30-Day Money Cleanse – Week 4: Future-Proof Your Gains

in Financial Planning, Retirement Planning by

It’s the final week of the Personal Capital 30-Day Money Cleanse! In the past 3 weeks, you learned all about how to be more aware of your cash flow, set goals for your finances and prioritize your spending. You put those new habits to work last week by taking advantage of all the technology out there and now it’s time to plan for the future.

You’ve worked hard to pay attention and build new financial habits. While you’re ahead of most people now, it’s all too easy to slip back into bad habits and start overspending or missing opportunities to grow your wealth.

During this final week of the 30-Day Money Cleanse, we encourage you to take 1 simple step each day. In no time you’ll reach the financial goals you set for your money and be the guru your friends and family aspire to be.

Day 23 – Rollover Old 401k’s

All old 401k’s should be rolled to an IRA or a Roth IRA (depending on if they are traditional or Roth 401k’s). Each rollover call should take 10 minutes, and some can even be done online.

Day 24 – Revisit Expenses

Take another look over all expenses and explore ways to cut them back even further if need be. The goal is to ensure you are spending NO MORE than 80% of your paycheck.

Day 25 – Use Only Cash for One Week

Now that you know your weekly discretionary budget, go to the ATM and take out exactly that amount of cash and only use cash for the week. Using cash makes you more aware of money going out the door.

Day 26 – Tell Your Friends and Family

Telling others about your financial belt-tightening helps you stay on track! So when going out, suggest inexpensive activities like a hikes, picnics, or free activities in your city so that they can join you and hold you accountable.

Day 27 – Set Weekly Calendar Reminders

Once per week take a look at how much you’ve spent. Check that all your bills have been paid and that you are meeting your spending, saving and investing goals.

Day 28 – Check Out Hidden Fees

Check out how much you’re paying in credit card fees. If you aren’t getting rewards that correspond with the fees on the card, pay off the card and close it.

Day 29 – Set up Monthly & Quarterly Check-ins

Each month, see how you’re doing in your short term goals (paying down credit card debt/building an emergency fund). For quarterly check-ins look at your investment portfolio and rebalance if needed.

Day 30 – Treat Yourself

Congrats, you’ve made huge strides towards financial wellness! Treat yourself, you’ve earned it. Now keep it up!

Check out our entire Money Cleanse Series:

This communication and all data are for informational purposes only and do not constitute a recommendation to buy or sell securities. You should not rely on this information as the primary basis of your investment, financial, or tax planning decisions. You should consult your legal or tax professional regarding your specific situation. Third party data is obtained from sources believed to be reliable. However, PCAC cannot guarantee that data’s currency, accuracy, timeliness, completeness or fitness for any particular purpose. Certain sections of this commentary may contain forward-looking statements that are based on our reasonable expectations, estimate, projections and assumptions. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Past performance is not a guarantee of future return, nor is it necessarily indicative of future performance. Keep in mind investing involves risk. The value of your investment will fluctuate over time and you may gain or lose money.

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Michelle Brownstein, CFP™

Michelle Brownstein, CFP™

Michelle Brownstein is the Senior Vice President of the Private Client Group at Personal Capital. She is a Certified Financial Planner with a wide range of Investment Management experience.

One Response

  1. Ramie

    I’m 40, haven’t saved a dime, haven’t ever stuck to a budget. Can you help me? Is it too late?

    Reply

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