|We are excited to share Agili’s newest video, Best Financial Advice: Why Budgets Matter, featuring Financial Strategist, Dan Honsberger, CFP® and Financial Planning Analyst, Peter Byrd. Even if you are an expert budgeter, this video has some great reminders to keep you on track.
Benefits of Budgets
Early in the video, Dan says that going through a budgeting exercise can help clear up uncertainty about where your money is going and change your finances for the better. Adhering to a budget may result in reduced stress, sleeping better at night, and can also give you a clear vision of a better future.
Remember Priorities When Budgeting
Remembering your priorities when trying to stick to a budget is important. Peter reminds us that “some of that money spent on brewery hopping last weekend may have been better off earmarked for retirement savings. With budgeting, you can get the tools to identify one to two areas so that you can repurpose those funds spent on that IPA into a 401(k).”
Small Financial Changes Can Have a Big Impact
For retirement savers, Peter suggests increasing your contribution by 1%, and continuing to increase your contribution by 1% periodically, “until it starts to hurt.” Making small changes early can have a big impact on future retirement savings.
For more budgeting resources, we invite you to read these insightful blog posts by Financial Planning Analyst, Jennifer Pieson, FPQP™: Holiday Saving Guide: Track 2020 Spending to Plan for 2021 and Personal Budgeting Targets for Everyone.