Create a Budget
In order to manage savings and build wealth over time, it is important to know your limitations. You must create a budget, itemizing all your monthly expenses and then track those expenses on a weekly basis.
There are several programs your financial advisor can give you to easily track your expenses and stay within your budget.
Manage Your Debt
Debt is normal and a necessary part of our daily lives. We have mortgages, car loans, student loans, possibly some temporary credit card debt. It is important to learn how to pay off your debt sooner and save so that you can invest. Credit card interest rates will destroy any hope of accumulating wealth. Too much debt will rob you of the opportunity to invest long term.
Map Out Your Major Financial Milestones
We all have financial milestones. School and sports program expenses, auto purchases, graduations, weddings, home improvements. We must save ahead of time in order to afford these important events.
Your financial planner can map out a plan that fits just for you.
For a financial planner referral call 1-866-729-5454 or
Disclosure:Your FOP Benefits Plan is offered free to members and at no cost to your union. The membership plan is administered by CBA, LLC, a social enterprise that receives affiliate or broker commissions from companies that provide financial wellness products and services and other benefit programs to our members. A minimum of 10% of all CBA profits are directed to youth education initiatives.