Financial Planners Offer Tips to Strengthen Fiscal Future

BOSTON, Feb. 17, 2011 /PRNewswire/ -- Strengthening finances is at the top of many New Year's resolution lists. However, many fail because this idea is too broad. If this ranked high but you haven't quite gotten started, here are some tips from financial planning professionals to make the rest of 2011 more productive.

1. The number one recommendation from financial planners is to spend less than what is made. If this first item is not accomplished, it is impossible to increase savings, invest or pay off debt. Make a monthly budget and stick to it.

2. Set a goal to save at least 10% of income. This can be automatically deducted from paychecks and placed into a savings account. It can also go towards a 401k, which ideally should be maximized with a company match. Other options include a money market account, CD or other safe investments.

3. Financial planners often recommend having an emergency fund. This should be a separate account with the minimum of 3 months' worth of expenses in it. If there is an emergency, such as medical bills, auto repair or job loss, this will be a cushion that is accessible rather than high-interest credit cards. This money may be placed in a money market account or other easily accessible, high-interest account.

4. Pay off debt and use credit wisely. Utilize pay-off calculators to figure out the best way to pay off debt, especially credit cards. Prioritize pay-offs in order of highest to lowest interest rates. When credit card debt is paid off, financial planners recommend only using a card when the balance can be paid off the following billing period.

5. Be certain there is enough auto, homeowner's, life, health and other types of insurance. One disaster without the proper coverage could result in thousands or even millions of dollars in debt.

6. Work with a certified financial planner to create or update the portfolio. Getting unbiased, professional assistance can greatly affect a person's fiscal future. A professional advisor can help with investment planning, retirement advice, 401k rollover and more.  

About FinancialPlanners.net:

FinancialPlanners.net offers a free service that connects people with knowledgeable and experienced financial planners to help people better secure their fiscal future. Financial planners can assist clients with retirement planning, 401k rollover, estate planning, and portfolio management. To find the best financial planners that will help you secure your fiscal future, visit FinancialPlanners.net today.

This press release was issued through eReleases(R).  For more information, visit eReleases Press Release Distribution at http://www.ereleases.com.

SOURCE FinancialPlanners.net