[vc_row][vc_column][vc_column_text]April has been dubbed Financial Literacy month, so we sat down with Matthew Gimmelli from Morgan Stanley to ask a few questions about smart financial decisions, as well as the benefits that the DP Air 401(k) program has to offer.
One of the things that DP Air values most is taking care of their employees, and one of those ways is by matching contributions into each employees 401(k) account. DP Air Corporation matches 100% of 3% contributed, followed by 50% of the following 2%. That’s up to 4% total match if an employee contributes, 5% away each paycheck. (Free money, why not take it?)
If you have questions about different types of retirement plans and how to get one started for yourself, check out the Fidelity App, or reach out to DP Air’s contacts listed below at Morgan Stanley.
Speaking of apps! Since we live in a world crammed with technology, there are quite a few apps that are simple, easy to use, and are incredibly helpful in terms of financial planning. You can even set some of them, such as Mint, up to remind you when your bills are due, and pay them all from your app, instead of having to log in each time to pay them separately. The apps can also break down your spending by pulling information from your online banking to show you exactly where all of your money is going, help you set up a personal budget, and even give you alerts when you’re going over the limits you had set for yourself.
There is an abundance of advice and information available online to help with your finances, but here are a few basics to keep in mind that will go a long way in helping balance your accounts.
- Don’t spend what you don’t have. If you have credit cards and are working on building your credit, pay off your balance each month and keep your revolving credit limit as high as possible.
- Try to make food at home as often as possible. This is a HUGE monthly spend for people – much higher than they originally thought. Going out to dinner or lunch adds up quickly!
- Set a spending budget. Whether it is $50, or $500, keep your entertainment spending on budget for the month. Give yourself some money for the movies, a new piece of clothing, etc. Don’t starve yourself if there’s something that you want. If it’s something you can’t afford just yet, set aside your entertainment budget for a few months until you can purchase what you wanted.
- Remember to pay yourself every month. By that, I mean put money into savings. You’re working so hard for your daily life, make sure you’re giving a little bit back to yourself to keep you afloat in case of emergency.
- Try to keep your debts in check – and always know where they’re at. Student loans, mortgage, car payments, etc. Don’t take on more than you can comfortably handle.
Matthew Gimmelli and Teri Twarkins Kelley are available for any of your questions or financial needs, please reach out to them if you have any questions or would like more financial advice![/vc_column_text][/vc_column][/vc_row][vc_row][vc_column width=”1/2″][vc_column_text]Matthew Gimmelli
[/vc_column_text][/vc_column][vc_column width=”1/2″][vc_column_text]Teri Twarkins Kelley