5 Smart Ways to Keep Your Finances On Track

Making smart financial choices increases your ability to achieve your financial goals.
I know it’s been a while since I’ve written a blog post. I have been diligently working completing my book. I am happy to say the final manuscript is with my publisher (more details later). Since there are only a few short weeks left before we head into the bustling holiday season, I wanted to remind you that now would be a good time to review your finances to identify changes you can make before the end of the year to keep you on track. The daily financial choices you make affect the success of meeting your goals. At times we all get distracted or have a temporary lapse in the quality of our choices. But over the long term it is important to achieving your goals that you make smart financial choices.

Here are 5 ways to keep your finances on track:

1. Create a budget- Do you know where your money goes? Do you have a positive cash flow? If you answer is no to either of these questions (or I don’t know!), you need to create a spending plan (budget). We all know how important it is to live within our means but it is equally important to identify where your money is being spent. Creating a spending plan helps you identify areas where you can potentially reallocate to fund your goals.

2. Reduce credit card and other high interest debt- Making sure that you maintain a good credit history is one of the most important steps you can take. Take steps to reduce credit card and other high interest debt. It is also important to have at least one credit card in your name.

3. Take an active role in your investments including your retirement plans-Stay informed and engaged by reviewing your statements and consulting with your advisor when you have questions. Besides reviewing your statements, you should also read financial magazines or websites and attend workshops.

4. Don’t be overly conservative with your investments- Women typically live longer than men. You should invest based on your risk tolerance and time horizon but not be overly conservative. At least part of your portfolio should be invested for long-term growth.

5. Ask for help-It may not be a good idea to do everything on your own. If you are feeling overwhelmed by your finances, ask for help. Consider working with a financial professional to help you translate your information into some realistic goals so that they can develop strategies that make sense for you. It is important to work with an advisor you trust and that truly understands you, your goals and your situation.

Being smart with your money is about making good financial choices that are in alignment with your financial goals.

Remember, only you are the responsible for your financial success. It is important to take some time to plan your finances before the end of the year. These five strategies can help you build the financial future you desire.

Are you are having a difficult time taking the necessary steps to move forward with the “practical side” of your finances? Take my “Money Type Quiz” to learn more about your relationship with money. Only you see the results.


About Pamela Plick

Pamela Plick is a CERTIFIED FINANCIAL PLANNER™ practitioner and Registered Investment Advisor located in Palm Desert, California specializing in planning for women. Her goal is to empower, educate and engage women around their money. You can find out more about Pamela and connect with her on twitter, Facebook or linked in by going to www.pamelaplick.com.
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