planning

Planning out your finances is a massive help to many people. You know what direction you’re headed in, you can give yourself a goal, and you can generally not panic about the amount of money that you have or need. Once you know what your plan for your financial future is, it’s like a weight is lifted off of your shoulders, and a whole load of stress can dissipate. In this article, we’re going to be taking a look at how you can do this, so keep reading if you would like to find out more.

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Being Eco-Friendly Helps You Save Money

First, being eco-friendly can help you to save money. It will save you money on your electric bill, it can save you money on your food bill, and you can even look into sustainable end-of-life options that are also cheaper than the traditional options a lot of the time. The state of the planet is a big concern right now, so being more eco-friendly is something that you should already be looking into anyway if you have not already done so. But, if you needed a little bit more of an incentive, then this is certainly a great one.

Saving Where You Can Gives You Security

Saving as much money as you can will give you a sense of security that you do not have otherwise. Experts recommend that you try to save enough for two months of bills and payments that you need to make so that you are not completely in the lurch if something goes wrong. For example, if you lost your job for whatever reason, then you need to still be able to live in the meantime while you are looking for more work. 

If you have these savings, it gives you the security that you need to know you are not going to struggle when things get tough. You always have that to fall back on, and that’s important.

Budgeting Properly Allows You Peace Of Mind

Finally, if you budget properly, then you have peace of mind that everything is paid, and that you’re not going to go into debt. Going into debt is one of the worst things that you can do to yourself, and should never be done if there is any alternative option. Having said that, we do understand that there are times when you cannot avoid it. But, if you budget to the best of your ability and keep within your means, this is the best way to give yourself peace of mind now and in the future.

At the end of the day, the more of a plan that you have in place, the better you are going to feel. We understand that some people don’t like to plan their lives out and that they struggle when it comes to things like this, but it is for the best. The more that you plan and the more solid the plan you come up with, the better you are going to feel. At the very least, you know everything is taken care of financially, and you don’t have to worry about it.

Friends, how are you planning for your financial future? Please leave your thoughts in the comments below.

After many, many years of hard work and saving, you can finally see the rays of hope of retirement beginning to show in the distance. The years going up to retirement, on the other hand, are not ones to take it easy and hope that everything works out in the end. No, you should be doing everything in your power to ensure that you have everything you need to live a decent retirement lifestyle. Consider your income and any assets you have well in advance of your planned retirement date. This will give you ample time to make any required adjustments before you reach your retirement goal.

It goes without saying that you should think about the type of lifestyle you wish to lead after you retire. Instead of quitting your job completely, you can decide to work part-time or volunteer your time. Others may choose to follow their passions and travel the world to fulfill their goals. Whatever course you select, you must ensure that you have the money to support it, which is what we will discuss in greater detail in this post.

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Sort out your retirement account

If at all possible, boost your retirement contributions to the maximum amount permitted by your IRA, 401(k), or other retirement plans that you may be a participant in. To be eligible for the maximum matching contributions granted by your company, you should have enough money in your 401(k) to cover your expenses. You should consolidate your accounts as you approach retirement age, in order to simplify your investment management and to get an accurate picture of what you have saved for retirement. It may also be worthwhile to combine IRAs of the same type with one establishment and to review any 401(k) plans you may have with former employers.

With retirement ahead of you, it’s important to make financially sound decisions so that you’re not spending unnecessarily. Ultimately, you need to look into your assets and get rid of anything that is causing you financial burdens that you no longer require. This Wesley Financial Group review will explain how they can help you to exit your timeshare agreement, which can be a long process if you don’t have the right support. When you find a way to reduce your outgoings when you’re edging closer to retirement, you will ultimately feel much more confident and secure in your future.

Clear your debts

Before you reach retirement age, you should begin increasing your mortgage repayments in order to pay off the loan as soon as possible rather than later. Paying with cash for large purchases will help you avoid accruing new credit card obligations in the future. By paying off existing debts and avoiding taking on new ones, you can reduce the amount of your retirement income that will be spent on interest payments during your retirement years.

Invest for growth

Stocks and shares, by their very nature, carry big risks, and it may be tempting, as you begin to wind down your financial life, to avoid this type of investment. However, the potential for growth that stocks may give can be advantageous. It is recommended that you keep a wide and well-balanced investment portfolio, including things such as bonds, real estate, and even Forex Trading and Cryptocurrency, since this will assist you in weathering economic downturns and potentially generating enough income to support you throughout your retirement – which will hopefully be long and prosperous!

