You Can’t Save What You Don’t Have | By: GILBERT CORTEZ, FINANCIAL ADVISOR | Whether you’re retired or working, do you
com and Yodlee MoneyCenter can import
really know where you spend your money?
and aggregate data from your credit card,
These are increasingly important questions
bank, and brokerage accounts. They break
today as more people are helping not only their
down your spending into categories, such
children, but also their grandchildren. This may
as dining and vacation. Some programs can
also be at the expense of their own retirement.
even track specific items such as how much
Having a financial plan can help guide your
you spend on coffee. However, these online
GILBERT CORTEZ,
decisions now and in the years to come.
tools only provide a fraction of the guidance
FINANCIAL ADVISOR
an advisor can give you. So, incorporating
DAVE RAMSEY´S ENDORSED
Ongoing tracking of your expenses, like
both into your overall financial plan may be
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stepping on the scale, provides a reality
the most beneficial. Once you know where
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check. The more we consciously focus on
your money is going, identifying cuts that can
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our spending, the more likely we will not
make a real difference becomes easier.
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know it’s good for us, but can be hard to
You may want to strongly consider having a
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do consistently.
monthly meeting with your spouse. If you are
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overspend. Like exercising or dieting, we
not married, a trusted confidant is an option.
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Not all planners agree that tracking expenses
This meeting should include reviewing
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in general is enough. Many people who are
where you have been spending money
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asked to track all their expenses discover
and anticipated expenditures, both short
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their estimate of money left for saving or
and long-term. It could lead to some very
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investing is frequently off because they often
interesting conversations. Having both parties
exclude unusual expenditures and average
involved, discussing goals and objectives,
(For informational purposes only. Not intended
the balance. The focus of some financial plans
where you are today and where you want to
to provide specific advice or recommendations
is on having individuals set up automatic bill-
be in the future, can be helpful.
pay and meet specific savings goals through
for any individual.)
monthly automatic deposits. The budgeting
One of the most important things you can
The above material was prepared by Peak
then usually falls in line accordingly.
do is save money. A key to success is the
Advisor Alliance.
ability to delay gratification. Saving is crucial Today, a growing number of largely free
to developing that ability and imperative for
online tools are available to help you track
anyone who wants to acquire and grow wealth.
your expenses. Companies such as Mint.
Securities offered through Investors Capital Corporation, 6 Kimball Lane, Lynnfield, MA 01940, (800) 949-1422. Member FINRA/SIPC Advisory Services offered through Investors Capital Advisory, Inc.
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