No matter your financial expertise or future preparedness, everyone is aware that money plays an important factor in life. It may not be able to buy happiness, but not having to worry about paying the bills sure does make things a whole lot more enjoyable. No matter your current financial situation, there can always be a better understanding or grasp of the concepts associated with retirement and preparing for the future.
Regardless of where you are at on the financial journey of life, there are steps that can be made in order to prepare for the future. No one is guaranteed tomorrow, but having a plan and making sure that you and your family will be taken care of should something happen can allow you to rest easy. Especially if you are getting older, there are certain steps to take within five years of retirement which can benefit both you and your future earnings.
Each of the following tips will assist in getting a grip on your finances, no matter the current state of your bank accounts.
Debt to Income Ratio
One of the first factors to consider when attempting to understand your financial status is personal or family debt to income ratio. The measure of monthly expenses versus income measures how much money should remain for other needs. By analyzing this simple figure, individuals can quickly see if they are living within their current means or stretching their money too thin.
One of the quickest ways to give yourself a pay raise is to evaluate the amount of automatic draft deductions from your paycheck. Consider canceling that gym membership you never use, television pay channels you don’t watch, or any other seemingly useless deduction. A close examination of your monthly finances may net you an impressive pay raise by cancelling subscription services that aren’t being used.
Create a budget. Take a detailed look at your monthly expenses and determine which are necessary and others that may be expendable. By planning ahead for the amount of money to be used throughout any given pay period, individuals can get a head start on securing their financial pocketbook.
Consider seeking outside assistance from an unbiased third party. Depending on your current financial situation, having another set of eyes placed on your accounts could add insight that would benefit you, in addition to creating another set of standard bearers for your finances.
The tax and financial experts at Bloch Rothman and Associates are ready and willing to assist if you should need help assessing your current financial situation, paying all required taxes, or any other personal or corporate wealth management issues. In addition to providing a quality tax service, including navigating the intricacies of an audit, our group can also complete tax returns or answer any other factors associated with financial issues or concerns you may have. Serving in Denver and all of the surrounding areas for 35 years, our firm has an extensive history in helping clients with any and all of their tax issues or dealings with the Internal Revenue Service. If you have questions about your personal, business, estate or any other filings, don’t hesitate to contact us today. Available for all of your tax needs and filings
, there are also a number of bookkeeping and payroll services offered to assist you and your business. We look forward to meeting you and serving whatever your needs may be soon!