The beginning of the year is a great time to set your sights on saving more money.
Perhaps you received a bonus or a raise and need guidance on how to save or invest the additional cash. Maybe you have a tax refund coming to you, or you simply just want to consider ways to save more money this year.
Whatever the case may be, no better time than the beginning of the year to set your intentions and establish good habits to ensure you save for your financial goals or to help a loved one do the same.
Identifying available savings opportunities and prioritizing across accounts can be complex and overwhelming, but experts with Evensky and Katz/Foldes Financial Wealth Management have carefully crafted a checklist that outlines many strategies to consider when you have a surplus of cash or savings on hand.
Whether you answer yes or no to the following question determines what your recommendation might be. Here are a handful of examples of questions from the checklist:
- Do you need to save more in your emergency fund?
- Do you have a Flexible Spending Account?
- Do you have a Health Savings Account?
- Do you have a traditional IRA or a Roth IRA?
- Do you have a retirement plan offered through your employer?
- Do you expect your income to increase in the future?
- Are you a business owner?
- Do you have minor children?
- Are you or your dependents planning to attend college?
- Do you have (or would you consider) an annuity?
- Do you need to increase your life insurance coverage?
- Do you have any debts?
What might your answer be to some of the questions above? While these questions can help you identify different opportunities, experts with Evensky and Katz/Foldes Financial Wealth Management are available to meet and discuss your specific finances and goals to determine what options best suit your unique circumstances.
To see the full checklist, click or tap here. And to learn more about how you can invest smarter, click or tap here.