My Money Rules to Live By “Part 2- My savings rule to live by”

About money rules to live by

Just like lane markers on a highway, your money rules to live by are guidelines that keep you moving in the right direction. You might have to speed some things up, slow down others, or change lanes from time to time, but your money rules can help you reach your financial destination. 1  2 

This worksheet is part of a series that focuses on three common rules to live by that may help you make good financial decisions in your life. The other two worksheets are on credit reports and saving. To read the research that helped inform this worksheet, and to hear about how other consumers think and feel about rules of thumb, read “Consumer Voices about Financial Rules to Live By”. Visit consumerfinance.gov/adult-financial-education for these resources.

 


A common rule of thumb

“Save 10 percent of your income.”

Consumers have told us that they sometimes find common financial rules of thumb—like “save 10% of your income”—hard to apply to their own circumstances. Don’t feel discouraged, you can decide on your own personal rule to live by that works for your financial situation. Putting away some money on a regular basis—even if it’s a small amount—can help you manage unexpected expenses and emergencies and reach your financial goals.

Instructions: Use this worksheet to create your own personal rule to live by that will help you meet your savings goals. Breaking your goals into small actionable steps will keep you from feeling overwhelmed. Writing down your goal will make you much more likely to stick to it.

My savings rule to live by

Step 1: Set a savings goal that works for you  

  • Decide on a goal, like saving a specific amount for a rainy day fund,  a special purchase, or a long-term goal.

Goal:  ____________________          Amount:  ____________________

  • Plan where to save your money (bank account, retirement account, etc.).  Set up direct deposit so the savings is automatically deposited into a savings account, if possible.

Account:  ______________________________

Step 2: Create a rule to live by to help you achieve your goal

  • Decide how you can cut your expenses or increase your income to save,  and how much you can save every week or month.
  • Write down your savings rule to live by amount below, sign this worksheet, and keep it where you can see it.

I will save $ _________  per  __________ (week, month, etc.)

or

I will save  __________% of my income

Step 3: Make a promise to yourself—and take action  on your rule

I will use my unique rule to live by to help me achieve my savings goal.

____________________________________________

(sign here)

 

###Larry Marvin

LifeCrafter- Money $ense

 


About the CFPB

The Consumer Financial Protection Bureau (CFPB) is a 21st-century agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives. For more tools and resources on making financial decisions, visit consumerfinance.gov.

  1. ©2017 Larry Marvin, Image Credit7214454962_2df8742521_o.jpg:
  2. https://www.consumerfinance.gov/adult-financial-education/.

Money Rules to Live By “Part 1- Spending”

About money rules to live by

Just like lane markers on a highway, your money rules to live by are guidelines that keep you moving in the right direction. You might have to speed some things up, slow down others, or change lanes from time to time, but your money rules can help you reach your financial destination. 1  2 

This worksheet is part of a series that focuses on three common rules to live by that may help you make good financial decisions in your life. The other two worksheets are on credit reports and saving. To read the research that helped inform this worksheet, and to hear about how other consumers think and feel about rules of thumb, read “Consumer Voices about Financial Rules to Live By”. Visit consumerfinance.gov/adult-financial-education for these resources.


A common rule of thumb

“Use the 50/20/30 rule to manage spendingapply  50 percent of your take-home pay to needs,  20 percent to savings and debt payments, and no more than 30 percent to your wants.”

Many consumers have said that they sometimes find common financial rules of thumb—like “spend no more than 30% of your take-home pay on your wants”—hard to apply to their own circumstances. Don’t feel discouraged, you can decide on your own personal rule to live by that works for your financial situation. Give yourself simple guidelines for managing your spending on today’s wants.

Instructions: Use this worksheet to create your own personal rule to live by that will help you meet your savings goals. Breaking your goals into small actionable steps will keep you from feeling overwhelmed. Writing down your goal will make you much more likely to stick to it.

My spending rule to live by

Step 1: Analyze your spending

  • Keep track of everything you spend for a month to get a sense of where your money is going.  
  • Use the chart below to determine how much of your take-home pay you are currently spending on needs and wants.

Needs

Including mortgage/rent, food, clothing, transportation, utilities, and childcare:

$ __________  or  __________%

Savings and debts

Including credit card payments, retirement savings, emergency savings:

$ __________  or  __________%

Wants

Fill in your wants:________________________________________________

$ __________  or  __________%

Total take-home pay:                              $ __________  or  100%

Step 2:  Create a rule to live by to help you manage your spending

  • Choose a weekly or monthly rule for spending on “wants”.  
  • Write down the spending on “wants” amount below, sign this worksheet, and keep it where you can see it.

I will keep my spending on “wants” to a maximum of  $ __________ per  __________  (week, month, etc.)

or

I will keep my spending on “wants” to __________% of my take-home pay per     (week, month, etc.)

Step 3: Make a promise to yourself—and take action  on your rule

I will use my unique rule to live by to help me achieve my spending goal.

______________________________________________

(sign here)

 

###Larry Marvin

LifeCrafter-Money $ense


About the CFPB

The Consumer Financial Protection Bureau (CFPB) is a 21st-century agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives. For more tools and resources on making financial decisions, visit consumerfinance.gov.

 

  1. ©2017 Larry Marvin, Image Credit:check13226047954_40d5946dea_o.jpg
  2. https://www.consumerfinance.gov/adult-financial-education/.