Guest article by Gwen Payne of www.invisiblemoms.com
Life planning is a long-term undertaking that often requires assistance and guidance from financial advisors. While it may be helpful — and necessary — to bring in professionals for investment advice and legal document drafts, there are a lot of things you can take care of on your own to help secure your financial future.
To help you find the right track and stay on course, check out the following resources.
Create and Stick to a Budget
A critical step in life planning is creating a budget, so if you haven’t made one already, now is the time to do it. Once you’ve set a monthly, weekly, or even daily budget, you need to stick to it.
Build an Emergency Savings Fund
You probably already have a savings account to help you buy big-ticket purchases, like a new car or a family vacation. Just as important, though, is an emergency fund that will cover expenses you don’t plan for, such as a flooded basement, an emergency surgery, or sudden unemployment.
Decide What You Can Actually Afford on a Home
If you plan to buy a home sometime in the future, the above steps will help you budget and save accordingly. However, in order to decide how much you can really afford to spend on a home, you’ll also need to consider other factors to ensure you don’t put yourself in a financial predicament.
Make Retirement Saving a Priority
The importance of saving for retirement cannot be overstated. It’s critical to ensure you have enough money to cover your living expenses once you retire. To that end, boosting your 401(k) contributions or even opening an IRA can be a boon once it’s time to leave the workforce.
Take on a Side Job
Whether it’s something for the short term or something you can handle indefinitely, a side hustle is a great way to pad your income and your savings.
You should certainly follow the long-term advice of your financial advisor to achieve your life planning goals and secure your family’s future. However, taking these steps in the short term can help you meet your financial goals and stay on track with your long-term objectives.
Image via Pixabay by Olichel