Create a Richly Blessed 2018 Invest in yourself

from Glo - January 2018

Smart about style

By Deborah C Gerbers

New year, new fresh star t! Januar y is a great time to make positive changes in ever y aspec t of your life whether it be a resolution to exercise more, work harder or save more money, this is the time for improvements. One way to do that is to reevaluate your finances in order to save and invest for your future.

Budgeting 101

Brittainy Chaffee, private banker at Star Financial Bank, suggests getting a jump on setting a budget for yourself and sor ting through the things you want to accomplish, no matter your stage in life or career. “Star t now, ” she advised. “ While it is easy to procrastinate budgeting, your first step is to write down the goal you are hoping to achieve. Do you want to pay off your debt? Write it down and determine your current spending with the income you are bringing in Do you want to build on your retirement savings? Pay yourself first The main thing with budgeting is to be sure to be honest with yourself and give yourself flexibility Each month there are expenses that are seasonal, like snow removal and Christmas gifts in the winter and vacation in the spring ”

Devote Time to Your Finances

When people begin think ing more seriously about their financial situation, there are common mistakes to avoid, such as not spending adequate time reviewing your finances Reach out to your financial advisor or banker to assess your situation “ Too often we consider ourselves too busy to devote time to our finances, ” said Chaffee “Not devoting time to your finances can be costly Find someone whom you trust to work with, especially when you have life changes like a new job, marriage, children, divorce or retirement. These are all impor tant times to review your overall financial pic ture. Do you k now your banker's name and do they k now yours? These all are impor tant questions to consider when planning for your financial future ”

Have an Individualized Plan

When managing your household’s finances, it is impor tant to have a plan, whether you are the primar y person or your spouse is For example, if one spouse or par tner is the primar y breadwinner and manages the finances, the other person needs to k now how to do it as well, even if it doesn’t seem necessar y Life changes, and it is impor tant to be familiar with what ’s happening with your household’s finances “I t is impor tant that you are familiar with where documents are, how bills are paid, and who at the bank can help you or your spouse if something were to happen to you, ” said Chaffee “Consider the type of legac y you want to leave and put that plan in place ”

Another consideration is what your long- and shor t-term goals are Do you have children going to college soon? Are you or your spouse planning to retire? Are you interested in investing in the stock market? I t ’s impor tant to have a financial professional who k nows what you wish to accomplish by managing your money. “ You are an individual even when it comes to your finances, ” said Chaffee. “Goals var y from person to person. Work with someone whom you trust and does what is right for you.”

The best financial investment this year? I t ’s in you. a

Resource: Star Financial, For t Wayne, 260 428 7028, star financial com

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