Tips to Jump-Start Your Financial Plan

Spring Into Action and Jump-start Your Financial Plan


Written by John Rothans

Mar 10, 2021

While a financial plan looks great on paper, the real transformation occurs when you put your plan into motion. Spring into action and jump-start your financial plan today. We’ll show you how!

1. Set Reminders

It can be easy to create your financial plan and essentially forget it. However, it’s vital to set calendar reminders to reevaluate your plan regularly. Consistent check-ins about your financial plan’s execution can put you in a better position to prepare for retirement and meet other needs.

How often should these reminders be set? Your situation will be unique to you; however, Live Oak Wealth Management recommends checking in once a month or quarterly.

“If you have not kept track of your investment accounts, retirement plan balances, and other assets, commit to checking the pulse on the health of your family’s finances at least once a quarter, if not monthly.”

The last thing you want to do is put your financial plan on autopilot and never correct course. Doing so could prevent you from missing financial opportunities or avoiding financial hurdles.

2. Embrace Automation

Given the rise of personal finance technology (known as fintech), there’s little excuse these days to not automate at least part of your financial planning. This could include setting up autopay for bills or redirecting part of your paycheck to a 401(k). It also could involve using a robo-advisor to automate elements of your portfolio like stocks, bonds, mutual funds, and exchange-traded funds (ETFs).

One benefit of automating your finances is that it takes emotion out of the equation.

“When emotions and money intersect, the effects can be financially injurious. Emotions can cause us to overreact—or not act at all when we should,” notes Navalign Wealth Partners.

Using automation, you’re far less inclined to make financial moves based on how you’re feeling at a particular moment.

3. Adjust to Market Moves

As you know, the market can take dramatic swings up or down. Your financial plan should be flexible enough to shift in tandem with those swings.

For instance, market changes may prompt you to reallocate some of your assets from a 401(k) to a precious metals IRA, which can hold gold, silver, platinum, or palladium. A precious metals IRA can help diversify your portfolio and may be able to help you weather economic downturns.

4. Contribute More When You Can

Perhaps you pocketed a $2,500 tax refund. Or maybe you received a bonus at work. Whenever you come into some extra or unexpected money, it makes sense to consider stashing at least part of that cash in your portfolio so it can grow over time.

A 2020 survey by the Transamerica Center for Retirement Studies put the median retirement savings for baby boomers in the workforce at $144,000. Yet that likely falls far short of the roughly 80% share of pre-retirement income those boomers will need each year after exiting the workforce.

5. Celebrate the Little Things

Did you raise the percentage of income you put aside each year for retirement? Did you stick all of your tax refund in your retirement account? Did you pay off the entire balance on a credit card? If so, congrats!

Every time you check off one of these small wins on your to-do list, be sure to pat yourself on the back. And be sure to keep in mind that these small wins will lead to achieving big-picture goals.

Are you on track to meet your goals? If not, it might be time to reevaluate and even consider new ideas. Call U.S. Money Reserve to learn how precious metals could benefit your financial plan.


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