• Financing your future


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Financing Your Future: Do You Know How?

Published: December 12, 2016 | Updated: November 10, 2020

Are you constantly bombarded with suggestions about saving for your future? Sure, it sounds like a good idea. But it doesn’t seem very practical if you can barely make ends meet now. So how do you prepare for your financial future, in spite of the obstacles to saving and investing that might be in your way?

Here are some ideas that can help you get started:

Invest in you. If you want to have more money in the long run, you’ll need to earn more. And one way to help tilt the odds in your favor is to continue your education. Study upon study finds that the more you learn, the more you’ll earn. There isn’t anything you could invest in that’s more valuable than you!

Assess your net worth. Get an accurate and current picture of where you are financially, so you can plan where you want to go and how you’ll get there. Consider what you own and what you owe. Then look at your regular earnings and expenses.

Create a budget. With all that financial data at hand, you’ll be able to decide what you can afford to spend—and save. Use your budget to look for big and small ways to cut back and save money. And once you have that budget in place, stick to it!

Pay your student loans on time. It might actually be worthwhile to pay down your loans early, but at a minimum make those minimum payments. Neglecting your student loans can have serious consequences, from costing you more money in the short term to harming your credit score and financial future.

Invest in your retirement now. Regardless of how little you might be able to contribute to a retirement fund now, it’s never too early to start. And as you consider which is more important to your financial future: paying off student loans or building a retirement fund? ask yourself this: Will you earn more in interest on those investments than you’ll pay in interest on the loans?

Become financially literate. No, you don’t need to go to school to become a financial planner. Instead, set some short and long-term investment goals. Then, try to become familiar with what financial products might be available to you. And do lots of research and reading. The more you learn about basic economics and the way banking and finance work, the better your decisions will be.

Balance future plans with your present life. It’s great to have a sound financial future, but not at the full sacrifice of today. Have some fun. Enjoy your life. Spend and save in good measure on both accounts.

What are you doing for your financial future? If part of your plan is a plan for a better education, check out the Charter College programs in Business, Health Care, Information Technology, Veterinary, and some trades.  Contact us today and we’ll help you explore your options.