Time for a Budget Checkup
Start the new year with a financial checkup, to ensure you're on track with your goals and prepared for any unexpected changes.
A checkup provides a holistic view of your financial situation, helping you make informed decisions for the future.
You can do a checkup once or twice a year, and a Personal Financial Manager or Command Financial Specialist (CFS) can assist you.
Being proactive allows you to maintain financial wellness and make adjustments as life circumstances or financial goals change.
Key elements of a financial checkup include:
Budget Analysis
-
Review your current income versus expenses.
-
Identify discretionary spending and prioritize essential expenses.
-
Update your budget regularly to reflect changes in financial circumstances, such as salary increases or new expenses.
Retirement Plan Updates
-
Adjust contributions based on cost-of-living adjustments (COLA) and salary increases.
-
Ensure your retirement savings are on track for your target retirement age.
-
Consider revisiting investment allocations to align with current financial goals.
Allowance for Kids
-
Create a dedicated category in your budget for children’s expenses, such as allowances, extracurricular activities, or educational costs.
-
Plan for future costs like college savings or special family trips.
-
Involve kids in budgeting to build financial literacy.
Budgeting Tools
-
Use digital tools or apps to track spending and savings.
-
Automate savings and bill payments to simplify your financial management.
-
Set up alerts and reminders for important financial milestones or deadlines.
Contact your local Personal Financial Management Program at your installation or your unit CFS for more information.