Saving and Spending

The Importance of a Financial Advisor

When it comes to money, many of us have no idea how to manage our financial future beyond the immediate month ahead. Singles and couples alike can benefit from the knowledge and experience of a financial consultant or planner. But how do you find a financial consultant?

Most people can find a great planner by asking family members or friends for recommendations. If this method does not yield results, ask your accountant or tax preparer for suggestions. Some banks even have financial advisers that work for them, which you may find more convenient.

Saving for your future is not always a priority when you are just starting out. You can use all of the spending you do for your home and everyday needs to secure your future. By shopping through uTANGO, you can earn up to $1 Million in Life-Stage Cash Rewards. Not a member of uTANGO? Find out how you can earn up to $1 Million for your future.  

In any case, having a financial advisor is invaluable as you move through your adult working life toward retirement. S/he will be able to assess your income and assist you in setting financial goals that will allow you to have enough money to live comfortably after you stop working. In the present, s/he can also show you how to establish a budget that can leave you enough money to contribute to your long-term savings.

You don't have to have a lot of money lying around at the end of every month to enjoy the benefits of savings. If you're not sure how to save when you are spending money just to get by, there are plenty of options.

• Have a look at any wasteful monthly expenditures you might have, such as memberships you don't use.
• Sell household items you no longer need.
• Take on a part-time job if possible.
• Fully leverage your uTANGO membership. You have to spend money to live. When you spend through uTANGO, every dollar goes to work for your future.

Not a member? Find out how to use your spending to help you earn toward your future.

Once you've created or discovered the extra money, place it in high-interest savings accounts and/or CDs. Forced savings options such as these don't require you to do anything but watch the interest build...as well as your savings.

Take some time to review your savings options and try a few. If they don't work out, switch! Only you can decide what is the right savings vehicle for you.

Here's a simple step-by-step plan for setting up a budget:

• Make a list of your basic monthly expenses (rent/mortgage, utilities, food, etc.) Be sure to add any regular lifestyle expenditures (movie rentals, online memberships, etc.).
• Calculate your average monthly gross pay by counting pay stub totals.
• Do the same for any interest income (dividends, bonuses, etc.)
• Subtract the total expenses from the total income to arrive at your net income.

If the number is negative, your expenses are greater than your income, so you’ll need to change your spending habits. (Tip: Begin with lifestyle expenditures.) If you have a positive net income, set it aside for your savings and/or investment account. Do your best to stay on top of your budget by updating it on a monthly basis.

About uTANGO

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