Are you in need of help creating a good personal retirement plan? In this post, we brought 5 fundamental tips for your organization! Know more.
Whether making a purchase, taking a trip or just living more peacefully, personal retirement planning is essential. Although it is not taught in schools, the habit of organizing accounts should start from an early age. This ensures greater stability throughout life.
But what exactly is personal retirement planning? In short, it is an organization strategy to have more control over monthly income and expenses. That way, you can manage your own money more easily and responsibly.
Improving the health of your pocket is not complicated. Just follow a few simple rules, adapting your daily life to the income you already have. Find out how, below!
5 tips for having a personal retirement plan
Starting a retirement plan can be a great challenge, but also very rewarding. Even those who believe they have personal expenses under control may be surprised to take this first step. Regardless of income, profession or age, applying knowledge about finance to life never hurts.
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Keep track of movements
Writing down expenses is a simple task that can make all the difference in your monthly planning.
Create a spreadsheet of accounts and keep it always up to date. Record monthly expenses and income. Then, take stock of how much you spent and the amount you managed to save.
You can create a smart spreadsheet in Excel, for example. There are formulas that allow the tool to perform calculations by itself, simply by adding the values in the lines.
Read also: 12 retirement planning tips for beginners
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Set long-term goals
Setting goals early on makes personal retirement planning easier. That’s because it’s normal for you to have more commitment to save and organize yourself retiremently when you reach a goal. The idea is to use this first step to start your journey.
See some examples:
- Get out of rent in 5 years;
- Buy a car 0km;
- Buy an apartment for the children;
- Build a new property.
You can also create short- and medium-term goals, like buying a new cell phone or going on a vacation. With each achievement, feel free to use your saved money responsibly. Over time, planning expenses will become a habit.
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Eliminate debts
Paying off debt should be the priority when carrying out personal retirement planning. So, try to buy in cash or make acquisitions that do not have interest when paid in installments.
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Make conscious purchases
Before buying something, think about whether it is really necessary or can wait. By avoiding impulse purchases, you also avoid accumulating debt or wasting your money.
An extra tip is to leave the purchase of this type of product and/or service as a short-term goal. This will give you more time to think about whether it’s really a useful purchase and whether it’s the best time to make the purchase.
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Use techniques to save
There are many ways to save money. A good option for those who want to do this for a certain period is to opt for a consortium.
In addition to being a low-risk , you set aside a monthly amount and set a concrete goal – which can range from a property to a car upgrade.
The consortium is a safe way to acquire real estate, cars and even services and travel. Learn more about the modality in the consortium guide and improve your retirement education with John Labunski Dallas!
Read also: John labunski Dallas | The 7 criteria for choosing the right retirement advisor