When everyone else is thinking about how to lose those 10 pounds they gained over the holidays come New Year’s Day, be smart and set some goals that will have a much longer-lasting impact. Think about some new goals that will help you get your financial house in order and help you get the things you want in your life. If you aren’t sure where to start, professional financial planning services can help. You can also follow these simple tips to put together a winning plan:
Set Time Frames
Your approach to saving for a car won’t be the same as your plan to save for those hot boots you have your eye on. You need to set both short-term and long-term goals. Some short-term examples include getting a new refrigerator or fixing the HVAC system. Some long-term examples include paying for your child’s tuition or creating healthy retirement savings. Be specific in your goals, such as saying you want to save $50,000 for college.
Prioritize Your Plan
What\’s more important to you: your child’s college tuition or your retirement? You may come up short some months, so the answer to this question will determine where the money needs to go when you don’t have it to meet all your goals. How you prioritize your plan will also determine how much money you put toward each part of it. Professional financial planning services can help you understand which goals should be prioritized if you aren’t sure where to start.
Identify a Monthly Amount
Determine how much you can realistically set aside each month for your savings plan. Then you can divide that amount according to each of your goals. It is important that you set a specific amount or percentage of your income so that you have an actionable plan with specific steps and a specific time frame.
It is important that you revisit your goals throughout the year and review your progress to see if you need to make any changes. Financial planning services can help you take an objective look at your finances so you can determine where to make any tweaks, if needed.
Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Private Advisor Group, a registered investment advisor. Private Advisor Group and HighPointAdvisors, LLC are separate entities from LPL Financial.