Financial Planning

Financial Planning

Why Financial Planning Matters

Good financial planning ensures you:

  • Stay on top of debt.

  • Build savings.

  • Work toward long-term goals (buying a home, retirement, etc.).

Key Financial Planning Tips

  1. Budgeting

    • Track income and expenses.

    • Use the 50/30/20 rule: 50% needs, 30% wants, 20% savings/debt repayment.

  2. Emergency Fund

    • Aim for 3–6 months of living expenses.

    • Store in a high-yield savings account.

  3. Debt Management

    • Consider the avalanche method (highest interest first).

    • Or the snowball method (smallest debt first).

  4. Credit Monitoring

    • Regularly review credit reports.

    • Set up alerts with CreditVana to catch unusual activity.

  5. Long-Term Goals

    • Save for retirement through 401(k) or IRA.

    • Plan for big expenses like education, home purchase, or travel.

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