Financial planning is on the rise, and especially for families; expenses such as mortgages, insurance, college tuition and retirement often require prior planning. Many families live paycheck to paycheck, which can lead to significant issues later on, and financial planning with the help of qualified advisers is a popular way to take control of your finances and set such a plan in motion.
Sean Flynn, a financial adviser at Essex, Connecticut-based firm Essex Financial Services, recently discussed several issues and tips that families may want to consider when beginning to plan for a future expense such as college tuition. He explained that the first step is developing a plan.
“Parents should be honest with themselves and evaluate their financial capabilities, because as with all aspects of finance, it’s important to have a budget. Being aware of how much they have and how much they spend will help families plan and know realistically how much they can save each month for college without risking the necessities.”
“One of the keys to saving is starting early and often,” he added. “By starting early, you get to see the effect of compounding interest and will start to see your assets grow over time. It is important to create a savings plan and to stick with it throughout the years. Once you set an amount to save, automatic contributions are a great way to ensure you stick to your plan.”
Financial services companies such as Essex Financial focus on each client’s needs and help them set up the best strategies for their situations, allowing them to manage their finances independently for a more secure future.