Photo of Eric R. Ebbert, CFP®, MBA, CEO Eric R. Ebbert, CFP®, MBA, CEO Dec 05, 2021

How are your finances? Are you living paycheck to paycheck, wondering where your money goes each month? If you are not where you want to be financially, it may be time to consider a better financial plan. Here are three signs that it is time to trade in your old, boring financial plan for a better, more effective one: 

1. You are anxiously awaiting your next paycheck — Sure, there is some general anxiety and excitement that revolves around your paychecks. But, if you find that you are hoping you do not overdraw your bank account before your next paycheck hits your account, it’s time to reassess. One solid financial plan will help you save for a better future — and that does not have to include living paycheck to paycheck. 

2. You are not paying down debt and saving for emergencies —How much debt do you have? Are you paying it down, or are you just paying the minimum balance due? Your financial plan should include a realistic way for you to pay off your debt. Your plan should also include a better way to help you have a fully funded emergency plan. A fully funded emergency plan should have at least six months of living expenses saved up. 

3. You are not saving enough for retirement —Are you prepared to financially support yourself until you reach 100 years old? If not, you are probably not saving enough for retirement. According to Schwab, you will need roughly 80% of your current income in retirement — and that does not include if you have a mortgage.

Talk to a ProVise CFP® professional about creating a better financial plan

At ProVise Management Group, our CERTIFIED FINANCIAL PLANNER™ professionals can get to know you and your current financial circumstances, goals, risk tolerance and personal values to help you develop a plan that works for you. We can also create a written plan for you at a fiduciary standard of care. All our written plans come with an unconditional money-back guarantee. If you are unhappy with your written plan, you can return it to us, and we will refund 100% of the fee paid.

Are you ready to talk to a professional about creating a better financial plan? Contact ProVise today to schedule a complimentary consultation.