Enlightened Financial Planning For A Calm And Prosperous Future

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Enlightened Financial Planning For A Calm And Prosperous Future

Is money stressing you out? Are you terrified that you won’t have enough in your bank account when you retire, the kids go to college, or even when all the bills come out next week?

Well, I’m here to tell you that it is possible to stop worrying about your family’s financial future, and you don’t even have to become a Zen master to achieve this calm attitude either. In fact, with the enlighten financial planning tips you will find below it may just be a lot easier than you think. Read on to find out more.

Be in control

A basic budget can help you stay calm about money.

One way that to ensure a prosperous future and reduce any stress level you have around money is to take control of your finances. Surprisingly, this isn’t actually as hard as it seems and in most cases, it will entail drawing up a realistic monthly budget, as well as looking at your debts levels with a view to paying the most expensive ones off.  

You can even get some help with setting and keeping to a family budget at sites like you Thrifty Frugal Mom so it’s really easy super quick and simple to do.

Here are 10 ways you can save more money as a stay-at-home mother.

Plan for the worst

Next, if you want to be calm about your financial future, it can help a great deal to prepare for the worst. Yes, that might mean that your anxiety goes up a notch or two now, but it the long term you will be able to keep your cool because you will know that even if you do experience a financial disaster, you and your family will be protected from the worst of the effects.

With that in mind, you first need to consider financial products such as home and health insurance. Things that you can find out more about on sites like this Insurance Guide Local, where you can even find a provider in your area that can help you straight away. After all, when it comes to protecting your family’s financial future, you don’t want to put things off.

Car repairs can often be needed out of the blue and can eat into savings.

It is also prudent to set up an emergency fund, which is a saving account that you try to always keep a fixed amount in. Then, if you do experience financial difficulty or an unexpected expense rears its ugly head, you can calmly cover the cost without eating into your savings and investment that you have been working hard at amassing for your family’s financial well-being the future.

Related: How to Protect Your Financial Assets

Invest to see your money grow

To save is good, but to invest is always better. Why? Well, investment means that your money has the potential to grow at a much higher rate. In fact, a high rate of interest for a saving account is 3% in the current climate, while a long-term investment in the stock market is expected to accrue at least 9%.

Of course, there is a reason for this, and it’s because of the risks involved in Investment, something you need to be aware of before you sink your life-saving into Property, Cryptocurrency, or even Penny Shares!

In fact, while you may have heard about a few lucky folks that got rich on the Penny Share market, it’s incredibly volatile most the time. Something that means if you are looking for a steady investment on which to retire, its best avoided in favor of other options.

Related: 4 Things You Need To Consider Before Investing Your Money

Don’t do debt

Lastly, if you want to be as calm as a Zen master about your family’s future finances, then the best thing to do is abolish debt from your life.

Now, this may seem like something of a radical concept to most of us, because our economic system runs on debt. Yes, we have to go into debt to buy a vehicle or a Property, and we are even encouraged to take out loans for academic tuition. Something that means we are in the red before we have even had an opportunity to earn a proper wage!

However, while it may be a little radical, abolishing debt is also entirely possible, and its best to deal with the most significant offending debts first. For many of us, this will be our credit cards, and it is the interest charge on these that will cost us the most and so be hardest to pay off.

To that end, no matter how far you are from retirement make an effort to clear your credit cards, and then use them only if its a real emergency. Then you will be well on your way to achieving financial Zen and having a peaceful and prosperous future.

Related: The Debt Monster And How To Destroy It