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How To Plan For The Future Without All The Stress
Posted On: Jul 05, 2017
This is a guest blog written by Jackie Waters
Creating a plan for the future can be daunting, especially if you’re a newlywed or have young children. There’s so much to think about and prepare for, and if you’re one of the millions of Americans who live on a tight budget, it might be hard to imagine a feasible way to start saving for emergencies, higher education for your children, or retirement.
Fortunately, there are some very easy ways you can achieve it, and it starts with getting organized and sitting down with your spouse or partner to work out a budget and begin planning for later years. Here are some of the best tips on how to get started.
Pre-pay your child’s tuition
Many universities will allow you to pre-pay your child’s tuition, giving you the opportunity to lock in a tuition rate that will likely go up before your child is ready to attend school. The only catch here is that your child will have to attend that institution and need the tuition funds; if they receive a scholarship, your money may not be available to you.
Create a budget
It’s imperative to sit down with your significant other and work out a budget and--this is the kicker--stick to it. Go over your weekly expenses versus how much you bring home and get a good look at what sort of cuts can be made. Even if you’re on an already tight budget, there might be places you can make changes, such as forgoing cable television in favor of a cheaper streaming service. You can also clip coupons, sign up for emails from businesses to receive discounts, carpool with coworkers to save on gas, and take your lunch most days to work and school.
Consider life insurance policies
You or your spouse may already have a life insurance plan through your employers, but it’s important to consider everyone in the family. It may be difficult to think about, but there may come a time when you’ll need supplemental insurance to pay for funeral or other costs, and these plans are usually inexpensive and don’t require a physical.
It’s not easy these days, but skipping those credit cards can help you stick to your budget and keep your credit on track. Use cash as much as possible, save up for big purchases rather than opening a new line of credit or using an existing card, and download a mobile app from your bank so you can keep track of your spending in real time.
Prepare your estate
It’s another of those difficult things to think about, but preparing your estate in the event of your death is imperative, especially if you have children or a lot of assets. Consult a lawyer and draft a living will, and get your estate in order in detail. Depending on what state you live in, there could be various legalities to go over and preparing for them now will ensure your family won’t have a long, tiresome legal battle.
Saving for your child’s future doesn’t have to fall squarely on your shoulders; you can enlist the help of grandparents and other family members and ask them to forgo toys and games at birthdays in favor of writing a check, which can be deposited directly into a savings account in your child’s name.
Choose a hobby that pays
Do you have any hobbies? Are there opportunities to make money there? If you write, there are plenty of paid writing opportunities is you look around the web. All kinds of companies are always on the lookout for freelance writers for a variety of reasons. Do you ever provide tutoring to students who need help? There are ways to make some good money doing this too. Even something as simple as dog walking has the potential to get you paid. If you have a hobby or a simple chore that you are already doing, ask yourself if it might be something people might be willing to pay you for, and you might just find yourself a new source of income.
Planning for your future can be stressful, but it doesn’t have to be. Just look for ways to make and save money that you haven’t been utilizing, have a budget, and save as you much as possible.
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