How to Benefit
from Financial Planning
at Any Life Stage
Article by Jaspreet Chawla, senior vice president
BUSINESS MATTERS
open a separate savings account for that purpose and have a small portion of each paycheck automatically deposited into that account, so you don't even have to think about it.
How much should you strive to save for an emergency fund? Many experts recommend saving 3-6 months' living expenses to provide a cushion in case of job loss, unanticipated repairs or other unexpected needs.
"The amount of money needed to maintain financial security can vary widely depending on your individual circumstances," says Jaspreet Chawla, senior vice president of member and deposit products at Navy Federal Credit Union. "That's why it's essential to assess your personal financial situation. If you're able, try to consistently set aside a portion of each paycheck and aim to save even more, when possible, to build a stronger safety net."
If you're unsure what goal is best for
(BPT) - No matter your stage in life's journey, it's never too early or late to make financial plans. For military families especially, planning helps you withstand major transitions and gives you confidence about the future. From your first Permanent Change of Station (PCS) to deployment and separation, you'll have many decisions to make and high-priority items on your to-do list, including managing your finances.
Financial Planning Month is the perfect time to work on setting goals for your financial future. Here are tips to get you started.
Begin with the basics: Savings
Developing a savings plan is a great place to start. Even when you're starting out in your career, developing the habit of setting money aside from each paycheck can help you build an emergency fund for unexpected events. One approach is to