4 Steps to Take Now to Protect Your Finances in the Future

It is important to never underestimate the significance of properly maintaining your finances and planning for your future. Many people spend their lives working in order to save up money and to obtain assets, such as a home or cars. 

It can be difficult to know what the future holds for us, and many unexpected circumstances can arise. This is why it is paramount to take a strategic approach when it comes to managing your affairs and to create contingency plans, which will be helpful in the event that something unexpected occurs. 

The following information will provide a closer look at four beneficial steps you may want to take into consideration, which you can start working on now in order to protect your finances in the future:

Open a Savings Account

Setting aside a specific amount of money each month can be very helpful. As previously mentioned, there will likely be many unforeseen circumstances that occur in your future that can negatively impact your financial state. For example, you may unexpectedly lose your job and potentially have to spend several months or longer searching for a new one. 

You may also develop an illness or condition that may leave you unable to work. There are also other things to consider, such as car troubles and necessary home repairs. If you are not properly prepared for these things and have enough money set aside, it can often cause a lot of potential issues.

Create a Budget

Creating an effective and detailed budget is another important step towards safeguarding your financial future. In order to be able to save money each month, you need to understand how much extra money you will have left over after expenses. 

Therefore, you should take the time to deduct your expenses from your monthly income and closely track your spending habits. If you notice you are wasting too much money on unnecessary purchases, it may be time to cut back and make more financially sound decisions.

Purchase the Proper Insurance

Additionally, insurance is another factor you should consider. You might want to look into purchasing homeowner’s insurance from a reputable company, such as Philadelphia Contributionship. Other types of helpful insurance include renter’s insurance, payroll deduction insurance, and long-term care coverage.

Plan for Retirement and Long-Term Care

Retirement can really take you by surprise if you don’t start planning ahead of time. You might want to speak with your employer to see if they offer any 401k benefits, and you should begin setting aside money on your own. 

You will also need to take into consideration the different types of care you need as you age, which can be incredibly costly. Long-term care insurance, as previously mentioned can be helpful and will assist you with some of these costs.

Overall, preparing for your future finances can be quite challenging. There are many factors you will need to take into consideration. One of the most important tools at your disposal is planning ahead. 

When you take the time to do your research and understand all of your options, you will be able to start saving up and managing your money more wisely in order to ensure your future is secure.

How To Pick a Financial Adviser

Picking out a financial adviser should be a careful, thoughtful process. This is the professional you trust to help you navigate your wealth building efforts, after all. That means you need to be sure they are properly credentialed and their performance is within the norms of their role. 

Finding that information in the right regulatory database is not difficult, and with that info will come any complaints or disciplinary action summaries that might be of use to you. 

There are a lot of advisers with no problems on their record who just wind up being incompatible with certain investors, though. So how can you tell which of your potential advisers will be the best fit for you? You need to do some research and dig deeper.

Check Out the Adviser's Firm

Whether you're looking at someone who works alone or an adviser at a large firm, there should be some electronic records or even a company landing page online. This will give you a chance to see what professionals say about themselves, their goals, and their approach to investing. 

Some firms even make a point of including a mission statement and other information about their underlying philosophies in their online company information. These resources also typically outline the kinds of investors they work with on a regular basis and the kinds of investments they are most informed about.

Reviews By Investors

Other resources about the firm might be available through other online resources like reviews as well. Also, consider whether you want to work with advisers within brokerage firms or RIAs who work totally independently. There are important considerations to make as you read each one. 

Check for reviews of the firms overall, but also read any reviews you can find about the adviser you specifically want to work with. Every organization has its stars and its specialty players, after all, and you will want to know how your adviser fits into the bigger picture in an organization.

Other Resources To Consult

Beyond review sites and the online resources placed by the firm for customer education, you can also check out resources like the Securities and Exchange Commission's information page about financial advisers and how they are regulated. These background resources fill in the information you need to make sound judgments about the firms and advisers you consider. By looking for more neutral information sources, you gain perspective on:

• Industry norms
• Recourse for dispute resolution
• Common issues investors encounter
• General strategic advice for new investors

The best thing to do is to fold this stage of research into the beginning, middle, and end of your process, so you are researching these factors ahead of your first look into potential advisers and throughout the process. This will allow you to keep checking out fresh viewpoints and considering new angles on your decision-making process.

