Your connection with your finances is a lifelong relationship, constantly changing and growing, through good times and bad.
What can start as a mutual relationship can quickly turn one-sided with you taking more than you give, especially if you’re not prudent and plan wisely. Taking periodic moments throughout the year to address not only your mental and physical health but also your financial state is important.
Stop and ask yourself, “When was the last time I checked in on my financial well-being? Or am I protecting the ‘me’ of the future by safeguarding my finances now by planning for tomorrow?” No matter your age or situation, it’s never too late – or early – to improve your financial well-being. Creating a financial plan today can help you accomplish many fiscal goals by the end of the year.
Here's a list of things to consider when shaping your financial plan.
- Set relevant goals.
- Know what’s driving your spending and saving.
- Safeguard your assets with an emergency savings fund.
- Plan for the retirement you want.
- Eliminate debt.
- Think about your family’s future.
- Save for goals big and small.
Feeling stressed about money doesn’t have to be overwhelming and a financial plan is a good way to cure any ill feelings the thought of money brings. If money stresses you out, below are some steps that can help put your plan into action.
- Write it down. Listing out your debts in order of smallest to largest makes it clearer what needs to be accomplished.
- Dig out of debt. Research debt payoff methods, such as the debt snowball and avalanche method, and see which might be best for your situation.
- Update your budget. Set aside a specific amount that will go towards your debt payoff goal and modify it as necessary. What worked last time isn’t guaranteed to work always. Aligning your budget with your new short and long-term goals is key.
If you’re still feeling stuck and not sure how or where to get started, contact a financial advisor to provide advice based on your situation.
INPRS offers webinars, workshops and one-on-one counseling sessions designed to provide you with a better understanding of your plan to prepare you for a successful retirement.
Now is the time to make sure you achieve the goals set this year so you can breathe easy going into the next year!