It’s never too early, or too late, to think about investing and planning for your financial future. Before you can really get started though, it’s important to get your financial house in order, sooner rather than later.
Budget, Budget, Budget
First of all, it’s important to work with a budget. Having a budget will give you more than a financial snapshot, it will allow you to identify the things that you spend money on and any wasteful expenditures. A budget will not only eliminate surprises and shortfalls, it will provide a clear view of what items can be reduced or cut out completely, and provide clarity on your overall financial picture. A budget can also help you save more money and plan ahead. At Baron Financial Group, our financial representatives can help you devise a plan to make your current expenses manageable, and financial goals attainable.
Planning for Emergencies
What will you do if your car breaks down, or your roof springs a leak? If you’re living without a safety net, you’re living on the financial edge, playing the odds, and hoping to get by without running into a crisis. However, emergencies happen and having a special fund helps you avoid borrowing money, and allows you to be ready to address any need that may arise. An emergency fund is basically a stash of money that you set aside to cover the stressful and costly financial surprises life throws your way. At Baron Financial Group, our representatives will work with you to develop an emergency fund, and help you plan to contribute comfortably, and regularly, so you’re ready if and when life presents an emergency.
Debt reduction is a big deal. And once you’ve set up a budget and emergency fund, you’re more tuned in to your financial situation, which means it’s time to create a plan for reducing your debts. At Baron Financial Group, our financial representatives will work with you to classify your debt and create a plan to help you eliminate it. Keep in mind that not all debt is bad debt. For example, mortgage interest may be able to save you some money on your tax return. We will start by looking at the shorter-term debt, start with the interest rates that are the highest and then help you work your way down to the lower interest rates. Our goal is to help you put a plan in place to take on ALL of your debt so that you can reduce and eventually eliminate it and build a solid financial future.