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INSIDE
1
The Year She Stopped Believing
2
Long-Term Care Planning: Protecting Your Health and Wealth
3
Your Guide to Winter Injury Prevention and Safety
4
Take Charge of Your Finances With Reverse Budgeting
SOLUTION
Master Your Money With Reverse Budgeting Advisory services are offered through Landmark Wealth Management Inc, dba McBeath Financial Group, an Illinois Registered Investment Advisor firm. Insurance products and services are offered through McBeath Tax and Financial Services, LLC. McBeath Financial Group and McBeath Tax and Financial Services, LLC are affiliated. All content of this newsletter is for informational purposes only. Opinions expressed herein are solely those of McBeath Financial Group and our editorial staff. Material presented is believed to be from reliable sources; however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed in detail with your individual financial professional prior to implementation. Copyright 2021 McBeath Financial Group.
A NEW APPROACH TO FINANCIAL FREEDOM
Managing your personal finances can be a daunting task, and traditional budgeting methods don’t work for everyone. However, “reverse budgeting,” a unique approach that empowers you to take control of your finances and achieve your goals more efficiently, may work for you. In a typical budgeting process, you track your income, expenses, and savings goals in a forward-facing manner, allocating your earnings to various expenses and saving whatever is left over. Reverse budgeting flips this process. Instead of allocating money to expenses first, you focus on saving and investing a predetermined amount before covering your expenditures. Here’s how it works. SET YOUR SAVINGS GOAL Start by determining your financial goals, whether saving for emergencies, retirement,
a vacation, or a down payment on a house. Consider creating separate savings accounts for different goals to track your progress.
ADJUST YOUR LIFESTYLE If your expenses exceed your remaining income after savings, it’s time to make lifestyle adjustments. Look
for areas where you can cut back without compromising your essential needs.
AUTOMATE YOUR SAVINGS Arrange for automated transfers from your income to your
TRACK YOUR SPENDING Keep an eye on your spending habits by reviewing your bank and credit card statements, using budgeting apps, or maintaining a spending journal. This helps you identify areas
savings accounts on payday. By doing this, you treat savings as a non-negotiable expense, similar to rent or utility bills.
where you can make further financial improvements and adjustments.
COVER YOUR EXPENSES After setting aside your savings, use the remaining money to cover your monthly expenses and discretionary spending. This process forces you to be mindful of your spending and live within your means.
Whether saving for a specific goal or simply building a stronger financial foundation, reverse budgeting can be a valuable tool in your financial toolkit. Give it a try!
4 McBeathFinancialGroup.com
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