Blog 18: My Financial Planning Tips for Success

Hello, my Amazing Readers! 

As it's almost a new month, I thought it would be a good idea to talk about my financial planning tips for success. Now I'm not a financial planning expert, but I do have some general tips that I believe would really help with making sure you're more financially stable in the future. I believe that financial literacy is something that isn't taught well, especially to younger kids, and should be something everyone is good at. I hope my tips can make you more comfortable with your finances and encourage you to become more financially literate. 

1. Track your money flow 

This is pretty simple to do, but knowing how you spend your money and where you could be saving can help you to change your spending habits. Budgeting is a word thrown out there that few people enjoy, but it can really help! If you have a budget and track how you're spending your income, you can tell if you're over budget or under budget, and where you can save. Not enough people, I believe, are conscious enough to really keep an eye on their spending. Setting limits on your budget can help as well, as this will help you save more and achieve more of your financial goals 

2. Get into investing 

Now I am not an investing guru, and investing may not be for everyone, but there are all kinds of investment plans out there that fit most everyone. Investing can be an easy way to increase your savings in smaller amounts, depending on your plan. If you're thinking of investing, try listening to different financial podcasts on investing to get started. 

3. Make sure to have proper life insurance 

Insurance is actually part of financial planning, though few people see it that way. Insurance can help with retirement and other financial situations in the future. It's also good to have for any accidents or emergencies. It can give you the peace of mind you need when financially planning for the future. If you're unsure about the different types of insurance, check out my other company as we can consult your needs. 

4. Set up your Financial Goals 

Whether it's: make six figures by the time you're fifty or invest six figures by the time you're fifty, any financial goals you have, need to be explicitly set up so you can continually be reminded of them and work to achieve them. Having financial goals give your finances a direction and something for you to work towards. When you achieve those goals, make sure to celebrate as well! 

While there are a lot of other financial planning tips out there, I do hope you consider these for making sure you're more financially stable. Finances, investing, and budgeting can all be overwhelming, but I promise the work is worth it in the end. Feel free to reach out on my social media channels to ask questions or for advice. 

Until next time! 

Katie