Suze Orman TwitterSuze Orman FacebookSuze Orman YouTubeSuze Orman LinkedIn
View Blog & News List

Your 2015 Financial Road Map

January 03, 2015 at 1:00 AM

Your 2015 Financial Road Map

The New Year has just started, and that’s the riskiest time of year as far as I am concerned. The next few weeks are when resolutions seem to fall apart and you give up before you’ve even really given your goals and yourself a good chance of success.

Not this year! Do you hear me? Good intentions aren’t good enough. This is the year you follow through. My three-step Financial Road Map will get you on the path to a more secure 2015, and beyond. Follow this Road Map in the order below:

Shift Your Retirement Saving Into High Gear. If you don’t make it a big priority to save for your retirement you are setting yourself up to drive off a cliff: what are you going to live on in retirement? Yes, Social Security is valuable, but you are delusional if you think it is all you need.

Pay yourself by contribution to your retirement account, before you pay any bills. Yes, you read that right. You must make saving for retirement a top priority. If you have a retirement savings plan at work and your employer offers a matching contribution, I want you to contribute enough to get the maximum match. If you don’t have a workplace plan-or there is no match-focus on funding a Roth IRA.

Map Out Your Bill-Paying Priorities. I know you’ve got a bunch of bills that are a constant stress as you try to juggle all the payments. Time to set your bill-paying priorities. Spoiler alert: Paying the minimum due on your credit cards is not at the top of my list.  You are to focus first on my Must Pays:

  • Student loan payments
  • Mortgage/Rent
  • Utilities
  • Groceries. (Don’t you dare include dining out.)

Those are your “must pay” needs, that should always be at the front of your bill-paying priorities. Everything else, including the minimum payment on your credit card, comes after.

Drive To Emergency Fund Safety. Your retirement account is not an emergency fund. Your checking account you use to pay your bills is not an emergency fund. I want you to have a separate savings account that is for emergencies only.

Once you are on track with saving for retirement and prioritizing your bills, your next job is to build your emergency fund. You know full well I want you to ultimately have eight months of living expenses set aside in this account. Don’t worry, I am not asking that you make that happen pronto. I want you to think of this a road trip that you are about to start: Every week or month you set money aside gets you closer to your destination. It may take you a year, or two, or more. That’s okay, as long as you are always moving in the right direction.

My three-step Financial Road Map is designed to guide you to the intersection of Truth and Security.

Truth: If you find you don’t have enough money to do everything I say, it is time for a financial tune up. Trimming your spending or making more money are your two options. Idling where you are is not an option.

Security: Knowing you are building savings for retirement, that your essential needs are covered and that you have an emergency fund ready for life’s “what ifs” is my definition of lasting financial security. You deserve that smooth ride in 2015, and every year.

