Lifetime Financial Planning

Most of us have budgets of some kind and have an idea of where our money goes every month. However, sometimes budgets just don’t work. Why? Because there is usually more than just one person involved in the family budget and personal priorities and outlooks on spending money can vary greatly.

Implement a General Money Management Strategy

Toss in the odd personal life change such as job loss, unexpected pregnancy, illness, or injury, and you can have instant financial chaos. Planning ahead and looking strategically at spending can reduce your stress about the family budget.

You probably know couples who have comparable salaries but have substantially different assets and spending patterns. The difference? If you want to have financial security, you need to have a plan of action. It should be updated every time your circumstances change and every time you look at purchasing a big-ticket item.

Knowing where you are going financially and choosing your course of action will make a big difference in how you can plan for your future and your retirement. Would you take a trip to a new destination without a map? Would you just hop in the car and hope that you get there eventually? Think of your lifetime financial plan as a financial road map, with the ups and downs of life’s financial challenges as detours or freeways, depending on what’s ahead…Read more