Achieving financial security doesn’t happen overnight, but it can happen with a detailed plan and some discipline to boot. Get started with these four easy-to-follow steps.
Before you create a plan for the future, examine your current financial situation. Track your expenses for one month and determine all of your assets, obligations, and income. Establish specific goals and set up a budget
that lines up with those goals. Be as precise as possible when assigning monetary values to your objectives.
Build an emergency fund! Start by trying to save $1,000 as fast as you can. Once you’ve built that up, calculate how much money you would need to live on for 3-6 months and start saving to protect yourself against the unknown. Whether you have a lay off or a house repair, you’ll be prepared with an emergency savings account.
It’s important to regularly monitor your credit. For your benefit, FORUM members can receive a free credit report and analysis at any FORUM branch location
. Whether you want to obtain a mortgage, a car loan, or a student loan, your creditworthiness is the key to your financial life. If you have bad credit, it will be more expensive for you to borrow money for any purpose because your interest rate will be higher. To build and maintain good credit, don’t borrow more than you can pay back, ensure that you pay bills on time, keep balances low, and don’t shift debts between accounts.
Adhering to a detailed plan and being flexible when needed is your best bet when investing for the future. However, it can be difficult to know where to start and how to create a realistic strategy. If you would like to discuss your goals with a financial planning professional, FORUM Private Client Group
can help. Call 317.558.6322 or email email@example.com.