{"id":9073,"date":"2023-08-06T07:33:14","date_gmt":"2023-08-06T07:33:14","guid":{"rendered":"https:\/\/isafespend.com\/personal-finance\/savings\/moneynav-bootcamp-getting-your-finances-in-shape-part-one\/"},"modified":"2023-08-06T07:33:15","modified_gmt":"2023-08-06T07:33:15","slug":"moneynav-bootcamp-getting-your-finances-in-shape-part-one","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=9073","title":{"rendered":"MoneyNav Bootcamp: Getting Your Finances in Shape [Part One]"},"content":{"rendered":"
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Did you know that April is\u00a0National Financial Literacy Month? Its purpose is to bring awareness to the importance of financial literacy and educate people on the significance of establishing and maintaining healthy financial habits. As financial advisors, we wholeheartedly support taking these steps, and what better time of year than FLM to start working out your finances?<\/em> \u00a0<\/span><\/p>\n

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Taking the leap towards financial freedom can be daunting, but it doesn’t have to be difficult. Over the next few weeks, we will break down the Financial Literacy Month\u2019s (FLM) “Thirty Steps to Financial Wellness” into a four-part series we’re calling MoneyNav Bootcamp<\/strong>. These posts will outline\u00a0basic steps to take in order to begin revamping your financial life, managing challenges along the way, and staying motivated. Let\u2019s get started!<\/em>\u00a0<\/span><\/p>\n

Week #1 of MoneyNav Bootcamp: Where to Begin<\/strong><\/span><\/p>\n

In order to make sure you’re developing a plan that will work long-term, it’s important to start out on the right foot. The following steps will provide you with a strong financial foundation and make it easier down the road to gauge what areas you’re excelling in and where you need to improve. It will also set the stage for creating future goals to work towards. \u00a0<\/span><\/p>\n

Step #1 –\u00a0<\/strong>Commit to change: <\/em>Committing to change is a huge step, and it’s easier said than done. Commitment shows that you are motivated, disciplined, and eager to change bad financial habits. One way to begin to do this is to make a list of all the ways becoming more financially conscious will help you. This list can include anything, big or small; The important thing is to start painting a picture of what better money management can do for yourself.<\/span><\/p>\n

Step #2 –<\/strong>\u00a0Assess your financial situation: <\/em>To begin\u00a0assessing\u00a0your financial situation, you have to do things like sit down and go through the stack of bills that maybe you\u2019ve been ignoring for a while (maybe a\u00a0long<\/em>\u00a0while), reassess your monthly budget and\u00a0take a deeper look at your long-term\u00a0savings plan.<\/span><\/p>\n

As the saying goes, \u201cdon\u2019t put off tomorrow, what can be done today,\u201d so take a deep breath and start by doing an annual review of your entire financial picture. It\u2019s extremely difficult to come up with achievable long-term goals or fix existing problems without a clear assessment of your current standing. This step can definitely be overwhelming but start with this handy self-assessment quiz. If you feel like diving deeper, take a look at some of our favorite online financial tools.\u00a0<\/span><\/p>\n

Step #3 –\u00a0<\/strong>Clearing out Financial Clutter: <\/em>How organized you are can have a big impact on committing to financial change. With everything from bills, receipts, tax documents, and more, it can make it hard for you to keep track of everything and know for sure that you’re reaching significant milestones. Refer to the FLM website to know what can and can’t be tossed to give your finances a good spring cleaning.<\/span><\/p>\n

Don\u2019t forget to properly destroy any documents with identifying information like your name, birth date, and social security number, which can make you a target for identity theft. Make sure you protect yourself\u00a0because it\u2019s nothing worse than taking steps forward only to encounter another obstacle.<\/span><\/p>\n

Step #4 –\u00a0<\/strong>Set Yourself Up for Success: <\/em>Fortune 500 companies don\u2019t have to be the only ones with a Chief Financial Officer; it\u2019s encouraged, in order to be\u00a0successful, that a \u201cfamily CFO\u201d be appointed. No matter your situation, whether you are single, married with kids at home, or retired, take this opportunity to hold a meeting to address\u00a0the state of the family finances, the short- and long-term goals, and what everyone\u2019s role should be. Additionally, this is a great\u00a0opportunity to teach your children about financial responsibility and introduce them to good habits early.<\/span><\/p>\n

Step #5 –<\/strong>\u00a0Get copies of your credit reports: <\/em>How frequently do you review your credit scores or your\u00a0credit report?\u00a0<\/em>Your credit report is a document that provides a snapshot of your creditworthiness from the three major credit bureaus. Typically, it will include the following\u00a0items:<\/span><\/p>\n