Summer’s Here—Is Your Financial Plan on Track?
Warm weather, longer days, and vacation plans are all part of the summer season. But it’s also a great time to pause and take stock of your financial health. Mid-year check-ins can help ensure you’re on the right path before the year slips away. Here are a few smart questions to ask yourself:
Have your goals changed?
It’s always a good idea to review your credit report for accuracy and watch for signs of identity theft. A strong credit score is a key part of your overall financial picture.
How’s your credit score?
Our team can help you understand how disability insurance fits into your overall financial plan and guide you toward options that offer real security for life’s unknowns. Contact us today to get started.
Are your contributions on track?
Whether it’s a retirement account, emergency fund, or other savings goal, now’s a good time to evaluate your contributions. Could you increase them, even a little?
Does your spending still align with your plan?
If recent market activity or personal expenses have impacted your cash flow, consider whether your budget and spending plans for the rest of the year still make sense.
If any of these questions gave you pause, our team would be happy to talk through them with you. Let’s ensure your financial plan keeps pace with your life, summer, and beyond.
Caring for an aging parent, spouse, or loved one is one of the most selfless roles a person can take on. However, it often comes with unexpected financial challenges, such as covering medical bills, adjusting work schedules, managing insurance, or dipping into personal savings to cover the costs. Without a clear plan, these costs can strain your current budget and long-term financial goals.
Whether you’re already supporting a loved one or preparing for future responsibilities, these five practical strategies can help you regain financial clarity while continuing to provide meaningful care.
1. Set a Financial Baseline
Start by understanding how caregiving is affecting your personal finances. Are you covering medical bills, transportation, or daily care items? Have your working hours or earnings changed? Track these costs and compare them to your monthly income and savings goals. Knowing where you stand financially is the first step toward making more informed and confident decisions.
2. Explore Financial Support Options
Don’t assume you need to absorb all the costs alone. Research long-term care insurance benefits, veteran support programs, Medicaid, or other local and national resources that can help reduce the financial burden. If you’re managing a loved one’s finances, ensure you have the proper legal access through power of attorney or similar documentation.
3. Create a Shared Caregiving Plan
If other family members or friends are involved, make sure roles are clearly defined, especially when it comes to financial responsibilities. One person might coordinate medical visits, another may help cover specific expenses, and someone else could handle paperwork or insurance. Transparent communication around costs and expectations helps prevent future conflict and supports a more sustainable plan.
4. Don’t Neglect Your Own Financial Goals
It’s easy to place your own retirement savings or emergency fund on hold during caregiving, but that can have long-lasting effects. Continue contributing to your future when possible, and consult a financial advisor about adjusting your plan to reflect new caregiving responsibilities without sacrificing your long-term goals.
5. Get (and Stay) Organized
Keep key documents such as insurance policies, wills, healthcare directives, and financial statements both accessible and secure. Organizing paperwork, whether digitally or physically, can save time and reduce stress during critical moments when quick decisions are necessary.
Being a caregiver requires time, energy, and heart, but it shouldn’t come at the expense of your financial health. With the right planning and support, it’s possible to care for others while protecting your future. If you’re navigating the financial side of caregiving, our team is here to help. Contact us to learn how we can help you create a plan that supports your family and your financial well-being.
Think you don’t need disability coverage? Think again.
We plan for the unexpected with wills, estate strategies, and life insurance. But many overlook one critical protection: disability insurance—the coverage that protects your income and lifestyle while you’re still living.
According to the Social Security Administration, nearly 1 in 4 Americans in their 20s will experience a disability before retirement age. And yet, most households are financially unprepared for a sudden loss of income. If you’re unable to work, your income may stop—while your expenses continue, or even rise, due to medical and rehabilitation costs.¹
Unlike life insurance, which helps protect loved ones after you’re gone, disability insurance helps protect your daily living and long-term financial goals, such as covering your mortgage or paying for education, when illness or injury prevents you from working.
Disability insurance is issued by participating insurance providers. Policies can vary widely in coverage length, benefit amount, waiting periods, and whether they cover your “own occupation” or “any occupation.” Availability depends on the insurer and your state of residence. Any benefits are based on the financial strength and claims-paying ability of the issuing insurance company.
Is Government Assistance Enough?
Many discover they don’t qualify for Social Security Disability Insurance (SSDI) or that the process is long, complex, and restrictive. Those who do qualify often receive only a fraction of their previous income, which is far below what’s needed to maintain their lifestyle.
