When was the last time you checked to see if your financial goals were on track? It’s easy to get caught up in the day-to-day routine of job and family life. And it can be time-consuming to keep up with financial plans, advisors and multiple documents in various places. In fact, a recent survey showed 43% of respondents feel managing their finances has gotten more complex over the past five years. But knowing where you stand financially — and where you want to go — is key to staying on track and in control of your goals.
Review your financial priorities and concerns by asking yourself these questions:
- Have my goals changed over the last several years?
- Are my priorities the same as they were five, 10 or even 20 years ago?
- How did I get to where I am today and where do I want to go next?
- Are there concerns that keep me up at night or opportunities I want to seize?
Four Tips for Taking Control of Your Finances
Once you take stock of how your priorities and plans have evolved, follow these tips to get back on track and stay there.
- Identify your goals and top priorities. Be specific about what you want to accomplish in the short- and long term, and put it in writing.
- Review your plans with a financial advisor who can help you develop a step-by-step strategy to reach your goals.
- Develop a system for keeping information organized, secure and accessible. Technology tools can cut down on paper and make it simple to keep track of track of multiple documents in one place.
- Monitor your progress. Once you create a plan, review it periodically and make adjustments to your strategy as needed.
Goals shift, and an accurate financial picture is helpful to keep you on track.
To review your financial plan, contact a Fifth Third Bank advisor.