While financial planning is something we all know we should do, it’s often easier said than done. This year, make managing your finances easier and less stressful by following these tips.
Know exactly how much you spend. You won’t know how much you can save until you know exactly how much money you’re spending and on what. Start by keeping a list of this month’s expenses – noting the price of everything you buy, where you shop and what bills you have to pay. This will enable you to take a serious look at where your money is going and how quickly.
Mind Your Decisions
provides a detailed expense tracker and budget spreadsheet
. Or, check out
Computerworld
’s ten smartphone apps
that help you manage your expenses.
Use these three easy tips to regain control of your financial planning:
1. Reconcile your bank accounts. According to Mapping Your Future , balancing your bank accounts at least once each month is one of the best money managing habits you can form. In addition to keeping track of your money, it helps you identify any mistakes that you or your bank might have made or any fraudulent transactions.
2. Eliminate credit card debt. According to Boston.com , the average American household carries close to $8,000 in credit card debt. Additionally, the Federal Reserve cites that 58% of Americans have a credit card balance. While these statistics are alarming, decreasing your debt may not be as overwhelming or impossible as you think. CreditCards.com and About.com explain specific steps to take to decrease – and eventually eliminate – your debt.
3. Save. Even if it’s just a small portion of your paycheck each month, setting aside money is important, whether it’s for retirement or just the upcoming year. Real Simple provides a step-by-step guide to saving money . Additionally, BusinessWeek details 25 ways to reduce expenses and boost savings .
If you would like to meet with a professional to discuss your finances, Boston Magazine lists the area’s 20 best financial advisors. Or, read and submit review of the ones near you on Yelp.
Vargas & Vargas Insurance is committed to helping you get the right insurance coverage for you at the best price. We have information at our site on life insurance and other insurance products to consider in your financial plan.
Call Vargas & Vargas today and speak with a knowledgeable agent.
Our phone number is: 877-550-0025.
Tags: personal finance, insurance, easy tips, debt, your financial, regain control, financial planning
