It's Never Too Late....To Save

My grandmother's idea of financial planning was to stash a small emergency fund in a milo tin under the bed. Things have really changed. It doesn't seem like that any more, our world is growing in leaps and bounds.

These days, finances are out of control for most families. The financial plan of the day seems to be borrow, borrow, and then borrow more money! A substantial increase in consumer debt through credit card is a good indicator that our spending is out of control.

To start a plan, you'll need to first take control of your money. Your income must be sufficient to meet your expenses. If not, you have two options, increase income or reduce expenses. You'll most likely find it more practical to get your spending under control first. Tracking your money is a crucial step in planning your budget and finances.

Then, set financial goals for future plans. If you have children, you may need to plan for college. And, it's never too early to make plans for your retirement. Work these goals into your budget as if they were monthly expenses. Commit to pay yourself every month in planning for your future goals. Build an emergency savings so you will have something to fall back on when unexpected events arise.

Personal finance planning is all about you. It's about you and your family's individual needs, dreams, and security. Do you believe in the saying: "It's never too late"?