Brokerage Firm Advisers or RIAs?

Whether you are working with a planner or adviser based in a brokerage firm or an RIA, there are advantages and disadvantages to consider, and you need to understand them before making that final choice. 

Many new investors work with advisers based in their brokerage firms, but those with large accounts or a fair amount of experience often opt for an RIA when looking for advice. If you're not sure which to go for, researching the differences in their approaches and the advantages of each kind of adviser will help you get started.

Don't rush this decision, because while you can always change advisers if you need to, you will have to go through a similarly thoughtful process to make a good decision if you do. That means rushing into a relationship with an adviser that doesn't quite work out could cost you more time than just being thorough and deliberate the first time.

4 Benefits of Meeting with a Financial Planner as You Age

A survey from 2018 found that roughly one-third of all Americans had no more than $5,000 in their savings accounts for retirement. Most Americans do, in fact, earn more than enough money to easily save enough to make it through their golden years. However, since the average American’s personal finance knowledge isn’t the greatest, they often end up not properly planning for retirement.

Meeting with financial planners as you age offers several benefits. Here are four of the most prominent such benefits.

Your Advisor Will Make Sure You Won’t Commit Rookie Mistakes

According to Money Marketing, most financial advisors serve anywhere from a few dozen to some 250 clients at any given time. Since they’ve got so much experience in helping people plan for retirement, they will significantly increase the likelihood of you not subjecting yourself to rookie mistakes.

In most cases, preventing these basic mistakes is simple. However, without the guidance of a trusted financial advisor, you won’t be familiar with preventing such problems from occurring.

Can You Say “tax Shelters”?

The wealthiest Americans regularly shelter more of their earnings from the Internal Revenue Service’s legal reach using a wide variety of tax sheltering strategies. Experienced financial planners are inherently familiar with tax shelters that you could easily take advantage of. With their help, you could save thousands of dollars in taxes each and every year.

They Can Legally Protect Your Estate’s Assets from Outside Interests

Most people take pride in saving up enough money to pass on substantial sums to their loved ones, friends, and family members after they die. Unfortunately, many people’s savings get dipped into by creditors and other interests before being distributed to beneficiaries, resulting in less money and fewer valuable assets for them.




Financial advisors, especially those who are experienced in estate and will planning, either directly know how to protect your estate from creditors and other claimants or can hook you up with estate-planning attorneys who specialize in the practice.

You Can Rest Assured Knowing Your Nest Egg Is Safe and Constantly Growing

With help from financial advisors in the management of your investments, earnings, and holdings, you will save yourself from experiencing tons of stress. Further, the less stress you experience, the longer you’re likely to live.

Financial planners widely offer their services to clients across the world at reasonable rates. Unless you’re a financial professional yourself, you can’t go wrong with meeting with financial planners as you age.

Attain Financial Freedom With These Tips

Did you know that 2/3rd of the total population in America find it hard to gather even $1000 when an emergency arises? Only 24 percent of millennials of today have the required knowledge about financials!

These statistics are very alarming. This is because lack of knowledge leads to bad choices regarding finances which in turn affects your financial freedom.

Here are some tips that can allow you to attain financial freedom quickly.

1. Learn how to work within a budget

What is the most significant thing required for financial freedom? Money! And for that, you need to stay within budget. Sadly, budgeting is often overlooked. You need to learn how to manage your spending within your budget. This way you won’t make a habit of spending more than you earn. And once you do so, you will easily get ahead financially.

How do you ensure that your spending is always less than your earnings? You plan. This is the essence of budgeting. A budget helps you outline all your expenses and then allocate your current earning to each of your expenses. Don’t even consider debt as an option. Instead, allocate according to how much you can afford. If you conduct budgeting, you will easily be able to detect any anomalies and extra expenditures. Hence, you will know where you need to cut back.

