Managing and tracking your finances can be a daunting task and no matter how far along you are in your life journey, learning to manage money and financially plan for your future is important.
Richard Dean Insurance does offer services to help you secure your financial future, but here are our basic tips to consider when it comes to financial planning.
Set a Minimum Savings Goal
A realistic savings goal is easy to maintain, and it will help you save a lot faster than you may think. Richard Dean Insurance recommends considering a high-yield savings account; that way your money can earn even more without any effort on your part. Start putting aside small amounts of money throughout the year and watch your savings account grow.
Set Up Automatic Transfer
Set up your bank account so that it will move a set amount of money from your checking account into your savings account every pay period. By setting up an automatic transfer every month or every two weeks, the money gets saved before you’re able to spend it.
Another easy way to save and not have to think about it is a debit card that rounds up every purchase to the nearest dollar and transfers the change into a savings account for you. It may not sound like a lot, but every penny adds up over time.
Set a realistic budget and look for ways to reduce your spending. A budget helps you set realistic limits on what you can spend on necessities and entertainment and how much you can save with every paycheck.
Save for Retirement Now
Investing can be overwhelming, especially if you know nothing about it. Richard Dean Insurance recommends working with one of our certified financial planners who can educate you on your retirement saving options. Other things to consider are opening an Individual Retirement Account (IRA), maximizing your 401k plan with your employer, or putting money into a Certificate of Deposit account to earn interest.
Richard Dean Insurance has over 16 years of experience, so you can be sure you are receiving the best service and the best advice. Give us a call today, and let's start securing your financial future.