Financial Planning Checkup
This month, get ahold of your finances before the stress of the upcoming winter holidays and the new year set in! Today the Mansions Woodland Blog has tips for things you should include in your checkup to set yourself on a path for success in or out of your apartment here in Conroe, TX.
Getting and staying in healthy spending and saving habits is crucial to your financial success. Take time each month or every paycheck to give every dollar you earn a place, whether that’s savings, your grocery fund, or your debt payments. Make a goal to cut out a certain amount of unnecessary spending to help you save. Every little bit counts!
Make or Update Your Emergency Fund
You never know what’s going to come up, so prepare now to cover your bases for when they do! Set up a separate account for at least three months of living expenses (including rent, utilities, gas, and food) so you can focus on handling these emergencies as best as possible. Set aside what you can, whether it’s 5, 10, 25, or 50 dollars a month, to build it up.
Analyze Your Retirement Fund
Now is the time to calculate your retirement needs, take full advantage of your employer’s 401k plan, and make plans to get to where you hope to be in the timeline that you hope to achieve these things in.
Tax time may not be until next year, but you don’t want to waste your time being unprepared or missing out on opportunities to save. Think ahead: Keep track of business expenses, charitable giving, dependent care, medical expenses, and more. Review your deductions to match your current and future needs. Meet with a tax agent if you need to figure out where specifically you can save.
Make a Plan for Getting Out of Debt
Debt is a problem for countless people every year. Review your current debts and make room in your budget for paying those off first before you spend too much of your money on other things you could save up for or go without.
Now is a critical time to start investing and saving for the future, if you aren’t already. Meet with someone you trust to go over what you can afford to invest in something that has a good chance for a reasonable payoff. Just don’t make these three common investing mistakes!
What other things do you include in your regular financial planning? Let us know in the comments so we can all benefit. Thanks for reading. We hope these tips help you reach your financial goals, no matter your situation!
Disclaimer: The Mansions Woodland is not located in or part of The Woodlands® development. The Woodlands® is a registered trademark of The Woodlands Land Development Company, LP