If we’re not careful with spending habits, the phrase “where does the time go?” can easily be applied to “Where does the money go?”. And this applies to the old and the young, so it pays to start early with good financial habits.
- Know your credit score
- If you aren’t already building credit, it might be time to start since your score is based on your longest-held line of credit (credit card, loan, etc.)
- If you’re looking to boost your score, focus on always making timely payments
- Know your debt-to-income ratio
- When paychecks start coming in, it’s easy to spend it on either an expensive lifestyle or across so many small items you lose track, so be aware of what you’re making and what you owe
- As the market fluctuates and inflation increases costs, it’s important to be aware of what you owe and what you’re bringing in
- Set and stick to a budget
- Old school planners suggest sticking to the 50/30/20 rule: 50% Needs, 30% Desires, 20% Savings
- Stay on top of living expenses and periodically look for ways to lower them, which can make more important purchases easier to handle
- Create and fund an emergency account
- No one predicted the latest pandemic, but many wish they were better prepared, so it might make sense to start your fund and don’t dip in unless it’s an emergency.
- Think beyond an emergency with this money and prepare for a rainy day – consider using a small portion for a last-minute vacation or a visit home to see family and friends
- Start saving for retirement
- The earlier you start saving for retirement, the longer it grows and the more you’ll have, so set yourself up early in life.
- As we age, the unexpected happens, with medical and healthcare costs taking a chunk out of our savings, so setting up your retirement nest egg is a smart strategy
Please don’t hesitate to contact us at (540) 720-5656 if we can be of assistance in any way.
Amy Anderson joined the ILG Financial team in 2023 as the client relations coordinator. Her responsibilities include scheduling of appointments, annual check-up notifications, and annuity and required minimum distribution assistance. She is a graduate of Harding University with a degree in Computer Information Systems. Amy and her husband have two children and she enjoys reading, crocheting, music and spending time with her family.
Chase Lopez joined the ILG Financial team in 2020 as an advisor. Chase is a 2016 James Madison University graduate with a degree in management. Chase has been trained under the tutelage of Dave Lopez, who is not only the founder and managing member of ILG Financial, but also is Chase’s uncle and godfather. He also enjoys working alongside his cousin, Megan, who is Dave’s daughter. Chase, as a fiduciary, believes in putting his clients interests first, and building out plans for his clients where they can have a happy and fruitful retirement. He married his beautiful wife in February 2022 and both use most of their free time chasing around their little pup, Aurora.
Jessica Carson joined the ILG Financial team in 2018 as an agent. Jessica and her husband have four children, two dogs, 3 barn cats, 5 chickens, and three parakeets. She indeed loves her children and pets! When not at work, Jessica enjoys playing the piano and cello as well as traveling and spending time outside with her family, hiking, fishing, and boating.
Terri Center joined the ILG Financial team in 2019 as client services manager. She handles client records, application processing, and gathering information to provide a professional and friendly experience with all of our clients. Terri is a graduate of Oakland University. She is married and has two children. She enjoys hiking, family time, and puzzle challenging video games. She also likes to share her creativity in her canvas paintings and sewing projects.
Megan Jones joined the ILG Financial team in 2020 as marketing director. Megan and her husband live in Fredericksburg, VA with their German Short Haired Pointer, Gus. Megan is a graduate of Longwood University and holds a degree in communications. Megan is the oldest of Dave Lopez’s three children and not only enjoys working alongside her father, but also with her cousin, Chase, who joined the ILG Financial team in 2020 as an advisor. When not at work, Megan enjoys sitting on the back porch with family and friends enjoying food and music.