Profitt Report: September is National Self-Improvement Month, how to improve your finances
Every month has something to celebrate: September is national Self-Improvement Month. Money is one area where most of us could use a little improving.
“Improvement” could mean different things to different people: getting out of debt, saving for retirement, being financially independent, etc.
“It’s nice if we do a week by week, so instead of taking a look at a whole year, we're always letting our clients know let's do a week by week,” said Mindy McIntosh, financial professional at McIntosh & Associates in Freeland.
Your first week is all about the budget: either creating one or re-visiting yours.
“Let’s just kind of go through, any idea on average what you're spending a month? And a lot of times people don't really realize it until they put a pen to paper,” she said.
Once you know precisely where you cash is going, week two is all about saving. Your meals are a great place to start if you enjoy take out or eating at restaurants.
Now that you know where you could be saving money, take a look at your retirement accounts. Could they use a little boost?
“We recommend to our clients, put away to their retirement plans 10 to 15 percent of their income, are they doing that? If they're not and they can't afford to, let's take baby steps to get there,” McIntosh said.
That’s where week four comes in: review how the last few weeks went and keep it up.
To find a McIntosh & Associates budget spreadsheet, please click here.
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