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By: Mark Steffe President/CEO of First Command
During this turbulent time in our country, it’s understandable that you may not have given a lot of thought to the idea of implementing a financial plan. But at First Command, we believe this is an excellent time to focus on getting your finances in order.
More tips from First Command President/CEO Mark Steffe in this video:
The pandemic has caused significant disruption in our daily lives and has taken an economic toll on governments, industries and individual workers. Despite – or maybe because of – the widespread hardship, many families have reprioritized what is truly important.
In addition, sheltering at home has taught many of us that it’s possible to spend less and save more. If you’re spending less money on restaurants, entertainment or gas for your car, consider allocating some of that newly discovered disposable income to your financial future.
Building a financial plan takes time and commitment, which is why many people never get around to doing it. But while the world has temporarily slowed down, you may have more time to do the things you couldn’t get around to before now. Here are a few suggestions to get started:
- Update your budget. This could be as simple as sitting down with family members to evaluate household income and expenses. Decide how much you can afford to allocate to short-term and long-term goals, then determine how you will track everything to stay on top of it on a weekly basis.
- Then, set an appointment on your calendar to update the information every six months.
- Teach your children about saving. Talk to them about setting aside a portion of the money they earn from jobs or even birthday gifts. Consider opening an individual savings account for them. Encourage them to set goals to encourage good money habits.
We all need something to look forward to these days. The last few months have been unlike anything we’ve ever experienced. One way to overcome the fear and anxiety we’ve all been dealing with is to begin focusing now on the better times we hope are ahead. And that’s what a financial plan is all about.
Ready to get your financial life squared away and begin planning for a brighter financial future? We’re ready to help. First Command waives all financial planning fees for active duty military and their families, and there is no minimum net worth required to work with us.
I encourage you to visit firstcommand.com to learn more about our long history of helping military families pursue financial security. Schedule a complimentary consultation with your local First Command Financial Advisor, who is well-equipped to provide personal financial coaching through secure video conferencing, on the phone or in person.
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Mark Steffe is the CEO and President of First Command. Mark earned a Bachelor of Science degree in Finance from the University of Illinois, graduating with high honors. He holds series 7, 8, 23, 63 and 65 securities registrations, plus life and health insurance licenses.
©2020 First Command Financial Services, Inc. is the parent company of First Command Brokerage Services, Inc. (Member SIPC, FINRA), First Command Advisory Services, Inc., First Command Insurance Services, Inc. and First Command Bank. Securities products and brokerage services are provided by First Command Brokerage Services, Inc., a broker-dealer. Financial planning and investment advisory services are provided by First Command Advisory Services, Inc., an investment adviser. Insurance products and services are provided by First Command Insurance Services, Inc. Banking products and services are provided by First Command Bank (Member FDIC). Securities are not FDIC insured, have no bank guarantee and may lose value. A financial plan, by itself, cannot assure that retirement or other financial goals will be met. First Command Financial Services, Inc. and its related entities are not affiliated with or endorsed by the U.S. government or the U.S. Armed Forces.
