Financial Planning Quick Guide

We all want to be better prepared for financial ups and downs. Take time to put a financial plan in place so you are better prepared for the future.

In case of emergency. If you don't have an emergency fund, get one started. Set a goal to put away $500. This amount will typically cover you if your car breaks down or your dental coverage doesn't pay for that broken tooth. And you can build on it later. Sock away $20 each biweekly paycheck and you'll hit your goal within a year. If you use direct deposit or automatic transfer into savings, you'll be less tempted to spend rather than save.

Save now, shop later. Patience is a virtue, especially when it comes to buying high-ticket items. Is a big-screen TV on your wish list? Dedicate yourself to cutting back on other extravagances (dining out, new clothes, deluxe cable) and put that money aside until you can pay cash. Don't get stuck paying the high interest rates department stores charge, because your purchase could end up costing hundreds more than the original ticket price.

Make long-term plans. Have you checked the balance in your retirement accounts lately? If you haven't talked with your financial advisor recently, don't delay. As the stock market shifts this way and that, so does the amount of money you have allocated in different sectors. Review your portfolio with a financial advisor or ask a Starion Financial banker about our IRAs. Make sure your money is working for you.

Need a little guidance? Just give us a call at 888-258-6050. Starion Financial bankers can help you put together a personalized plan that will keep you safe in case of emergency, and prepare you for your long-term financial goals.