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You may not be aware of it, but we are approaching National Family Month! This is observed during the weeks between Mother’s Day in May and Father’s Day in June. It is a great time to reflect on your family and how to make it stronger. This includes creating strong financial habits as a family and supporting one another.
As you move through various life stages, your financial needs and goals will likely change. For instance, when you begin your first career, your finances will probably look a bit different from when you start to build a family. During these early career years, it will be most important to build a solid foundation. Budgeting will be of utmost importance as you build savings, pay off debt, and potentially purchase a car or home. You’ll also want to begin saving for the future, ideally in your employer’s 401(k) plan. Time is your friend – the earlier you start saving for retirement, the better. If you do need to borrow money during this life stage, it will be important to create a smart plan so you can build a good credit history and pay off debt quickly.
Whether you are making a big career move, starting a family, or saving for a child’s education, your next life stage will be all about growth and stability. Income usually rises during these years, which means it’s also the opportune time to save for children’s expenses, protect your family through life insurance and estate planning, and consider long-term investments. It’s never too early to start saving for your child’s education. A great avenue for this is a 529 plan that has tax-deferred investment growth and tax-free withdrawals for qualified expenses (called the CollegeChoice 529 in Indiana). As a credit union member, you also have access to TruStage Life Insurance Policies to help you protect the people who matter most in your life.
As you move forward, it will be important in your next life stage to discern your retirement readiness. As you determine how to manage your investments and preserve your finances during the retirement years, an adviser may prove to be invaluable. If you are interested in assistance as you create your financial plan, FORUM Private Client Group can help. They provide financial planning services to individuals based on their unique financial goals. You can call 317.558.6322 or email email@example.com.
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©2017 FORUM Credit Union