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Five Easy Steps to Improve Financial Wellbeing in 2020


Welcome to a new decade. If one of your New Year’s resolutions was to become financially stronger in 2020, the financial professionals of Castle Wealth Group are here to help. We are developing new classes and programs for 2020 that will teach you the skills and give you the tools you need to increase your financial net worth and improve your overall financial stability throughout the new decade.

Let’s begin by reviewing five easy steps that everyone can take right now to improve their financial wellbeing.

1.  Get Rid of Debt

If you went a little overboard during the holidays, you might have extra debt. Even if you were disciplined in your holiday spending, you probably have some debts that you could eliminate.

Credit card and consumer debts hold you back from achieving your financial goals. They keep you from adding to your retirement funds and saving money. Debt actually keeps you from having the things that you really want because you are paying a large amount of your income toward interest and debt.

Make 2020 the year you get out of debt and stay out of debt. Begin by putting away the credit cards. If you do not have cash, do not buy it.

2.  Stay on Budget

Everyone should have a personal budget that they live within each month. If you do not have a budget, you need one. A budget allows you to see where your money goes each month. It also allows you to identify areas in which you can reduce expenses so that you can put more money towards paying off your debts sooner.

A budget may seem like a time-consuming, boring, tedious task. However, budgeting teaches you valuable financial skills and sets you on a path to financial success. A good budget is one of the first financial tools that a financial advisor teaches clients. It does not matter how much money you earn. You need a budget to ensure that you control your spending so that you can afford the things that you want.

3.  Create an Emergency Fund

One reason many people go into debt is because of a financial crisis. A tire blows out, the refrigerator stops working, or your pet needs to go to the vet. Something happens and you do not have the funds available to handle it, so you use a credit card.

An emergency fund helps you avoid using credit when something unexpected occurs. Make saving automatic by having a set amount deducted from your check each pay period and placed in a savings account that is not tied to your debit card.

4.  Save for Retirement

It is never too early to save for retirement. Make sure that you are taking advantage of your employer’s retirement plan. Max out your contributions to your 401(k) account to take advantage of employer matches and contributions. Consider investing in a Roth IRA, which uses after-tax dollars to save for retirement. Talk to our financial planners about other tools you can use to increase your retirement savings.

5.  Meet with a Financial Planner

Yes, you should meet with a financial planner or financial advisor to discuss your finances. A financial advisor can help you identify weaknesses in your financial plan and develop a strategy for improving your finances. Together, you can identify financial goals and develop a plan for achieving those goals during each phase of your life.

Castle Wealth Group Offers Holistic Financial Planning Services

The financial professionals of Castle Wealth Group can help you with matters related to your finances, including estate planning, retirement planning, and long-term care planning.

Call (844) 885-4200 to speak with one of our financial advisors or to schedule an appointment for a consultation.

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