Simon Says® stop putting yourself last on your “to do” list. Take the appropriate steps to build a solid strategy and prepare for your financial future now.
Why is planning so important? It’s not only to fund a comfortable retirement or to help your kids pay for college, it’s also about doing some of the fun and adventurous things you’ve always dreamed of or working toward a specific goal, such as getting an advanced degree, that you may have delayed when your children came along or other obligations got in the way.
How does a person begin? First, think about your goals in life. Then, start developing a plan that looks at how you can save money for current and future uses, optimal ways to save for retirement (work benefits, such as 401(k) plans can really help), and cost-effective ways to put away money for college. Also think about buying insurance that can protect you and your family in case of disability or disaster.
What’s the foundation of your plan? Paying down any debt you have and starting a regular savings plan that you can stick to. Regular monthly savings, begun early, can really add up! Then, learn about the retirement plans your employer offers and make the most of those plans. Also learn about individual retirement accounts (which are not employer sponsored), which can optimize your savings. And make sure you set aside enough money to cover unexpected drops in income or unexpected expenses.
Think about your future and start planning for it today.
1 Cackowski, Jane, 2019, ‘Here’s how women can become financially independent’, <https://www.cnbc.com/2019/05/30/heres-how-women-can-become-financially-independent.html>
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