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Financial Security Steps

Financial Security Step 10 | choose your next financial goal - Balanced FI

Financial Security Step 10: Choose Your Next Financial Goal

The final step toward financial security varies from person to person. You can choose the next financial goal to pursue after Paying off debt Saving 6 months’ expenses and Increasing retirement contributions  Depending on your choice of goal, you can accomplish multiple over the years. You can, and likely will, pursue more than one goal …

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Financial Security Step 9: increase retirement contributions - Balanced FI

Financial Security Step 9: Increase Retirement Contributions

Early, monthly retirement contributions are the single most important part of your long-term savings plan as you prepare for life after work.  Waaaaay back in FSS Step 2b, you started saving for retirement. When you are saving a mini emergency fund or have debt (other than a mortgage), retirement contributions often fall to the bottom …

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Financial Security Step 7: pay off debt - Balanced FI

Financial Security Step 7: Pay off Debt

Pay off debt to free up money every month and feel financially free. A strategic debt payoff plan will help you stay focused long-term. Plan to pay off debt If you haven’t already, go back to Financial Security Step 5 and create your debt payoff plan. Make sure to download the Debt Payoff Planner – …

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Financial Security Step 5: Create a Debt Payoff Plan - Balanced FI

Financial Security Step 5: Create a Debt Payoff Plan

Create a debt payoff plan to take advantage of every extra cent and build momentum to get out of debt more quickly and strategically. Debt payoff is usually the longest, hardest part of the path toward financial security. It can take years to pay everything off, especially if you don’t have an expensive asset, like …

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Financial Security Step 4 - Calculate your Net Worth - Balanced FI

Financial Security Step 4: Calculate your Net Worth

Calculate your net worth to track your financial progress. Net worth goes up as assets increase and debts decrease. Calculate your net worth to measure your progress toward financial security. Over time, you want your net worth to increase. Once it hits $1 million, you’re officially a millionaire, even if you don’t have that much …

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Financial Security Step 3: Save for Recurring Expenses - Balanced FI

Financial Security Step 3: Save for Recurring Expenses

Save for recurring expenses to ease the stress of timing bill payments and paydays. Paying some bills annually can also save money on fees. If you’re new to the Financial Security Steps, start here: Welcome! Once you have tracked your expenses for the last 3 months, saved your mini emergency fund, and started saving for …

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