Add an actual value to all your habits. For instance, if you eat breakfast outside every day, mention it in your budget. What might seem like insignificant $2 a day can amount up to $40 a month. This surely is a significant amount! What does budgeting mean? It means cutting such unnecessary expenditures. Rather than eating out every day, see the effect it has on your financials and then change your habit.

Make a habit of creating a monthly budget. Watch as it helps you save money, and hence gives you financial freedom.

2. Pay off all your debt at the earliest

A lot of people apply for hard money lending Houston financial services. However, one thing that is the enemy to your financial freedom is debt. Debt is a liability that will drain your savings. To attain freedom, you need to pay off all your debt at the earliest possible time.

Why? Because you don’t just have to pay the debt. You also need to pay off the interest. In other words, you have to pay more than you get. The longer the debt stays on your account, the longer you have to make payments rather than save money for future use. Therefore, instead of delaying it, try to make paying your debts your priority. 



Look up ways through which you can pay it off quickly. There are various methods available ranging from the snowball method to the avalanche method. Look at your financial situation and choose the method that works best. While you are at it, create a repayment plan along with a budget to see how you can funnel your earnings and savings towards your debilitating debt. While it may seem like torture today, it will allow you to achieve financial freedom later on.

This may mean cutting back on entertainment and going out less often for dinner, but it’s a small sacrifice to pay for financial freedom. If you don’t wish to make this sacrifice, you might want to work to increase your income. This calls for doing freelance work, looking for part time jobs, asking for raises or striving for a promotion. Use all the extra income you earn to pay off your debt.

3. Create your personal emergency fund

Regardless of how much you try to avoid the bad days, there is always a probability that they will occur. And this is the moment when you will wish that you had financial stability and freedom in your life. To avoid being caught off-guard and out of cash at such crucial times, always build a personal emergency fund. Always have a backup plan. Whether it be job redundancy, unfortunate accidents or natural disaster, it doesn’t hurt to be financially secure for all emergencies.

Overspending and not saving can lead to a lot of problems when such rainy days occur. Therefore, have an emergency fund by saving a given amount specifically for this purpose. If you are finding it hard to stash money away on top of all your other expenses, start small. Whether it is $10 or $100, make a habit of saving. Eventually, when you have an emergency, you will thank yourself for keeping the fund!

4. Think before spending

Impulse buying is widespread. After all, we are surrounded by brands and retail outlets that promote such behavior. However, this behavior is not in your best interest. Today, an extra cup of coffee or a piece of jewelry you just saw may not seem like the wrong investment, but if you develop a habit of it, it will take a toll on your financials.

This is why it is essential for you to think before you purchase anything. Ask yourself whether you genuinely need the given item? If it’s a hefty investment, make sure to do comprehensive research about the purchase decision. Think of whether you can afford significant spending at your current financial level. If you are finding yourself trying to accumulate money from different accounts and ways, it is best not to buy the item in the first place.

Be realistic about what you can achieve while staying in budget and what purchases would make you thrifty.

Conclusion

Follow these four tips religiously, and you will see a significant increase in your bank balance eventually. Yes, saving money and staying within your budget is not easy. Especially when you are surrounded by lucrative items that are screaming at you to buy them. But, a little self-control today will help you attain the ultimate financial independence tomorrow. Once you get there, you will realize- being debt-free feels liberating!

ABOUT Erica Silva

Erica Silva is a blogger who loves to discover and explore the world around her. She writes on everything from marketing to technology. She enjoys sharing her discoveries and experiences with readers and believes her blogs can make the world a better place.

Find her on Twitter: @ericadsilva1

How to Invest in Your Retirement

Saving for retirement can be a daunting task for many people. You know it is important to have money set aside for later in life, but you may be overwhelmed by the logistics and unsure of your options.

Actually, like many things in life, investing in your retirement is not so stressful when it is broken down into smaller, more manageable chunks of information. For instance, consider the following three ways to save, invest and plan for retirement:

Take Advantage of Any Matching Options for Your 401K

If your employer offers a retirement plan like a 401K and also matches a certain percentage of the amount that you contribute, by all means do whatever you can to add the max to the retirement account. Any amount that your employer matches is essentially free money, so it’s definitely worth looking into. 

