Tuesday, 9 July 2019

Are You Ready For What The Future May Bring?

It may not be possible to predict the future but it is possible to prepare for it. This is a concept that you'll want to keep in mind as a parent because it will ensure that you are able to make the right decisions for your children. 

So, what decisions are we talking about here and what steps should you take?

Writing Your Will
At a certain age, you will need to make sure that you have a will in place. Many people will start to think about the will as soon as they have children. A will determines what happens to your assets after you pass on. It’s a way to make sure that they are handled the way you want and provide the benefits you need to the people left behind. 

Of course, a will can contain a variety of other details as well including funeral arrangements. It means that your children won’t be left handling decisions that surround what occurs after you pass on. You can even choose from a variety of headstones and ensure that this is fully paid for. 

Getting On The Property Market
It’s true what they say, renting, is always dead money. You don’t get any financial benefits from renting at least not in the long term. That’s why you need to make sure that you are buying as soon as you can afford to do so. That’s going to differ depending on your income and your current situation. 

However, there are options available that make buying your first property easier. If you take the right steps, you’ll be able to make sure that you can quickly choose your first property and build it from there. A lot of people are worried that buying property could lead to debt, but this won’t happen if you make smart choices. You do need to ensure that you find a great mortgage deal. This is easier if you save a large enough deposit so that you are less of a risk to a lender. 

Saving Up
A report revealed the majority of people under thirty have less than £1000 in savings? If you are part of these statistics, changing this and saving a little bit will really help. It’s important that you do save as much money as possible. To do this, think of saving as a tax. It’s an amount that needs to come out of your account each month. 

Ideally, half of the amount that you have leftover at the end of each month should be added to long term savings. This isn’t the same as a rainy day fund. Ideally, you’re not going to spend this money until a lot later in your life, perhaps not even until you retire. 

Of course, you’ll find saving a great deal easier if you have a second income. It’s recommended by financial experts that everyone has a second income in 2019 regardless of your financial situation. 

We hope this helps you understand how to prepare for the future the right way and make the correct decisions. 


1 comment

  1. I recently opened up a Help To Buy ISA account, the most adulty thing I've done in a very long time! It's so important to think about your future, even if you're in your twenties, you never know what is around the corner! x

    Lucy | www.lucymary.co.uk


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