When it comes to your money, there’s no better feeling than knowing you have a plan for how to use it.
But when it comes to putting a plan together, it’s hard to know where to start. What part of your financial picture should you prioritize? Debt repayment? Retirement savings? Investments? And, of course, you can’t forget about all of your regular expenses. Where do those costs fall into the mix when it comes to delegating your money to the right areas?
Unfortunately, few people have a solid plan in place to cover even a portion of their finances. But yet 45 percent of people say financial matters are the biggest source of stress in their lives. And nearly 80 percent of people admitted their personal finances keep them awake at night. Without a plan, it can be difficult to simply manage your money, let alone set goals for your financial future.
If you have long-term aspirations for your money, such as living worry-free during retirement, paying for your children’s education, buying a house or a car, then building a financial plan is essential to achieving those goals. And even if your only priority is to pay down debt or build an emergency savings fund, you need a plan for that too.
One of the first steps in determining the right choices for your money is getting a financial assessment. That’s where the BluPrint Financial Savings Report comes into play.
The benefits of a financial assessment
The purpose of a financial assessment is to understand where you stand today and where you want to be in the future. It focuses on different money areas in your life to determine your financial health and stability.
Good financial assessments are designed to give you a clear, personalized plan for your money, including step-by-step recommendations for achieving your goals with items like your cash-flow, debt management, education funding and retirement planning in mind. It provides a comprehensive look at your finances to give you direction on how to make smart decisions with your money.
With recommendations for how best to achieve your financial goals and access to the right resources, you can be confident you’re putting your hard-earned money to good use.
The advantages of the BluPrint
Believe it or not, the amount of money people pay in taxes per year is generally more than their clothing, mortgage, and grocery bills combined. For most, it’s the single largest, ongoing expense they have and one that dictates a lot of financial decisions. That’s why your tax return is a great place to start when it comes to assessing your finances.
The BluPrint Financial Savings Report is currently one of the only personal financial management tools available that looks at a taxpayer’s return for insight into their financial situation. Based on the tax data, the report recommends different ways to streamline savings, reduce taxes or improve a specific money area over the long term*.
To take advantage of the assessment, you must electronically file your taxes using one of TaxAct’s solutions. During the filing process, you can then elect to receive a complimentary analysis of your tax return otherwise known as the BluPrint. Once your return is submitted, the BluPrint analyzes the data and pinpoints key areas where you can make adjustments to save money or capitalize on other wealth opportunities and incentives*.
The goal of the personalized BluPrint report is to help you improve your financial stability and discover new ways to continue building your wealth. Within the report, you can find links to suggestions from TaxAct partners for debt refinancing, life insurance policies, and high-yield checking. For example, if you have student loan payments, the BluPrint will find an opportunity for you to refinance your loans through one of our partners and potentially save you hundreds or thousands of dollars in interest per year. In some cases, you can also receive cash rewards from our partners by taking advantage of the opportunities identified for you.
The ultimate peace of mind for your financial future
Like most people, you likely have hopes, dreams and life goals for yourself and your family. Financial planning helps you wisely manage your money so that you can achieve those dreams and still navigate any financial barriers that arise.
If one of your goals in 2018 is to have greater financial stability, then analyzing your complete financial picture is a step in the right direction. The BluPrint can help you prioritize your goals, understand your options and help you have the ultimate peace of mind when it comes to your money.
By giving your dollars a purpose and a mission, you’ll begin making intentional decisions that will, ultimately, change the course of your financial future.
If you already filed your return with TaxAct, you can sign in to your account and check out your BluPrint today.
*TaxAct, Inc. (or an affiliated company) gets paid by some third parties that provide offers to you through the BluPrint. We work diligently to work with companies that make sense for our TaxAct customers. This compensation may affect how and where offers appear on the BluPrint. Actual savings and financial opportunity will vary.