Monday, September 18, 2017

Keeping Financially Secure (When Life Wants To Do Otherwise!)

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There are times in our lives when we could very much do with disposable income, not least, your twenties when you are a social butterfly, wanting to be here, there, and everywhere and need an infinite well of finances to support your social life. At this point, we don't think much of being financially secure, as long as there is a roof over our heads and we can just about pay the bills. But as life continues it can be harder to become secure in a financial sense, and here are two of those big life-changing moments, and how to keep financially secure during these tough and wonderful times.

Having A Baby

Regardless of whatever order you do it in, some people prefer to get married before having a baby, the impact of a child on your outgoings, is much bigger than you would ever think. Not to be so negative about it, but the cost of a child now, from birth to the age of 18, in America, can range between $169,000 to nearly $400,000, depending on your income. While having a baby is one of the most wonderful things in life, the expenses mean a lot more forward planning. But remember you've got roughly 6 to 9 months to build up a good balance in your bank account. And while it's important to build up funds for everybody in the family, you also need to think about purchasing a life insurance policy. Saving for a baby can be difficult depending on your financial circumstances, but remember, where there is a will, there is a way, and by this point, your instinct to provide will kick in. And always remember, there are plenty of ways to earn money online so you can provide moral support to your pregnant partner at home while still earning some money in your spare time. You can look at sites like to get an idea of what other ways there are to earn money on the side of your main money-spinner.

Buying A House

This is something you can do to provide an extra layer of security. While you can pay money towards renting, there are unforeseen costs in both. At least with owning your own house or apartment, it is yours, and there is no interference in terms of that dreaded 30 days’ notice to vacate. The important thing if you are thinking about buying a home is to make sure that your credit score is up to scratch, as well as making sure that you are reliable in other aspects. Your credit score is arguably the most important parts of looking reliable, especially in the eyes of the banks, and there are plenty of websites like to give you some additional hints and tips on repairing your credit score if you are concerned. The one thing to take away from this if you are thinking about buying a house is to minimize your debts as much as you can before going to the bank. This means paying off credit cards, looking at your lifestyle and outgoings, and making sure that everything is up to speed.

These two instances are the backbone of modern adulthood, and so think about how to provide security, not just for your loved ones, but for yourself, it's all about preparing for these big moments in life, which means making sure you are reliable in the eyes of the bank. Whether trying to support your family or buy a house, we do need to borrow on occasion, but we can also find ways of building up our bank accounts.

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