đź“° Curated Industry Article
This is a summary of a full article from a trusted insurance publication. Click “Read Full Article” below to read the complete story.
Originally published as an interview on WFAA with Janel Forte. This version was edited and repurposed by DeWitt & Dunn Financial Services. Original interview available here: Expert provides budgeting tips to keep your money on track.
In an interview with WFAA, journalist Janel Forte spoke with Cathy DeWitt Dunn, President and CEO of DeWitt & Dunn Services, about how to keep our finances healthy during high inflation.
Cathy says the first step to protect our finances is to start with the budget. Before we know it, the holidays will be here, when we all tend to shop and spend more. It’s important to understand what income you have coming in and going out each month to cover things like your mortgage, childcare, groceries, gas and bills. You can download a budget worksheet right here on our website to get you started.
Once you know your budget, start building an emergency fund based on your monthly needs. Ideally, you should have three to six months of cash sitting on the sidelines. If you do run into an emergency expense, this will keep you from putting it on your credit card and going into debt.
Lastly, review open enrollment and your current health benefits to consider all your options. Premiums and costs keep rising, so evaluate what you have and where you can reduce coverage. Consider opening an HSA, where your money grows tax-free and can be used toward health expenses. Even after retirement, you can still withdraw the money tax-free.
Implementing these tips allows you to plan for retirement, even when inflation is high! Consider maxing out a 401(k) and IRA at the end of the year. If you’re over 50 years old, you can play catch-up on those accounts. Review your RMDs to ensure you have a strategy for all of these taxable events. There’s no time like the present to start planning. It’s never too late or too soon; we all deserve to start a new year on the right foot.
Three Key Takeaways:
- Revisit your budget
- Build up your emergency fund
- Review your benefits
The post Three Easy Budgeting Tips to Fight Inflation appeared first on AnnuityWatchUSA – Annuity Professionals.
đź’ˇ What This Means For You
[aarohi_dynamic_insight]
AAROHI INSURANCE
Secure Peace of Mind for You and Your Loved Ones
We provide comprehensive solutions including life insurance, mortgage protection, and annuities tailored to your needs.
đź“° This article is sourced from a trusted insurance industry publication. Aarohi Insurance shares this for informational purposes only. Always consult a licensed advisor for personalized guidance.