As a public employee, especially when in your 20s and 30s, planning for the future always seems pointless. Retrenchments and retirements never cross your mind, and with your steady paycheck, planning for more than a month or two doesn’t seem to make any sense. 

Think about it… 10 years ago, what financial plans did you have in mind for today? What methods did you plan on using to get there? Did you stick to that path that you set? And most importantly, did you achieve the financial goals you had set out to achieve?

1. Note down and prioritize the future expenses 

People tend to have multiple future goals at the same time. You may be planning to go back to school, travel to an exotic location, and start a business all within the next few years. While all these plans could seem achievable and realistic, it is hard to achieve all of them within the set timeframe. 

Which goals are urgent? Prioritizing not only helps you try and achieve the most important goals first but also enhances motivation as you achieve one goal after the other. 

2. Create a realistic financial plan

How much money would you need to actualize your future goal? The truth is, almost everything requires money or some type of financing. Saving, for public employees, is a good way to get the finances. You could also use the CalPATH Home Loan Program as a wealth-building tool.

An unrealistic savings plan always looks good on paper but is hard to implement. You will be unable to meet most of the set targets, and eventually, give up on the whole plan. Analyze your current expenses versus your income and savings, then create a realistic financial plan.1

3. Save before spending

Set aside a certain percentage of your income and deposit it into a savings account once you receive it. Leaving the savings in your current account will likely result in you spending some or all of it on expenses you had not budgeted for. 

Spending first will also lead to a higher risk of spending more than you had planned for in your budget, leaving less money to save.

4. Even a little can help

Always find little ways to save an extra cent. Cut down on unnecessary extravagances. Do you really need to go for 3 annual vacations or will one be enough? The small savings may not seem significant at first, but cumulatively they might add up to a large part of your savings.

5. Budget for little luxuries

Budgeting does not mean eliminating all the luxuries completely. Try and budget a few indulgences in your plan. This will keep you motivated to follow through with it. Budgeting for these luxuries also helps you enjoy them without feeling guilty.

Use these planning and budgeting tips to secure your financial future

What goals do you plan to achieve in the future and how much do you estimate they will cost you? Sit down, craft a reasonable future expenses plan, then create a financial plan to help you cater for those expenses.

About Mountain West Financial and the CalPATH Home Loan Program

Mountain West Financial is the exclusive lender offering CalPATH, the #1 home loan program for Teachers, Police Officers, Firefighters, and other public employees who serve our local California communities.

You may contact our CalPATH Hotline @ 800-310-7577, seven days a week from (8:30 am to 8:00 pm). A CalPATH advisor will be standing by to answer (any & all) questions you may have about the home buying or refinance process.

We look forward to working with you soon!




Joe MooreBranch Manager


Links to sources used

How To Create A Financial Plan That Increases Income And Pays Down Debt-