This May, during Disability Insurance Awareness Month, take a moment to ask yourself: If disability struck tomorrow, would your income—and your family’s future—be protected?
Now is the time to explore your options.
Our team can help you understand how disability insurance fits into your overall financial plan and guide you toward options that offer real security for life’s unknowns. Contact us today to get started.
1. SSA.gov, 2023
Are you saving for the future? Many people struggle with knowing where to start when it comes to saving. While some seek advice on how to invest or diversify their savings, others are simply unsure of how to begin. If you’re one of those people who feels unsure about how to start saving, you’re not alone. Even individuals with higher incomes often find themselves living paycheck to paycheck, with little to no savings for emergencies or retirement. The good news is that it’s never too late to begin. There are plenty of simple ways to start saving, even in small amounts, that can help improve your financial future without drastically altering your current lifestyle.
When it comes to saving, the issue often isn’t how much money you earn, but rather how much you spend. While unavoidable expenses, such as medical bills or home repairs, can make it difficult to save, for many people, excessive spending is simply a habit that can be changed with little effort. It’s easy to feel overwhelmed by the thought of saving, especially when it seems like a daunting task. However, taking small, manageable steps today can help set you on the path to a secure financial future. Getting started is easier than it seems, and there are simple strategies that can help you begin saving right now.
Tip #1: Put it aside
When considering a major purchase, like a car, or even a smaller one, like a pair of shoes, try pausing for a week or two before making a decision. Give yourself time to reflect and think it through. After that time, if you still feel it’s the right choice, move forward knowing it’s a well-considered decision, not just an impulse buy. If not, skip it. Most of us have made at least one purchase we later regretted—if not more. Imagine if you could get that money back and have it earning interest in your savings account instead. Over time, it could really add up.
Tip #2: Pay yourself first
When you receive your paycheck, you likely prioritize paying your mortgage or rent, your car payment, your insurance, and so on. But somewhere near the bottom of that list is you. Why? It’s probably because you know there’s no immediate penalty for not paying yourself. It’s time to change that mindset and hold yourself accountable. Make saving a priority by putting money into your savings account first, before covering your other expenses. By taking care of yourself upfront, you’ll eliminate any excuses by the end of the month. As long as your monthly bills don’t exceed your income, you can easily set aside a comfortable, consistent amount to save each month.
Tip #3: Shop smarter
In our fast-paced lives, it’s easy to grab a quick snack or coffee when it’s convenient. But if you stop at a convenience store for a 12 oz. coffee every morning, you’re likely spending at least $2.00 daily—and that quickly adds up. Have you ever considered how much you could save by making your own coffee? And what about the power of interest on those savings? If you saved just $600 a year in a basic savings account with a 5% annual return, after 30 years, you could have over $30,000 (after taxes). That’s the impact of consistently saving—even small amounts. Just $2 a day adds up to well over $600 by the end of the year. Start paying attention to those “small” daily expenses—they really can make a big difference over time.
Tip #4: See your destination
They say hindsight is 20/20. Imagine this: if 10 years ago you had started saving just $200 a month in a shoebox under your bed, you’d have $24,000 by now! While you can’t go back in time, you can certainly look ahead. Take advantage of free financial calculators available online and start plugging in numbers to see where your savings could take you in 20-30 years, depending on how much you start saving today. Once you see the potential, saving money might just become your favorite hobby—a fun competition with yourself to see how much you can grow your future net worth.
Tip #5: Ditch the shoebox
Speaking of that hypothetical shoebox under your bed, while the money inside might gather dust, it certainly won’t earn any interest. And while it is unlikely that you’re storing cash in a shoebox, it’s worth considering where and how you’re saving your money. Traditional savings accounts do offer interest, but there are other options that could potentially yield higher returns. You’ve probably heard of money market accounts or certificates of deposit (CDs), but might not be sure exactly what they are or if they’re right for you. It’s important to educate yourself about your options and make informed decisions when it comes to managing your finances.
Saving for the future doesn’t have to be overwhelming. By making small, intentional changes in your spending habits and prioritizing savings, you can start building a more secure financial future today. Whether it’s putting money aside before spending on other expenses, making smarter purchases, or exploring better savings options, every step you take brings you closer to your goals. Remember, it’s not about how much you earn—it’s about how wisely you manage and save your money. Take the time now to plan for the future, and you’ll be amazed at how much you can achieve over time. Start today, and watch your financial well-being grow.