Step 4

Step 4:

Now is the time to contact a few professionals. (If you are still keeping track of your budget for the month - this is still a step you can do NOW)

You may have noticed that my goal examples did not include contributing to a work related retirement program or an IRA. These things are mandatory!!! You WILL be able to do these with the cash budget. We can't rely on social security to be there or be enough for us when we retire, and no one wants to work till they die - so we MUST take care of ourselves. It may seem like something you can let go - but you can not!!

Retiring at a certain age was on the list - that is there for those of you who would like to retire early - that can be a goal, but everyone needs to be saving for their future.

*Contact the person in charge of payroll and retirement contributions in your workplace.
- Find out how you can start contributing to your work retirement plan - it is usually as easy as filling out some paperwork.
- Decide on an amount that you can contribute each paycheck. It may be small - but be realistic and contribute as much as you can afford - when I was teaching I could only afford $50 a month. It wasn't much, but it was a start!!
- If your work matches contributions (usually up to a certain amount) try your best to contribute the maximum amount. It's FREE money - who doesn't like that!!

*Contact a professional about opening an IRA.
- An expert can help you decide what kind of IRA is best for you.
- If you are married it is a good idea to have an IRA in both your names.
- Decide on an amount you can afford to contribute per month or make a yearly goal and break it up into monthly payments.

* Finally, once these are set up - contact a lawyer about setting up a will/trust. If you don't have the money to pay a lawyer - make it a goal to save up for it and do it as soon as possible. Till then there are some free or less expensive ones you can fill out on-line. It is important to make sure the ones you love will be taken care of and your assets will be allocated the way you want.

- I want to add a disclaimer here. I do not claim to be a financial whiz or expert. I am simply a Type A personality who likes things in order (even finances) and has found a system that works for me and my family. I have had several people ask me how I do it and thought I would share; however, when it comes to your money and investments - always consult an expert in that field.