A common scenario in the 401K match world is for your employer to put 50 cents into your retirement plan for every dollar you put in—this is usually up to 6 percent of your gross salary for the year. So, if you earn $40K at your job and contribute $2,400, or 6 percent to your 401K plan, your boss will add in $1,200 more.

Start Your Own Tax-Advantaged Nest Egg

While a 401K is a great place to start, especially if it involves the aforementioned matching option, you should also consider starting your own retirement savings accounts. You can open a traditional or Roth IRA account, and put money into it as you can; this will allow your money to grow tax-free until your start to withdraw it in retirement. 




You can speak with your banker about opening an IRA account or if you have a financial planner he or she can help you as well. There are limits for how much you can contribute to an IRA every year; on the flip side, you can also set aside smaller amounts of money into the account.

Have an Action Plan in Place for Financial Emergencies

In a perfect world, you will continue to work as long as you wish and then live happily off of your retirement savings. Unfortunately, people sometimes encounter severe financial emergencies that can wipe out their savings. For instance, a serious medical condition that requires months of treatment and hospital stays can be devastating for your retirement accounts. 

To help prevent your nest egg from being shattered, you may want to have an action plan ready to go that will help pay for medical treatments and other financial emergencies. One idea is to look into selling your life insurance policy through a company like Coventry Direct. 

This will allow you to gain access to much-needed funds to help pay for medical bills and other financial hardships that may unexpectedly arise as you get older. Again, it is hoped that you will not endure a situation like this, but looking into an option like this now rather than later is a good idea and can give you invaluable peace of mind.

You Will Get There, One Dollar at a Time

Saving for retirement does not have to be a stressful process—in fact, your employer may already be willing and able to help you get there. Start by speaking with your HR department about a matching plan and then head to the bank to see about an IRA. These steps, along with looking into emergency options for cash if need be, will help you to plump up your retirement savings and allow you to enjoy your golden years.

Senior Situations: 4 Tips to Help You Survive a Financial Crisis

Most seniors are on a fixed income, and that will make it very difficult to deal with a financial crisis. From unexpected injuries to household disasters, older adults could find themselves drowning in debt in the blink of an eye. Here are a few tips and tricks that will help seniors survive a financial crisis.

Start with an Emergency Fund

Older adults need to have some type of emergency that they can access at any time. As a general rule, your emergency fund should be able to cover all of your expenses for at least three months. 

If you have people who depend on you financially, then you should try to build an emergency fund that will cover all living expenses for six months or longer. That fund will give you plenty of time to reorganize your finances after an accident or injury occurs.

Downsize

A senior who is on a fixed income never wants to get too far behind on their bills, and you should consider downsizing if your monthly expenses are beginning to overwhelm you. Living in a larger home or driving a new car might be impractical luxurious once you retire. Moving into a condo and downgrading to a used car could end up saving you thousands a year.

Search for Assistance Programs

There are hundreds of assistance programs for older adults who are struggling with their finances. In addition to state and federal programs, you might also want to contact AARP to discuss their Daily Money Management (DMM) programs. 




Those programs can help a senior create a budget, pay bills, and negotiate with creditors. They also offer classes on how to avoid scams and what to do if you are being harassed by aggressive debt collectors.

Contact an Attorney

If the financial crisis was caused by another party, then you need to contact personal injury lawyer to explore your legal options. Trying to win a civil case on your own is going to be nearly impossible, and an experienced lawyer can help you get the compensation that you deserve. Your legal representative will also negotiate with insurance representatives if your claim never makes it to court.

Racking up credit card debt is never ideal, but a credit card could be your last line of defense against a financial catastrophe. Once you are back on your feet and things have begun to stabilize, you should aggressively pay down your credit card debt in order to avoid huge late penalties and unmanageable interest rates.

Keeping Afloat: 4 Tips for Staying Financially Stable after an Accident

Any kind of accident can be life-changing. Even if you’re not severely injured, any injuries that you do sustain can result in not being able to work as you did before the accident. 

