It’s something we all think probably quite a lot. Saving for Christmas. Paying for kid’s activities, maybe just sorting out enough to pay for the weekly shop! It is often on the forefront of all our minds. This can be the issue though; many of us think about the here and now, the financial situation we are now but not the future. I know people who don’t have a pension or are just considering it now.
I must admit, I don’t always like thinking about it. It feels morbid and I also worry about scrimping and saving for retirement and something happens and we don’t see it. That sounds depressing!! Sometimes, I like to enjoy it now.
We already know our house has increased in value since moving in 2 years ago and there is a handy calculator for you to have a look at this too, as you may be surprised. This is one thing that may help in the future.
However, there are also other things we are considering and doing now and here are some of them:
We have Pensions
Both hubby and I work and have pensions associated with our respective companies. I don’t think it will be a massive number we bring home in the future, as times have seriously changed but it is something and means will will not be relying on a State pension only. When took this from Age UK, it made me think!!! “There are more changes planned. From 2019, the State Pension age will increase for both men and women to reach 66 by October 2020. The Government is planning further increases, which will raise the State Pension age from 66 to 67 between 2026 and 2028.” Do you want to retire that late? If not, consider a pension.
I’m very lucky to have started earning money from the blog; this started a year ago now, as I was coming to end of my maternity leave with Piglet. I had no idea of the possibilities of making some extra cash from the blog and as I have a regular salary as a dietitian, the blog allows me to save. This is something I am very grateful for. Hubby also chips in too. If you can put away a little each month before you start spending, try. It adds up!
My hubby has always been quite savvy and paid into his company share schemes since he started work. Although, can be risky if prices drop, if they increase and you need the money, this can be a tidy profit and useful if you need it, especially around retirement.
Bank Accounts for the Girls
Since my girls were little, they have always had their own bank accounts and I do save for them, mainly any child benefit left over. I always remember being told by someone who saved a lot for his kids, meant this really helped when they went to University. This can be a very expensive time, so worth it!!
Thinking about the future can be daunting and sometimes feels like not living in that moment and enjoying life but it is so important. You want to be stress-free as you get older and thinking about your future finances can help with this.
Disclosure – this is a collaborative post.