Money Matters – Part two of two

Continuing from last month’s article on Money Matters.
No.5 Get Right With Retirement
If you’ve been socking money away in your work-sponsored retirement account, you’re ahead of the game. But are you actually on track to retire on time?
There’s only one way to find out. If you want to get right with retirement, call and set an appointment with me for what I call a “Financial Tune-Up.”  Please prepare a detailed budget of what you would like to implement prior to our meeting.
No.6 – Contribute Beyond the Company Match
According to experts, failing to contribute enough to your retirement account to get the full company match could mean tens of thousands of dollars in lost earnings over a lifetime.  And since that money is essentially free, it’s wasteful to ignore it. If you want to take full advantage of your employer’s 401(k), make sure you’re contributing enough to receive the full company match on your contributions, which is usually anywhere from three percent to six percent but not a dollar more.
No.7 – Build an Emergency Fund
Most experts recommend you have three to six months of expenses stashed away in case emergency strikes. After all, roofs need to be replaced, cars break down, and people lose jobs all the time, often when they least expect it. To protect yourself, you need an emergency fund that is adequate to take care of any potential hardships. To get started, save as much as you can every payday or once per month and transfer those funds in a separate account with no ATM. Leave this account alone until a true emergency emerges.
No.8 – Start a Fun Fund
Having money for emergencies is great, but what about that vacation you’ve always wanted to take? In addition to building an adequate emergency fund, you should also start a fun fund and use it for the things you really want in life. Whether it’s the ability to travel or to visit family (such as we just did), money for a kitchen remodel, or savings for a sudden splurge, we all deserve to have some “fun money” to spend. So once you get your emergency fund fully funded, start saving for a better way of life as well.
No.9 – Make Sure You’re Insured
Your insurance needs will likely change several times throughout your life, and can fluctuate depending on your circumstances. It’s always wise to see if you’re properly insured in every aspect of your life. For example, when was the last time you considered your life insurance needs?  Do you have enough assets that you should be considering an umbrella policy?  Check your policies — car, home, etc. — and make sure your coverage is still in line with your goals. If not, look for a new policy that does, or simply make changes to your existing policies.  I am insured to assist you with all aspects of insurance.
No.10 – Shop Around for Everything
When it comes to your monthly bills, it’s important to look for better pricing and plans on every negotiable bill.  I was able to cut over $250 a month off my existing Internet, satellite, telephone, and cell phone bills by simply calling them up and letting them know that I could get a better deal elsewhere. It might be a hassle but be prepared to move services if you have to.  I recently had to move my home Internet services but was able to triple the speed and cut the bill in half.  Our rule is that before we spend more than $250 for a product we research it through a website like consumerreports.org and then initiate a search on the internet prior to just walking in a store and purchasing it direct.
For more information, please call Douglas J. Sedam at 1-866-549-3900, 661-295-2400 #1 or email: Doug.Sedam@ThePaseoGroup.com.  You may also learn more at www.ThePaseoGroup.com.  The Paseo Financial Group, Inc. is located at 27413 Tourney Road, Suite 140 in Valencia.
Securities and Investment Advisory Services offered through Financial West Group which is a member FINRA/SIPC. OSJ Office: 4510 E. Thousand Oaks Boulevard, Westlake Village, CA 91362, Phone: 1-866-502-8929 The Paseo Financial Group, Inc. and Financial West Group are unaffiliated companies.