Saving Money: Set Your Family And Yourself For Financial Success
Financial planning should be a top priority for all families. Having a family changes financial situations and financial outlooks. There are many financial considerations that a family will need to consider- bank accounts, bills, spending money, buying property, planning for children, retirement planning, and spending patterns.
Here are 5 very simple considerations to help you save money for your financial success,
1. Bank Saving Accounts
Would you be having a combination of joint and separate saving accounts? Joint accounts are useful for household bills and family expenses. It will be easier to individually transfer a portion of the money to a joint account so that everything you jointly need is covered. If you have your own individual accounts, you can use that for your own individual spending needs.
2. Credit Cards
You can use your credit cards responsibly by learning the rules, building your credit and maximizing the returns on your credit card spending. To avoid getting into debt, follow these two basic rules: charge what you can afford and pay your balance in full every month. Make some money back through cash-back rewards. Having a credit card can also help us save money when we shop online. Hunt for the best deals and stretch our hard-earned cash to the maximum.
3. Child Education
Every parent would want to give their children the best starting point in life, thus planning for education is of utmost importance. There will not be a single solution to prepare for the rising costs of education and related costs of living. We will require a combination of specific savings and investment plans to eventually build a reasonable amount of money to support our children’s education funding. Start early to build up the education fund.
Finally, you’ll be wise to seek out a financial advisor to help you plan the complicated aspects of financial planning. A financial advisor will guide you professionally to build up your wealth over time with the most suitable instruments available based on your resources.
4. Buy a really good, lightly used car and..
Keep it for as long as it takes you, in a modestly comfortable way, from point A to point B. Ideally, the time you keep it should be way longer than the time it took you to pay it all off. The point is living as long as possible without car payments.
When trading your car in for a new ride, you must consider that the trade-in value of your car is way lower than what you’d get for it if you sold it to someone else. Car agencies are reselling your old car for a profit, so the least they give you, the better.
Also, if you trade in a car that hasn’t even been paid off, the amount you still owe is going to be added to your new car loan.
Let’s just say that car sales people aren’t going to be too insisting on you knowing the bulk amount of your loan. It would probably make you think twice about what you’re getting into and lose a good sell/commission. They mostly try to distract you from that principal amount and go by your monthly payment. They’ll try to extend your loan as long as possible, so monthly payments shrink, and seem as an easy responsibility to take on.
5. Do the same when buying a Smart Phone
Keep it a minimum of 3 years. Buy it cash or, if available, with payments at 0% interest. Then, buy a prepaid cellphone plan. You’ll find them to be way cheaper than getting into a contract in which the phone is “free”. Remember there is not such thing as a free breakfast. There’s always a catch, and cell phone plans are no exception.