Personal Finance – Getting Started

Personal Finance – Getting Started and Why it Matters

By Ryan Dudzic, CFP®, APMA™, CRPC™

Financial Advisor with Inspire Confidence Group

Do you find yourself earning good money but constantly feeling financially stuck—living paycheck to paycheck despite your income? Maybe you struggle with emotional spending, or fear of investing, leaving your savings stagnant. Then there is mounting credit card debt/student loans that leave you feeling overwhelmed.

You are not alone. By working with Inspire Confidence Group you could finally take control of your money and build a secure future.

Why Financial Organization Matters

Managing personal finances effectively is essential for reducing stress, reaching financial goals, and building long-term wealth. Whether you're looking to get out of debt, save for a major purchase, or simply gain better control over your money, financial organization is the first step. With a comprehensive planning approach to budgeting, saving, and investing you can set yourself up for long-term success. Here are the key steps to getting your personal finances in order.

1. Create a Budget and Track Your Expenses

A budget is the foundation of financial health and InspireConfidence Group can work with you to build a comprehensive plan. We start byreviewing all sources of income and categorizing expenses into essentials(housing, utilities, groceries) and non-essentials (entertainment, dining out).Tracking your spending for a few months can help identify areas where you cancut back and save more. A common budgeting guideline is the 50/30/20 rule,where 50% of your income goes to needs, 30% to wants, and 20% to savings anddebt repayment.

2. Build an Emergency Fund

Unexpected expenses can derail financial stability, sohaving an emergency fund is crucial. Aim to save three to six months’ worthof living expenses in a separate, easily accessible account. This fund actsas a financial safety net for medical emergencies, car repairs, or job loss,preventing the need to rely on credit cards or loans. Start small andcontribute consistently, even if it’s just a little each month.

3. Pay Off Debt Strategically

Debt can weigh down your financial future, and I have workedwith many clients to reduce their debt with a well laid out plan. Prioritizepaying off high-interest debt like credit cards while making minimum paymentson other loans. Consolidating or refinancing debt can also help lower interestrates and make repayment more manageable.

4. Save and Invest for the Future

Once you have control over spending and debt, focus on growing your wealth. Does your company have a 401(k) or IRA for retirement savings? Does your employer offer a match?

5. Protect Your Finances with Insurance and Estate Planning

A solid financial plan includes protecting what you’ve built. We can review if you have the right types of insurance, such as health, life, disability, and homeowners/renters insurance. Additionally, estate planning—like having a will, power of attorney, and beneficiaries set up—ensures your assets are handled according to your wishes. This step is often overlooked but is essential for long-term financial security.

At Inspire Confidence Group, we are here to Inspire Confidence, Simplify Life and Reduce Stress. By working with our team and building a customized plan, you will be on the road to controlling your finances.