Here are just a few tidbits you can follow in order to get your finances in order:
- Start planning your short and long-term goals. It is never too late to figure out where you want to stand financially within your lifetime. At the age of 15, I already establish a short-term goal. That goal was getting a car and my own clothes. As I got older, I begin to have goals planned for not only my current lifestyle; but my future as well.
- You definitely need to have a budget in place. This assists you in reaching your goals. You need to become familiar with your fixed and variable expenses. That way you will be able to make adjustments monthly and yearly to accommodate your future plans. You also need to realize that you will have to make some sacrifices in order to create that nest egg.
- It is important to include saving into your routine and budget!!! If your company offers saving plans that are not associated with the company such as a 403(b) or free automated saving plans through your bank or credit union; utilize it. Trust me, you won’t miss the money once you have established a certain fixed amount to be taken out of your check. Soon it will become a habit. And once you have moved up within your career; you can increase your saving’s amount.
- I can’t stress this enough but make sure you have life insurance if you have a family/children!!! This step can really take away the burden of stressing over funeral costs. It can also leave your children/family money to stay afloat once you are gone. Make sure you have beneficiaries. Update when necessary. Also, leave a Will so your children and/or family members already know what you want.
- Review and compare prices when it concerns any type of insurance!!! Car and home insurance companies have a real field day with increasing prices even if you never had an accident!! You can always switch companies with lower rates. You can even negotiate or deduct certain coverages that aren’t required/necessary.
- Lastly, invest in your future!!! If your company offer 401(k) research and think about investing. If your unsure, you can always look into CD’s, money market, annuities, and real-estate. Beware of the get rich quick schemes, pyramids, and scams that target not only the youth; but the elderly. The older you get; the more important retirement becomes!!! You need to be prepared. Check your Social Security statements yearly to make sure your time invested employed is calculated correctly.
Gray Hairs & Late Nights 