When it comes to planning, many people are happy to sit down with a new notebook and pen and plan for the next few years out. But, the truth is it is more beneficial to plan way-way into the future. If you have children, you’re going to not only be planning your own future but theirs too, up until a point. The chances are, you had a rough plan when you were younger, and you know by now that life has a way of getting in the way of some plans, so it’s better to be flexible where you can and remember that in the long run, what really matters is family and happiness.
Photo by The Journal Garden | Vera Bitterer on Unsplash
KERCHING
Something many people struggle with is saving. The problem is that people tend to focus on saving big chunks of cash as quickly as possible. However, it’s more prudent to put smaller amounts away over a more extended period of time. This way it doesn’t matter If your financial situation changes drastically one way or another, the small amount is manageable. Sit down and look at what your budget really is. The chances are the money you are spending without thinking about it, like candy for the kids, take out coffee or food could be broken down and saved in different places and for different things.
For your children, consider a trust fund type of situation. Putting money away in an account that they can’t get to until they are 18, or one that you take care of and keep as a surprise for that big birthday. A few dollars a week can make a nice impact on their ability to buy a house, a car or pay for school.
YEARS GO BY
Getting older is something we like to avoid for as long as possible. The problem is your senior care needs to be something you consider early on. Have the conversation with your partner, children and other family members so that everyone knows your wishes. Should the situation arise that you are unable to make a decision at the time, they will all be able to take of you. This but perhaps should also come under Kerching, but make sure you have a retirement fund to help take care of these costs.
FUN THINGS
Don’t forget to have fun. While we are all very conscious of putting money aside for ‘a rainy day’ there has to be some fun in there too. While it’s not prudent to dip massively into savings, sometimes spending a little on something fun is perfect. Life is, in the end, too short to not have some fun while you can. Surround yourself with good people, they can make the worst of days a little brighter.
Plan in a few trips, travel to places that you’ve always wanted to go and add some savings goals to support those trips. Or, perhaps, you’ve always wanted to own a piece of clothing or shoes by a particular designer, add that to your list. Treat yourself and those you love when the opportunity arises.
This may be a contributed post but all of the thoughts I agree with and match the tone of my blog.
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