Financial planning can be challenging for some to keep up with. Even if you are not the most savvy of investors, there are some easy steps you can take can make a big difference in your overall financial plan.
- Set specific financial goals and create a one-year, five-year, and lifetime plan to achieve those goals.
- Have an emergency fund set aside. It’s a good idea to have a cash reserve of 3-6 months of expenses.
- Eliminate debt. Pay off credit cards monthly and avoid racking up excessive consumer debt such as car payments. If possible, consider financing your residence for 15 years rather than 30.
- Keep close tabs on your credit report and check it at least annually.
- If you have college-bound children, consider using the Future Scholar 529 College Savings Plan program atwww.futurescholar.com.
- Save for retirement! The earlier you start the better and be diligent. Make it a priority to save at least 10% of your annual salary.
- Frequently review your life insurance coverage. As your income and family changes, make sure you are adjusting your coverage accordingly.
- Don’t forget about disability insurance. Keep in mind that becoming disabled is more likely than an early death.
- Review health, home and auto insurance frequently. A devastating event such as a residential fire or car crash can wipe out a family’s financial security. Ensure that you are covered adequately in all areas.
- Review your will and estate documents with an attorney.
For additional information contact Richard Taylor.