Money Tips for Every Mom

In honor of Mother’s Day earlier this month, below are four money tips for every mom out there (dads, your spotlight is next month!):

Grow your nest egg

Your employer’s retirement plan had many benefits to help you do exactly this:

• Enroll: the sooner, the better.
• Set a schedule: you may have an automatic increase each year.  Even if you don’t, remind yourself to increase your contribution.  Even a 1% increase can be beneficial over time.
• Meet the match: do your best to contribute at least enough to receive the full match from your employer.
• Catch-up: if you’re 50+ years old, there are additional ways to save even more in your retirement account.

Prepare for the just-in-case

An emergency fund may help cover unexpected expenses at home, with your vehicle, medically, etc.  Strive for savings of 3-6 months’ worth of what you would need if you were suddenly faced with unexpected bills.

Defeat debt

Most have needed (or will need) debt at some point in our lives – that’s normal!  However, do your best to pay off debt so you can invest more into your retirement goals over time.  Your future self will surely thank you.

Keep it simple

Small things such as shopping with a grocery list, taking your lunch to work, and meeting with your retirement advisor can assist you in keeping your expenses in line and goals on track.

Contact your RK advisor with any questions.  The RK team is here to help.

Nathan Woods, CFP® AIF® is a Senior Advisor with Rather & Kittrell.

Source: Empower Retirement