Money Smart Week is about to begin. This is a creation of the Federal Reserve Bank of Chicago dating to 2002, and it features events around the state from Saturday (April 18) through April 25 at which people can learn to be smarter with their personal finances. Karen Chan, a financial educator in Lisle who is a Money Smart Week presenter, says one thing people can do is avoid impulse buying.
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“We have websites that their sole purpose is to tell you what the best deals are today, and if you get started looking at those, you can find yourself going through lots of money. It’s similar to what some folks probably still do but used to do probably even more: Watching the shopping channels on television when you can’t sleep at midnight,” she said.
if you do buy something on impulse, return it, Chan says.
Other advice: Don’t co-sign for a loan, make credit card payments that are larger than the minimum, get in a 401(k) retirement plan if your employer offers it, and if you change jobs, don’t cash out your 401(k)!