3 Tips for Financial Wellness With Neile Simon
FaithFi: Faith & Finance | Feb 5, 2024
Show Notes
Neile Simon is a Certified Credit Counselor with Christian Credit Counselors, and underwriter of this program.
WHAT ARE SOME TRIED AND TRUE WAYS TO AVOID DEBT AND PROMOTE FINANCIAL WELLNESS?
Neile Simon from Christian Credit Counselors shares key strategies to manage finances effectively, emphasizing the importance of budgeting, reducing debt, and saving for emergencies.
- Creating or updating a budget is crucial: Most Americans need to revisit their budgets, especially to adjust for inflation. Your budget should track major expenses such as housing, food, transportation, and more. It's also wise to review and possibly reduce subscriptions to entertainment services by examining bank and credit card statements for auto payments.
- Paying down credit card debt is vital: Credit card debt is expensive, with average interest rates over 20%. Making only minimum payments on a balance can extend repayment over years, resulting in high interest costs. Neely recommends exploring debt consolidation through a debt management program to lower interest rates and achieve faster debt elimination.
- Starting an emergency fund is essential: An emergency fund provides a financial buffer for unexpected expenses and can help avoid further debt. The recommendation is to save three to six months' worth of expenses, but starting with a smaller goal, like $500, is also beneficial. Automating savings can help build this fund over time.
HOW CAN CHRISTIAN CREDIT COUNSELORS HELP PEOPLE FEELING OVERWHELMED BY DEBT?
Christian Credit Counselors offer a debt management program designed to significantly reduce the time and cost of debt repayment, supporting clients to honor their debts fully.
- Christian Credit Counselors provide an action plan: They help individuals develop a comprehensive strategy to get out of debt 80% faster while fully honoring their debts. This includes lowering interest rates and establishing a manageable monthly payment plan.
- Free consultation for personalized advice: Interested individuals can reach out to Christian Credit Counselors for a free consultation to discuss their specific situation and get started on the path to financial wellness.
ON TODAY’S PROGRAM, ROB ANSWERS LISTENER QUESTIONS:
- I'm trying to decide whether to use investment money or home equity to pay off credit card bills and car payments.
- I'm curious about the legitimacy and benefits of using online auto refinance companies for better rates compared to traditional banks or credit unions.
- I want my required IRA withdrawal to go directly to charity before taxes to avoid raising my tax bracket; is this possible?
- My husband and I, being mortgage-free and considering building a small Airbnb on our property for extra income, are wondering how to choose the best company for a home equity line of credit.
RESOURCES MENTIONED:
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