Planning for the future can be tricky, and for some, it can be overwhelming and stressful to think about putting money aside when life is already paycheck-to-paycheck. Yet it’s something that needs to be considered, especially if you’re considering to buy a home, have children or are planning for your retirement.
Fortunately, there are several small ways you can start saving money now in order to be ready when the time comes, whether that’s higher education for your kids, buying a new home, or knowing that your senior years will be comfortable. Here are the best tips on financial planning for the future.
Say no to credit cards
Opening up a new line of credit can be tempting when you’re making a big purchase, such as an appliance or piece of furniture. But it’s best to save up and pay cash for those items, especially if you already have debts with other credit card companies or financial aid because having another monthly payment can only set you back.
Start a savings account
This one may sound like a no-brainer, but there’s more than one type of account, depending on what you’re looking to save for. If you know you’ll be looking to buy a home or make another big purchase in the near future, starting up a basic savings account will allow you to sock money away that will garner a bit of interest. If you want to start saving for your kid’s college fund, there are a couple of options; you can start a savings account in his name, where it will stay until he’s ready to use it and can be withdrawn at any time for any number of things; or, you can look into a 529 college savings account. This type of account uses your after-tax money to build up interest and has multiple tax benefits for you, but if your child decides not to go to college–or receives a scholarship–the money may not be available to you later.
Clip those coupons
Sit down and work out a household budget; if you have a spouse or partner, absolutely get them involved. It’s important to figure out what your weekly and monthly spending are versus what you bring in and look for ways to cut back. Clipping coupons are one way–and you can also sign up for discounts from your favorite stores with savings cards–but you can also carpool to save on gas, take your lunch every day rather than grabbing fast food, or look around the house for ways to save on utility bills. This can include setting the ceiling fans to turn in reverse in the winter–which will push hot air down from the ceiling–and sealing up cracks around windows and doors, where heat and air escape.
Settle your estate
Knowing your family is well taken care of is likely very important to you, so getting your estate in order now will ensure that there will be no problems for them down the line when it comes to handling your assets. Check with a lawyer about your state’s laws and work up a living will to make sure everything is taken care of after you’re gone.
About the Author
Ms. Waters is a mother of four boys and lives on a farm in Oregon. She is passionate about providing a healthy and happy home for her family and aims to provide advice for others on how to do the same with her site Hyper-Tidy.com.
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This article, The Best Tips On Financial Planning For The Future, was provided by Glenn Shelhamer of The Shelhamer Real Estate Group. If you are selling your Los Feliz home, I have a comprehensive marketing plan, including preparing your Los Feliz home properly that will help get your home sold in less time and for more money. Call me at 310-913-9477 or contact me to discuss how I will get your home sold.
Original Source: LosFelizHouse.com