Blog 32: Financial Planning Tips You May Be Missing Out On

 Hello, My amazing Readers, and Happy Friday! 

Today I want to talk about financial planning, and some tips for financial planning that you may not have thought about. I have a few other blogs here that talk about financial planning, so if you're curious to know more about financial planning, check out my other blogs on the topic. In this blog, I want to talk about ways to help with financial planning that you may not have looked into. Not necessarily "miracle cures" for saving money, but more of things you didn't realize. Financial planning is not a one-and-done process, but rather is always changing and improving. My suggestions below on financial planning tips you may be missing out on are just other improvements you can try to make your financial planning even more focused and optimized. 

1. The 30/50/20 Budget Rule 

Budgeting is a foundation for good financial planning, but budgeting can be difficult without a guide. Use the 30/50/20 rule to outline your budget. The rule goes as follows: 30% of your income goes to wants, such as entertainment, shopping, or hobbies. 50% of your income goes to things you need, like groceries, rent/mortgage, or health care. The last 20% goes towards paying off loans or putting in savings or investments. This way you can easily parcel out your income and may sure you're not going over your budget. 

2. Know your financial enemies 

By this I mean psychological things that you can do to yourself to go over budget or ruin your financial planning. These things can be greed, impatience, fear, wanting to look cool, impressing someone, etc. Make sure you understand your psychology with your money, and how your feelings act on your spending. Knowing where your psychological triggers are on how you spend money is essential in making sure your financial plan works around these things. 

3. Taxes 

Not everyone puts taxes on their financial plan, but it is important to calculate for. Depending on the year, your taxes may vary, but keeping that in mind will help you direct your thinking to achieve your financial goals. 

There are many other financial tips I can recommend, and be sure to look at my other blogs if you're interested. Reach out via social media with any questions you may have. 

Until next time, 

Katie