The question financial experts say we need to ask

Balancing your budget based on needs, wants and the bottom line


ORLANDO, Fla. – If protecting your money in today’s economy has you a little nervous, just ask yourself what it costs to be you.

That is what Chance Robinson, the chief financial strategist with Strongpoint Financial, viewed as the key to balance a budget and still have money to set aside for savings and extras.

“Take your age and protect that,” Robinson told News 6. “If I’m 50 (years old), 50% of my money should be where I could never lose it.”

Robinson suggested placing a portion of your savings in short term treasury bonds, currently paying roughly 5% interest.

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“It really depends on your financial situation,” Robinson said. ” I mean, sitting there collecting 4 or 5% is better than sitting in the bank doing nothing.”

While some banks are offering interest rates of about 3%, the rates are variable while the treasury bonds are steady at the rate you invest in.

The three-month treasury bill rate was at 5.04% last week versus 4.17% for the long term average rates.

Robinson said the volatility we have seen in some banks should not be an issue as long as your funds are in a bank that offers FDIC insured deposits.

Under the current rules, funds are insured up to $250,000 per person.

To keep your financial accounts in the green, Robinson told News 6 you need to stay diversified, decrease high-interest debt like credit cards and finally create a long-term financial plan.

“To maintain your lifestyle, ask what things do you need and then what things do you want and divide them into two different buckets,” Robinson said. “If you need $2,000 a month for your basic bare minimum needs, then you need to guarantee that’s always going to be there.”

You can check the current rates for the three-month treasury here.

if you have an investment or consumer issue, email your story to or text the words “Make Ends Meet” along with your issue to 407-676-7428.

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About the Author:

News 6’s Emmy Award-winning Investigative Reporter Mike Holfeld has made Central Florida history with major investigations that have led to new policies, legislative proposals and even -- state and national laws. If you have an issue or story idea, call Mike's office at 407-521-1322.