National Savings Day!
Today is National Savings Day! It is important to make sure you’re maximizing your cash flow so that it works for you. Check out some helpful tips below for ways to help make saving a part of your lifestyle.
Review your Cash Flow: Be strategic in the way that you build your emergency funds so that you are maximizing your cash flow. Consider integrating a tiered cash flow strategy into your financial picture. This could include dispersing your funds in checking, savings, money market accounts, or CDs.
Work Sponsored Retirement Plans: Are you contributing the maximum to your retirement plan at work? In 2020, the maximum amount you can contribute to an employer-sponsored retirement plan increased by $500. If you were contributing the maximum in 2019, contact your employer’s Human Resources department to confirm that you’re taking advantage of this year’s increase.
Employer Retirement Matches: Your employer may have an incentive to contribute to their retirement plan by offering a “matched contribution.” Consider contributing at least the percent that your employer is willing to match to take advantage of this “free” money. One of the easiest and best ways to save!
Non-Qualified Investments: If your checking account is building each year and you have enough for your short-term needs, consider opening a non-qualified investment account. Non-qualified accounts can be used to help fund your long-term goals. Unlike a retirement account, you can access the non-qualified plan at any age. You can also adjust the amount you contribute to a non-qualified account as cash flow allows.
There are various savings strategies that you can use to maximize your cash flow, but it’s important to find one that works best for your personal financial picture! Partnership Wealth Management is available for phone meetings to help answer your investment, retirement, or other financial questions. Unsure about IRA’s? If you are thinking about a Roth IRA vs a Traditional IRA, we are here to help point you in the right direction.
Questions and Consultations
If you have questions or if you’d like to schedule an appointment to discuss your finances, contact us today.
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Partnership Wealth Management is a comprehensive financial services company. We are committed to providing our clients with financial planning and wealth management services to help them make the most of their investments. At Partnership Wealth Management we have a long history of working with the LGBT community. Among our many services, we offer financial planning for gay couples and lesbian couples as well as estate planning for gay couples and lesbian couples. Financial planning is an important part of preparing for the future, contact us today to get started: www.partnershipwm.com.