PORTSMOUTH, Va. (WAVY) — When was the last time you “KISSED” your finances? Never? It’s actually a really neat concept when it comes to managing your money.
Sylvia Watford, Financial Educator & Counselor at BayPort Credit Union, explained what it means to “KISS” your finances.
The “KISS” principle:
By using the “Keep It Super Simple” principle, you can ensure that you have a good relationship with your money. Finances can seem overwhelming and very complex at times, so making things simple can make your finances easy to manage.
*Consider implementing the KISS principle by following these steps:
K - Know what each paycheck will be used for. Designate one paycheck to pay the mortgage and household expenses. Designate another paycheck ot be used for outstanding debt and savings.
I - Increase your contribution to your retirement account (401k plan at work, IRA) by 1 (one) percent every year.
S – Save time and money by using the online bill pay service instead of going to individual websites to make payments.
S - Secure your good credit history by always paying your debt 1-5 days before the due date. This will ensure you are building and maintaining good credit history.
*Develop an intimate, healthy relationship with your money by following the KISS principle. Remember to KEEP IT SUPER SIMPLE so that you are not overwhelmed with your finances.
For more information, stop by any of the 16 BayPort Credit Union locations across Hampton Roads.
This segment of The Hampton Roads Show is sponsored by BayPort Credit Union.