Ready
to save?
Studies
have shown that consumers who save are more likely to have little to no
debt, have sufficient emergency savings and save enough for retirement.
(Source: America Saves and the America Savings Education Council [ASEC]
2011 National Survey Assessing Household Saving). Having adequate savings
also means less reliance on credit cards and loans if a money emergency
comes up.
Below are
resources and websites to help you save to achieve your financial goals.
Saving
Money – Helpful Tips and Budget Calculators
Retirement
Credit
and Debt
Debt
Management Companies
These companies
can help reduce or manage debt whether it is debt from credit cards, mortgage
or a car loan. If you are considering hiring a debt management company
to help reduce or manage your debt, make sure you check
that the company is properly registered in Oregon.
Loans
Mortgages
Consumer
Finance Loans
Consumer lenders (payday, title and conventional loans) are required
to be licensed in Oregon to conduct business. Before you sign off on
a loan, check
here for proper licensing
Student
Loans – General Information
Foreclosure Scams
Saving
to Invest
With tight
budgets everywhere, it may seem difficult to think about setting aside
money to begin an investment portfolio. But it can be done and you will
be happy that you have begun to plan and save toward financial security.
Develop
a Plan
Before you invest, you need to create a plan with your stated financial
goals such as paying for a college education – for your or your child,
or funding your retirement. Commit the plan to writing. As you are writing
your plan, do not forget to think about your risk tolerance. Are you willing
to ride the tide of a volatile market or would you rather feel a bit safer?
If you have short-term goals in your plan, you will want to stay away
from investments that tend to fluctuate; for long-term goals, you can
look at riskier investments that may have time to recover during downturns
in the market. There are several types of investment products available
and each has its own set of benefits, risks and fees.
Getting
Started
If you have a personal budget, it will be easy to look at ways to cut
back on discretionary spending such as dining out, shopping and entertainment.
It is possible to begin your investment portfolio with as little as $1,000
and then discipline yourself to put aside $100 to $200 in monthly contributions.
To know how much you can allocate toward investments, it is best to create
a budget. For suggestions on creating a budget and using budget calculators,
click here.
Avoiding
fraud
Investing your money is risky enough without worrying about someone offering
an investment that may fleece you. Be an informed investor by researching
both the potential investment and the person or firm who is selling it.
Know this fact: the person or firm who solicits and offers you an investment
must be licensed and the investment, with some exceptions, must be registered.
You can check
for licensing information for Oregon’s licensees. Others may
be licensed by others: the U.S. Securities and Exchange Commission (SEC)
and FINRA. Check the SEC’s EDGAR
system and FINRA’s BrokerCheck
to start your research.
Remember,
do not give investment money to another without doing proper research
first. In addition to licensing information, you will want to check out
a company’s financial statements and activities and the disciplinary
history of securities salespersons. Be on guard for any investment that
is “too good to be true.”
