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Six Steps to Financial Success


February 26, 2014

Today I’m totally switching gears and talking about something some of us (and yes I am referring to myself) hate discussing…finances. In our house, the money situation is something that we decided Jeff would handle, kinda like how I do most of the cooking (this sounds like we’re from 1960, doesn’t it??)
Well, his background is in accounting and boy does that man LOVE to budget so it was a natural thing for him to own this for our family. To say he is a saver is an understatement, as he would save every single dollar we earned if he could, but we all know we have other commitments as well (church tithes, saving up for family vacations, clothes for the growing babes, house mortgage, college savings plans, etc). 
Luckily for us, we have someone extremely close to us who is our financial planner and counselor and we trust him with everything and anything we do. So today I asked Aaron to share a post about how to reach financial success and the steps we all need to take to get to that place…remember, it’s a marathon, not a sprint!

6 Steps to Financial Success

By: Aaron Grunke

Budget – Making and STICKING to a monthly budget is the first step to financial success. A budget will do two things. First, it will give you a reality check on where all of your money really goes. Second, after a few months staying on a budget you’ll feel like you got a raise because you will now be in control of your spending.

Debt – Think how much more would be in your bank account if you didn’t have credit card or other forms of debt each month. Work towards paying this off as quickly as possible. No, it’s not fun to pass up on things now and say “no.” But your future self will thank you.

Pay Yourself 1st – This is the only way saving money will happen. If you wait to pay yourself after you’ve paid all of your bills and put aside money for clothes and vacation, you’ll never save any money! You can always find something to spend your extra money on, but nothing is more important than your future.

Employer Match – If your employer will match your retirement contributions you should take advantage! This is FREE money! If you are looking to save more than the match consider starting a ROTH IRA. You would need to speak to an advisor about your individual situation to make sure you qualify. Find someone you trust and feel like you can openly speak with.

Get a Will – Everyone over eighteen needs a will. A will is much more than where your money goes. So even if you don’t have much, you still need a will. Speak with an attorney to help you walk through your individual situation. When children are involved more decisions need to be made, but as a parent you want final say on who takes care of your kids and how their inheritance will be handled.

Life Insurance – What would happen if you or husband passed away? Life Insurance is designed to pay off debt and/or replace income in the event of an untimely death. If loved ones depend on your income it is imperative to have adequate coverage in place. Even if you’re a stay-at-home mom, think about how much it would cost for your husband to pay someone to help with the kids. Find an advisor to help you understand what an adequate amount of coverage is for you.

Let’s face it, these aren’t the glamorous topics you necessarily want to focus all your time on, but they are SO important, for now and for later. These six steps will help give you a good foundation for your finances. By taking the time to get on a budget, start saving for retirement, and get the necessary documents in order, you will be setting yourself up for financial success!
If any of you have questions or need help or want to speak to Aaron directly, you can email him at aaron@adamsinvestmentstrategies.com. You can also learn more about his firm by visiting Adams Investment Strategies.

Securities and advisory services offered through Commonwealth Financial Network, Member FINRA.org/SIPC.org, a Registered Investment Adviser. Fixed insurance products and services offered by Adams Investment Strategies. Adams Investment Strategies, 1802 Williamson Court, Suite 101, Brentwood, TN 37027. (615) 376-5363.
This communication is strictly intended for individuals residing in the states of AL,AR,AZ,CA,CO,FL,GA,IA,IN,KS,KY,MI,MN,NC,NE,NV,TN,TX,UT,VA.
No offers may be made or accepted from any resident outside these states due to various state regulations and registration requirements regarding investment products and services.

  1. Stephanie says:

    Definitely not a glamorous topic but a good reminder! Happy Wednesday!

  2. Thanks for this – it reminded me to go in and up my 401k contribution for the new year!

  3. Jess Norden says:

    Yes, we are on such a good path right now, but we haven't always been!! These are all so true – we still need to do a will, though…we keep putting that off!

  4. Ali Damron says:

    These are great tips! I need to get my will together! I have been meaning to do that for a long time. Thanks for the reminder.

  5. Meghan says:

    I think so many people forget to get life insurance for stay at home moms. Even though you wouldn't lose an income, the new child care costs could be a real financial burden without it.

  6. Tess says:

    I think this is awesome – it's so important to have finances top of mind…always – and I'm still learning how to balance it all – and understand it!

  7. Jessica M says:

    Ahh, the joys of being an adult. We're working really hard on becoming debt free within the next 18 months and are well on our way. It's such a feeling of relief every time something is payed off! Great post!

  8. Making a budget isn't so hard but, sticking to a budget has got to be one of the hardest things ever! We try to make a pretty realistic budget each month but, some months we just totally mess it up! These are all great tips though… My husband & I have got to get our will done!!

  9. I have a CPA for a husband so I'm like you and let him take the reigns – he is a total saver as well (as in he will skip meals to save – crazy). I feel so lucky bc I would be lost with it all otherwise (maybe we should factor in a yearly CPA visit to his life insurance coverage 😉 ).

  10. Nat says:

    Always a good reminder! My husband sounds just like yours- he's in finance and wishes we could just put every penny in the bank to save. I'm thankful though to have someone take the money reigns and help curb my overspending 🙂

  11. Sara Y says:

    Great Post. I don't think some people realize how important that stuff is.

  12. These are great tips! I started "paying myself" maybe 6 months ago…setting up an automatic transfer to savings on payday each month. It has been amazing how quickly my savings account has grown just by doing that! Next step is that I need to do a little better about then budgeting the rest of the money I have left after that transfer!

  13. Kristin says:

    Great tips. I need a will, stat. Been on the bucket list (haha) for a long time!

  14. Lea says:

    Right on for sure! Thankfully Hubby and I did some things right in this area and now we're enjoying the fruits of our discipline.

  15. This is spot on! The only one on this list we aren't good at is number 1! We like to just buy what we want when we want it and this year we are reallllly trying hard not to do that! Thanks for the reminder! 🙂

  16. Tasha H says:

    Great tips, Natasha!

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colorful life + style blogger | native nashvillian | wife and mom to two darling little ladies | bringing you all the happy you can handle

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