Saturday 10 April 2021

U.S. Money Reserve’s Top Five Tips to Jump-Start Your Financial Plan

How to draw up and stick to a strong financial plan


Drawing up a strong financial plan is a great way to save for your future, especially if you have important milestones coming up. Whether you are looking to buy a bigger home, enjoy a luxurious wedding, or pay for your children’s education, a financial plan can help you get there. Creating a financial plan can also put you in a stronger position to manage any sudden changes, such as an unexpected job loss or economic slump. Overall, a solid financial plan can improve your control over your expenses and help you stay stress-free when it comes to money matters.


But while a financial plan may look great on paper, the real benefits can only happen when you put your plan into action. Here, U.S. Money Reserve explains how you can jump-start your plan to save effectively.


1. Evaluate Your Financial Plan’s Progress.

When it comes to budgeting and saving, drawing up a financial plan is often the easiest part of the process. But there is no point in creating a plan if you are not going to follow it. U.S. Money Reserve recommends setting regular check-in dates to evaluate your progress. When you assess this, you are more likely to make necessary changes to your plan and achieve your goals. 


You can set these check-in dates as often as you need, though Live Oak Wealth Management recommends looking at your financial plan at least once a month to quarterly. This way, you can minimize missing financial opportunities or facing financial hurdles that you have not had time to prepare for.


2. Automate Your Financial Planning to Save Time.

As companies continue to launch innovative fintechs (financial technologies), there are numerous systems you can use to automate at least part of your financial planning. Whether you would find it helpful to set up an automatic payment system for your bills; redirect part of your paycheck to a 401(k); or use a robo-advisor to automate your stocks, bonds, mutual funds, and exchange-traded funds (ETFs), technology can save you time and hassle. 


Automating your finances can also prevent you from making financial moves based on your emotions. As Navalign Wealth Partners explains, “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.” Instead, automated systems can arrange your finances logically, systematically, and strategically.


3. Adjust Your Financial Plan Based on the Market.

As the economy is subject to volatility and can make sizable swings, it can be helpful to be ready to amend your financial plan accordingly over time. Market changes can inform your next move at any point. For example, a relatively weaker economy may prompt you to reallocate your assets. This may include moving a portion of a 401(k) into a precious metals IRA, which can hold gold, silver, platinum, and palladium. Many people open gold IRAs to diversify their portfolios and help protect their wealth in the event of an unexpected economic downturn.


4. Stash More Cash in Your Portfolio.

If you are lucky, you might find yourself with a little extra cash from time to time. Perhaps you receive a bonus at work. Or perhaps you receive a tax refund. When you receive an additional or unexpected payout, it can be tempting to treat yourself right away. But moving this cash into other asset classes within your portfolio—perhaps precious metals—could help cushion your funds against volatility and allow your overall portfolio to grow over time.


5. Celebrate Your Successes.

Following a financial plan is not a short-term process; it is a long-term commitment that requires hard work. Therefore, it is important to celebrate all of the little successes along the way. Whether you have raised the percentage of income that you put aside each year for retirement, poured your entire tax refund into your retirement account, or paid off your credit card balance, you have done something worth celebrating. These little wins can help you achieve your big-picture goals.


Get in touch with U.S. Money Reserve to find out how purchasing gold coins and other precious metals could make a world of difference to your financial future.


About U.S. Money Reserve

Over the last 20 years, U.S. Money Reserve has served more than 550,000 clients looking to diversify their portfolios with precious metals. The highly regarded distributor provides a diverse range of precious metals and legal-tender coins, which are backed for their purity, weight, and content. Thanks to U.S. Money Reserve’s immense buying power, clients have access to some of the highest-quality precious metals in the world. As a result, the company has received a coveted AAA rating from the Business Consumer Alliance and an A+ rating from the Business Better Bureau.


U.S. Money Reserve also offers a free Gold Information Kit for those who are looking to learn about the benefits of diversifying their portfolios with precious metals. 


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