Wednesday, September 26, 2018

Important Decisions To Make With Your Money

If you’re not carefully calculating what you should be doing with your money, then
you’re either in a really lucky position at the minute, or you’re just being careless.
Money is the most precious thing in your life, whether you like to admit it or not. It
helps to keep you living the lifestyle that you want to lead, and it helps to keep you
happy and healthy more than you realise. A lot of poor health is actually linked to
financial trouble due to the stress is causes on the body! So, if you don’t really think
about what you do with your money, then we’re here to change your way of thinking,
and show you some of the most important decisions you should be making with your
money, and why you should be making them!


Marriage Related Decisions

When you get married, one of the first things you’re going to be thinking about is money.
How much the marriage is going to cost, the honey moon, and moving in together if
you haven’t already done so. But one awkward subject that so many couples don’t
seem to approach, is how much each other earns, and who is earning the most. Most
couples are happy for the one earning more to pay more, some prefer to go halves on
everything etc. But, if you’re earning more than your partner, and you tie into the
marriage as paying more for the house etc. then it might be worth getting a
defacto financial agreement. This a prenuptial agreement that states who will be entitled
to what if the marriage ever breaks up. If you earn a considerable amount more, this
might be worth it if you don’t want to get stung if the marriage ever did break apart.
Hopefully, it would never come to that, but it can end up a big financial loss if you
don’t do it!

Future Related Decisions

You should always be thinking about your future and what part money is going
to play in that. We’re talking specifically about your retirement, as it can be a super
costly part of your life if you let it turn that way. For example, the average retirement
age is now 65, so the time there to save up enough to live comfortably is large. State
and company pensions aren’t the best, so thinking about setting up your own
pension pot on the side might be worth it. Even if you’re reading this at the age
of 25, it’s a really good idea to start thinking about something like this now!

Savings Decisions

Rather than thinking of just saving for your pension, it’s also a really important
decision to start saving money on your own as something to fall back on. If
something were to ever happen with your job, your health, or even just a new
life change, you’re going to need some money to push you in the right direction.
Try something like a locked savings account to make sure you have a way of
saving your money without putting yourself out of pocket!

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