Showing posts with label Financial Plans. Show all posts
Showing posts with label Financial Plans. Show all posts

Sunday, February 18, 2018

4 Financial Plans You Need to Have down When Starting a Family



The decision to start a family is a big one, and whether the decision is a deliberate, well thought out one or a sudden one, there are some plans you should get into place. Families can be expensive, and planning ahead can help ease the burden. But, there’s no use in worrying, only in doing, so grab some of your favorite candy (with this cost cutting See's candy coupon, of course) and relax a little bit. 

It’s not as scary as it might seem. You just need some insider info and some diligence, and you can take control of your personal finances and save for the future. Here are some tips to help you reign in your finances. Here are four financial plans you should have in place when starting a family.


Maternity and Paternity Leave


You need to look at your state’s laws and company policy regarding leave for having a baby. Do you get time off? How much time? Is it paid or unpaid? Can you use vacation, sick time, or short-term disability to supplement the time off or the possibly lost income? 


This information is important to help you figure out your budget not only for the weeks after the baby’s arrival, but for the whole first year.

Start or Add to Your Emergency Fund


An emergency fund with no less than three to six months’ worth of expenses in it is critical to ensuring that your family can stay on financial track. If you don’t already have an emergency fund, now’s the time to start it. 




If you do have one, but don’t have enough, add to it now. Even if you already have three to six months in it, consider adding more. Babies can be expensive, and it’s better to be over-prepared than under.

Meet with a Bankruptcy Lawyer


After the baby arrives, you’ll have new expenses: child care, baby clothes, baby food, and more. You may want life insurance on your baby, or to increase your own. You may also want to look into disability insurance, start or add to your retirement fund, or start an education fund for your new addition. 


If you’re already in debt though, these plans can seem unreachable. Meeting with a bankruptcy lawyer can accomplish a couple of things. One, they can help you file for bankruptcy if that’s the right option for you. 

Second, depending on the types and amount of debt, they may be able to help you come up with a plan to pay off your debt without filing for bankruptcy that still puts you in a better financial position.

Write or Adjust Your Will


Once you have a child, everything changes. You’ll want to make sure that your child is cared for after your death, particularly if it happens sooner and more unexpectedly than you’d like. 


Making sure that your will is up to date to reflect your wishes regarding your child’s guardian(s), as well as how you want your estate distributed, will make things much easier on those left behind.

Starting a family is a beautiful time for most couples. A few easy financial tweaks can ensure that it remains a beautiful time, rather than becoming a stressful, worrying time.


Friday, February 16, 2018

Getting Older? 4 Financial Plans You Need to Have in Place




A part of getting older is planning for your retirement. You need to have financial goals to help you get where you want to go. Here are some financial plans that you need to have in place.


Set a Realistic Budget


A budget will allow you to live within your means. You need to take a hard look at where your money is going. Determine if there are any areas that need some work. If you are living paycheck to paycheck, you need to reevaluate your lifestyle choices. 


Retirement will be difficult if you don’t have a nest egg set aside. Figure out how much money you’ll need to have in order to live comfortably. Have a little extra left over in your budget. Set this money aside for any unexpected expenses.

Work Towards Debt Elimination


Debt can be crippling if you don’t have a steady income. You would have more wiggle room in your budget if you didn’t have to pay off your debt. The best way to eliminate debt is to pay more than the minimum each month. 




Consider how much money you are losing just paying the interest. This money could be better spent somewhere else if you were able to eliminate your debt load. Look at creative ways that you can pay off this debt.

Keep Health Insurance in Mind


Many people have health insurance through their employers. Once you retire, this will be an added strain on your budget. Schedule an appointment to talk to a lawyer about medicaid planning


They can help you through this process so that you can still have health coverage. As you get older, medical treatment becomes more necessary. Not having insurance can leave you saddled with major medical bills. 

This can quickly eat up any money that you have set aside.

Invest in Retirement


There is still time to start saving for the future. Take advantage if your employer offers a 401k. You have other means of starting a retirement account. Traditional IRA and Roth IRAs are also available. 


These will allow you to put money away for your future. As you get closer to retirement age, you can put more money into these accounts. This will offer you a preview of what it will be like to live on more limited means. Then you can adjust your lifestyle as needed.

You need to create a financial plan in order to prepare for retirement. You may need some assistance in developing your plan. Use the tools that are at your disposal.



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