Money Saving Monday: Financial Planning Month
Tracking your money is something you need to do regularly and will help you avoid any financial surprises that come your way.
LINCOLN, Neb. (KLKN) — The COVID-19 pandemic has created a number of financial obstacles for Americans to overcome.
Jeremy Gove with Stonebridge Insurance and Wealth Management says having a plan for your money is so important. Gove has tips to help you reach your retirement goals during Financial Planning Month.
Financial Planning Essentials:
- Whether you are saving for a home, car, college or trip, figure out what matters to you.
- A financial plan gives you an opportunity to review your goals, update them and keep track of your progress.
Track your Money
- A solid financial plan includes getting a concrete picture of your monthly cash flow. Start by writing down your income, fixed expenses and other expenditures you may have.
- Tracking your money is something you need to do regularly and will help you avoid any financial surprises that come your way.
Plan for Taxes
- You can reduce your taxable income for the year by contributing to a 401(k) or traditional IRA. The money you put into these accounts also grows tax deferred until you withdraw it in retirement.
Strategize Long-Term Investments
- A long-term investment strategy is part of any comprehensive financial plan. One of the most popular ways you can invest is through a workplace retirement plan, like a 401(k).
When you are 5 to 10 years away from retiring, you should look for a financial professional who can put together a full financial plan to help give you the confidence to retire.