Tag Cloud

mortgage disclosureRetirement SavingsRoth 401(k)be good exampleStudent Loan20 to 25 times annual incomeback door Roth IRAteach your child good money habitsdangerous retirement planlow-cost index mutual fundtelevision hostdream schoolpay down car loanHSA tax savingsExhibitionis it necessary?no private loanaffordabilitymental healthcut monthly cellular billwomen live longeronly offered while employed Invest for savings growthEasy Life Insurance car buying mistakesadvice for college graduatesmortgage brokerbetter terms4 Must Have Documents unexpected expensesame-sex marriagepowerfulno apologypurely financial standpointhighest possible benefitreplace permanent life insurance with termwomen outlive menFundsAdequate Auto and Home InsuranceUniversity of Floridafocus on needsPrime Rate Rise 2015three year car loanpay off debtstretch out haircut appointmentsrent vs buyprotect loved ones responsible with moneyborrow each year, capitalization is going to pile up stay positiveHolidayreduce withholdingForeclosurefile asapGiftiffy incomeCOLAUrbana-Champaignhome budget after tax costcredit report3 savings buckets roth iraget health insuranceCredit Card Interest Ratetake actionjanuary billsincreased auto insurance premiumincentives for health care wellness screeningCommencementFiscal Responsibilitystudent loan repayment planphysical healthdebtFinancial Awareness Video Festivalfamily save at least $100 monthlyInfluentialsbe true to yourselfreal estate mistakesrequire chore in exchange for allowanceincrease retirement savingscostly legal PBS Specialhome insuranceloan is giftemotional stakeschildren under 18Veterinary Schoolmaintain standard of livingSuze Orman spouse Kathy Travisbad retirement planningincrease retirement contribution ratebuying car 2016know before you owepermanent life insuranceSuze changed my lifeno negativityMoney-Savingmarriage inequalitysecured cardloan big picture Bankruptcyfinancial concernlousy investmentanticipated salary20 year level term 40% toward financial goalhealthy retirement weightultimate compounding giftBaby BoomersPersonal Financepositivenegotiate points with bank or seller8 month emergency fundburn outsuccessreferrals Financial CliffForbes Top 10comparison shoppingChanging LivesFinancial Adviceteens and moneycredit cardRevocable Trustretirement accounts50 over 50become member increase emergency savingsmarriage financial responsibilitysave moneyraising interest ratesresponsiblereduce interest rateFinancial2015 financial roadmaploan no longer than 36monthsdepreciating asset create new truthbad decisionscommunity collegeoverspend on nights outdon't ignore open enrollmentVital Documentsdebit cardvalue moneynon conventional routeemergency fund savingsgift not loanAARPteenslow mileage discountYoung Adult social security not going brokeFinancial Awarenessstudent loan debtletter to suzeHeartuniversal college accessOverspendingopen enrollment review Emergency SavingsMost Influential Celebrities ListBill and Pennyfinancial argumentsritual scheduleMoney Markettoo expensive schoolhigh deductible health care plandon't blow tax refundstandard deduction switch to roth 401(k)no splurge do not pay allowance for good behaviorsecure creditSelectQuote.commax employer matched 401(k) contributionfraudulent returnCredit scoreSuze approvedcost of capitalization calculatorJose Rodriguezlife insurancecompare provider pricingmake saving a pleasureannual cost of living adjustmenttitle insuranceswitch to spouse coveragerequired disclosureETF'sautomate student loan paymentsFICO ScoreLong Term Care premiumsRevocable Living Trustwaive home inspection bidhome ownershipThe Suze Orman Showwrite new goaldon't buy wantsConventional loan PMIprovider of financial supportadjust allocations is it true? buying a carpay interest while in schoolAmericans don't use all paid vacation timestrained relationshiplowest cost fund optiongrandchild summer job IRA contribution3 bucket approachsavingsdon't do five year car loanlearn good financial choices10% donate to charityheartachefinancing car earn allowanceBankAccuQuote.comearn more on savingsMust Have DocumentsUS Tax CodeInfluential Celebritydeath benefit needs for familyHDHP's are not badsave SatisfyingSuze is my biggest mentoris it necessaryFinancial Educator401Klower overall drug costkeep a schedule2015 record year car salesraise your deductiblerefinancestaycationpay credit debt ASAPhealthy aging itemized deductioninitial tax break Holiday Shoppinghigh FICO scorecharges on credit cardNew american Dream meet monthly let them have 50% controlbalance transfer accelerate dental workstandard ratedon't defer interest paymentsUniversity of Illinoisproperty taxpaid in fullvalentines daycollege graduatemoney-aware childCombo Insurance ProductsTeachclosing disclosurecredit utilization rateGay CouplesWarner Bros Television GroupStudent Debtgrandparent IRA contribution worst financial mistakeGraceraising mortgage rates pay down student loan debttax ID theftCredit Card Rate Increaseloved ones dependent on incomeget the most out of social security Long Term Care shoppingco-sign Civil Rightsclosing costs 2% of loanCNBCorigination feessmall changes Sandy Hook Promiseinterest on student loansyours, mine & ourspublic service career student loan repayment car leasingOne Wallet At A TimeCiti Simplicity Card special saving accountHow To Build Creditpaying for collegeplansocial worklower mortgage interest20% down payment avoid feesallowancehealthy teethbe kind to yourselfGay Rightstaxesbill paying prioritieseliminate credit card debtFinancial Gift Cliff8 RulesDurable Power of Attorney for Health Carereal estate marketcut monthly cable billLegal Guardianshop online guaranteed level term policyhome buying seasondon't charge a pennyno tax on withdrawlsSuze Orman's Money WarsHDHP's are good for youpaid vacationdon't spend affordable premiumSandy Hook Elementary Schoolfinancial aidkids schedule