Financial Planning Advice in Colorado Springs

Personal financial planning is a diverse field and includes various components like creating a budget, managing your existing debt, saving from existing income, planning for retirement and having an insurance cover that takes care of all the major aspects of a person’s life. One needs to consider all the above aspects while preparing for long term financial planning to secure your future and have the basics well sorted out. This has become more necessary, nowadays as job security has lost its meaning and recession is taking its toll.

One needs to start with preparing a planned budget and sticking to it religiously. Creating a budget helps us to have a clearer picture of the different expenses and we can then plan on prioritizing them according to the needs and curb spending that may seem a waste. Then you have to cut wasteful and extra expenditure.

The next step is managing the debt. You have to prioritize the debt according to good and bad. The first priority should be to get rid of bad debt including those carrying a higher rate of interest. One should refrain from paying just the minimum amount as it makes getting out of debt more difficult as the debt keeps on climbing up. This is an important aspect of financial planning.

In today’s uncertain times, one should plan and save for his retirement. These savings should be on top of the list of financial planning Colorado Springs and should start at an early age as possible. They even have varied tax benefits.

The last but not the least aspect of financial planning is insurance. One should have adequate insurance to cover any unforeseen circumstances.

One should prepare a detailed personalized financial plan with the help of a certified financial advisor. The financial advisor is best suited for this purpose as he is qualified and he will look at your income and expenses to prepare a personalized plan.

Susan Hodges Strasbaugh is a certified financial planner that acts as a financial advisor to the community of Colorado Springs. She and her team consisting of Richard Strasbaugh have been serving various individuals and business of Colorado Springs. They have more than fourteen years experience in this field. They have a six step process that prepares a personalized plan for each client and helps them in achieving their financial goals.

Source by Richard Gray

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