How to Make a Tiger Woods Comeback with Your Finances

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How to Make a Tiger Woods Comeback with Your Finances

Posted by RDW Financial Group
4 weeks ago | April 24, 2019

Have you experienced a setback with your finances? If anyone knows about major setbacks, it’s Tiger Woods. Whether you are a fan of golf or not, we can all agree that his comeback story is nothing short of incredible. If you haven’t heard, Woods pulled on the green jacket at the 2019 Masters Tournament, claiming his 5th Masters victory. The last time Woods won any golf tournament was 11 years ago, and it’s been 14 years since he won the Masters. Over that amount of time few believed he could ever win another tournament, let alone one as huge as the Masters. However, because of Wood’s determination and continued practice, he accomplished the impossible and made a mountainous comeback.

 

Do your finances need to make a comeback? You may have built a strong budget and savings account in your 20s, but since then life has done a number on your finances (pun intended). Here’s a list of 3 steps you can take now to whip your finances back into shape!

 

 

Cut the Financial Cord

Are you still helping your adult children pay for things? If your finances aren’t on track like you hoped they would be at this point, then you need to make some changes. As hard as it is to hear, you need to cut the financial cord between you and your kids. You may think that you are helping, but in reality, you’re only creating more hassle for your kids in the future. The money you give your children would be better purposed in your retirement account, because the best gift you can give your children is the assurance that they won’t need to financially support you in the future. If your retirement account can’t support you in retirement, then you will have to turn to your children. Relying on your children will only create huge stress for them and the whole family. So, if you’re paying for their phone bill, or their internet – whatever it is – cut the cord now and put that money into your retirement accounts instead.

 

 

Update Your Budget

If your budget hasn’t been updated in a few years, then it’s time to take another look at it. Most likely, your budget has changed, especially if your kids have recently gone off to college or started families of their own. The family cell phone plan you budgeted for in the past can now be significantly reduced now that you only pay for you and your spouse. The kibble you bought every month for the dog that now lives with your eldest son can be taken off the monthly expenses list. The list can go on and on! If your stage of life has changed even in the slightest, then your budget needs to change, too. Take a good look and you might be surprised at how much money you can begin putting in your retirement account each month.

 

Resist the Shopping Urge

If you have a budget and keep track of your spending, you likely have an amount of money left over after you subtract your expenses from your income. This is your net income. Instead of doing whatever you’d like with your net income, create a limit for your unbudgeted spending. When kids leave the house and you no longer have to pay for multiple things that were required when raising them, the urge to splurge becomes strong. That urge doesn’t have to lead to a wrecked budget. The limit you set on your unbudgeted spending will allow you to control your spending and save more.

 

Apply these tips and watch your savings grow! If you’re looking for effective ways to build a successful financial plan, contact RDW Financial Group today!

 

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