We get it,talking about a budget, a financial plan or preparing for retirement sounds importantbut also like something that can be taken care of later. The truth is, taking a leading role in monitoring your money now,can ease your stress, provide you with more happiness,and have a dramatic impact in your future over the long run. The time is now. Let 2020 be the year you take control and own your financial future!
We hear frequently from our clients how money causesstress and anxiety. Most of the time, their financial situation isn’t necessarily bad; they are making decent money, paying their bills, contributing to a 401(k), but they are lacking clarity. Where is my money actually going? Why don’t I have more saved? Why is this so difficult? We hear it from our female clients the most.
In 2015, women reported impediments to reaching their financial goals are not having enough disposable income, lack of time to spend on financial planning, and lack of familiarity with financial products. Only 33% of women feel like they are saving enough for retirement-down from 46% in 2008. (Prudential, n.d.) We as women tend to be the heart beat of our families, multi-tasking between work, family, friends, and other activities. We don’t always give ourselves and our needs top priority and too often those financial matters fall to the way side over other’s more immediate wants.
There are a couple of things you can do to get your financial new year’s resolution a jump-startso youcan gain control and be amoney boss in 2020.
1. Write down your goals. You mustknow where you are going tocreate the map that will get you there. Nothing is off the table here, so dream big! Once you know what your goals are, we can then break down how to get there into manageable steps.
2. Know what you own. Take an inventory of where your money is. Checking, savings, retirement accounts, investments etc.
3. Know what you owe. How much, what are the terms of repayment, what is the interest rate? Getting a clear idea of what your debt looks like can help determine the best plan to pay these off most efficiently.
4. Understand your cash flow and spending habits. Basically-do a budget. Budgets get a bad rap. No one wants to be told they can’t spend money on theirfavorite things. However, the simple act of putting pen to paper can create an awareness that surprises most people who think they “aren’t buying that much”. Typical areas of over-spending that we see are food and drinks (those $4 coffees add up quickly!), on hobbies (Do you really need more craft supplies right now?) and on your kids (maybe it’s time your 16-year-oldbought their own iTunes?).
5. Adjust spending habits to meet goals-the ability to track your money and know whereit goes allows you to decide if those decision or all the purchases you make are really getting you toward your ultimate goal.
6. Check your insurances-Insurance is the way that we make the potential disasters in our life, have less of a financial impact. What happens if you or your spouse are too sick or hurt to go to work? What happens if one of you passed away? Also-yes, it’s nice that your employer provides you some coverage (if you’re lucky) but most of the time it isn’t ENOUGH. If you don’t have the proper insurance then you need to make sure that your emergency savings is well stocked.
Take advantage of your 401(k) match-Contributeenoughto get the full match. Then consider your other goals (savings, insurances, debt repayment, etc) then go back to your employer plan and contribute more.
8. Enlist a professional. Just as studies show that hiring a personal fitness trainer can be an effective method to change your attitude and increase your physical activity, hiring a financial planner can be the motivating force you need. We design a plan, provide you with education to feel comfortable and secure in your decisions, direct you down the path to achieve your goals and hold you accountable for your actions (or inaction!).
The more you gain control of your money,the more freedom you will have for yourself. Imagine a life where you can take a vacation without “how am I going to pay this off” lingering in the back of your mind? Or confidently being able to say yes or no to a purchase without remorse. How about knowing exactly when you can retire and how much money you will have.
We at Wilcox Financial Group, LLC have created easy, fun processes and ways to work with people. We break down your goals and create manageable, achievable steps socanreach them. We talk to you like a friend, in terms you understand without judgement. We intently listen to the concerns and challenges you have and help you overcome them. We make it attainable and not overwhelming.
We dive deeper into the psychology of money and your money type – it’s not just about numbers! Its emotional! We provideinsight as to why you have the habits you do and your relationship with money. The more you know about that and own it, the better outcomes we can attain in correcting those negative behaviors and spring them into a positive force.
We are on a mission to empower women to allow them to own their financial futures and get what they want out of life. If you have questions on how to get started or need a review, messageus to schedule your discovery call and start off 2020 like a boss.
Article by McClaran SR. The Effectiveness of Personal Training on Changing Attitudes Towards Physical Activity.Journal of Sports Science & Medicine. 2003;2(1):10-14
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