This means that you won’t be able to support yourself or your family in a financial manner, which can then lead to getting behind on monthly bills that include your house payment or utility payments. Fortunately, there are a few tips to keep in mind so that you do stay financially stable.

Make Phone Calls

Before you get behind on your finances, contact the people you owe money to so that you can make payment arrangements. Many companies will work with you to accept a lower payment each month or even extend the number of payments that you have as long as you are upfront about your situation. Stay in contact with all of these companies to show that you’re willing to make an effort in staying on top of your financial obligations.

Seek Help

Consult with an auto accident lawyer who can often help you file a suit to get money for your injuries and lost wages. Give the attorney all of the information that you have about the accident as well as medical records and details about your finances. Your attorney can do the work for you regarding talking to insurance companies and working to get the best settlement.

Better Budgeting

Take the time to go over your monthly budget. Since you might not have as much money to work with, you need to examine the things that you have to pay each month and the things that you can set aside until you’re financially stable once again. 



Any subscriptions that you have can often be pushed aside as well as any entertainment expenses that you can do without. Think of ways that you can save money each month, such as buying items when they are on sale or turning the lights off in the home unless someone is in the room.

Side Work

There are often several people who are seeking assistance doing things that they can’t do on their own. Talk to some of the people in your community about odd jobs that you can take on, such as raking leaves or cleaning a house. You can also advertise your services to try to make extra money.

With a little more organization and making a few phone calls, an accident doesn’t have to set you back. You’re going to have to stretch the money that you have, but if you detail your budget and seek assistance when needed, then this can be a time when you can stay on top of the essential payments that you need to make. Keep in mind that your family is there to offer assistance along with organizations and your attorney.

Budgeting for Seniors: 4 Common Post-Retirement Expenses

Calculating the costs of retirement isn't always as straightforward as it seems. Certainly you will want to determine your monthly medical costs, mortgage or rent costs, food budget, transportation costs, and more. But there are also several unexpected costs that can come up during retirement. 

Since most people live on a fixed income during this time of their lives, the unexpected costs can eat away at your nest egg. As a result, it is vital to be prepared for the expenses of life as a retiree. Here are four common post-retirement expenses.

Home Repairs

As a retiree, it's possible you may have lived in your home for your entire adult life. After a while, homes can suffer and deteriorate because of inclement weather, accidents, and general wear and tear. 

Other times, structural incidences can occur without your knowledge such as a pipe bursting, mold infestation, and termite damage and turn into a serious issue. Lawn care, snow removal, and basic home maintenance can also pile up. As you get older, it can become much more difficult to do chores if you have arthritis or persistent pain. 

If you find yourself unwilling or unable to keep up with these tasks, you may want to consider downsizing to a condo, smaller house, or a retirement community to make these maintenance tasks and issues nonexistent or at least less stressful.

Travel

Retirement is a good time to see the world since you have some extra free time on your hands. It's exciting to see the world in your golden years and make new memories with those you love. 




Be sure you know what you’re getting into before committing to anything. If you’d like to see many different places or have a preference for private tours, be sure your budget can accommodate that. Be strict with your vacation budgets and always be on the lookout for deals and steals.

Healthcare

As you get older, the amount of medical expenses often goes up as health issues worsen or surface. Many medical issues are associated with age and require expensive treatments and medications. 

For example, if you fall and injure yourself, recovery is more difficult and takes longer than it did when you were younger. Plus, your bones are much more fragile when you're older, so you have to be more careful. Additionally, you may need things like general skincare help, denture repair, and vision care.

Expenses for Adult Children

Just because your kids grow up and move out doesn’t mean you won’t feel inclined to help them out financially. An adult child may get married and need help with wedding expenses or maybe even need help with purchasing basic necessities for your grandchildren if they’re down on their luck. You will probably want to help as much as you can. Be sure to be smart about your spending and saving.

Post-retirement expenses are common and unique to each senior. Now that you are aware, you can plan your budget and savings for the future you want to have.

