Financial Planning for Beginners

Financial planning at an early age may seem complicated, however it can be easier than you might think. At the age of 25 most of us are just beginning our married life, and there are homes and automobiles to buy and children to plan for. This leaves little time to plan for the future. These are some simple steps that you can take to ensure that you and your family will be able to handle unexpected emergencies and expenses.

* Buy Insurance

Insurance is one of the easiest ways that you can be sure that your family is protected financially in the event of an accident. Medical bills alone from one accident can cause a family to be in a state of financial distress for years. Although medical and automobile insurance rates are high, the return is much greater. Life insurance is also a very key factor in planning for your financial stability. In the event that a family member dies, you could be in debt for as much as $50,000 for funeral expenses. Insurance may seem like a useless expense when a family is deciding on a budget, however, the budget will be completely diminished in the event of an accident without insurance. Remember, the key word in the phrase "financial planning" is planning.

* Repay High Interest Loans

Some debt that is incurred has a higher interest rate than others depending on the type of loan and the time at which the money was borrowed. Many times car loans and student loans have the highest interest rates, while other debts like medical bills may have little or no interest accumulating. Although it might seem like a good idea to pay off bills that have a lower total balance to eliminate that payment, this is not always the best option. In the long run it is more beneficial to pay off the debts that have the highest interest rates first.

* Create an Emergency Money Account

Try and work out a plan so that your family will have a little extra money in case of emergencies. Even putting a minimal amount of money back from each paycheck makes a lot of difference. The key is to be consistent, decide on an amount a stick with it. Another option is to save unexpected income, such as gifts or tax returns, for emergencies. It is estimated that one should save at least 15% of their annual earnings in a savings plan; this amount will vary according to your particular situation.

Timothy Gorman is a successful Webmaster and publisher of Debt-Relief-Solutions.com. He provides more debt relief, credit counseling, repair and free financial planning information that you can research in your pajamas on his website.

---

Gain More Control of Your 401k - What It Can Mean to Your Future

Points to ponder as you consider what can be done... Read More

Prosperity

An ellipsis to your success is hidden in the word... Read More

Residual Income - Part Three Finding Leaders

In my last article on Creating Residual Income I mentioned... Read More

One Pipeline Is Worth A Thousand Paychecks

It is with great pleasure of having you here at... Read More

Its High Time for Lifetime Savings Accounts

I'm constantly reading articles on the internet and in financial... Read More

Building Wealth by Paying Yourself First

When I look around at all of my friends, and... Read More

Create Tax Savings And Transfer Wealth To Your Child With A Roth IRA

Parents must give serious thought to protecting their family through... Read More

Five Straight Steps to Opening an Offshore Bank Account

Despite what you may have read or heard, anyone is... Read More

Trustee Fees: How Much is Enough and How Much is Too Much?

I am often amused by the ads and offers I... Read More

Steps to Financial Freedom

Financial freedom is the power to do what you will... Read More

Cutting Costs Can Significantly Increase Your Income

As a work at home Mother, I know the value... Read More

Personal Budget Programs

Do you have financial problems? Then a budget is the... Read More

Does Money Grow On Trees?

"Money Doesn't Grow On Trees."Some of us even believe it.... Read More

Building Blocks of a Financial Foundation

You can't build a house from the roof down, and... Read More

Turn That Fixed Rate Mortgage Into A Goldmine

When you purchased your home, you most likely got a... Read More

Finding Financial Freedom

Do you ever get this in your email box: Find... Read More

Investment Techniques For Creating Passive Income

There are many wealth creation strategies and investment techniques available... Read More

Personal Finance Rules to Building Wealth

Key 1 Pay your self firstkey 2 Saving is not... Read More

Plan For Wealth

One very important wealth creating habit is to set up... Read More

Top 10 Secrets of Getting Rich!

As many people have observed, "Success leaves clues." If you... Read More

Who Will Become Wealthy in the Information Age?

As you know, we're now well and truly in theInformation... Read More

Lesson 2 - The Commodity Of Kings!

What is "The Commodity of Kings""Power is simply "the ability... Read More

I Dont Need A Financial Coach To Help Me!

You've been thinking that your financial life could probably be... Read More

The 11 Best Money Saving Ideas of All Time - Part 4

At any time in history, no matter what the current... Read More

My Ambitious Niche - A Completely NEW Way To Find Ambitious Wealth

Turn to the year 1999, a couple of friends sitting... Read More

The Philosophers Stone

"If you know how to spend less than you get,... Read More

Simple Strategies to Making Financial Gain

Now is a great time to make it a habit... Read More

Building Wealth: Its An Inside Job ? Part 2

Let's quickly review the principles discussed in the first part... Read More

How To Grow Your Mental Power and Let Your Brain Make You Rich

No one has complete control over their thoughts. But with... Read More

The Top 10 Steps to Becoming a Millionaire

There is perhaps no more important decision than to take... Read More

Get Rich Slowly

Is it hard to get rich? If you're young, not... Read More

Budget Tips

To budget, to have a budget and to be on... Read More

Controversial Wealth Audit Reveals Over 90 Percent of Us Could End Up Working Forever...Are You One

Results from a new tool developed by UK based firm,... Read More