It's National Financial Planning Month, and experts are sharing their personal finance tips with Scripps News.
Automating your savings is a great way to make planning for large purchases easier. At least 50% of your paycheck should go to the needs portion of your daily expenses, and other amounts can go to other areas of personal finance like entertainment and other non-essentials.
Some automated savings programs can help when not working with a financial planner or adviser. And if you're taking on financing it's best to be smart about it and eye interest rates like a hawk and really know all the numbers and what you're getting into.
Jay Duffy is the co-founder and managing partner at Frame Wealth Partners. He says when making purchases, never let emotion guide you. Use tested and proven financial knowledge from experts.
"Ultimately the decision should align with your financial goals and your current cash flow situation," Duffy told Scripps News.
He says weddings are a prime example of distant events that require saving to start very early on. College expenses and planning to have a child are other major examples.
Overall the advice is clear: Always make purchases that align with your financial abilities and goals, while also constantly educating yourself with trusted and expert advice from reputable sources.
