September 9, 2024/inNews

Brothers and Sisters,

These questions are for your own personal financial situation and should be kept private. The goal is to make each member self-reflect on their own situation and attempt to address any financial issues they may have. Everyone has different circumstances and life goals. The idea is to make our members think and do the best they can to plan and prepare for 2025 and beyond. Small changes in your decision-making can have a major long-term benefit to each individual.

Read each question below and if you answer no to 4 or more, you may want to try to re-evaluate your spending patterns, start a budget (if not already) and have a plan to stay ahead of your financial obligations or payments. If you need help, the finance committee has resources available. Haddon Planning is coming on site September 18th and can help give you a free financial plan. If you need to reach out to anyone on the finance committee don’t hesitate. All conversations are private.

1. Do you have 6 months’ rent/mortgage in reserve?
2. Is your car payment less than or equal to 10% of your take home ($500 max for a LG 11 full rate)?
3. Do you contribute at least 6% of your income in your 401K?
4. Do you have less than or equal to 10% of your take home going towards credit card debt?
5. Do you know which bank your personal credit card is with?
6. Are you able to save any earnings from your paycheck into a savings/brokerage account (20% should be the target)?
7. Do you use less than 10% of your base pay on vacations ortravel?
8. Do you have a budget? For example, do you know how much you spend monthly on food and subscriptions?
9. Do you have financial goals and a plan to achieve them?
10. Are you able to pay for your necessary living expenses without going into credit card debt?

Sincerely,

USW Finance Committee

Contacts

John Beidler: [email protected]

Paul McKeown: [email protected]

Sherman Washington: [email protected]