The Art Of Budgeting When Planning For The Future

When we consider our future retirement plans, we can procrastinate a lot as we think that we have many more years ahead of us before we have to worry about our graying hair, failing hearing and dodgy knees. However, by setting aside some time and making a financial plan for the future, you are ensuring that your money will look after you during your golden years. For those of us fortunate enough to live long into retirement age, we don’t want to be spending our twilight years scrimping and saving and worrying about where our next meal is coming from. It’s time to assess your finances to secure your future.



It goes without saying that you should have a grip on your finances and know roughly how much your income is and how much your outgoings are. It’s time to develop your budget into a working document so you can see exactly what were your money is being spent. Set up a monthly budget using one of the templates listed on, using your bank statement as a guide. Try to include everything from your mortgage to the morning coffee you purchase from Starbucks on your way to work. This is a great way of streamlining your finances and working out if you could shed any of your outgoings to allow you to build up a bigger savings pot.

Quality Of Life

Just because you’re trying to cut back a little bit doesn’t mean you should forfeit your quality of life. You should still be able to socialize with friends and take an annual vacation. If you need to utilize a credit card to buy bigger ticket items, it pays to apply for one with a low rate of interest on purchases like the ones reviewed at Having a credit card in your name and keeping up with your repayments is an effective way to build up a good credit rating.

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Many people contribute to a personal pension every month. The recent horror stories of pensions not performing well and those hitting retirement age unable to receive the financial returns they were promised has put a lot of people off. An alternative would be to seek another avenue down which you can accrue a nest egg for your future.

You could speculate in stocks and shares, trade in commodities or explore foreign currencies. Although very high risk, the returns can be lucrative. You may want to make a long term investment in bricks and mortar, purchasing a second home that you can lease out to tenants. As long as the rent you receive each month covers your second mortgage, you could allow this to tick along smoothly until you are ready to sell the property and pocket the profit as you retire.

The earlier that you start planning for your retirement, the more money you will be able to accrue ready for your golden years. A comfortable future is the goal of many and, as you get older, this aim will become more important to you. Get your finances in order, set up a plan and prepare for a financially prosperous retirement.

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