When it comes to retirement planning, it is never too late to get a jumpstart on things. While a decade or more away, it may seem like a faraway occurrence, but it will creep up on you eventually. While time is still on your side, proper planning and setting realistic goals can help you achieve the retirement you have always wanted while still enjoying your working years.

Please note: This post is sponsored by Diamond Bloggers. All opinions are my own.

Divorce. It’s a tough process. Both emotionally and financially. Especially when it comes to untangling two people’s finances at home. Which why long before the discussion of spousal or child support is awarded or your post-divorce budget is in place, you’ll need to prepare your finances for the work ahead. And because each divorce is unique, specific advice can only come from experts familiar with your case. However, the following tips should point you in the right direction.

Take all non-professional advice with a grain of salt.

It goes without saying that divorce laws vary by state, so be cautious of advice, as well-meaning as it may be, that seems to be a one-size-fits-all solution. Whether found online or received from friends. If you’re unsure of any financial, social, or familiar moves to make pre-divorce, consult with an attorney licensed in your state. They will be able to give you advice on the right first steps to make. You can also look into legal clinics in your area for similar advice as well. Qualified firms, including Huntsville AL divorce attorney. Attorneys specialized in helping to make your divorce proceedings go as smoothly as possible.

Track expenses

As soon as you know divorce is inevitable, it’s advantageous to begin the process of tracking your household income and expenses. This will not only help build a budget post-divorce, but it is also crucial for your attorney, arbitrator, and judge, during the final allocation and dissolution of combines personal assets acquired during the marriage. You should be seeking to accumulate a record of the past months, if not years. including household bills, food, clothing, entertainment, home maintenance, transportation, child care, and other notable expenditures.  And you are just beginning to track your expenses, collecting copies of bank and credit card statements to estimate spending from past years is a great place to start.

You’ll also want to consider your future expenses. Including family holiday expenses, travel costs, vacations, and household expenses, including one-time like replacing major appliances, estimates, and service calls. A good guide to follow is to use previous years’ expenses as a guide, but remember, circumstances change. Such as spending on child care, after-school activities, car insurance, and college tuition rates.

Gather documentation

While gathering copies of vital financial records will help speed up divorce finalizations. Necessary to giving others an accurate telling the story of your marriage’s financial health. Gathering these documents can be tedious and time-consuming, so start as early as possible. Documents including:

• Checking and savings account statements (within the past year)
• Retirement account statements (current statements, if contributions haven’t changed)
• Investment account statements (from the past year)
• Loan ledgers, including your mortgage, auto loans, and personal loans.
• Credit card statements
• 12-months worth of pay stubs
• Lists of assets and debts brought into the marriage.
• Lists of accumulated assets since the onset of your marriage
• 3-4 years of finished income tax returns

While gathering and requesting these documents, keep in mind that documents for any shared accounts from financial institutions or advisors can a source of shared information. In so much as financial advisors are under no obligation to keep your requests confidential. Making this information available and usable by both parties and their legal representation. And should your divorce be contested, be prepared for resistance. In amicable divorces, there is a free exchange of information, but in adversarial situations, one spouse might not release documents unless they’re legally forced to do so. Especially if one spouse controlled the household finances. If you find yourself facing such resistance, be sure to ask your attorney about court-ordered options.

Be financially prudent

While preparing for divorce, be sure to refrain from making big, long-standing financial decisions. As divorce proceedings will determine all sorts of other major financial changes. While it might be tempting to get a jump on adjusting life insurance beneficiaries, it’s often best to wait. As changes to beneficiaries, wills, retirement accounts, and the like will be sorted out during the final divorce decree. And rash changes to such items could cause judges to award your spouse instead.  Making such changes without the blessing of the court could be grounds for criminal contempt charges. So be sure to contact your attorney if you’re unsure about any proposed, long-term financial changes.

Also keep in mind, that much of the financial dissolution of a marriage depends on your state laws. As some states treat all income, assets, and debts as a single financial source. And emptying that source in the weeks and months before your divorce could be detrimental to the overall outcome of your divorce. Often there is no advantage to being the first to empty accounts. Moreover, it will often be in your best interest to remain as financially transparent with your spouse as possible.

