July 2, 2019
Budgeting, If I Knew Then What I Know Now...
James A. Lindner, CFP®, ChFC®, CLU®

Today, there' s a renaissance of financial wellness and the responsibility of the individual to own their own money management for current living and long-term retirement. 


First job EVER (High School)

How many high schoolers blew their very first paycheck by spening it all in one weekend or on one purchase?  I can think of one—me!!  To work so hard and have the money go so quickly was a rude awakening.  The lesson that I learned the hard way was to pay yourself first.  Open up a bank account and get in the habit of putting 10% in savings.  You won’t even miss it, and you’ll be amazed at how much can be saved.  I also learned to plan out my expenses so I’d have enough money to make it until the next payday.


Got the degree—I’m on my way! (20s)

I was so proud of landing my first job out of college because I could finally begin supporting myself.  Single and money in my pocket—watch out!  When I look back on how much money I wasted on stuff, it’s embarrassing.  I mean how many pairs of shoes do I really need to own.  If I'd just cut down a little on buying stuff and maybe cooked a meal 2-3 times a week instead of eating out all the time, I'd have been thousands of dollars ahead. 


Married with kids?  (30s)

After being in my job for a few years and meeting the person I wanted to spend the rest of my life with, it was time to take a hard look at how I was handling my money.  It’s hard to buy a home, save for college, or take the kids to Disney World when you have nothing in the bank.  It’s at this time that my wife and I began writing down our income and expenses so we could keep track of our money better.  I wish I would have known how important it is to create and track a budget. 


Here today, gone tomorrow!  (40s)

By regularly reviewing our budget, we were able to create college funds for the kids AND put away something for ourselves.  Our vacations weren’t as frequent and a small amount of loans were needed to get them through college.  This wouldn't have been possible had we not worked together on our budget.  The kids not only have degrees, but my wife and I taught them from our mistakes and they're on better financial footing than I was at their age.


We can’t be THAT old!  (50s)

Approaching retirement age can be a rather scary time of life.  Are we saving enough?  Can I have the retirement lifestyle I dream about?  Will we spend too much in retirement, accidentally blowing up my plan?  And what about inflation and healthcare costs?  If you focus on budgeting skills now, years of money managing will help set you up with the confidence to retire without worry.


Life happens and we can’t control everything, but the earlier we develop, follow, and review a budget, the smoother the ride can be. At our upcoming budgeting webinar series, we'll discuss this important issue in more detail and provide additional guidance in creating your own financial clarity and budgeting plan. To join our 3-part budgeting series, log in to https://linktohealth.osu.edu/, search for the keyword ‘budget’ and select ‘educational program’ as the category. The series will take place Oct. 16, Nov. 13, and Dec. 18.


James A. Lindner,   CFP®, ChFC®, CLU®

Retirement Strategies, Ltd.  President and CEO

COPEC President

5060 Parkcenter Ave. Suite A   Dublin,  OH  43017

Phone:   614-799-8668  Ext. 202

Website: www.retirement-strategies.com

E-mail: jlindner@retirement-strategies.com


Retirement Strategies Ltd. is a Registered Investment Adviser. Advisory services are only offered to clients or prospective clients where Retirement Strategies Ltd. and its representatives are properly licensed or exempt from licensure.  This presentation or resource is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Retirement Strategies Ltd. unless a client service agreement is in place.