Top Five Financial Planning and Savings Tips

Financial planning can be a difficult task, but it is important to have a plan in place for your future. Sandeep Mazumder, the William E. Crenshaw Endowed Dean of the Hankamer School of Business, provided a few tips to consider when planning and saving. 

5. Pray About It

All things belong to God—including your current and future money—so pray for God’s guidance and wisdom as you’re making decisions.

4. Try Not to Pay Too Much Attention to the News

I highly recommend people read the news daily from reputable sources such as the Wall Street Journal, but that being said, financial decisions shouldn’t necessarily react daily to what’s happening in markets. In particular, financial markets can be volatile and long-term financial plans shouldn’t change daily. 

3. Excel is Your Friend

One of the best ways to make your budget and produce forecasts is by using Excel. It is not difficult to create a simple spreadsheet with easy formulas to forecast your future saving and spending plans. 

2. Always Have a Budget 

You should always have a personal budget at home and a business budget at work. I also recommend having a short-term budget, such as looking at the next 24-36 months. 

1. Plan Early

It’s never too early to start planning for the future. Students who are graduating should make forecasts for future planned spending and start saving now on a regular basis in order to meet those future goals.