Experts POol

THE EASY APPROACH TO SAVING AND FINANCES

We have all heard that many people are not prepared for the future or are not saving enough money. When we start thinking about our finances and developing a plan, it can be daunting. Follow these key easy steps that don't require a lot of time to get started on a budget and savings plan:

  • Set a monthly savings goal

  • Prepare a simple budget
    • Income - add your paychecks for the month
    • Expense budget – subtract your monthly savings goal from income
    • List your fixed expenses, (housing, utilities, phone, debt payments, food, etc.)
    • Subtract your fixed expenses from the expense budget to determine your discretionary spending budget.

  • Pay yourself - transfer your monthly savings amount into a separate savings account as soon as you get your paycheck.

  • Track yourself – take 15 minutes each month to record your actual income, expenses and savings versus your budget to see if it's necessary to make any adjustments.

Some advice:

  • Start with your income, subtract the savings goal and the difference is what your expenses should be.

  • If your current expenses exceed the expense budget, review your discretionary spending such as meals, entertainment, clothing and set a goal to reduce this slightly each week to get in the habit of adjusting your spending.

  • If you drastically cut spending, you may not be able to stick with it – sort of like diets. Create a habit you can sustain and then build upon it.

  • If you need a list of budget categories, check out Savonk.com. The site offers a 30-day free trial with access to input your own budget along with other tools.

Greg Noonan

Greg Noonan, Bus Ad '83, is president of Gregory A. Noonan and Associates, Inc. (bank and business consulting, www.GregNoonanConsulting.com), and SaVonk, LLC, a website offering with financial tips and tools. He can be reached at gnoonan1@comcast.net.

 

RESOURCES

Looking for your
Occupational Target

Having a clear sense of the type of job you’re seeking is critical.
Create your own
Occupational Target.

By Laura Kestner,
Marquette University Career
Services Center

Careeer health - strengthen your ability to journey down a career path
Traveling down a successful career path requires the right tools. Equip yourself with these skills and qualities to establish a solid foundation.
By Brian Noviskis, Bus Ad '82

Personal finance- the impact of big purchases
Planning ahead when making a significant purchase can help prevent bigger financial burdens down the road.
By Greg Noonan, Bus Ad '83

Step back and be quiet!
Step back and be quiet! Your ability to do that may be critical to your success as a leader. A truly great leader knows the importance of having some quiet time to reflect, as Chris Lowney points out in his wonderful book, published by Loyola Press, "Pope Francis – Why He Leads the Way He Leads."
By Mary Alice Tierney, Sp '72

What a search firm looks for in a executive candidates
Whether you're actively seeking employment or potentially in the future, learn about the executive search process and five tips of base line criteria Spano Pratt looks for in a typical leadership role.
By Rose Spano Ianelli, founding partner at Spano Pratt Executive Search

LinkedIn Metrics and ROI:
The 10 Numbers You Need
to Track

Consider these ten metrics to help meet your Linkedin goals. By Wayne Breitbarth, Grad '86

Articulating your transferable skills: a guide to building a functional resume
Writing a functional or combination resume can help highlight your skills.
By Laura Kestner-Ricketts, director, Marquette University Career Services

Career health
It’s YOUR career. How healthy
is it?
By Brian Noviskis, Bus Ad '82

If not here, where?
If you are among the many professionals looking to pursue new jobs in 2014, there are some key questions you should consider before you make a change.
By Mary Alice Tierney, Sp '72

My Profile

Edit Profile    Log In/Out

Alumni Directory Search

Find old friends and make new connections with MU Connect's alumni directory

Search for alumni
Marquette University. Be The Difference.

© 2014 Marquette University