So do you have a budget? Do you know when you power bill is due? Does your significant other?
Yes ~no~ maybe? While for many couples money is a point of contention. Each of you needs to know what is going on with and where your money is going. You both need to know how to access to your online accounts and at the very least how much money is coming in and going out.
Are you one paycheck away from disaster? If you are then you need to put the brakes on and talk to someone.
There are so many ways to dig you out of a hole. Such as cut up your credit cards, use cash, use the envelope system, Dave Ramsey’s, Suze Orman, or any number of other systems that are out there. They are easy to find. I am sure you can find one that you can work with. There is even the suggestion to keep only one credit card but freeze it in a freezer bowl of water for EMERGENCIES. That way you have to thaw the card and by having it frozen limits your access. It’s really not a good idea microwave your credit card.
Everyone needs an emergency fund.
Note new shoes or a new outfit, going out to dinner or big TV is not an emergency.
An emergency is tires for your vehicle, car repair, hospital or dental emergency, job loss or home repair.
Have you thought about how you might buy a house?
Are you are looking for a house, will you buy in the city or country? How long will your commute be? Are you willing to do that? Do you have money for a down payment? Can you handle the mortgage payment, insurance, taxes and maintenance? When you become the homeowner you also become the super. Oh no the hot water is out? That is your problem. Leak in the roof. Yep ~ that repair is on you. By the way these repairs are not covered by your standard homeowners insurance. You can purchase a separate home warranty plan that will cover some of these repairs.
So maybe you are in the market for a new vehicle. Can you tell me how much your car insurance is?
If you are in the market for a new car would you check to see how much your insurance will cost on the new vehicle before you purchase it? Did you know that your automobile insurance does NOT cover repairs unless it was as the result of an accident? Not because you didn’t check the oil and you blew up the engine or your drivetrain just wore out. WHAT THE WHAT.
Yes ~ this is why you need an emergency fund.
Do you have children? Are you making a college savings plan? Do you want it help your kids go to college or do you think that if they do it all themselves they will be more serious? But can they? Have you thought of this before?
Have you got a plan for retirement? Do you have a date you would like to retire? Do you know the earlier you start saving for this the less money you have to put in? Right AMAZING. If you have not started saving, now is a good time.
If you do have a retirement date in mind will you be debt free on that date? If you have less money coming in you need less money going out.
What about where will you live? Does your house allow you to age in place? Is there are bedroom and bathroom on the main floor? Stairs are not your friend when you get older. Your knees will thank you.
Do you have a will? Even if you are young you need a will. If you are young parents you need this more than ever. You want to provide for your children. Who will become their guardian?
Are you single? Do you have a Durable Power of Attorney for Health Care? Lets say you are in an accident, you have a life threating injury and unable to communicate? Who speaks on your behalf? Who are they going to call?
Advanced Directive? Is a written statement of a person’s wishes regarding medical treatment, often including a living will, made to ensure those wishes are carried out should the person be unable to communicate them to a doctor.
No financial or legal advice is being give here. I only want to make you think. Organize your finances and get your financial plan started. Take advantage of National Financial Planning Month.
“If you fail to plan, you are planning to fail!” ~ Benjamin Franklin
So do you have a plan? I love you comments. Please share this with your friends and family.
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