8 Commonly Overlooked Financial Planning Items—Part 2 | Guiding You Forward

Financial stability doesn’t happen overnight! However, creating a plan that includes small steps, attainable goals and some professional guidance could put you on the fast track.

Thalia Almazan Aguirre, marketing channel manager for Mountain America Credit Union, is back on the podcast to talk about more commonly overlooked financial items to help us achieve our goals faster.

Watch the video and learn:

• Why lifestyle inflation is important to consider in any financial plan.
• What we often forget about when it comes to tax benefits.
• How using more savings accounts can help you reach your financial goals.

As we earn more money, we tend to spend more money. Lifestyle inflation happens when our earnings go up and we feel like we can afford to buy all the things we’ve been wanting. Thalia explains how reconsidering some of those purchases can continue to help us live within our means and stay on track financially.

Don’t forget about tax benefits from savings accounts. Take advantage of accounts like 401(k)s, HSAs and FSAs to get the most from your taxable income. If you pass up these opportunities, you could be leaving free money on the table! Watch the full episode to learn more about these accounts and how to incorporate them into your financial plan.

Thalia explains how using separate savings accounts for all the things you’re saving for—like your emergency fund, retirement, paying off debt or making substantial purchases like a family trip or new appliances for the kitchen—can help you achieve those goals. This strategy not only helps you see exactly how much you’ve saved, it also reminds you WHY you are saving. It’s a lot harder to use your money to go out with friends if you are reminded that it’s helping you get that new state-of-the-art refrigerator!

Watch the full video above to make sure you are not overlooking these details in your financial plan.

If you missed it, see Part 1 here.