Continue to use your accounts, both individual and joint, per your usual level of activity. If you don’t have the money set aside for hiring a divorce attorney and other related expenses, try coming to a mutual agreement with your spouse about each spending a conservative and comparable amount for mutual legal fees and expenses, and if your relationship isn’t amicable, ask your attorney about a legal separation, which would dictate how you both use the money until your divorce is finalized.

Bring on help when needed.

When it comes to getting divorced, it’s paramount to know when it’s time to seek help. This is why changing your mindset to seek out legal aid and legal assistance should be viewed as a proactive measure and not an aggressive order. Because no matter if your divorce is amicable or adversarial, dividing one’s life from another is often too weighty an ordeal for a kitchen table discussion. This is where a lawyer can help by helping you sort through the separation of your lives and finances in a more timely, civil manner.

In addition to your attorney, a certified financial analyst can offer expertise concerning your divorce’s effect will likely have on your current and future financial health. CDFAs can help you to even determine if a divorce is financially feasible, sometimes even before contacting an attorney. A licensed, qualified CDFA can also help you to judge the merits of your divorce settlement and how to best structure it.

Ensure You Are Not Left With Nothing

If you are not able to settle things amicably with your spouse, then you need to protect yourself financially. Ideally, you cannot take money from joint accounts that don’t look like usual spending. As such, you have got to ensure that you are not left with nothing if your spouse is currently trying to keep the money from you. It might be the case that you need to find another job to tide you over until this is final. We know that this isn’t fair, but you don’t want to do anything that will go against you in the divorce like emptying the joint account.

Think about starting a side hustle to keep you on your feet for a while. If you’re crafty, you can look at creating things and selling them on a platform like Etsy, just ensure that you check the Etsy seller fees first to ensure that it is worth it for you. This is money that you have earned after divorce is filed for, and keep a record of this so that they can’t come for it.

While divorce is more than simply dividing debts and liabilities, it’s also very important to talk with a financial expert and legal expert to help prepares your life as you continue on your journey in life sans marriage. So if you are considering a divorce, be sure to consider the before-mentioned financial and legal steps before filing a complaint. Steps that will help you be more prepared for the divorce process and ensure your financial needs are protected during the divorce. Because the more organized you are before filing, the easier your divorce process will be. Now I want to ask, for those contemplating divorce or are in the process of divorcing, are you currently securing your finances with any of the steps listed above? Leave your thoughts in the comments below.

Sometimes, life can be expensive. After all, you have to pay for your car, electricity, gas and even water rates. You also need to take into account the cost of your insurance and even grocery shopping. It’s very easy for things like this to get out of hand, and when an unexpected expense hits, it can devastate your finances.

Car Repairs

You never really expect your car to break down. It is easily one of the most inconvenient expenses and this is especially the case if you rely heavily on your vehicle. It’s so important that you plan on your car having issues by setting aside an emergency fund. You can also perform maintenance on your car to try and make sure that it doesn’t break down as often. This can include oil changes and even rotating the tires. This will help to reduce the cost of a repair and it can also help you to make sure that you are continually staying on top of the little things.

Medical Expenses

When a medical emergency comes up, you have to make sure that you address the problem quickly. If you don’t then you may end up paying even more at a later date. For this reason, you need to look into Medicare gap insurance. This will help you to avoid any expenses and it will also help you to get the medical support you need. Of course, it’s also a good idea for you to look into having a medical emergency fund as well, just in case your insurance doesn’t cover you for everything.

Utility Bills

Your utility bill will probably skyrocket at certain times of the year. If you want to try and stop things like this from happening then it is so important that you set your thermostat. This will stop your heating from coming on when you are not in the house and it will also give you a much higher level of control over your usage. When it gets to winter, you probably will end up paying more in heating bills anyway so it’s important that you account for this as well.

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Car Insurance

Car insurance companies will usually offer you a discount if you pay your premium in full. This may save money but it also means that you will have a huge bill when you least expect it. One way for you to try and stop this from happening would be for you to put a reminder in your phone every week. You can then put a set amount away and save up for it gradually, meaning that you won’t experience as much of a hit to your finances when the time comes for you to pay your bill.

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Pet Emergencies

If you have a pet and you don’t have pet insurance then this is a huge mistake. You don’t always know when something is going to happen to your pet, and major operations can cost a small fortune. You can try and protect your pet by scheduling regular vet appointments, but it does help to have an emergency pet plan in place so that you can prepare for the worst should something happen.

This shop has been compensated by Collective Bias, Inc. and its advertiser. All opinions are mine alone.  #PremiumPrep  #CollectiveBias

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