It’s a tough thing to consider how much of your income should be spent on having a enjoyable and full family life now and how much should be put aside for the future, and within this how much for your future and how much for the kids? Let’s look at the various aspects of now vs future and see what is what.
Providing The Basics & A Happy Childhood
Firstly it’s important to have the basics covered, you’ll want to be providing a good house, loving atmosphere to give them a secure and nurturing environment that will set them on the correct path for their life to come. It’s important to dedicate as much time as possible to quality time with the family, organise events trips and hopefully unforgettable family holidays. So it’s important to balance this with looking at your own future as well and this is the trick really.
Consider Support The Kids Will Need Later On
It’s important not only to be sure you are providing a great childhood experience for all of the children and look at what they will need from you a little later on. You will possibly be wanting to assist them in all manner of financial ways from helping to guide them through a university or college education to supporting them getting a deposit on their first house or even starting their own business. With this going on you’ll be best to look at all the various options for saving for children’s futures and how you can most effectively put money aside for all of these possible expenses.
What Kind Of Life Do You Need In Retirement
So once you have figured out all of the ins and outs of what the children would need is there any money left over for yourself? To determine if there is enough money to fund your retirement first of all you need to consider what type of retirement you would like to have? Is it an expensive travel-filled adventure type existence or a more laid back chill out and just enjoy your time sort of life? Either way if you look very carefully at it and plan you’ll know what you are aiming for. If you find you are still struggling for funds there are various ways of raising cash such as releasing equity in your property via a specialist operator such as keyadvice.co.uk can give you the little boost you need.
You will need to consider pensions early and be prepared to put as much away as possible, without compromising family life too much, and this will give you the widest possible range of options possible once you are reaching retirement age. Do your research and due diligence and then carefully select the option best for yourself as there are so many different ways to go about setting up a pension and it’s best to consider potential returns against flexibility and other concerns.