Sunday, 13 January 2019

Important Things to Do Once You Start Adulting

If you just graduated high school or college and are out on your own, you may be sort of lost on where to start, what to do to become a “real adult”, or just unsure of your future. No matter the case, these four items will be crucial to getting started on the right path.

This honestly will be the most important thing you can begin doing once you’ve finally started doing everything on your own. Start young. Start fresh. Just go into budgeting with the mindset not of being frugal but of saving for your future. You’ll get into good habits by tracking every dollar and comparing it from month to month simply because you’ll start seeing where everything goes. Sure, you can go spend a bit on that new pair of pants you want. That’s not against budgeting.

What is against budgeting is spending on multiple pairs of new pants over the course of a single month and then not tracking where it’s going. Because, suddenly, you’re wondering why you don’t have enough left over at the end of the month to put in your savings. Track. Every. Dollar.

Get life insurance.
Wow. This is kind of up front isn’t it? Especially if you just started adulting and are trying to pin down other important things to do. Well, this is up there with them, pal. By getting yourself on a life insurance policy while you’re young and healthy, your rates will be much lower and possibly locked in for an extended period of time. While this doesn’t make sense now, you’ll thank yourself down the road when you have multiple kids, a spouse, or when you’re really sick or even life threateningly sick. Insurance rates rise and fall depending on your health. It’s better to do it now than to wait.

Pay off debt.
Probably a no brainer to some, but paying off your debt begins now. You may have a lot of student loan debt built up. Maybe it’s credit card debt. Who knows, maybe it’s something else. No matter the case, debt needs to be handled because interest builds up over time. Tackle your debt now while you’re young.

Be happy.
This is important simply because the other items on this list can get you down or even become overwhelming all at once. The whole point of life is to be happy, right? Well, these other items ultimately help to ensure your happiness and the happiness of your family down the road. But you also want to make sure you’re happy and alright in the present, too. Make sure you still have money for entertainment. Make sure you leave time for fun and friends. Having fun and being happy are the number one things in life, so don’t neglect your happiness.

The Types of Insurance to Consider When Budgeting

Sometimes when beginning a budget, you forget items on your spreadsheet. While sometimes these items won’t be too costly and mess up your budget (like a $10 subscription to Netflix), other times it can majorly mess up your calculations.

Here, we’ve compiled the top four types of insurance you should be considering when budgeting. And if you don’t have one of these four kinds of insurance, then you should definitely begin looking into getting a policy for that area, because these are the essentials we’re talking about.

Health insurance.
The number one insurance we think of when we hear the word is health insurance. That’s because of a few things, probably. First and foremost, we all value our health simply because we need it to live. If you are unhealthy and it becomes worse, well, you could die. It’s as simple as that. That’s why health insurance is the number one type of insurance sold and owned around the country. The other reason is because you are so aware of your health. If you are even a little sick and don’t have health insurance, you’ll wish you did have it.

Car insurance.
Likely the next most common insurance people own is car insurance, and that’s because if you own a car, you’re legally required to have auto insurance. Without it, you risk being involved in a car accident and being at fault, which means you have to pay for the damages done. Rather than have that happen, you should be much more content with paying for monthly auto insurance in the case that it does happen so that you aren’t the one footing the bills.

Home/renter’s insurance.
This is mostly for your personal property being stolen if you live in an apartment. And if you own a house, well, you don’t want anything to happen to your house itself, so you naturally insure it. Considering people pretty much live in one or the other, it’s pretty much a given that mostly everyone will own this type of insurance.

Life insurance.
This insurance is actually not as widely held as the others simply because it doesn’t affect the person themselves. So, while other insurances protect you and your property, life insurance helps to protect your family, kids, other dependents, or cosigners. Regardless of the fact that it helps others besides yourself in the scenario that you die, this is the insurance that everyone absolutely should have in order to help out their loved ones following your death.

Are Your Kids Going to College?

Transitioning from one stage of life is pretty tough, especially when we all get in a comfortable, easy routine.

Let’s take your kids and their high school lives, for example. It’s initially pretty scary for them (and especially you). Freshman year is quite tough for them, but sophomore year is hard on you because they’ll be driving. But by the time their final two years kick in, both of you are comfortable where life sits. A routine develops. All is well.

That is, until the end of their senior year comes around. Then it’s a brand new cycle all over again. They’ll be moving out to attend a college or pursue a new job, most likely. You’ll be worried about them as they’re now out of your reach, out of your home and protection. They’ll be both worried and excited about the possibilities that college brings. It’s a cycle that you can’t prevent.

But prevention is something you can take care of when it comes to financial security. During these cycles, these stressful times that may also stress your bank account, you can do one major thing that will help protect your spouse, kids, or other loved ones: you can get on a life insurance plan.

This is something you may have been putting off for awhile, but I’m here to tell you that you shouldn’t wait any longer. Think of your kids. Some of (if not a lot or all) of their higher education may be paid by you. But if something were to happen to you, how would they get by? How would they afford college without going severely into debt like so many of today’s youth?

By acting now and having a plan in affect, you can prevent this sort of financial disaster of a scenario. Because having a life insurance policy is like having that policy’s amount right in your back pocket. You’ll never have to use it so long as things are going well. But if disaster strikes, at least that money will go to your kids or spouse to keep everything afloat and in order.

Even though your kids are this age, having an insurance policy to protect your life and the financial security of your family is essential, so it’s not too late to act accordingly and get your backup plan in order. Do it for your family. Do it for your kids.