March Madness is finally here! Every spring, basketball fans enjoy the challenge of trying to predict which team will win the NCAA Basketball Tournament. While you’re busy filling out your March Madness brackets, think about applying the same idea to your personal finances. Here’s how you can predict your financial future.
Know Where You Stand
Knowing where you stand financially now can help you make better decisions moving forward. Start by using our Home Budget Calculator. This will help you see where your money is going every month. By entering your income and expenses, you can see how much money you have left over each month. This calculator will also help you identify areas that may need improvement.
Once you’ve figured out your current financial status; you can start making plans for where you want to be financially in the next five, ten or even twenty years.
Keep Track of Your Finances
The calculator is just a start. To really get a handle on your finances, you can use My Financial Partner, our free online personal financial management tool. With My Financial Partner you can manage all your financial accounts in one place. You can track your spending, set financial goals and establish realistic budgets. There’s also a feature that lets you track your upcoming bills and incomes. My Financial Partner is a great tool to help you see into the future of your financial health.
Move Ahead Financially
If you aren’t happy with your current financial situation, set goals for yourself to make improvements over time. For example, if you have high credit card debt, decide how much you can afford to put towards paying it off as soon as possible. Create a payment schedule and stick to it. This may mean having to make cuts in your budget elsewhere like skipping the summer vacation you take every year.
After using our Home Budget Calculator and My Financial Partner, you may feel like you’re already on the right path to a positive financial future and that’s great! However, take a second look at the amount of money you have left after paying all your necessary expenses each month. What are you doing with this extra income?
Maybe it’s time to start a retirement account or increase the amount you’re contributing to an existing retirement account. Saving for your future is always a smart investment. Or maybe it would be a good idea to start putting some money away into an emergency fund for those inevitable, unexpected expenses like when the water heater needs replaced or your car needs repairs. It’s great to have extra income at the end of the month, but it’s important to save it wisely rather than spend it on things you don’t really need.
Predicting your financial future is much easier than predicting which team will win March Madness this year. In the beginning, it will take time to get all your financial accounts set up properly but in the end you’ll be able to take better control of your financial future. Let Partner Colorado help you move ahead financially!