Tips during National Financial Planning Month: Financial planning is best started as early as possible

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Tips during National Financial Planning Month: Financial planning is best started as early as possible
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Rooted in fact-based, transparent reporting, Newsy is an award-winning opinion-free network owned by the E.W. Scripps Company that is relentlessly focused on “the why” of every story and seeks to enable a more intimate and immersive understanding of the issues that matter.

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.

Average American thinks it takes $2.5 million to be wealthy in 2024'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.

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