When your life faces obstacles sometimes your finances are the last thing on your mind. Major life changes - relocation, marriage or separation, a new child, a new career - can be an exhilarating but often difficult time. Your personal and mental often take the driver's seat. Instead of pushing your financial health to the back seat, something that you can deal with eventually when everything else is sorted out, you can explore some of our simple, time-saving tips to make sure that your finances keep on track, even when life is at a cross road.
Budget Basics
No matter your age, you should always fit unexpected spending into your budget. Invest your money to make extra funds and diversify them – don't invest all your money into one thing. Also, take frequent evaluations of your income and spending. See if you could be saving money in some areas or investing more in others. Evaluate where you are in life and plan for the future: will you marry in the next few years? Do you have children going to college?
Of course, not all spending can be so predictable. Leave room in your budget for car or house maintenance or if you or your spouse were to lose a job unexpectedly. It is not pleasant to think about these things, but often it is necessary to be prepared. Think about opening an additional savings account just for emergencies. Speak with a Univest professional to find out more about budgeting.
Expenses Planning
Planning a budget and sticking to it can be tough when there are unexpected charges, holidays, celebrations, groceries and other spending challenges. It helps to sit down and plan what your expenses will be for that month. Take into consideration any celebrations or holidays that might cost money, how often you will go out to eat and any shopping trips, along with the usual bills you will have to pay as well. Involve the family; tell them the family's budget and ask what expenses they might need to make as well. If you are really struggling, re-think the summer vacation you take every year or hold off certain expenses until you have more money. It's a good idea to open another savings account for luxuries like a nice car or vacation. Think about reinvesting your money. Talk to a Univest professional for more ideas or visit http://www.univest.net/pb_landing.asp. It may be tough, but being organized and prepared for what you can and cannot do is a big help.
Saving for Future Expenses
Some purchases can be expected years in advance. You may be young and expect to pay for a college education or a car. You may be in your 20s and expect a wedding or family in the next few years. You may have young kids that you want to send to college one day. You could be any age and saving for retirement. Whatever the eventual goal is, it is important to start saving as soon as possible.
A college education is an important investment, but a very expensive one as well. That is why it is important to create a college fund while your kids are still young. Set a budget and put a certain amount away per month or every few months. When family and friends ask what to get them for a gift, suggest savings bonds. They accumulate value over the years and will be greatly appreciated when your children get older. Consider opening a 529 plan, which is an education savings plan sponsored by the government in order to help families save for college. The plan not only gives tax breaks, but lets the head of the account have control over it the whole time. He can even take the money back if he wants. The plan is simple, too. Just pick a plan, sign up for it and there is little upkeep afterwards. This opportunity is for everyone; there are no income requirements. Let Univest tell you more: http://www.univest.net/personal_investments.aspx
Insurance Options
You can't predict the future, but at least insurance can help prepare you for the unexpected. There are many types of insurance for anything one might own. The trick is finding the kind that is right for you. Univest can help you with homeowner's, condominium, flood, automobile, boat and even life insurance. Not only must you find out what you need insurance for, but also how much coverage. Besides speaking with your Univest banker, you can also calculate your budget and figure out what coverage in necessary.
Deeds & Wills
As hard as it is to think about, it is important to plan for the event something happens to you. Making a will ensures your family's wellbeing. It puts everything in a legal document so that your desires cannot be interrupted or changed. As long as someone depends on you, it is never too soon to make a will. As your dependents become older and their needs change, you should change your will accordingly. Make sure your deed is up to date as well and that your property will be inherited by the right person. If something should suddenly happen to you, it helps to think that your family will be as taken care of as possible and that your final wishes will be carried out. Learn more, then call a Univest professional to arrange a meeting.
