• How much did I spend on fi xed expenses? These include:


• Housing debt (homeowners: principal, interest, tax, and insurance; renters: rent and insurance)


• Consumer debt (credit card)


• All other debt (personal loans, student loans, auto loans)


• Groceries


• How much did I save to my: • Personal savings account? • Emergency reserves? • Retirement? • College funding?


• How much did I spend on everything else?


• What was the “everything else” that I spent money on, for example: • Entertainment • Dining out • Coffee, drinks, soda, snacks


Step 3: Refl ect Now that you have analyzed your spending and savings details, how do you feel? Are your spending and saving behaviors as you expected? Are there any surprises?


Step 4: Obtain perspective As mentioned before, the “right”


amount for you to save and spend depends on a variety of factors unique to your spe- cifi c fi nancial situation. A Certifi ed Financial PlannerTM


(CFP®) can work with you to


determine your unique numbers and de- velop strategies with you for reaching those numbers.


CFP® professionals often consider the


following when guiding clients on their spending and savings:


• Consumer debt ratio: all monthly debt payments except housing and student loans are less than 20% of net (take home) income


• Emergency reserves: cash equivalent to 3 – 6 months of expenses is set aside and used for only unanticipated, unforeseen circumstances (e.g. accident, change in income, injury, job loss, etc.)


• Housing debt ratio: all housing debt (homeowners: principal, interest, tax and insurance; renters: rent and insurance) is less than 28% of gross (before tax) income


• Monthly debt ratio: all monthly debt pay- ments, inclusive of consumer, housing, personal loan, student loan, etc., are less than 36% of gross (before tax) income


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Step 5: Develop and act on your plan Congratulations! You now have more information about both your spending and savings as well as fi nancial services professionals’ perspectives. Are you satisfi ed with your approach? Are there changes that you’d like to make?


Even if you’re drenched from past spending storms, you can make new de- cisions today to help your fi nances blos- som radiantly in the future. You can prior- itize your spending and adjust how much you pay on your fi xed and “everything else” expenses. And you can increase your savings as a result of decreasing your “everything else” expenses. Finally, you can change your income sources and amount. Your ongoing, diligent care for your spending and savings garden will help your money grow over time.


Caroline Wetzel is a Certifi ed Financial PlannerTM (CFP®) and Accredited Wealth Man- agement Advisor (AWMA®) who has worked in fi nancial services since 2001. She of-


fers clients an integrated, ongoing process for identifying their unique fi nancial needs and realizing their goals. For details on Caroline’s upcoming workshops, see “Happenings.” See ad on page 8.


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170 Elm Street, Enfield, CT 06082 860.253.3066 | jpoirier@asnuntuck.edu www.asnuntuck.edu


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