Top 5 Financial Planning Tips
Client Testimonials
October 5-11 is Financial Planning Week. What are
the best ways to improve your money and budgeting
situation? These top five strategies will help.
“I was skeptical. The spots have
always come back when I cleaned
my carpets. Gary at A Cleaner
Carpet Cleaner, the owner, removed
them and they have not come back.
It is over 3 months. I guess there
is a difference in doing it myself or
hiring a professional. I thank you
and so does my back.”
– Shoshana G Silver Spring MD
1
Make saving a
priority.
Saving on a regular
basis can be hard,
but if you treat this
as an expense, you’ll
have better success.
As with any bill,
you should make it
nonnegotiable to pay
into your savings
account each
month. Even a little
saved on a regular
basis will make a
difference. If you
struggle with this
strategy, consider an
automatic deduction to a savings account to make it a no-brainer.
2
3
4
5
The Good Life
Plan for the unexpected.
A budget is crucial, but we don’t always know what is in the future.
To prepare for the unexpected, you need an emergency fund. This
is different from a long-term savings account because you should
expect to use this money at any time. By realistically developing a
working budget and having a reasonable emergency fund, you will
have the means to pay all your expenses and avoid debt.
Understand your emotions.
It is important to understand your money personality and that
of your spouse. If you tend to be a spender, recognizing this and
developing strategies to manage your expectations is important.
A person who tends toward saving as much as possible also needs
to learn how to properly spend money. If you and your spouse are
opposite money personalities, communication about your financial
goals will help you develop a plan that works for both of you.
Set your goals.
Without goals, you will be unable to stay on track. Getting input
from a good financial planner can help you see how much you need
to save for retirement. Paying off debt should always be your first
goal in financial planning. You also need to identify what you want
to spend your money on. If you love to travel, then your extra money
after savings may go toward that. If you have significant expenses
coming up, like college for your kids, or the purchase of a new home,
then you should be clear about those goals. Whatever your goals are,
identifying them, talking about them, and tracking them is crucial.
Don’t bet on what you hope to happen.
Many people plan their financial present based on things they hope
happen in their financial future. But if those things don’t materialize,
you can be in trouble, especially if you are accumulating debt now
in anticipation of a change in your situation. Until you actually get
that bonus, move to a cheaper city, inherit that money, or see the
stock market move up, don’t spend that money. It is better to have it
actually be a bonus and increase in funds than to have to deal with
trying to come up with money you’ll never see.
G
THE LOND
AWAITE NG
LI
SCHEDU
HAS
.
ARRIVED
That’s
right you
can now
schedule
your job
yourself. Create
a login and choose from
the menu of services.
While this is still in
it’s infancy stage, all
the feedback through
your experience is very
helpful.
A CLEANER CARPET CHRONICLE