In order to stop the leaks in your financial plan, you will first want to assess your spending habits. Don’t make yourself or your partner feel bad about them. Your habits are just that, habits. And you don’t necessarily need to change your spending habits if you feel comfortable with where your money goes. Is your money flowing in the same direction as your values? Or is some of your money being allocated to things that are not important?

Think about ways in which you could improve the outflow of money. Talk about it with your partner. Discuss how you feel when you are able to see that you have more money coming in than going out AND you are saving for things that are important to you. Write down the things that are important to both of you individually and as a couple. What could your money do for you if you are being more conscious about where your money is going?

We have found that many people have an outflow of money for things they don’t even use or need. Do you have subscriptions for duplicate items like music apps or memberships you intended to use but never do? We often overpay for TV and cell phone services that could be negotiated down with just a phone call.

Action steps you can take right now

  1. Contact your phone and cable companies to ask if there is a plan that would be of better value to you, based on your needs.
  2. Review your bank account and credit card statements for recurring charges you may not be aware of.
  3. Contact your credit card companies to request they decrease your interest-rate. The less interest you are paying on your credit cards, the faster your principal balance could be paid off!

This commentary contained herein is intended for informational purposes only and should not be construed as tax, legal or investment advice. Past performance is not indicative of future results. Clients should obtain their own tax, legal or investment advice based on their circumstances. The material is based on sources deemed reliable but is not guaranteed.

Read Next

5-AdobeStock_627248609-760x562-1

The Importance of Keeping the Non-CFO Partner Engaged  

7-AdobeStock_508828735-760x562-1

How to Scenario Plan for Your Retirement  

A woman standing by an office window, the sun setting outside

The 2025 TCJA Sunset: Are You Prepared?

Ready to start a conversation? We’re here to listen.

Tell us about yourself at no cost or obligation.

  • An introduction to an advisor
  • A personal conversation
  • Your questions answered

"*" indicates required fields

Name*
ZIP Code*
Hidden
Hidden
This field is for validation purposes and should be left unchanged.

By providing a telephone number and submitting this form you are consenting to be contacted by a phone call (primarily) and/or SMS text message. SMS text message & data rates may apply. Reply STOP to opt out of further SMS text messaging.