MarketWatch: “It’s OK to splurge on things that are important to you — even when you’re saving for retirement”
MarketWatch, Oct. 4, 2021 — Marguerita Cheng, CFP® Pro is featured in today’s edition of MarketWatch about spending saving and investing for retirement, and how to put it all in perspective.
“When retirement is decades away — or even just a few years out — it can feel hard to save, especially when taking into consideration all of the short-term goals or desires there are in life,” writes reporter Alessandra Malito. “The first step is to see what money is coming in and going out.”
“Look at your cash flow. If you don’t want to say the b word, budget, say cash flow,” Marguerita Cheng, a certified financial planner and chief executive officer of Blue Ocean Wealth Management, said during a MarketWatch virtual event called Mastering Your Money.
Rita explains: “This can be done by reviewing bank and credit card statements, and knowing exactly what income you have and what debts you need to pay. Then see what money, if any, you have left over to spend. At its core, this exercise comes down to essential expenses, which may not be a fixed amount of money every month. For example, electric and water bills are core expenses, but they vary month-to-month based on usage.”