If your kid’s still trying to master tying shoelaces, it can be hard to focus on saving up for college. But no matter how young your child is, it’s never, ever too soon to start saving up for college tuition. Though tuition costs recently leveled off, they’ve still risen faster than the rate of inflation or average wage growth. That’s why it’s important to look for the best college savings plans available to you now and start comparing them.
Looking for a practical money strategy involving your paycheck? Financial industry experts recommend following the 50/20/30 rule. According to the 50/20/30 rule, 50% goes to needs, 30% to wants, then put the remaining 20% into your savings. This rule’s based on dividing your after-tax income in ways which should help you cover your retirement expenses. And best of all, it encourages you to have some fun along the way!
Creating an estate planning checklist helps ensure everything is in order and accessible — either for yourself, or your boomer parents. Bringing up estate planning with your family can feel awkward, but getting everyone’s end-of-life ducks in a row is important. Also, knowing that all your financial affairs are in order and your wishes will be honored can be very satisfying.