Four ways to stay on top of your finances

Having a financial strategy in place helps you meet your needs and pay for any unexpected expenses with money left over to spend on your short-term and long-term goals.

Living within your means ensures your future financial security, including in retirement.

Don’t consider your long-term plans, like paying off a mortgage, saving for a family vacation, and contributing enough to your TSP or 401(k) each year to earn matching contributions.

Having an overall picture of the current state of your financial accounts and an idea of ​​what you want to spend money on in the future can prevent you from overspending, while allowing for “play money” or one-time spending. .

Review your finances at least once a year (or whenever something that affects your income or expenses happens) to make sure you have enough money to live comfortably now and in the future.

Here’s a financial review checklist to get you started:

Audit recurring payments

Subscription services are everywhere: streaming services, but also meal kits, gym memberships, clothing deliveries, and more.

View your bank and credit card statements and assess your recurring payments. Do your subscriptions improve your daily life? Is each something you need?

You may be able to save more for your goals by forgoing a subscription service or cooking dinners at home.

Review your budget

If you don’t maintain a budget, it’s easy to lose track of where all your income is going each month.

Take the time each year to check your bank account and credit card statements. Add up all the money you received and see how much you get out of it.

Some of your monthly payments will be for things you need, like your mortgage or rent, groceries, or car payments.

Others will be for things you want, like new clothes, restaurant meals, or trips. Once you have an idea of ​​your fixed and mandatory monthly expenses, you can determine what is needed, what you can reduce, and how much you can reallocate to other goals.

Pay it forward

Although you need income now, you may need it more in retirement when you are no longer working. Even if you’re receiving a pension, it’s important to supplement your retirement income with regular contributions to an IRA, TSP, or 401(k) while you’re still working. In 2022, you can contribute up to $6,000 to an IRA (or a Roth IRA if your income is within certain limits) and up to $20,500 to a TSP or 401(k). Employer-sponsored TSP and 401k accounts may include matching contributions. Matching contributions provide free money that can grow while you work and increase your income in retirement.

Use insurance to protect your family

Insurance protects your family’s financial stability so that illness, car accidents and household disasters don’t wipe out your savings.

If you were to die today, would your family still have enough money to achieve their goals?

Life insurance protects your family from having to feel the financial burden of the death of a loved one.

It’s a promise you make now to protect your loved ones in the future. Although insurance products cost money, they can provide financial security if your family needs to file a claim.

Your current income and expenses—and how they change over time—determine your future. So, you need to know how your money is allocated when you plan.

If you want to learn more about life insurance, how to fit insurance into your family’s budget, or how insurance can protect your family’s future, you can get a quote of the Mutuelle de la MarineCall us at 800-628-6011,Where schedule an appointment with a representative of the Mutuelle de la Marine.