On the news, we have heard “plan for your future, check your investments, and put away a large percentage of your income.” Others see that and think “How can I possibly save anything, I’m already 50.”
You can begin your financial planning at any age. It is easier to build your retirement when you are young and not touch it until retirement, but this is not usually an option for a percentage of Americans.
Start a journal to document your financial planning activities. It is a proven fact that a person is much more likely to act on and follow through with their goals when they are written down. It is nice to see the progress you’ve made against the date you set the goal! What is your budget for the goals you wish to accomplish? Write a dollar amount down of the approximate you wish to spend on each. In doing this, you have a basic list to plan upon.
Your financial journal should include what you spend on a monthly basis…basically, what you are required to spend, expenses! So, to regroup, you need to have your goals, income and expenses included in your journal. What funds you have left from that is savings. Now that it is written down, take it to your Naperville financial planning office to achieve those goals!
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