Find below the tips from a professional in the area which’ll help you to better plan and budget for yourself!
• Use credit card for urgent situation only. Women are more tempted and spend unnecessary. It is always advisable to use cash or debit card for all your purchases. Which will limit your purchases within your cash availability and doesn’t lead to a debt to be paid off later as over use of Credit card. Credit cards are very useful in emergencies. Always have a Credit card and make sure you pay it on time.
• Discard child’s university savings. A financial services specialist says to be away from devote more money to their child’s education. ‘As the child has more time to collect resources than you do’. He insists you to save more for your retirement as it involves time and to enjoy your life. He thinks there are grants and student loans available for kids , so they can pay off by working. Which will give a better discipline to the child for his/her future also.
• First Treat Yourself. This doesn’t mean to go on a shopping spree every month! Than “Save a dedicated amount each month” Set a percentage of your earning goes to the savings. It is advisable to save in the start of the month. If any money is left over , enjoy that! Always find ways to increase the percentage, not to reduce it. Even you have to scarifies a bit in your lifestyle.
• Donate maximum to your employer retirement plan. There are lot of tax advantages when you contribute to your employee plan e.g 401(k) plan. Keep on deposit to this pension schemes which brings you more advantage. When changing jobs he recommends to transfer 401(k) to a self directed IRA. Which will give you more flexibility and control over the resources you have gathered.