Create a Budgeting Plan to Improve Financial Fitness
Here are three steps you can take to get your finances on track. Read More about Create a Budgeting Plan to Improve Financial Fitness
Creating a Financial Plan
Strong Foundations
A financial plan creates a roadmap to get you from where you are today to where you'd like to be in retirement. Not sure how to get there? Don't get lost in the details. Even a simple plan will get you started. Then, you can add to it and adjust it as time goes on.
Protect What You Value
Don’t underestimate the value of insurance. Maintain appropriate coverage for each risk you and your family face such as property loss or damage, death and disability. Be aware of your options: you don't want to pay for insurance coverage that you don't need.
Manage Your Debt
Make sure you can cover more than the minimum payments on your debt each month. Try to keep total personal debt payments (like credit card, mortgage and auto loans) to manageable levels based on your income and your budget.
Set a Retirement Goal
Whether you’re 35 or 55, set a retirement goal and specific plan to achieve it. The average household spends 25 years in retirement, so you’ll want to update your plan often to reflect changes in health, taxes, income or family circumstances.
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