STAY ΟΝ TRACK

Nobody is more invested in your finances than you are. Get back on track with these guidelines

-  SAADIQAH SCHROEDER

Money makes the world go round, or does it just make you dizzy thinking about how to afford all the different retirement and savings plans or home and car loans? As daunting as all this admin is, planning your finances successfully is critical for saving money, affording key expenses and achieving long-term goals such as paying for your child's education or retiring comfortably.

WHAT'S THE GAME PLAN?

Everyone's financial plan looks different, and it depends on which goals you are trying to reach. You may be planning for retirement, or for when your kids are all grown up. Draw up a personal financial plan, as well as a plan for if you're married or in a committed relationship. Once you have decided on your financial goals, your plan should roughly have the following (which follows a monthly budget):

1. Paying off debts and spending
2. Bills and their due dates
3. Emergency account
4. Retirement savings
5. Investments (and other income)
6. Other savings (short-, mid- and long-term)
7. Insurance coverage

 

Having financial goals will help you stay on track. Doing proper research on the type of investments you're putting money into is also important so that you understand the fall-and-rise patterns. Insurance plans are important as they help protect your assets.

It is recommend that we have insurance for life, health, long-term disability, auto, home and business. Choosing the right insurance is vital so that you know you'll be properly covered when you need it the most.

SO TAX-ING