Just Getting Started

Financial planning is dynamic. Your financial goals will change over the years with changes in your lifestyle or circumstances, such as an inheritance, marriage, birth, house purchase or change of job status. Revisit and revise your financial plan as time goes by so you stay on track to meet your long-term goals

Good goals are clear, achievable, measurable and have a time limit. You can set short, medium and long-term goals. It is very important that you follow up your progress and keep the motivation despite the obstacles that may arise.

Financial planning applies common sense to managing your finances. It cannot change your situation overnight, but over time, you’ll see results. Remember that events beyond your control, such as inflation or changes in the stock market or interest rates, will affect your results.

What are our financial goals as a couple?

Deciding what you want for your lives together provides a unifying, positive approach to your finances and will make the day-to-day decisions less divisive.   

Who will handle the household bills and accounts?

It’s not unusual for one person to enjoy doing the day-to-day management, however, on a regular basis, jointly review how the money flows in and out of the household.

How much financial togetherness do we want in our marriage?

What holdings should be merged in order to pursue your shared financial goals?  What holdings do you want to keep separate to allow some autonomy and independence for each spouse?

Identify all your loans

If you have federal loans, go to the National Student Loan Data System to identify your loan type — such as Direct, Stafford, Plus or Perkins — and the amount of each. If you have private loans through a bank or other lending institution, contact the loan servicer. The type of loan, the identity of the issuer, the identity of the borrower (you or your parents) and the amount of the loan will determine your repayment options.

Evaluate your alternatives 

in terms of initial monthly payment, final monthly payment, total interest paid and total amount paid — can be found at StudentLoans.gov

Monitor your progress

Keep tabs on your loan payments and total indebtedness Whatever you do, do not be delinquent in paying your loan, or go into default 

  • If you are living paycheck-to-paycheck, before you do anything else, stop that.
  • Save at least three months’ pay
  • Save the maximum you can in retirement accounts
  • As you meet your other savings goals and as your income increases, add to your savings outside your retirement account.
  • Take care of the basics for your family (life insurance)

Pulling a copy of your credit report each year should be routine

Contact us today for more information