If you are like many Americans, the current economic environment continues to make it difficult for your family to make ends meet. Many of us have readjusted our spending habits to such an extent that there is now a new normal. For example, we may no longer shop as much as or where they used to; we may settle for a staycation, rather than a true getaway; and items that were previously considered to be necessities have been relegated to the “can’t afford” or “not needed” category.

If you think these are temporary changes, think again. Many economic analysts feel that these new attitudes are here to stay.

Here are some tips to help you take stock of your overall economic picture, with actionable steps designed to help improve your long-term financial security.

Take stock of what is really important to you and your family—is the newest electronic game system or cell phone more important than creating a secure financial future?

Start by developing your family’s mission statement. This is easier than it sounds: Simply write out what is important to you as a group. Be sure to include what your long- and short-term goals are, and what you are willing to give up in order to make these goals a reality. Don’t forget that along the way, you may still want to decide what little luxuries your entire family can enjoy (like a get-away) that you want to keep in your budget – since these can help you feel less deprived and even save you money (by keeping you from going out to first-run movies, for example).

Figuring out what is most important to your family from a financial perspective is a smart move –and a good decision for your long-term financial security. Making even small sacrifices in your spending can help you meet your goals. Look carefully at how you and your family members spend your money so you can identify where you can make small changes to cut back on non-essential expenditures. And don’t overlook the bigger-ticket items you pay for every month, such as your cable TV/Internet subscriptions and car insurance. Making minor adjustments to these items can free up more dollars than you might imagine, and play a significant role in helping you fund your family’s long-term financial goals.

If you are like many families, trying to juggle financial priorities can make saving extremely difficult.

Successful savers use the concept of paying themselves first whenever they receive a paycheck. Over time, adopting that one smart move can help you reach your financial goal of saving for a car, a vacation, or whatever is a priority for your family. To help make it easier, check with your employer to see if you can have part of your pay automatically deposited into one or more savings accounts. It can make saving automatic—and nearly painless.

Do you know if you are on track with your current disability coverage, life insurance, and retirement savings plan(s)? In other words, will these important items provide you and your family with the amount of financial protection you’ll need – when needed? Don’t wait until it’s too late. Take the time now to assess their adequacy and make the appropriate adjustments.

When it comes to Tips 1 through 4, you may feel you need some assistance. Whether you need help in just one area or all four, start looking at your future through a new lens – one that has your family’s financial goals in focus, with a plan to help you get there. Contact a financial professional to discuss ways they can help you put these tips into action—and your financial dreams on track. Call us at (201) 449-0026 or visit us at www.blsfinancial.com.

Taking the right steps today can help to ensure a better financial future for both you and your loved ones.

Provided by Howard Bienenfeld, CLU, ChFC, Partner at Bienenfeld, Lasek & Starr, LLC; courtesy of Massachusetts Mutual Life Insurance Company (MassMutual)

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