Back to School: A time to refine your financial plan

 In Blog



he back to school season is in full swing. Children are organizing and preparing their binders, finishing assigned summer reading, and comparing class schedules with friends. This is also a time when many family members are finishing their own summer breaks and reestablishing a more focused approach to various responsibilities. With that being said, the back to school season can be an ideal time to refine existing financial goals, set new ones and get organized in areas that often receive less attention. As well, it can be a great time to initiate important conversations with loved ones to set mutual expectations.

Often times, we set goals for ourselves that have a specific timeframe or future deadline. In many ways, this process keeps us in check and on track – and that is a good thing. For instance, a goal of saving for your children’s college tuition in 10 years will, with proper planning, ultimately become a goal achieved. And, with the completion of one goal, another objective or project may emerge as life unfolds. So, we believe it is important that you revisit the goals you initially set with your financial advisor and determine if your unique situation has changed.

We also think it is a worthwhile exercise to discuss your goals with family and establish mutual guidelines and expectations as to how you will get there. If saving for college tuition is a priority, questions may start to arise such as: How are we going to accomplish this? Should we establish an automated monthly savings? Do we need to cut our spending on travel or dining out? Similar questions can apply to many other objectives as well.

These types of conversations can take place with or without your financial advisor. Of course, we encourage you to compare notes with us if this is an area or conversation that you’d like us to help facilitate and provide guidance on. Part of our job is to take the information you give us, along with the goals you have set for yourself, and help create a framework to support you. This is what we do.

If you would like to come in and redefine, rework or possibly establish new goals or amend your financial plan, we encourage you to reach out.

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