One thing I wish I had taken more care of when I was younger was money. I was a typical new mum and had to have everything there and then. We have never had any savings and money put away. Now I am thinking about how I would like my children to prep for the future and what they can do to help make things a little easier for themselves later in life.
There are always challenges in life, including when you retire. You may need more money to maintain the lifestyle you are used to. A reverse mortgage can help because it is specifically made for people exactly like you. In fact, nobody can apply for retiree-accessible reverse loans until they reach the age of 62. The purpose of such a loan is to let you stay in your home without the normal fears associated with a traditional mortgage. For example, you will not have mortgage bills to constantly pay by certain dates, so you cannot miss payments. Thus, evicting in that way is not a risk. Another major advantage of a reverse mortgage is you owe no money at all back for years, so you can spend exactly what you borrow unhindered.
Savings Accounts or ISAs are a great way to put money aside for the future. If you choose an account where you have to give notice or there are penalties for taking out funds then that makes the temptation to spend a little less appealing!
Think about investments, there are companies available like this website that source out the best investments for your situation. Whether that be lump sums or monthly instalments. The good thing is money isn’t locked away either and can be withdrawn if needed.
Tax free investments in the form of Premium bonds are a great way to save and the chance each month to win a £1 million jackpot and other tax-free prizes. You can save as little as £25 a month and still have the same chance to win. Savings are backed by the HM Treasury so all monies saved are 100% secure.
Prepare for retirement. I know that might seem like a very long way away when you are in your early twenties or even thirties but now is the best time to be putting money aside for YOURSELF! This will only help to make you more comfortable and prepared for your future.
I think on a practical level I would advise them to budget at all times. Even when you feel like you are comfortable, don’t stretch or borrow beyond your means as you never know what is around the corner. No one knows what the future will hold and any prep work will set you in good stead for what may be ahead.
For those who prefer a more traditional home-like experience when on vacation, a timeshare can make sense. If you’ve gotten many years of good use out of your timeshare and now want to get rid of it, a timeshare cancellation company like Timeshare Freedom Group or Lonestar transfer may be able to help.