The future… that’s a big, scary word isn’t it? Whatever your age, you are told that you need to plan ahead, and it can feel like that all you are doing is planning for some eventuality that won’t ever happen. There is a fact of life however, that we will all get to the point where we are too old to work, and we need to face retirement. There are a lot of people who simply cannot afford to retire, and you don’t want to be in that group of people. With the financial crisis which we are all still reeling from, there have been an influx of people that are starting their own business, or going freelance because it is a better (and uncapped) way to earn money. The pitfalls of going into business yourself is that you are not saving for your future. What can we do, as age slowly creeps up on us, to make sure that we are preparing for our later years?
Check What You Are Entitled To
Although you are earning less as you get older, the benefits you are able to get are more and more helpful. Depending on where you live, you can get government schemes that are dedicated to helping you pay for your utlities. Not only that, but you can get funding for things like insulation in your home, which will help keep the heat in during the winter months. And don’t forget what advice you can get, such as Financial Planning for Empty Nesters or local drop-in centres. A lot of people have no idea what they can claim due to specific factors in their lives, so make sure that you do some research to get the full picture.
Ways To Save
While saving for retirement is a difficult process for many, as there are simply too many outgoings, or another bill which you hadn’t taken into account. The best way is to change your mindset and make it an essential part of your financial structure. A good way is to get a savings account or an ISA and schedule a direct debit to come out of your account every month, so you don’t need to think about it. That way, it becomes as essential as your bills, and you can plan what money you need for the rest of the month. It’s like a financial diet, the best way to “diet” is to make it a lifestyle rather than a temporary change, because a diet can imply that you only need to do it for a short period of time. Long-term saving in an ISA where you cannot access the money is great because you won’t feel tempted to dip into the savings with the intention of paying it back later, which, of course, will never materialize.
The Part-Time Job
Yes, it isn’t the most lucrative. But it doesn’t have to be taxing either. You can get simple jobs online and not have to leave your home. There are many companies that look for data entry, or admin workers, will pay regularly via PayPal, and all you need is a computer and an internet connection. In that respect, looking for a job has never been easier!