Quick Tips | Week of December 12th | Giving, Budgeting, Impulse Control
Welcome to this weeks quick tips of the week. Use these ideas to improve your financial situation. Reach out to me to dig deeper into these topics.
Giving back
I believe giving is one of the best ways of receiving fulfillment in life. I’ve recent joined an organization called Advisors Give Back where I provide probono financial planning to people who want to improve their financial future but can’t afford an advisor. If you like my advice here, but can’t afford my services, apply on their website and see if you qualify for help. Maybe you’ll be matched with me!
Take a minute
Most clients come to me saying they don’t have time to work on their finances but just like anything else it costs a little time. Take 5 minutes each day to review your finances. Check your budget, your investment accounts, insurance, review your beneficiary designations, etc. Choose one task each day a spend 5 minutes on it. If you run out of time, pick it back up again tomorrow. This time will prove useful by helping you see a clearer picture of your financial situation for a small time commitment.
Budget techniques
I employ many techniques to help my clients save the money they need to accomplish their goals. Most of them are about allocating money to savings and fixed expenses but you can try to flip that around. Once you have a grasp on how much your goals and monthly expenses cost, try setting up a separate account for your fun. When you get paid move that money to your fun account and the rest is to cover your expenses. I know it sounds the same, but you would be surprised how important mental money organization matters. These little tricks can help in a big way.
Do I need it? Use the rule of 5
If you are addicted to shopping you may need a trick to stop that as well. When considering whether to buy something use the rule of 5. When you feel the urge start by taking 5 minutes to see if the urge has cooled. If you still feel the urge, think about 5 days later. Will you still be using the item? Will you regret having spent the money? Will that spent money serve a better purpose then? If you are still selling yourself on the object, push it out to 5 years. How do you feel about that item now?
Using questions like this can help you make better buying decisions about objects that you could ultimately not need in a short period of time. It’s hard to sell yourself something knowing that you most likely won’t need it that much over 5 years like you would an emergency fund.
Pride in Friends and Family
Every year for the past 6 years, my friends and family have raised money to buy toys for families in need for Christmas. This year was our best year because we raised over $3,000. This year was especially important because of the dramatic impact that inflation has had on lower income families. Providing these toys will hopefully relieve some of the financial pressure these families experience during the holidays. Check out the pictures to see how it went!
Fiduciary Mission
At Integritas Financial, we are committed to providing fee-only, fiduciary financial planning services that are tailored to the unique needs of young professionals, particularly millennials. Our experienced planners work with you to develop customized financial plans that address key areas such as estate planning, trusts and wills, retirement, workplace benefits, education funding, student debt, and buying a house.
We believe in transparent, client-focused service that puts your financial goals at the center of everything we do. As a fiduciary firm, we are dedicated to acting in your best interests, and we never sell products that charge commissions to clients.
Our goal is to help you achieve a stable and prosperous financial future by providing comprehensive financial planning services that are tailored to your individual needs. Whether you're just starting out in your career or you're already well-established, we can help you navigate the complexities of financial planning and create a roadmap for success.