5 Tips For Preparing For Retirement

Retirement can be an exciting time in your life. You’ve completed your life’s work, and now it’s time to reap the rewards of your efforts. Thinking about retirement is not only for those of retirement age. Saving for retirement is best started early. Here are five tips to help prepare you for retirement, whatever stage in life you may be in. 

Start Investing Early

That’s right! Ideally, you should start saving for your retirement in your 20s. This gives you the maximum amount of time to invest into your retirement and form a solid foundation of discipline for managing your finances. Retirement is one of the great experiences in life. 

Solid planning early on can ensure that your retirement is enjoyable and that you’re able to financially sustain it. Make a plan, create a budget, and begin investing as soon as possible. Monitor your accounts, make sure you’re contributing as much as you possibly can to each one.

Find the Right Plan For You

Generally, there are seven types of retirement plans which you can choose from:

• 401k or 403b offered by your employer
• Solo 401k
• SEP IRA
• Simple IRA
• IRA
• Roth IRA
• Health Savings Account

The 401k or 403b plans are offered by many employers. You can save up to $18,000 per year, and if you switch employers the account will roll over to your new employer. 401k plans are usually offered by for-profit companies, while public servants have access to 403b plans which include contributions by the employer. 

A solo 401k is available to sole proprietors, and you can make contributions to this account as an employee of the business and as an employer.

A SEP IRA, or simplified employee pension, is used by small businesses. You can contribute up to 25% of your income or up to $53,000 to this type of account over the course of the fiscal year. If your business has employees, you will have to make contributions to their accounts if they meet certain requirements. 





A Simple IRA is a simple savings account in which you can deposit up to $5,500 per year. The money grows at a set interest rate completely tax free. Anyone can set up this type of retirement plan. You are able to contribute to a simple IRA and a 401k simultaneously.

A Roth IRA is an account in which you contribute after-tax dollars, which get no extra deduction. You can withdraw whatever you’ve deposited at any time without tax obligation, and there’s no mandatory withdrawal age.

A health savings account is an account offered by certain health insurance companies for medical expenses. The company will set aside money for you from your deductible payments in an HSA, allowing you access to healthcare when your medical expenses aren’t covered by your insurance plan.

Whatever plan you choose, make sure you are contributing the maximum amount each year, if possible. You can really never have too much money, as you’ll need to account for things such as medical emergencies or sudden expenses along with your everyday spending.

Pay off Your Mortgage

One of the biggest expenses of your life is bound to be your mortgage payment. Your house is more than just a place to take shelter however, it can actually provide you with equity that can be accessed later on. 

As with any loan, it’s important to pay off your mortgage as soon as you can, but especially before you retire. The last thing you want to worry about is making your mortgage payment when you’re not working anymore.

Pulling from your retirement savings for the mortgage can drain your accounts very quickly, possibly forcing you out of retirement to make the payments. Be sure to get your house paid for before retirement, and save yourself one more expense. 

If you need help managing or getting out of debt, there are many debt consolidation and settlement services online or in person. Find debt payoff tools on sites like Get Out of Debt, and start to take control of your debt before it’s time to retire.

Plan For Inflation

As much as we hate to admit it, prices rise on everything eventually. Fluctuations in the prices of goods and services, labor costs, and the value of the dollar all affect inflation. The amount you originally paid into your retirement fund may not be worth the same dollar amount it was forty years ago, or even ten or twenty years ago.

Inflation is always changing, and the value of the dollar fluctuating. When investing in your retirement it’s essential to remember this fact. You may have to invest a little extra into your accounts, to ensure that your money will last for the duration of your retirement. Try to cut down travel and leisure expenses in your retirement to account for inflation. Enjoy yourself, but be wary of your spending.

Focus On Your Health As A Pre-Retirement Condition

Your physical health should be a top priority at any point in your life. Health problems create complications and often are a drain on your wallet and savings accounts as well. Retirement is no different in this aspect. 

Medical bills can add up quickly, draining the money you’ve set aside for enjoying your retirement. Who wants to spend their retirement in a hospital bed or their entire IRA account on medical bills?

