Who’s on first? What’s on second? Do you know where your finances are? Baseball season is in full swing! Financial advisor Brad Allen talks with Milwaukee’s WTMJ-4 with the play-by-play on how to take your finances to the big league.

It’s as easy as rooting for the home team! Schedule a day, or a “home game”, for you and/or your spouse to sit down and look at your financial situation. Dig out everything from your bills to your will to get started.

How “Up to Bat” is Your Budget?

Budgeting for monthly expenses, as well as emergencies, is the first thing you need to do to stay on track. Budgeting may seem daunting, but it’s easy if you start with the basics. Ask yourself, how much do I spend on bills every month? How much would I like to invest? How much would I like to save? Once you’ve divided up your funds into these basic categories, budgeting becomes a lot easier.

Base Hits Win Retirement

Always swinging for the fences will result in a lot of strikeouts. Remember when saving for retirement you want to steadily save over time, base hit after base hit. To plan for retirement, part of every dollar we earn should go towards funding our non-working years. Whether you’re 22 or 62, saving as much as you can for as long as you can benefit you in the long-run. If your company doesn’t offer a retirement savings program, start your own.

Load the Bases of Your Estate Plan

There are a lot of players in the retirement game, and the only way you can hit a grand slam is if the bases are loaded. Make sure that you have key pieces of retirement in place like your savings, your long-term care and your legacy plan. With everything in place before you retire, you’ll have a nice easy swing into the next chapter of your life.

7th Inning Stretch

While this may sound like the perfect time to sing and loosen up, it is your reminder that the end of the game is near. Anyone near or entering retirement should sit down with a financial professional and discuss what their post game looks like. If you’re behind there’s still time left in the game to make a come back. Retirement accounts are designed to help older workers by allowing additional catch-up contributions for workers age 50 and older.

Don’t Strike Out

  • Strike #1: Not sticking to your game plan or budget. Your finances can easily derail if you aren’t paying attention to what you’re spending and saving.
  • Strike #2: Not contributing enough to your employer-sponsored 401(k) plan to get the match. That is essentially free money that you are missing out on.
  • Strike #3: Not paying down your debt. Debt can stand in the way of your freedom in retirement. When you have a fixed income in retirement you don’t want to spend your hard earned money on debt.

Start by clicking here for a retirement calculator.