Six Steps to Financial Success

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.

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