Practical Tips for healthy finances. Put a disaster plan into place

Do You Have a Disaster Plan In Place?

After Hurricane Katrina struck, it was quite difficult for individuals to find their families and reassure them that they were okay. Regardless of where you live, emergency situations could arise at any time. It's important to have a disaster plan in place.

Because local phone lines may be jammed, select an out-of-town relative or friend to be your point of contact. Be sure that each family member has this person's name, phone number, and either a prepaid phone card or appropriate change in their wallet or backpack at all times. Also, select two potential meeting places where your family could gather. One should be in the vicinity of your home, for emergencies such as a fire. The other should be somewhere other than your neighborhood, in the event that it is no longer accessible. If you would like to obtain additional information about disaster planning, visit www.redcross.org.

Remodeling? Stay On Budget

One of the most common complaints about remodeling is that it always ends up costing much more than originally estimated. How can you avoid this fate? Set realistic expectations. Remodeling expert, Dan Fritschen, recommends taking the project estimate you receive from your contractor and mentally adding 20% to the bottom line. This should cover the unexpected expenses that will arise. Decide what you want before work has begun. While contractors are happy to accommodate changes midstream, the costs for such modifications add up quickly. Also, purchase some materials in advance, when they are on sale. Items such as faucets, door knobs, and cabinet pulls can be bought before the remodel even begins. Lastly, be sure to consult with your mortgage originator and tax professional prior to beginning construction to ensure that all financing and tax write-offs are in order. For more money-saving suggestions, check out www.remodelormove.com!

Helping In The Aftermath of Hurricane Katrina

Hurricane Katrina devastated the Gulf Coast, and citizens everywhere are trying to find ways to help those in need. If you can afford it, making a financial contribution to an established charity is a good place to start. Beware of telephone and email solicitations. Scam artists are already at work, taking advantage of people's good will. Learn more about charitable giving at www.charitynavigator.org. (Remember, charitable donations are tax deductible!)

If you are interested in contributing more than money, there are several options available to you. Visit www.craigslist.org, and click on New Orleans to see how you can assist with the relief effort. You may also want to visit the Craig's List city closest to you, or check your local paper, to find out what volunteer opportunities and events are taking place in your area. You could also coordinate your own fundraiser for a chosen charity. Recruit neighbors or co-workers and have a bake sale or a car wash. Blood donations are always needed; contact your local Red Cross chapter to schedule an appointment.
Teaching Your College Student Money Management 101

Each year, millions of young Americans go off to college with a shiny credit card and a new sense of freedom. Unfortunately, this isn't always the best combination. According to the L.A. Times, between college loans and credit card debt, the average student owes $18,000 by the time graduation rolls around. Here are some ways to achieve a better outcome:
• Discuss a monthly budget which incorporates living expenses, beyond books and tuition. Establish what you will be paying for and what you expect your child to cover.
• Provide the money each month rather than paying for a whole semester's expenses at the beginning of the term.
• If you give your student a credit card, consider adding them onto your account so that you can monitor the charges. Or if they obtain a student credit card, be sure that the limit is low, perhaps $500.
• Encourage them to buy their books used. Online retailers like Half.com are typically much cheaper than the college bookstore.





This newsletter is published quarterly by Steve Hoogenakker at MrHomeLoan / ATM mortgage. Feel free to share it with your family, friends, and coworkers. If you did not receive this newsletter directly, and would like to be added to my distribution list, please send an email to steve@MrHomeLoan.com with "ADD" as the subject. To be removed from this list, send an email to steve@MrHomeLoan.com with "REMOVE" as the subject.

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Steve Hoogenakker
ATM Mortgage - MrHomeLoan
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