Sometime we need a little nudge, some motivation to get our engines pointed towards painting a picture of our retirement future. The following statements can assist in setting the parameters for both our plan and individual action plan.
- I have a definite strategy to SAVE. ___
- I have clearly written down all of my financial goals for retirement. ___
- I have a spending plan for all sources of income. ___
- I have a plan for reaching my goals for retirement. ___
- I always review my goals before spending. ___
- I have clear plans as to how I will spend any unobligated funds before I spend impulsively. ___
- I have a budget that I monitor now and will continue monitoring my budget in the future. ____
- I know exactly how much money I can spend on clothing monthly and yearly. ____
- I know how much money I can spend for eating out and entertainment. ____
- I plan ahead for times of big expenses, i.e., replacing the furnace or AC unit, purchasing a new car, major car repairs, home repairs, etc. ____
- I have a plan in place for unexpected expenses. ____
- When I must make a major purchase, I do comparison shopping. I test the market. ____
- All of my purchases are part of my plan for reaching my retirement goals. _____
- I set aside some money to spend as I please, only after paying myself first (PYF). ____
- I have emergency funds set aside equal to at least six months of living expenses. ____
- I have begun a sensible debt reduction plan. ____
- I pay off the entire monthly balance due on my credit cards to avoid paying interest charges. ____
- I know the difference wants and needs and I prioritize needs over wants. ____
- I know the rate of interest I am receiving on all savings accounts. ____
- I follow and monitor the rate of return on my investments. ____
- I understand what my investments mean and the risk associated with them. ___
- I belong to a credit union to reduce transaction costs in conducting my financial affairs. ____
- I determine the amount of money I can spend on a car and secure financial for that amount before selecting a car. ____
Give yourself one point for each item you have already taken action on. Add up your score and see how far you need to go to put your plan of action in motion.
P. S. Always Remember to Share What You Know.
Recommended Articles
For Postal Employees – LiteBlue and the TSP
Federal Retirement Benefit Analysis
Is The Pension Survivor Benefit Best For You?  by Todd Carmack
A Little-Known Opportunity Can Increase Your Retirement Income.  by Mark Sprague
