Money Saving Monday: Financial Planning Month

Tracking your money is something you need to do regularly and will help you avoid any financial surprises that come your way.

LINCOLN, Neb. (KLKN) — The COVID-19 pandemic has created a number of financial obstacles for Americans to overcome.

Jeremy Gove with Stonebridge Insurance and Wealth Management says having a plan for your money is so important. Gove has tips to help you reach your retirement goals during Financial Planning Month.

Financial Planning Essentials:

Set Goals

• Whether you are saving for a home, car, college or trip, figure out what matters to you.
• A financial plan gives you an opportunity to review your goals, update them and keep track of your progress.

Track your Money

• A solid financial plan includes getting a concrete picture of your monthly cash flow. Start by writing down your income, fixed expenses and other expenditures you may  have.
• Tracking your money is something you need to do regularly and will help you avoid any financial surprises that come your way.

Plan for Taxes

• You can reduce your taxable income for the year by contributing to a 401(k) or traditional IRA. The money you put into these accounts also grows tax deferred until you withdraw it in retirement.

Strategize Long-Term Investments

• A long-term investment strategy is part of any comprehensive financial plan. One of the most popular ways you can invest is through a workplace retirement plan, like a 401(k).

When you are 5 to 10 years away from retiring, you should look for a financial professional who can put together a full financial plan to help give you the confidence to retire.