Exercise and monitoring your diet are great ways to stay fit and healthy. Be sure to make your annual check-ups and blood work appointments with your physician, and take all 

medications as needed.

Don’t Forget…

Whether you’re 27 or 47, retirement is important to think about. Put a plan in place that’s right for you and start investing in your retirement right away. The peace of mind you’ll feel when the time comes to retire, and your finances are in order cannot be understated. Remember to save the maximum amount each year, monitor your accounts, and pay off large debts before you retire.

5 Ways to Make Your Savings Last Through Retirement

The typical life span in the U.S.A. increased considerably to about 80 in 2018.

If you retire at 65, a 30-year retirement is quite possible. Here are 5 ways to make your savings last.

1. Make 1.85% on your cost savings with a high-interest account.

If you have $250,000 in a high-interest account and keep it there over 20 years, you 'd earn $110,712 in interest.

The CIT Bank Money Market Account uses 1.85% interest and doesn't charge any service fees. You can open an account with a $100 minimum deposit.

2. Work with a financial consultant.

These professionals can supply expertise on how best place you assets in the best places, make wise financial investments and maximize your pension contributions. 



Financial advisors can also direct you to find out the very best order to withdraw from your accounts, so you do not lose out on important compound interest or prospective tax rewards.

3. Downsize your large home and think about a low-tax state.

Real estate is among the biggest expenses for retirees, even if the home mortgage is settled. Many individuals purchase big houses when raising children.

4. Avoid typical financial mistakes.

A financial advisor can direct you to optimize social security benefits and advise on when to begin accepting them in the most tax-efficient method. They're likewise extremely skilled in assisting individuals lessen capital gains taxes and preventing paying penalties on pension circulations.

5. The Best Way to Make Your Retirement Savings Last.

There are a number of highly qualified financial consultants in your town. Nevertheless, it can be daunting to select one.

This brand-new tool makes it simple to discover the ideal financial consultant for you. Now you can get matched with as much as 3 regional fiduciary advisors that have passed an extensive screening process.

6 Steps to Successfully Managing Your Personal Finances

If you regularly feel frustrated by your financial situation, you are in good company. Across many income levels, people commonly feel as though they do not have enough money to accomplish their goals. At times, they may not even have enough cash on hand to cover their bills. Paying down debts can seem challenging, and it may feel as though you can never get ahead financially.

Regardless of your income level, it is reasonable to live within your means and to achieve financial goals. However, you must approach financial management strategically in order to do so. These are essential steps for successful financial management.

1. Create a Budget

Managing your money properly without a budget is an impossible feat for most people. A budget tells you how your income is allocated each month. It enables you to find areas to cut back on, and it may help you to determine if you can afford to buy an extra pair of shoes or head to the movie theater tonight.

Budgeting may sound simple enough, but many people struggle in this area. Ensure that your budget is based on accurate numbers rather than hopeful numbers. Use your spending history to ensure accuracy. In addition, reconcile actual income and expenses regularly so that you always know where you stand financially.

2. Trim Down Spending

One of the many benefits of living on a strict budget is the ability to identify areas to reduce spending in. Financial stress often occurs when your spending is very close to your income level or if it exceeds your income level. Most expenses can be trimmed with proper effort, so there may be plenty of wiggle room to work with. 




For example, you may be able to refinance your home mortgage or move to a more affordable rental home. You can make energy efficiency improvements around the house, shop for better rates on Internet and smartphone service, prepare more affordable meals at home and more. With effort, you may be able to reduce regular monthly spending by hundreds of dollars or more.

3. Plan for Short-Term and Long-Term Goals

Your budget gives you the ability to allocate regular contributions for savings and investments. By doing so, you may meet your short-term and long-term goals. For example, you can plan a short-term goal of taking a vacation or getting orthodontic braces for your child. A common long-term goal is to save for a comfortable retirement.

You will never reach these goals without saving money regularly. Therefore, you need to adjust your budget to include regular allocations of funds for each of your short-term and long-term goals.

