Practical Financial Tips To Help You Get On Track And Stay There
The topic of finances can evoke strong opinions and emotions for many people. Everyone wants money. It is so much fun to have and spend. But is it fun to save it, too? If you approach money the right way and with the best resources available, the answer is yes. Saving money can bring you joy. Read on to learn more about how to give yourself a better relationship with money.
Work with a professional.
One of the best things you can do for yourself, your future, and your legacy is to work with a licensed professional financial planner. They are experts in the field of finance and can aid you in working towards a more prosperous and comfortable financial future. At its core, financial planning is a deeply personal topic. Your certified financial planners will take a comprehensive look into your money habits, current accounts, earnings, and plans.
While you are ultimately beholden to yourself and any partner or family you may have, a financial planner is an individual who can help keep you accountable for your money-spending or saving actions. Through careful planning, agreed-upon strategies, and frequent check-ins, you will have someone overseeing the progress toward your financial goals. They will advise you every step of the way and help to educate you on varying investment or account options that will better serve your needs and goals.
When it comes to financial planning, many people do not realize they need to secure their wealth strategically to ensure it is passed on to their beneficiaries as seamlessly as possible. There are several ways to give money to your heirs, but some are more financially savvy and will provide a greater benefit than others. Your financial planner will discuss this with you to determine whether you should establish a trust or other legal documents within your will.
Track every expense.
You have probably heard people talk about how they track every single item they purchase down to the chocolate bar or cup of coffee. They also include any income, such as a paycheck or the sale of an old nightstand on an online marketplace.
At first, these efforts can seem tedious, but over time they add up. When you become aware of where your money goes, you will be mindful and intentional in how you spend it. This has the benefit of helping you spend less while appreciating what you choose to spend your money on even more.
Watch this video for one woman’s entrepreneurial foray into building a business that involves a better budgeting approach and mindset that anyone can incorporate.
Assess recurring expenses.
There are memes aplenty and a few decade-old sitcoms that take on the topic of recurring expenses that pull from your account every month. While this topic makes for great comedic fodder, it is frustrating in real life.
As you look through your expenditures, look at any monthly or yearly bills you have on autopay. Make a list of their pull dates and the amounts. Next, consider whether these are essential items, such as utility bills, or something else. If the answer is something else, like never-used gym membership fees or a subscription to a magazine that you never read, it is time to take action.
Gather all of your account information for each account you wish to cancel or close. Log onto the related accounts on your computer or phone and set the phone to the speaker when you call to cancel. Document everything that occurs during the conversation, including the representative’s name, the date and time, and the actions you are requesting. Ask for an email or letter showing you want the membership cancelled or the account closed, and confirm when the last autopay will come out of your account.
Keep track of this information, and if you do not receive a letter, make contact again. Check your checking account or credit card to ensure the autopay is, indeed, cancelled and request any refunds if a problem occurs. Once you have removed these unnecessary expenses, you can move that money seamlessly into a savings or investment account or use it to pay off outstanding debt.
Once you have met with a financial planner and have a roadmap of how to have a successful financial future, you need to stay the course. Keep track of what you have and routinely check your credit score. By paying attention to what you spend and need, you will begin to see your money more clearly.