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Whether you established a plan at the beginning of the year or not a midyear review of your finances can be very beneficial for your financial health going forward. There is still plenty of time to develop strategies to resolve any problems that could be looming in the future.
Retirement is something most of us think of as the end of the journey when it really the beginning of our second act. Living well in retirement requires planning, hard work and avoiding activities that can impact how we live in retirement. Avoiding a few common missteps can help keep you on the road to the retirement of your dreams.
Couples just starting a life together often struggle with melding two money management styles into one cohesive couples’ strategy. Money issues are still the number reason for marriages or relationships to end. However, a few simple steps can help couples avoid the blunders that can lead to money problems.
Preparing a budget is an important step in becoming financially fit. If you just prepare a budget based on what you are currently spending, you might not really be helping yourself all that much. Your current spending habits in certain areas may be more than what is optimal to gain financial freedom. What you really need to do is allocate your monthly income using a budget pie assigning percentages to the important categories.
Whether you have 12 weeks before your child attends college or 12 years before that big day, there are several ways to fund the cost of college. 529 plans are just one of the many options available to you for funding college education. Knowing all the options is important regardless of how soon your child is heading to college.
For those with kids and living parents, financial pressures could very likely come from both generations sometime in the future, hence the term of being a member of the sandwich generation. Planning now can help lower the possibility of this becoming a stressful financial situation.
For most people, following the basic money rules is the right choice for their financial situation. However, as with most things in life, there are situations that following the tried and true advice might not be the best option. Knowing when to break the basic money rules is a key financial concept to be able to achieve your lifetime goals.
The first six months after graduation are a key time in a college grads financial life so whether you are the graduate or have a child graduating there are a few financial steps that can really improve the probability of having long term financial success. Don’t make early mistakes that can lead to a lifetime of financial setbacks.