Thursday, November 10, 2016
Don't Wait For A Rainy Day! Four Things You Should Be Saving For Right Now
With the amount of everyday things you need to spend money on, it's easy only ever to think about your finances in the short term. Most of the time money is a matter of getting yours to the end of the week or month. But you shouldn't neglect the need for saving money for the future. There are a lot of things that can happen throughout your life that you'll want some financial protection to deal with. The last thing you want to happen is to come up against a problem and realise you have no way to pay for it. With that in mind here are some things that everyone should be putting some money aside and saving for.
One of the scariest things in life is the idea of becoming suddenly unemployed. With companies losing money and layoffs happening all the time, it's a serious risk. The best thing you can do then is to provide yourself and your family a financial cushion. Setting aside some money gives you a period of unemployment without getting into serious financial trouble. Money that you've saved will keep you and your family afloat while you look for a new job. That way by the time you're working again, you won't have to worry about debts or overdrafts.
The cost of healthcare and nursing homes for the elderly is not something that you should ignore. It might feel like things like that are problems for the future but that's exactly why you should be saving for it now. Medicaid provides long-term care, but you need to pay with your own assets. That can be complicated and often confusing. So on top of saving money to pay for Medicaid, it's an excellent idea to hire a Medicaid planning attorney to help you navigate those confusing waters.
If there's one thing you can say about children, it's that they grow up faster than you think. One minute you're dropping them off for their first day of school, the next they're driving off to college. That's why it's so important to start saving for college from the moment they arrive into the world or sooner. Tuition fees are serious, and student loan debt can have serious impacts on a person's life. By setting aside a little each month for their college fund, you'll be able to offset the price of college, even just a little.
With any luck, once you reach your golden years you won't have to be working anymore. But don't leave it too late to start saving for retirement. Plenty of people wait much longer than they should, thinking that retirement isn't even worth thinking about. Whether it's on your own or through your employer, it's never too early to start planning for your future. That way you can live out your final years in financial comfort and security. Leaving you free to simply enjoy yourself.