It’s common for a young police officer who is new to the job to get a little loose with their spending habits. When you suddenly have a very reliable stream of money, it can be easy to lose sight of the bigger picture.
As a police officer, you should set an example even when you’re not on the clock. Your personal finances are a foundational part of truly taking control of your life. Take a moment to read through a few personal finance tips for police officers, and get your money right today.
Create a budget
You probably want to fight this step kicking and screaming, but laying out a detailed budget for your finances can work wonders for other elements of your life. A detailed budget can help you set aside the panic of bills being late or suddenly due.
When it’s time to invest some cash in a new Glock handgun for your utility belt, you’ll have a little extra dough. Let your budget help you make conscious spending decisions as your career progresses.
Begin investing in your retirement
If you’re planning on putting in your thirty years on the force, then you can reap a fairly comfortable retirement fund. However, you may want to move on to another line of duty before you’re in your fifties.
Take your retirement in your own hands, and make certain you have a relaxing future ahead. Start early, and invest in a stable retirement fund that you won’t have to break the bank to build.
Work to reduce any debts you’ve accrued
If you already have taken some risky financial moves that ended in debt, then you should spend your younger years working to pay down your debts. Make paying your debts an important part of your “detailed” budget, and you will be much better off financially in only a year’s time.
Start your endeavour by taking an inventory of your current debt. Take a look at your credit history from all three main agencies, and dispute debts that don’t make any sense as soon as they are discovered.
Invest in a life insurance policy
Working in law enforcement is a dangerous line of duty. Investing in a life insurance policy to cover your loved ones should something happen to you is a wise financial move.
If you have a steady budget, a blooming savings, a lowered personal debt, and a hardy life insurance policy, then you’ll sleep comfortably knowing there is also a financial plan for after you are gone.
Set your legal will in motion
Again, part of being comfortable in life is knowing that your loved ones will be provided for after your death. It’s never too early to write up your last will and testament, but it can be too late.