Smart Money Management: Just like Football

Summer is over, and football season is upon us. That means it’s time to set up your fantasy league, secure the best spot on the couch, and start watching—and then it’s time to manage your finances. It might not seem like a logical part of the list, but if you can follow the rules of football, you can follow these tips to improve your financial health today.

Huddle and make a plan

An NFL coach wouldn’t send his players out onto the field and say, “Hey, have fun out there! Do whatever you think is a good idea.”
Behind every successful play is a successful plan. So take the time to sit down and look at your financial situation. Only from there can you decide where you want to go, and how you can get there. Do you want to start saving for college? Retirement? You can now start to figure out how much money you’ll need to save, when you should start saving, and what your best savings methods will be. Just like it doesn’t make sense to unleash undirected players out onto a football field, it doesn’t make sense to not establish a long-term financial plan for yourself and your family.

Follow the coach’s orders

Even if the coach sets a flawless running play destined to take the win, it’s useless if the players decide to run in whichever direction they choose. There would be absolute chaos on the field, and it would be impossible to accomplish anything.
You’re the coach of your financial planning, but you’re also the players in action. Once you’ve established a budget for yourself, allowing for sufficient monthly savings, stick to it! Don’t let yourself get off track, and keep in mind that you must reach your savings target first, before even considering other distracting “players” (tempting vacations, leisure expenses, etc.) on the sidelines.

Always have a backup

There’s no NFL team with only one quarterback. You never know when you’ll need a backup quarterback, and it would be foolish to carry on without one. Football is a crazy game, and things are changing all the time.
If that principle makes sense in football, it can easily be applied to real life. That’s why life insurance is important. It’s a backup plan no one wants to use, but don’t ignore the possibility that you might need it. You never know what’s going to happen, and you need to ensure your family’s financial security no matter what. You can meet with an advisor today to learn about your life insurance options.