This is part of a sponsored collaboration with Prudential and DiMe Media. However, all opinions expressed are my own.
If you think you're too young to start saving, you'd better read the following tips to fulfill your dreams and lead a quiet life in the future.
When we are young we think there is no need to save, we want to spend everything we earn on fun without thinking about the future.
In my case, I've always been very thrifty, is it because I'm from Monterrey? We have a reputation for elbows, but we're more of a thrifty and not all of us, but at least my husband and I, if we are.
A week before I had my first child, I lost my job because of company policy. I was offered a position like I would win for fees; we decided that it was best to stay at home to take care of the baby because my salary would go in day care, gasoline, etc.
With my liquidation, I paid off some debts I had and we got the debt of the house and car. That's how we had to learn to live alone on my husband's salary.
We were very clear that we had to save to finish those debts, so my job apart from taking care of the baby was to make a budget and adjust to it, to achieve it.
That's how in much less time than expected we paid for the house. Our second child was born and my idea of looking for work, he kept waiting. Travel for several years with my husband, we knew several places, but always spending only what was necessary and cash, without debt.
Prepare for the future to achieve your financial security
- Make a budget and stick to it.
- The younger you start saving, the better.
- Try to spend less than you earn and save the rest.
- Create an emergency "mattress".
- Settle your debts.
- Work together with your husband on a savings plan.
- Get life insurance.
- Contribute to your retirement fund.
- Investigate the services offered by financial advisors.
- Teach your children the value of money.
- Try to dedicate an amount of your budget to family fun.
Soon after came the opportunity to move to the United States and we had to make some adjustments, because the cost of living is different than in our countries, we had our third daughter and the idea of working in another country and leaving my children with strangers , took me to work at home, seeking to contribute to the family's finances.
So we have always continued to adjust the belt a little now saving for the following: The College and preparing for the multigenerational expenses that are emerging, like those of some diseases of our parents, which thanks to the savings we were able to cover and act on time.
At Hispanicize, we participate in a wall of Dreams of Prudential, where each of the attendees place our dream. The question was: Dare you dream? Dreaming doesn't cost, but fulfilling our dreams if, so it's best to start saving from now on to achieve it.
So far we continue to save; now to pay for my children's college, this year one comes in, of the three I have, with four years apart each. As they say out there: "Study is the best inheritance you can leave to your children" so we want to try to get my kids to finish college without debt.
We have talked to my children and they know that it is important to live without debt, that we can not have everything, so they have well defined which is what they want and think twice before buying.
A few days ago I was in Hispanicize where there was a talk by the Prudential panel, they did surveys among the attendees and these were some results:
- 33% of attendees devote more of their funds to the needs of the multigenerational family.
- 54% of attendees do not follow a personal and business monthly budget!
- When finances are on order, everything is less stressful.
And you, are you preparing for your future and for the financial obstacles that may arise in your life?