Nat'l Urban League Hosts economic Empowerment Tour in Atlanta (218 hits)
"One of the challenges our community faces in achieving equality in the United States is improving our bottom line." "We need to equip ourselves with the tools and skills needed to raise our standard of living and close the economic divide existing between us and mainstream America."
The National Urban League recommended the following ten steps for economic survival.
1. Don't panic - An emotional reaction can negatively impact your ability to make wise financial decisions. Remain calm as you develop a plan. 2. Review your balance sheet - You must know what you have in the bank and where you stand before you can properly prepare for the future. 3. Distinguish between wants and needs - Limit spending by only purchasing needs. 4. Check your bank accounts and make sure they are federally insured - Look for the FDIC letters at your bank. This rule applies to all accounts including brokerage. 5. Optimize your insurance - Evaluate current insurance policies and shop around for the best rates. Increasing deductibles can also help to decrease monthly expenses. 6. Clip (or click!) coupons - Coupons are not just in the newspapers, but if you go online, you can find a coupon for nearly every brand you want to purchase. 7. Transportation - Carpooling saves money and helps protect the environment as well. Additional suggestions included saving on gas by maintaining your car which includes regular oil changes, air filter replacement and properly inflated tires. 8. Make sure you are investing in your company's 401k plan - Saving now can have big pay offs in the future. This is especially if your company is matching you dollar for dollar. Don't pass up on free money! 9. You can buy used - Purchasing pre-owned cars, electronics and cell phones and even clothing can save you lots of money while maintaining your ability to remain up to date. 10. Create and maintain a budget - Do not deviate from your establish budget. (Hint: For help identifying purchases that are a budget must, refer back to tip #3.)
