Hello, my name is Oscar. Welcome to my site about money services. When I first started my job in a new state, I had to lean on payday loans to establish residency and make it through the first pay period. I am thankful for the ability to secure these loans and pay them off in a reasonable time frame. I hope to use my experiences to help other people secure the financial help they need to make it through difficult times. I will explore all of the different money service options in each region. I hope you will visit again soon to learn more.
If you are a single gal or guy and enjoy every aspect of life on your own terms, you have a lot of freedom and choices. You can plan out where you live, what you choose to do as a career, and what your financial situation will entail. Financial planning for a single person in some ways is a little bit easier, as you only have to worry about yourself and your decisions in order to make a cohesive plan. However, there are some things that can throw your financial planning through a loop. Here are three things to think about when financially planning for your life.
Will you take care of your parents?
As parents get older, they will need more help. This can mean anything from you stopping by and taking them to a grocery store, to you needing to bring them to live with you. As a single person, even with siblings, many may also assume that you will be the one to take parents on since you will not have other dependents. Talk with your siblings and your parents about the plan as your parents get older. If there is a high likelihood that you will need to take in your parents, be sure to structure your home size and your financial planning around this added responsibility.
What will you do in the event of a layoff?
If you are living in a two-income family and one spouse is laid off, you may have to deal with living on one income. If you are laid off and single, your income may go down to zero. For this reason, it is important to come up with a second stream of income as a single person. This can mean anything from establishing a home-based business, consulting in your current industry, or making contacts that can provide you with contract work. You will also need a more padded savings account to exist during a layoff. A layoff plan needs to be a part of your long-term financial plan and updated regularly.
When will you retire?
The bad news about retirement planning as a single person is that you only have one income to save for retirement with. The good news is that you can stretch out your retirement on your own as needed. Come up with the age that you want to retire and build a projected savings amount in your IRA and long-term savings. Make sure you talk with a professional, like Duff & Associates, so that you can figure out exactly how much you will need. Have money taken directly out of your bank account or check to automate your savings. After you pay down debt, own your home outright, and pad your IRA, you may find that retirement planning as a single person is a much closer prospect than it would be with two people to worry about.
Share29 February 2016