paymentsretirment savingskid borrow firstFinancial Power of Attorneysetup automatic savings withdrawStock Investmentsdoctor no longer in networklong term careoverspend on giftsdo you need life insuranceno life insurance financially irresponsiblecar loanhousing marketFederal Funds Rateloan necessityterm life insuranceidentity thefthome buying mistakesFederal PLUS loanMass MutualWall Streetpay more than minimumlong-term care premiumsverify wellness screening and programsraise insurance deductibleSuze Orman ScholarshipFinancial Solutions For Youescrow30 year mortgage Phyllis Shelton expert long-term carelife insurance name trust as beneficiaryFICO credit score credit card mortgagespring summer insurance yearly reviewSwap Older Annuities or Life Insurance 15 year mortgagedental discount planDeath BenefitFinal GoodbyeMoneymonthly benefit best interest ratesFixed Rate Mortgagenear historic lowsis it kind?retirementfinancial goal phraseprotect your familydebt freecompare monthly expensesfederal student loan deferment HDHP'seight month living expense Love20% down paymentcnbc alarm clockwomen longer life span401(k) Contributionsmax benefit coveredAlarm ClockRichconfidentconfident of solutiongraduationapproved medical 100% tax-free3 step financial road mapcredit unionfocus on new truth Eric Dodge identity fraudfour steps to retirement savings Communication Skills HDHP verify retirement plan with HR or plan sponsorstudent loan repayment estimatorderailed planunder 18 financial giftAmy Lacyetconsider roth 401(k)wives should be involved in retirementnew carGiftsstudentalways use all paid time offAARP Social security calculatorhealthy youno private loans19 years cash flow problemhome loan credit score below 740 protect and provide for minor child home related tax break bonus no sneaking in feesemergency fund closing feesno retirement funds for down paymentsavings pleasurelower interest ratespeak new goalreduce monthly paymentdental savings plandental insurance preexisting condition not coveredignore 6 month grace period workaholicGoodbyeFederal ReserveLTCi ASAPFederal Stafford loancommitmanage student loans20% equitySuze Ormandear suzelow credit scoreemployer funding HSALong Term Care Insurance community bankNewtowndon't cover cosmetic dentistryunsubsidized Stafford loan!00% tuition paidretain separate credit cardsrolloverARM Cautionallowance taskCory BookerForbespublic service loan forgiveness programsummer job match income no fee transfermax employee matchwould you decline a bonusCPI-Wbuy homehigher monthly paymentenjoy saving LifestyleTelepicturesteach importance of helping othersFree Debt Eliminatorface your financial fearbuy down 2016 adjust withholdingoverspend on dining outinsurance mistakePay Off Debt Before Retirementrising home prices2016 adjust estimated taxmobile appcollege studentdeath benefit 20 to 25 times annual income6 month waiting periodcalculate dependents annual income needsmonthly dental insurance premiumrefundHigh Credit Scorefinancial independencelong-term care Financial Systemcontribute household expenses Washingtonmoney vowsback-to-school budgetone annual feeMarlo Thomascontribution ARMSave Us Money2017 TaxesHDHP/HSAcouple financesprotect dependent tax refund fraud10 year repayment plan one credit cardtraditional vs roth 401(k)same sex marriage band end FloridaRetirement Incomeshort term goal get credit cardinsuranceexercise reguarlybetter loan dealsautomatic paymentCollege of Veterinary Medicinepresident Obama15-year refinance dealat worst still pay 75% benefitage appropriate goalslong term goalMortgage Credit Availability Indexpeace of mindno interestFHA loan feesFICO at least 720breakdown projected monthly housing costgift grandchild IRA contributionEmployer Matched ContributionPost-Divorceraise deductiblesHoliday Seasonpercentage of women widowed 75-84no waiting periodpay 100% cashbig results not gender specific New York Lifeholiday spendinginterest capitalizationchildren's bookhome buying budgetFRAbuy home you can afforddon't use allowance as bribejuggle multiple financial goalsstore credit cardssocial securitybest loan deal 3% debt transferred High FICO Score = Better Ratepercentage men widowed 75-84live below your meansschedule vacationsidelinedPrime Rate Increasemortgage interest tax deductionInflation Benefitlower premiumlow down paymentovercome financial fearsnot enough life insuranceWillget over life insurance phobiaAuto Savings Student Debt Crisisbetter loan rateshealthy retirement blood pressureIRA contribution gifted moneyfull retirement ageonly refinance if it paysadult childrendon't derail retirement savingsMotherCD'sAshley Springerpoint cost offset by savingscan you afford itsocial security never insolventlower rateLTCSelfishwomen long term careStaffords this year have a fixed 6.8% interest ratehigh down paymentterm insurancehealthy gumsprescription tierborrowing plan file taxes quicklyhigh credit score discountpush yourself to save more for retirementSchool of Social Workretirement plandon't extend mortgage age appropriate chorehigher insurance deductibleno late fee quick closingmultiple lendersbudgetmortgage740 credit scoreschool automatic withdraw to savings student loan repaymentgift up to 14,000alternative FICO scorefinancial fearsleave a legacyLTC shoppingMinor Children Spendinggay marriage ban end Florida costly insurance mistakepremiumrepay student loansdoctors in networkzero rate transfer dealshigh premiumsshorter payback periodadd teenemployer offered life insurance8 month safety netInterestavoid burn outdangerous money seasoncredit managementpay high rate off firstBeauty


View Blog & News List
People First. Then Money. Then Things.
Connect with me on Facebook Connect with me on YouTube Connect with me on Twitter
© 2017 Suze Orman Media Inc. All rights reserved.
 
 |  Search  |  Sitemap  |  Privacy  |  Terms
Sign Up For E-mail Offers
Open Panel
Close Panel