You know that you should have financial goals in place, but where are you supposed to start? The financial planners at CAP Northwest pride themselves on being approachable advisors who help normal people. They are here to help you create, meet, and exceed where you want to be. Here are a few things you can do now to work towards your financial goals.
Take a step back and evaluate your expenses.
- How many subscriptions do you have that you use?
- How much are you spending on eating out, entertainment, and groceries?
- What does your debt situation look like?
Once you evaluate where your money is going every month, you can set a realistic budget and goals.
Create an emergency fund. It’s no secret that life is unpredictable. You never know if your car is going to need to spend some time in the shop or, god forbid, you or someone in your family faces unexpected medical bills. Start by setting a smaller goal of $500 – $1,000. Once you meet that goal, continue to save for a stormy season.
A tip we offer to our clients is to have your emergency fund directly pull from your bank account, so you don’t have to remember to move money into the account every month.
Work towards paying off your debt. Look into a 0% APR credit card to consolidate your credit card debt. See if you can consolidate your student loan debt. Maybe you can refinance your car or house for a better interest rate. Our advisors can work with your unique situation to help you determine what the smartest decision for you and your family is.
Finally, if you haven’t started already, now is the time to save for retirement. There are a variety of ways you can save. We would be happy to help you set yourself up for success in your golden days.