Tomren Wealth Management’s Post

I asked my clients for their best money-saving tips! Many recommended investing in 401(k)s or Roth IRAs, using coupons and browser extensions to save online, setting aside money for unexpected expenses, and starting to save for retirement as early as your 20s. I get it—saving can feel overwhelming, like you're missing out on the fun parts of life. But it doesn't have to be that way! You can still save and enjoy life. Budgeting doesn’t come in a one size fits all approach. It starts at different levels for everyone, and the key is finding a balance that works for you. With a solid plan, you can achieve your goals without feeling deprived. Ready to find a budgeting strategy that fits your life? Let’s chat! -------------------------------- Follow Mark Phillips for more financial education content! #MoneySavingTips #FinancialFreedom #Budgeting #LinkedIn #Business

How much is enough to support your lifestyle? If you don’t know, you don’t have a financial plan. Do you know how much is enough to support your lifestyle, without the fear of running out of money? This is one of the most important questions financial planning will help answer. We see many people working longer than they need to because they do not know how much is enough. I don’t think working passed retirement age is a bad thing (and research suggests it is a good thing) but many people continue to work when they don’t want to, thinking they have to get as much money as possible before retiring. But when can they stop doing the things they don’t want to do and start doing the things they do want to do? Have you ever seen a gravestone with the epitaph ‘He wished he’d spent more time at work?’ No, me neither. Knowing how much is enough will help you answer the most common planning questions, such as: ·        When you can retire ·        How much you need in pensions to retire comfortably ·        How much you need to save ·        Whether you need to downsize your home for financial reasons and not just an easier life (less housework!) ·        How much risk you need to take with your investments ·        How much extra you can spend in retirement ·        How much money you can gift to your family ·        Whether luxuries are affordable. By analyzing your assets, liabilities, income, expenditure and understanding your desired lifestyle - and by doing financial planning based around a cashflow model - it is possible to calculate the answer to the essential question. If you do not know how much is enough, you do not have a financial plan. We have a limited number of books called ‘Enough? How much money do you need for the rest of your life?’ by international lifestyle financial planning guru Paul Armson. If you would like a free copy (on a first come, first served basis) please contact us at consultations@entrustinternational.com  Do you know how much is enough for you? How confident are you about your financial planning? Take our two-minute financial planning scorecard at https://bit.ly/4gO7JMN and see how you fare. #Financial Planning #Lifestyle Budgeting #Personal Finance

Ever feel like budgeting is just about cutting back? Let me share a little secret: It’s actually about saying 'yes' to what truly matters to you. Whether that's pursuing your winter vacation, buying your dream home, or preparing for a peaceful retirement, a smart budget is your first step toward making those dreams a reality. Why budgeting works: It’s Empowering: It lets you take control, prioritizing your funds towards your passions and goals. It’s Liberating: Knowing where your money goes frees you from financial stress, letting you enjoy life’s pleasures without worry. 📝 My three tips to start budgeting effectively: Prioritize Your Goals: What dreams do you have? Focus your resources more strategically to make them come true. Track Your Spending: Awareness is key. Adjust your habits to save more for what really excites you. Be Realistic: Set achievable financial milestones that motivate you to keep going. Ready to start? Give us a call us at (306) 922-2020, visit our website at https://lnkd.in/gEVuUHJC Let’s turn your financial dreams into your financial reality! #FinancialFreedom #BudgetingTips #DreamBigWithDOWealth

Our popular “Year-End Planning Checklist” is designed to help you make the new year your clients’ best year. Download our 2024 edition. #YearEndPlanning #FinancialPlanning #RetirementPlanning

Our popular “Year-End Planning Checklist” is designed to help you make the new year your clients’ best year. Download our 2024 edition. #YearEndPlanning #FinancialPlanning #RetirementPlanning

If you've never had a budget, now is the perfect time to begin. Here's why it matters: As you approach retirement, you will be living on a fixed income. Overspending in retirement can lead to serious consequences: → You become a burden to your children. → You find yourself needing to return to work. → You risk not enjoying the life you envisioned. Mastering budgeting is essential at any point in your life, but it's especially critical as you transition into retirement. To help you start budgeting effectively: 1) Download a budgeting app or a spreadsheet. 2) Plan ahead for vacations and big expenses. 3) Partner with someone to keep you accountable. By honing your budgeting skills now, you'll experience less stress about spending when you retire. P.S. Do you have a budget in place?

Three questions to ask yourself to conduct your own midyear review. #financialplanning #retirementplanning #financialgoals

How To Set Financial Goals Financial goals are your roadmap to financial security and freedom. Here's a basic guide to set yourself up for success: Dream Big, Plan Smart: Brainstorm what you want to achieve financially. Early retirement? A dream vacation? Consider your values to guide your goals. Then, turn them into SMART goals: Specific, Measurable, Achievable, Relevant, and Time-Bound. Break It Down: Don't get overwhelmed! Large goals can feel daunting. Chunk your long-term goals into smaller, actionable steps. For instance, a goal to buy a house in 5 years can have milestones for saving specific amounts each year or month. Budgeting is Key: A budget is your financial game plan. Track your income and expenses to see where your money goes. This empowers you to make informed spending decisions and allocate funds towards your goals. Explore different budgeting methods to find what works for you. Take Action, Track Progress: Don't wait for the "perfect" time. Start now! As you go, regularly track your progress and adjust your plan as needed. Are you on track? Do your goals still reflect your priorities? Be flexible and adaptable. Remember, financial goals are a journey, not a destination. Celebrate your wins, stay focused, and believe in yourself! #financialgoals #setgoals #financialfreedom #financialsuccess #funds #earnings

Financial Planning: Transform Your Future in 2025! As we approach a new year, it's the perfect time to reflect on our financial ambitions. Many of us set New Year’s resolutions, but how often do they lead to real outcomes? Whether it's buying a home, taking that dream vacation, or retiring early, these goals can feel out of reach without a solid plan. Why Financial Planning? Financial planning serves as your roadmap to success. It helps you identify your goals, prioritize them, and create a clear strategy to achieve them. If revisiting your financial approach is part of your 2025 resolutions, now is the time to craft a thoughtful blueprint! Turn Wishes into Goals: Define your financial objectives clearly. Assign a monetary value and establish a timeline for each goal. Remember, even small milestones contribute to your overall success! Categorize and Prioritize: Break your goals into short-term, medium-term, and long-term. This clarity allows you to tailor your savings and investment strategies effectively. Understand Inflation: Inflation can erode your purchasing power. Use tools like the 'Rule of 72' to gauge its impact on your savings and investments. Include Your Loved Ones: Communicate your financial goals with family to ensure everyone is aligned and working toward a common future. Review Your Tax Strategy: Stay informed about tax regulations and leverage available allowances to minimize your financial burden. Stay on Top of Retirement Planning: The earlier you plan, the better prepared you'll be for a comfortable retirement. Review your strategy regularly to align with your evolving needs. Schedule Regular Reviews: Setting goals is just the beginning. Conduct annual reviews to track your progress and make necessary adjustments. Take Control of 2025 and Beyond! Adopting a strategic approach to financial planning can turn your aspirations into actionable steps. Are you ready to transform your financial future? Seeking professional advice could be your next step! Comment below or reach out to discuss how you can get started on your financial journey today! #FinancialPlanning #2025Goals #WealthManagement #InvestSmart #RetirementPlanning #FinancialAdvisor #NewYearNewYou