Very few people have a singular goal—instead, we each have a series of aspirations we want to achieve over the course of our lives, from the little things to our wildest and biggest dreams. Some of these goals are financial, but even many the ones that aren’t overtly money-related require a certain level of financial freedom. Knowing this, it’s important to be intentional with your income and channel your money where it will do the most for you.
Here’s a quick Q&A-style breakdown of where to focus when saving, investing and paying down debt. If you’d like personalized advice from an expert on our team, please contact us! We’d be glad to discuss your needs and help you work toward your goals.
Do you have emergency savings?
If your answer is yes: Great job! Please skip ahead to the next question.
If your answer is no: Emergency savings are a must, so it’s time to get started. Ideally, you’ll gradually build a “rainy day” fund that holds enough funds to cover between three and six months worth of household expenses. If that sounds like a lot, don’t worry—we know it takes time, and anything is better than nothing. A simple way to reach this goal is to set up auto-deposits on a regular basis (weekly, bi-weekly or once a month). Leave this money untouched unless there’s an actual financial emergency—this is the only way it will grow. Our team can help you choose a low fee, higher interest account option. Then, sit back and watch that balance build over time!
Do you struggle to pay your monthly bills?
If your answer is no: We’re so glad to hear it! Please skip ahead to the next question.
If your answer is yes: There’s no reason to feel ashamed if you struggle to pay your bills and/or stay on top of your monthly budget. While stressful, this is incredibly common and there are ways to improve your financial health. Here are some great pieces on creating a sustainable budget and saving more money. For personalized financial advice, please reach out to an Interior Savings advisor in your area. We’d be happy to help you get (and stay!) on track.
Do you have clear savings goals?
If your answer is yes: You’re awesome. Be sure to review these goals with your advisor from time to time but otherwise, accept our virtual pat on the back and move on to “what’s next” in the final section below.
If your answer is no: Sometimes, we know exactly what we want out of life—travel, early retirement, to own a home or open your own business—and other times, life goals feel more general. Talking to an advisor can help you identify your short and long term goals and outline the specifics (and related costs), allowing you to develop a clear plan to achieve them. Don’t be intimidated—let’s start the process and get you started on the path to an amazing future! Our team of financial advisors, small business experts and mortgage specialists can help.
So, what’s next?
If you answered yes to all of these questions, congratulation! You may secretly be a financial whiz—and hey, we’re always hiring! But if you would benefit from some professional guidance to improve your financial health and set you on the path toward achieving your goals, please reach out to our team. We’d be pleased to hear from you and look forward to working together.