Finances in the new year - 13 WTHR Indianapolis

Finances in the new year

Posted: Updated:
  • HeadlinesHeadlinesMore>>

  • Lack of psychiatrists hits mental health patients

    Lack of psychiatrists hits mental health patients

    Saturday, April 19 2014 9:55 AM EDT2014-04-19 13:55:06 GMT
    A nationwide shortage of psychiatrists is forcing many mentally ill Indiana patients to wait months for an appointment.The Health Resources and Services Administration reports more than half the state's counties have a shortage of mental health professionals. The Journal Courier has found there is just one psychiatrist for every 57,585 residents in Tippecanoe and surrounding counties.The shortage stems in part from low reimbursement rates by insurance companies. A private psychiatrist will m...More >>
    A nationwide shortage of psychiatrists is forcing many mentally ill Indiana patients to wait months for an appointment.The Health Resources and Services Administration reports more than half the state's counties have a shortage of mental health professionals. The Journal Courier has found there is just one psychiatrist for every 57,585 residents in Tippecanoe and surrounding counties.The shortage stems in part from low reimbursement rates by insurance companies. A private psychiatrist will m...More >>
  • Gap between Indiana wages, living costs grows

    Gap between Indiana wages, living costs grows

    Saturday, April 19 2014 9:35 AM EDT2014-04-19 13:35:47 GMT
    Indiana workers' pay didn't keep pace with inflation last year, and economic experts say the state needs to focus more on the quality of jobs instead of the quantity to close the distance.Hoosier workers saw a mere 0.8 percent increase in pay last year. But federal data released this month show inflation grew 1.4 percent in the Midwest.Business leaders tell the Indianapolis Business Journal (http://bit.ly/1hVKISa ) that a high number of job seekers has allowed many employers to hold down wage...More >>
    Indiana workers' pay didn't keep pace with inflation last year, and economic experts say the state needs to focus more on the quality of jobs instead of the quantity to close the distance.Hoosier workers saw a mere 0.8 percent increase in pay last year. But federal data released this month show inflation grew 1.4 percent in the Midwest.Business leaders tell the Indianapolis Business Journal (http://bit.ly/1hVKISa ) that a high number of job seekers has allowed many employers to hold down wage...More >>
  • A fantastic weekend on tap

    A fantastic weekend on tap

    Saturday, April 19 2014 7:13 AM EDT2014-04-19 11:13:13 GMT
    A spectacular weekend is on tap as dry weather dominants and the warming trend continues. An area of high pressure will slowly move over Quebec this weekend bringing central Indiana sunny skies and lightMore >>
    A spectacular weekend is on tap as dry weather dominants and the warming trend continues.
    More >>
INDIANAPOLIS -

Two thirds of Americans live paycheck-to-paycheck. And many of us don't budget for big things like the holidays. Instead, we spend, then figure out how we're going to pay for it later.

So how do you save enough to spend on things you like, while making sure you have other things covered, like retirement, and college?

It starts with making fewer trips to the ATM. In fact, it's best you don't even see your money for it to do the most good.

"Instead of determining a budget, think, how much do we need to save?" recommends financial planner Elaine Bedel. "Are we trying to save for retirement - which we all should be - are we saving for college education, a down payment on a house? If those are important goals, think how much money we need to save this year to meet that goal, and then we need to do the budgeting with what's left."

Make a list of what income you have, then pay yourself first. "The best way to pay yourself first is directly into your savings or into the company 401K from your paycheck," said Bedel, "never into your checking account - into your savings account from your payroll."

Bedel said if the money is not in your checking account, you will get used to it going somewhere else and you don't miss it after a while.  This way, you are less-inclined to make that random stop at the ATM for cash. And if you do, you have your other bases covered.

You also should have a dependable and easy way to keep track of your spending. Check with your bank, or visit the apps and sites online.

Mint.com is a free site Bedel recommends that tracks your spending and lets you know when your funds are getting low and where they're going.

Other sites:

Dave Ramsey.com

Feedthepig.org

Powered by WorldNow