Use Leap Day to Leap Toward Your Financial Goals

February 25, 2016

CFP Board Consumer Advocate Gives Advice on How to Build Wealth with an Extra 24 Hours

 

Washington, D.C., February 29, 2016 (PDF) – For consumers who lament that they never have enough time, Leap Year provides a welcome 24 additional hours. Before settling down to catch up on TV, consumers should consider using the extra time to take inventory of their personal finances.

 

CFP Board Ambassador Robert Schmansky, CFP®, provides practical tips on how to do a quick financial checkup on Leap Day.

 

“Tax time brings a great opportunity for us to pull out all of our financial documents and review what changes to make for the upcoming year. For many, it is also bonus season and it’s important to have a plan in place that considers your long-term goals before checks arrive.”

 

In the latest contribution to LetsMakeaPlan.org, CFP Board outlines some simple steps consumers can take this Leap Day to ensure their financial house is in order.

  • Review your taxes. Spend an hour or two reviewing key tax provisions. Determine your applicable tax rates, or whether certain income streams such as Social Security or investment income are subject to extra taxes, in order to make simple and strategic tax moves that really pay off. 

  • Set up automatic savings account transfers.  Building an emergency savings account is crucial to financially stability. You’ll have funds for an unexpected expense rather than resorting to high interest credit cards. Arrange for a portion of your paycheck to be sent directly to a savings account, saving you time and money in the long run.

  • Plan your summer vacation. Use your extra day to plan out the details of a summer getaway. Last-minute plans can cost money, so get specific now about where you want to go, where you will stay, and how you will get there.

  • Review your menu of employee benefits. Don’t wait for the open enrollment deadline to review employee benefit options. Doing some number crunching early on, either by yourself or with the assistance of a CFP® professional, will help ensure you select the option that best fits your needs, budget, or tax situation.

  • Practice being retired. Use this Leap Day to test out your retirement lifestyle. By thinking about how you’ll spend your time, you’ll gain insight into your future spending habits, and in turn, how you may need to adjust your savings and investment strategies.

It’s said that time is money, and this year you get 24 more hours. Spend them wisely. With the assistance of a CFP® professional, align your financial goals and choices so that you can move forward knowing you are making the most of your time and wealth.

 

 

ABOUT CFP BOARD
The mission of Certified Financial Planner Board of Standards, Inc. is to benefit the public by granting the CFP® certification and upholding it as the recognized standard of excellence for competent and ethical personal financial planning. The Board of Directors, in furthering CFP Board’s mission, acts on behalf of the public, CFP® professionals and other stakeholders. CFP Board owns the certification marks CFP®, Certified Financial Planner™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.  CFP Board currently authorizes nearly 74,000 individuals to use these marks in the U.S.

 

CONTACT: Jessica Lewis, Communications Specialist P: 202-379-2256 E:jlewis@cfpboard.org Twitter: @cfpboardmedia

 

ABOUT ROBERT SCHMANSKY, CFP®

Robert Schmansky is the founder of Clear Financial Advisors of Metro-Detroit. Rob has over a decade of experience helping individuals and families meet their financial goals and overcome money concerns. He is frequently quoted in the media on issues regarding personal financial planning, and has been a contributing writer for U.S. News & World Report, Forbes and Yahoo!Finance, and an investment expert for FiLife, a former Dow Jones/IAC joint Internet venture. He has been an adjunct instructor of economics and the required courses for candidates to sit for the CFP® exam. Investment News selected Rob as a 2015 40 Under 40 financial planning professional and he is the 2013 PlanPlus Global Financial Planning Awards North American finalist.

 

CONTACT: Robert Schmansky, CFP®, CFP Board Ambassador P: 248-677-1762 E: info@clearfinancial.net W: www.clear.financial Twitter: @moneyclarity

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