Blooming Financial Strategies for Spring

In our April blog, we shared some suggestions for cleaning up your finances as you complete your spring cleaning. Now that we’ve made it through the worst of the April showers, it’s time to reap the rewards brought by May flowers! As you enjoy the beauty of the new growth outside, consider putting some steps in place to experience renewal in your financial life.

One of the most important things you can do to grow your financial well-being is to update your budget to account for savings. This will plant the seeds for the financial garden of your dreams. It is important to be consistent and disciplined when you create your budget, but more than that, make sure you are not just budgeting for monthly expenses. A regularly scheduled contribution to your savings account can make all the difference in creating a healthy foundation for your later growth. Even if you are only able to set aside a few extra dollars each month, that will compound significantly over time.

Paying down debt is a tried-and-true strategy that we always recommend when discussing financial goals. To ensure that your financial garden doesn’t have a hidden pest in it, take some time to create a debt repayment strategy. Eliminating high-interest debt will free up some of your money for savings. This careful financial pruning will allow the space for new flowers—and new savings—to grow.

When you’re trying to cultivate a beautiful garden, it can be helpful to consult with a master gardener. The same is true for your finances. Meeting with a professional financial adviser can help you set yourself up for success. Financial advisers, like our highly credentialed team members here at GDS, have years of experience, credentials, and expertise in the world of wealth management and financial planning. Take advantage of the resources that are available to you, and make sure that your financial garden is in the best shape possible. A skilled financial adviser can assess your budget and help you determine how much you should be saving, what your investment risk level should be, and what investments will be best suited for your individual goals. We recommend ensuring that your financial adviser is a fiduciary. Fiduciaries, such as GDS Wealth Management, take an oath that ensures they act in their clients’ best interest. This means that you will not receive misleading advice that may not serve your needs.

Even after your garden is perfectly designed, that doesn’t mean it can be left alone indefinitely. It will still need to be watered and weeded! Your financial plan is the same. Once it is designed and curated for your goals, it will still need regular updates and maintenance. Take a few minutes today and schedule periodic check-ins on your calendar. It may be helpful to set up meetings with your spouse, family members, or financial adviser to make sure that your short- and long-term goals have not changed. If they have, make sure to update your plan accordingly.

Our GDS team members are here to help you succeed. Please reach out to us if you have any questions about your financial plan. You can contact our office at (469) 212-8072 or visit www.gdswealth.com. We want to help you work towards the blooming financial future you deserve!