Financially savvy couples use 4 key money moves to stay organized, on track, and harmonious. They leverage today's tools and technology so they can feel confident and excited about the future:
01. SAVE AND INVEST
Financially aware couples are tuned in to the war that's raging for their wallet. They take responsibility and claim their financial independence from the marketing and media messages that bombard them by looking at their money in both present and future values. They also understand need vs. want and ask, "Do I need this, or do I just really want it?" before spending.
> Make a budget and live by it
> Save at least 10-15% of every paycheck
> Invest prudently for your risk tolerance profile
> Pay off credit cards every month so you don’t pay interest
>Take advantage of employer 401(k) matching plans
02. GET ORGANIZED
Keep accurate records of your entire financial picture so you can solve problems, answer questions, and realize what money moves make the most sense for you today and in the future.
To help you get organized, the tools and technology in the Hammond Iles App allows you to keep all of your accounts and documents in one secure online portal, accessible 24/7 from your smart device.
A solid financial plan keeps you organized and is a roadmap to your future. Created together with your financial coach, a financial plan allows you to see how investment and spending decisions today can affect lifetime cash flow, shape retirement, and influence your financial goals.
03. QUARTERLY MONEY DATE
Set up a time to ensure you hear each other's thoughts and ideas on a regular basis. Make a “money date” with your partner to review your finances. Look at your budget, bank and credit card accounts, bills, and retirement. Discuss ways to correct any mistakes from the last few months or reign in runaway spending for the upcoming quarter. Make it fun and don't forget to talk about your goals, hopes, and dreams so you continue to feel motivated and inspired to work toward them.
Many times partners aren’t on the same page about everything. However, each person’s wishes and goals are valid, and we find that couples who work together to brainstorm solutions that speak to each of their needs and personal purpose are often happier.
04. HOPE FOR THE BEST. PLAN FOR THE UNEXPECTED!
No one wants to think about what can go wrong. Financially savvy couples protect themselves in worst-case
scenarios with the following actions:
> Create an emergency fund with enough cash to cover expenses for 3-6 months
> Evaluate your needs and be sure to get the proper insurance coverage on your life, health, home, and auto
> Even if it is small, establish an estate plan and review it periodically
Well-informed couples who diligently save more, spend wisely, and invest to grow and preserve wealth set themselves up for long-term success.
If you have questions or want to learn about the Hammond Iles app, click here to book a no-charge 15 minute call with a financial coach.