By Alan Prahl
It’s football season again. While we’d love to see the Packers win the Super Bowl, it will take a winning game plan, diligent practice and superlative effort for the Packers to succeed.
You know some of the key things the Packers need to do to win. Protect Aaron Rodgers. Feature enough running to keep opposing teams honest. Connect on a high percentage of passes. Play ball control on offense, so the defense can stay fresh.
We need a winning game plan to succeed with our finances too. Are you moving forward with a winning financial game plan?
Here are seven ways to build financial strength.
- Commit to spending less than your income.
2. Limit lifestyle spending on wants, so you have a surplus of 10% to 20% of your income to save and invest. Use tools like automatic transfers from checking to savings.
3. Always think about your choices. Is there another way to meet your needs at a lower cost?
4. Have an emergency fund with three to nine months of normal living expenses.
5. Don’t compare your car, home, clothes or toys with other people. Instead, believe that building financial independence is more important than conspicuous consumption.
6. Assess your risks and carry appropriate insurance.
7. Estimate how much you need to save for retirement and save out of every paycheck.
There’s probably been a time in most of our lives when we thought, “If only I made more money that would solve everything.” But wishing we had more money doesn’t generate more income. We must make some adjustments or changes so life can get better.
When you see Aaron Rodgers throw a perfect pass to a receiver just before he goes out of bounds, remember how many times they practiced that play. If we practice developing new financial behaviors, our wise choices can become habits that build financial strength.
Do you know what needs to be done to have a winning financial game plan? If you’re not sure, ask a FISC financial coach to help you identify options to improve your situation.