4. Take Advantage of Modern Technology

Many years ago, personal financial management involved manually logging income and expenses through a handwritten ledger. You may have had to wait for a monthly bank statement or call a customer service phone number regularly to reconcile numbers and to ensure that you did not make a mistake.

Technology has thankfully improved. Banking apps can tell you immediately what your balances are, if transactions have posted and more. You can also use Excel to prepare a fixed budget as well as to keep a running budget for income and expenses. Excel is a part of the Office 365 suite and is available to everyone.

5. Save Regularly

Part of your budget should include a small allocation of funds to a savings account on a regular basis. Healthy personal finances include a well-funded emergency fund. This account may be used to pay for unexpected expenses, and it can help you to avoid relying on credit cards in a time of need.

Many people wonder how much money they need in their savings account. There is not a fixed answer that is right for everyone. Depending on your financial situation and life circumstances, you may feel more comfortable if this figure covered three months of your regular income, six months of regular expenses or another amount. 

For example, if you live in a large house and would need to pay an expensive deductible if you file an insurance claim, you may need more money in savings than a renter may need. You may also feel more comfortable having more money on hand if you are concerned about getting laid off soon, if you live very close to your means and would struggle if even a small unexpected event occurs and more.

6. Focus on Debt Reduction

High debt balances can erode financial security. They can also inflate monthly expenses and prevent you from saving and investing more. Reducing and ultimately eliminating debt is essential for smart financial management. The first step to take for effective debt reduction involves living within your means and avoiding taking on any new debts.

After you have accumulated a healthy sum of money in an emergency savings account, you may then contribute additional funds toward debt reduction. Concentrate any additional funds available to a single account, and focus on this account until the balance is paid in full. You can then move on to your next account. Debt elimination may take years in many cases, so avoid feeling discouraged by slow results.

Wrapping Up

Effective financial management can improve your life in countless ways. Each of these tips can have a profound effective on your personal financial health and security in different ways, and their cumulative results may be life-changing in some cases. Begin applying these steps to your financial management efforts today to benefit from their transformative effects.

Jasmine Williams covers the good and the bad of today's business and marketing. When she’s not being all serious and busy, she’s usually hunched over a book or dancing in the kitchen, trying hard to maintain rhythm, and delivering some fine cooking (her family says so). Contact Jasmine @JazzyWilliams88

4 Financial Prep Tips for Elderly Home Care Support Services

If you require in-home or even long-term care, the costs can start to be astronomical. You have to be financially prepared in order to afford these additional care support expenses. Here are some of the tips that you should use in order to prepare for elderly home care support services.

Look into Long-Term Care Insurance

There are insurance plans that will offer a long-term care assistance package. It may cost of a little extra each month, but if you do end up requiring additional assistance, your insurance would help to cover the costs. 

Some plans will offer to pay a portion of the costs that may be associated with living in an assisted living facility. You may even be able to stay in your own home for longer if in-home health aid costs were covered.

Consider Disability Options

In some instances, disability may be the only recourse that you have when it comes to paying for the costs of care. Some companies, like Simply Helping, know that most insurance plans offer an optional disability portion on them. 



You could use this to help cover some of the elder care support agencies that would be willing to assist you. This would allow you to stay in your own for a longer period of time. Typically, in-home care aids will come to your house and do the tasks in which you need assistance.

Make Modifications to Reduce Assistance Needs

Another option is to make your home as accessible as possible. This could include things like adding grab bars in the bathroom to provide you with additional support. 

You also might want to consider having a step-in shower so that you don’t have to worry about stepping up and into the tub. Wider doorways and adding ramps for easier access into and out of your home is another thing that you might want to take into account.

Reduce Household Expenditures

Cut back on your budget so that you can put more money away just in case you need additional funds as you age. If you’re already at that point, there may be places in which you can cut back on your monthly expenses. 

There are programs that will assist you with reducing your energy bills by working with you to make your home more energy efficient. Another place to cut back is with volunteer organizations that will bring meals to your door.

There are lots of options that you can consider if you need help paying for in-home care assistance. Use these tips to get you started on the process of financially preparing for the costs of needing elderly home care support services.