Where Should My Next Dollar Go?

Where Should My Next Dollar Go?

February 13, 2024

One of the most often-asked questions we get from clients is, “Where should my next dollar go?”

We’ve seen how easy it is to inefficiently use cash by overspending or even leaving too much money just sitting in the bank.

To help you tackle this challenge, we’ve put together this flowchart that includes some important factors to consider when deciding where your next dollar should go.  Click here to download a PDF of this chart.

Here are some considerations we commonly address with clients:

  1.  First, we assess your overall financial well-being (like your emergency fund, financial solvency, and whether you have adequate insurance coverage).
  2. Then, we’ll explore any “free money” opportunities available through your employer’s benefits. We want to make sure you’re taking full advantage of these perks to boost your financial situation.

  3. Next, we’ll consider your long-term planning goals and assess where your savings should go (like your retirement plan or an after-tax account used to fund travel or other lifestyle goals).

  4. Lastly, we’ll review your tax situation and make sure that any recommendations are designed to be as tax-sensitive as possible, so you can keep more of those hard-earned dollars you make.

Do you have questions after looking over the flowchart? Let’s talk about them. No matter what, we are here to help!

Don’t hesitate to contact us or schedule a time to discuss this further!