Linda Descano, Managing Director and Head of Content and Social at Citi, as well as President/CEO of Citi’s Women & Co., shares advice about getting your finances in order. Check out Women & Co., Citi’s digital publisher of financial lifestyle content, for even more advice: https://www.womenandco.com. Connect: Professional Women’s Network is a free LinkedIn group powered by Citi with more than 270,000 members. To join the conversation, visit http://www.linkedin.com/womenconnect.

1. BROUGHT TO YOU BY
Linda Descano, CEO of Citi’s Women & Co.,
shares advice about getting your finances in order.
Finding Financial Freedom

2. Meet Linda Descano!
Linda recently answered questions from the
members of Connect: Professional Women’s Network.
Here is some of her most popular advice!
Linda Descano is Managing Director and Head of
Content & Social at Citi. In addition, she serves as
President and CEO of Women & Co., Citi’s digital
publisher of financial lifestyle content.
A recognized expert on personal finances, Linda is
Manilla.com’s women and money expert and was
selected by GoBankingRate.com as one of the Most
Popular Personal Finance Experts of 2013. Her
writing, tips and commentary have appeared in
publications including: The Huffington Post, MORE
magazine, American Banker and MSN Money.

3. How do I take control of my finances? Is it better to
focus on saving or paying down debt? There is no right or wrong
answer – it depends on your individual financial situation. The
best action you can take is to decide.

4. The first step to financial freedom? Create a budget. It’s
important to understand where your money is going. Use budgeting as a
tool to understand how much income is going to basic necessities versus
perks (such as buying coffee and eating out), and how much you can put
toward savings, paying down debt or charitable donations.

5. Set goals for yourself. First and foremost, how much do
you want to save and by when? Answering this can help you
zero-in on an investment approach that optimizes how much
you have to save, how much you have saved already and
when you’ll begin using that money.

6. THINGS TO CONSIDER WHEN
COMING UP WITH A PLAN:
Short-term: If you’re concerned about
job stability or have no emergency
fund, make saving cash a priority for
now.
Embrace cash-only: Lighten your
debt load and spend only what you have.
Pay off credit cards first:
Longer-term, tax-deductible loans such
as a mortgage or student loan can
come second.
Pick a strategy that feels best:
For some, that will mean paying off the
lower balance first, while others will
want to tackle the card with the higher
interest rate.

7. And remember, it’s a process. You aren’t going to go
from a state of disarray to financial heaven in one afternoon.
Plan to invest the time upfront to get organized, and then 1-2
hours a month to keep it up throughout the year.

8. Get your credit score up off the floor. When it comes to
improving your credit score, first and foremost, pay all your bills on
time. It’s also good practice to limit balances to 10 to 20 percent of
the total amount of credit available to you. Keep close tabs on your
credit report to catch any mistakes and correct them promptly.

9. You don’t have to go it alone. Use a financial
professional to provide a fresh perspective on the state of
your money, get you back on track and ―nudge‖ you
forward when you’re procrastinating.

10. The good news is we’re living longer. That also means
that our retirement savings need to stretch for a longer period of
time. Beef up your nest egg to cover those extra years. Factor in
your future care, whether that will mean part-time in-home
assistance, nursing home care or a retirement community.

11. Be proactive–and prepared. While many women manage day-to-
day financial chores of the household, such as paying bills or grocery
shopping, some only get engaged in long-term planning when faced with a
partner’s illness, death or divorce. Instead, women must keep a pulse on
all of the accounts and how they’re each titled.

12. Schedule check-ins to keep yourself on track. Whether
you’re working with a professional on your financial portfolio or going it
alone, it’s important to take stock (no pun intended!) of where you are
relative to your goals at least once a year. Keep your money in sync
with your changing life and needs.

13. There’s an app for that! Take some time to look into the online
and digital services your bank provides to help you get organized
more easily and track your money effortlessly, like Mint.com for
budgeting and Manilla.com for organizing household accounts.

14. Let loose––but keep it “in line.” Practice responsible
splurging by including a line for fun spending in your budget.
Treating yourself from time to time–and knowing when you can
afford it–can help you to stay on track with other spending as well.

15. Whatever happens, don’t beat yourself up. Rather than
carrying financial baggage, let go of your mistakes and use what
you’ve learned to move forward with firmer financial footing.

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Additional Resources
TOOLS TO SIMPLIFY YOUR FINANCES:
• Mint.com for budgeting
• Manilla.com for organizing household accounts
• Apps to Help Streamline Household Finances
GETTING YOUR FINANCES IN ORDER:
• Tips for Finding and Working with a Financial Professional
• 3 Ways to Improve Your Financial Footing
• Achieve Your Financial Resolutions
• Live within Your Means Now
• 6 Steps to Rethinking Your Budget
• Tips for a Stress-Free Tax Season
• Scan, Shred or Store

17. ©2014 LinkedIn Corporation. All Rights Reserved.
Additional Resources
SIMPLE WAYS TO SAVE FOR RETIREMENT:
• How to Balance the Needs of Three Generations From the Middle
• 5 Ideas to Supercharge Your Retirement Savings
• Things You Can Do Today to Boost Your Retirement Income
• Are You Saving Enough for Retirement?
• Do You Need to Simplify Your Portfolio?
HOW TO DEAL WITH STRESS ABOUT MONEY:
• Reasons You May Be Stressed about Money—
and How to Find Peace of Mind
• 5 Common Financial Fears
(and How to Overcome Them)
• Tips to Help Trim Credit Card Debt

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Join the conversation!
Connect: Professional Women’s Network, Powered by Citi, is an online
community on LinkedIn that helps women achieve the careers they want
and discuss the issues relevant to their success.
For more great insights from Connect members, check out
the discussion I’m Linda Descano, CFA®, President/CEO of
Citi’s Women & Co., and I’m looking forward to answering your
questions about getting your finances organized!
Visit linkedin.com/womenconnect for more information
and to join the group for free!
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2: Courtesy of Linda Descano
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