BY SALLY BAIR
Staff Correspondent
LANCASTER Do you know
your net worth’ Can you tell within
Jl5 how your money is spent
each month? Do you know the
difference between your fixed
income and your net income?
If you know the answers to these
questions, you are probably on
sound financial footing. If you have
questions about these and other
pouits which relate to the money
your family makes and spends,
you may need to spend some tune
putting'your family’s fmancnes in
order.
At a workshop held last week
Lancaster County Extension Home
Economist Dons Thomas said that
families who seem to have what
they need are probably very good
at planning. She stressed that one
of the first things a family must
determine is what the financial
goals for their family are. Goals, of
course, vary from family to
*
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717-275-4850
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717-299-2541
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Know your family's financial
family, but having your goals
firmly in mind will help you reach
financial security.
She said, “How a family meets
its needs depends on its values.”
Values, in turn, depend largely on
the family in which you were
raised.
In determining the financial
goals of your family, Dons said
families must decide what their
needs are for the next five years
and for the next ten years.
A first step in achieving good
financial planning is to develop a
long range spending plan. To do
this will involve some work and
research. First, she said, “You
must know your mcome anp your
bills and you must keep records.”
Providing worksheets for par
ticipants, Doris explained to them
how to determine their family’s
spendable income, something
which can be difficult when
commissions are involved. She
then suggests recording all fixed
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(Royster/Kirby)
500 Running Pump Rd. f Lancaster, Pa. 17601
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FERTILIZER
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Now you can lay-by corn
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Result Banvei early lay by controls a broad spectrum of important broadleaf weeds
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Cali us now about the Banvei herbicide 2 step overlay
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OUTSIDE PA. 1-800-233-3833
expenses on a calendar and by
subtracting fixed expenses from
spendable income you can
determine the amount of money
left for flexible spending.
A budget with proposed spending
and actual spending will help keep
close record of where your money
is going. After one month of close
record keeping it will be possible to
see if your spending plan is
realistic, and if it isn’t, make
proper adjustments.
Dons suggested, “Make it a
practice to have savings listed as a
fixed expense, no matter how
small the amount ” She pointed out
that financial advisors suggest
having three months’ mcome
available as savings to contend
with unexpected loss of em
ployment, appliance repairs or
unexpected medical bills.
She added, “Many families find
their- fixed expenses and their
spendable income are very close.”
Good records will not only record
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Hera s how (ho Banvel early lay by
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Banvei
spendable incort.L .iacU expenses
and flexible expenses, but tax
deductible expenses as well. This
will be especially valuable at in
come tax time.
Dons pointed out that a good
manager is one who is able to ef
fectively use all the resources in a
family. Family resources include
skills, such as gardening which
allow a family to stretch its in
come; energy, which members
can put to achieving such things as
household chores, meal
preparation and laundry; wisdom;
and faith and love.
She recognized that money is
important in this society in which
work is exchanged for money to
purchase the family’s necessities.
However, she noted that money
can be a powerful force, stirring
feelings of fear (of not having
any), suspicion, guilt, power,
status, security and approval.
She encouraged families to make
a net worth statement, which will
TWO
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Sales Representative
CHARLOTTE HALL
301-884-4604
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UPPER MARLBORO
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301-627-8700
m
Lancaster Farming, Saturday, April 18,1981—C37
affairs
give them a complete picture of
their financial state. A net worth
statement will include everything
the family owns, including the cash
value of life insurance, and an
nuities as well as the obvious real
estate, furniture, antiques, savings
accounts, stocks, bonds and other
assets. There must also be a listing
of what the family owes, such as
mortgages, loans and other debts.
Subtracting total debts from total
assets will show the net financial
worth of the family.
She cautioned families against
the excessive use of their plastic
credit cards, which can get them
into deep financial trouble.
Nevertheless she said, “You need
to establish credit early, even
though it goes against the gram of
money who grew up not buying
something until they had the
money for it.”
While good financial records are
important to a family’s well-being,
another important aspect of family
management is managing very
important papers.
Many papers need to be kept in a
safe deposit box at the bank, but
insurance policies should be kept
at home so they can be reviewed
periodically. She added, “If you
have not reviewed your
homeowners’ policy recently and
increased it, you should consider
it.” She pointed out that some
policies now carry an automatic
increase to keep up with inflation.
Collectibles such as sterling
silver, jewelry and glassware are
protected under the average
• homeowners policy only up to $5OO,
according to Doris. She suggested
that homeowners who have
property of that nature should
have a “floater to their policy to be
completely insured.” This will
require an independent appraisal,
which is not expensive.
Wills should also be reviewed
periodically as life situations
change. An unsigned copy of the
will should be kept with important
papers in the home with a signed
copy m a safe deposit box,
Doris suggested that everyone
make an inventory of their home,
listing furniture and other
belongings for insurance purposes.
Forms are available from in
surance companies for this pur
pose, or the information can be
recorded on cassette tapes. Pic
tures in addition to the list could be
vital, and should be stored m a safe
deposit box.
A sound assessment of your
finances and efficient managing of
your personal papers will mean
increased sense of security for all
members of the family.
LANCASTER The Lancaster
County Conservation District
would like to remind all those
people who ordered tree seedlings
from the district that they are to be
picked up as scheduled, Saturday,
April 25,1981, between the hours of
9 a.m. and 1 p.m. at Long Park,
Pavillion No. 1.
The Conservation District is not
responsible for any trees not
picked up on this date.
Lancaster sets
seedling pickup