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10 signs you need a money makeover World Politics Entertainment Gossip Movies TV Music Theater Arts Crosswords Entertainment Pics Horoscopes Daily Weekly Monthly Lifestyle Health Food Viva Opinion Autos Buyer's Guide Ratings Reviews News Views Photos Galleries Covers Classifieds Trending: ARIANA GRANDE CONCERT EXPLOSION roger moore MELANIA TRUMP OPIOID NATION DONALD TRUMP (or at least a little financial touch up) , jimmy shoe website like, now! Monday, January 4, 2010, 5:30 PMWhen you think about retirement and savings, what comes to mind? If you're anything like I used to be, retirement is something you did with last year's handbag, and savings is something you did with your calories before Thanksgiving dinner. Your idea of an emergency fund is a $20 bill shoved in the back of your panty drawer, your retirement plan consists of praying the CEO gets canned and you miraculously land her seven figure a year job (and that fabulous corner office while you're at it), and your investment strategy, well, I am not even going to jimmy choo green go there. You're a smart, together woman, but your finances are another story. Or maybe you're not that bad. You're one of those women who is already pretty good with money but could use a little financial touch jimmy choo corporate up. You're pretty sure that your retirement fund is invested smartly, that your savings will last should you lose your job, and that you jimmy choo yellow pumps manage your taxes well, but you wouldn't mind knowing a little more, just to be sure. Whichever group you land in, or if you're somewhere in the middle, check out these ten signs that you might need a money makeover (or at least a little financial touch up): 1. You have no concrete plan for a secure financial future. And, ladies, by concrete plan I don't mean marrying a rich man, winning Deal or No Deal, or landing a major role in a TV show. I am referring to a plan that includes saving for retirement, debt reduction, and building emergency savings. 2. You have significant debt and no solid plan to get out of it. A solid plan does not, I repeat, does not include winning the lottery, ignoring your bills in the hope they will disappear, or thinking that you'll start paying your debt off once you get a better job. A solid plan includes specific strategies and timetables for erasing your debt. 3. Less than 13 percent of your income goes to your retirement savings (or worse, you haven't even thought of saving for retirement). 4. You have only a small in case of emergency fund, or none at all. The $12 you keep tucked in your wallet so you can bribe the valet when you need to make a quick escape after a lunch with your mother is not a sufficient in case of emergency fund, not even close. I'm talking at least three months' pay stashed away (somewhere other than in the back of your panty drawer). 5. You pay only the minimum, or a little extra, toward your credit card every month. 6. You don't understand the difference between a Roth IRA, a traditional IRA, and a 401(k)... 7.... Nor do you know the best ways to invest in these retirement plans. (And, ladies, if you haven't heard of an index fund, don't think you know how to invest in your retirement plan.) 8. You get a huge income tax refund each year. I know you feel like you've won the lottery when that check comes in, but it's actually not the best idea. The dreadful IRS is keeping your money all year when it could be in your little hands every paycheck! 9. You don't have the insurance you need. Every single one of you needs health insurance. (Yes, that means you!) You also need either renters or homeowners insurance. If you have a car, you need auto insurance. It's also a good idea to have disability insurance (or at least know what it is, for a start). And there are a few other types of insurance that you may need, depending on your individual situation. 10. You don't have a clue about where your money goes each month (but it sure goes somewhere). Now, this is a situation I was intimately familiar with. My clothes used to be held hostage at the dry cleaner's for months because I'd never have the cash to get them (and naturally, that meant I'd have to buy a new dress on my credit card).
I simply could not understand where my cash went. Sound familiar? This is an excerpt from Shoo, Jimmy Choo! The Modern Girl's Guide to Spending Less and Saving More (Sterling, $14.95) by Catey Hill.