CFP Board: Make a Plan to Get Financially Fit

February 6, 2017

 CFP Board Offer Tips to Improve Consumers’ Financial Situation

 

Washington, D.C., February 6, 2017 – Year after year, getting healthy is a top New Year’s resolution for Americans, while saving more and spending less typically ranks lower on the list of priorities. Although many people will purchase gym memberships they may never use, taking steps to improve financial wellness is a resolution worth pursuing, and sticking to.

 

“The new year gives many the motivation to improve, but like any physical fitness plan, a financial fitness plan needs to be something you make routine,” said CFP Board Ambassador to Metro-Detroit Robert Schmansky, CFP®.

 

In the latest contribution to LetsMakeaPlan.org, CFP Board offers the following tips to help you become and stay financially fit.

 

  • Create a budget: Creating a budget is a simple way to determine how best to spend your money. Start by reconciling last year’s expenditures and creating a list of necessary payments. Giving yourself a “cheap month,” such as spending $100 a week, can help define your needs. In addition, working with your spouse or partner can help identify a realistic budget and prevent overspending.

  • Put yourself first: Spending too much on adult children, parents and other family members can jeopardize your long-term financial situation. Having children live within a budget will force more careful spending while teaching a valuable lesson. For adult dependents, spend carefully; you can’t take care of others if you haven’t taken care of yourself.

  • Maximize benefits: Take full advantage of your existing benefits package, such as your 401(k) or retirement plan. For a 401(k), make sure to maximize your investment by matching your employer’s contribution. If you operate within individual funds, rebalance your 401(k) account periodically. Establishing a dollar cost averaging arrangement – investing set amounts at regular intervals regardless of the financial climate – for a new account, such as a Roth IRA or 529 plans, can also increase your savings.

  • Know yourself: Many people have chronic issues of overspending or mismanaging debt. Developing smart habits can improve your finances. If you fail to prudently spend with credit cards, cut them up. If you struggle to meet basic payments, round up to the nearest whole number on larger expenses. For example, if your car payment is $375, plan on spending $400 per month.

  

Big or small, everyone can take steps to improve their financial well-being. This year – while you’re working on your physical fitness – get you finances in shape by scheduling a meeting with a CERTIFIED FINANCIAL PLANNER™ professional who can help you take action to improve your financial situation.

 

For more tips from CFP Board Ambassadors for a financially fit 2017, click here.

 

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 more than 76,000 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, Investopedia, 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® P: 248-677-1762 E: rob@clearfinancial.net W: www.clear.financial Twitter: @moneyclarity

 

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