Sometimes, it feels like you’re stuck in a financial rut — perhaps because of student debt, an overdue credit card bill that’s hanging over your head or a lack of retirement savings that’s weighing on your mind. It happens to the best of us, but fortunately, there are always ways to refocus and improve your financial health. Remember: everyone has to start somewhere, and it’s never too late to make changes that will help you reach your goals!
Here are some practical, easy to implement tips for making better financial choices and staying on the right path. To learn more, please contact us — we’d be glad to offer personalized advice.
Identify your goals
It’s hard to feel motivated without a plan, and a great one starts with knowing where you want to end up. This might include goals such as home ownership, the elimination of student debt or other loans, reaching a savings goal or something else entirely. No matter what it is, put it on paper and talk it out with your financial advisor. They’ll be able to offer personalized advice that enables you to create an effective, realistic budget and financial plan. You might be surprised how much money you can improve your financial health by making small changes!
Stop hesitating
A lot of people put off things like retirement planning because that stage of life seems so far away. Others want to start investing but don’t actually get started because they feel like they need to be at a different income level or have more savings. Instead of waiting for the right time, change your mindset to recognize that the best time to get started is now. Even if you’re saving or investing a small amount of money each month, it’s better than nothing. These investments add up and grow over time, putting you in a stronger financial position in the long run.
Be realistic
An effective monthly budget is one you can stick with, not one that creates frustration and leads to failure. If your budget doesn’t allow you to have any fun on the weekend or make room for discretionary spending, you’re more likely to blow it. It’s better to have a series of small goals you can meet over time than one big goal that feels unattainable. After all, how will you stay motivated if your goal always feels out of reach? Remember, it’s better to be slow, steady and successful than aggressive and unable to stay on track.
Heed the experts, not the headlines
You may have heard that buying a cup of coffee every day is financially irresponsible and means you’ll never own a house (this argument is often directed at millennials). While it’s true that your spending habits influence your financial future, it’s not always that black and white. If a daily latte from the drive-thru is part of a well-thought-out budget, it’s not a problem. The secret is looking at the big picture. Is that daily coffee your main indulgence, and you’re also putting money into debt repayment and savings? Then you’re probably ok. Don’t listen to generic advice about “good” or “bad” spending — instead, work out a personalized plan with your financial advisor.
Ready to improve your financial health and secure a better future for your family? We’re here to help — To book an appointment with a Financial Health Coach, click HERE.