The good news is that you can reduce your spending and increase your saving if you plan ahead. You might not be able to totally avoid the financial burden of things like work and school, but you can keep more cash in your wallet in the long run.

Here are just a few ways to avoid breaking the piggy bank during life’s special occasions.

College

The average price of a public university is $25,000. The average price of a private university is $50,000. So, you can save a huge chunk of change right away if you opt for a public post-secondary education.

Another tip for saving money in college is to live at home rather than in the dorm. If your school requires freshmen to live on-campus, ask about getting a waiver. It’s worth a little hassle to live rent-free at home instead of building up your student loan debt in a completely unnecessary way!

Car

If you live in a big city, you might not even need a car. More and more people are ditching their vehicles to bike, bus, walk, carpool or take the subway. Not only is it better for your budget, but it’s also eco-friendlier.

If you live in an area where owning a car isn’t optional, there are still ways that you can cut down on your monthly expenses. For example, some auto insurance companies will lower your premiums if you attend a driver’s end course or upgrade the safety features of your vehicle; you’ll be less of an “at-risk” driver that way. If you haven’t purchased a car yet, you can look for ones with a good fuel economy rating so that you aren’t blowing your entire paycheck on gas every week.

Baby

Congratulations! You’ve decided to have a baby. Before you start painting the nursery, sit down with a calculator and figure out how much your bun in the oven is going to cost you.

For example, will you be giving birth at a hospital or doing everything at home? What does your insurance cover? Will you need special prenatal care? 

Once the baby arrives, what will your day-to-day finances look like? Things like diapers and bottles can really add up, especially since your baby will outgrow them in the blink of an eye. The average cost of taking care of a newborn is somewhere between $100 – $200 a week, so make sure that you’re setting enough aside to be a good parent.

These are just a few ways to save money on the biggest necessities in life. You might encounter many other expenses, including weddings, honeymoons, houses and medical care. The trick is to approach each one with care and planning. Your finances don’t have to drown you, but if you’re serious about staying afloat, you’ll need to build a raft.

This is not for legal or financial advice. Please consult a legal or financial advisor for your specific situation. 

The post Don’t Break The Piggy Bank During Special Occasions appeared first on CleverMoneyNews Blog.

1. Wayfair

Just like the commercial says, Wayfair has everything that you need. When you first visit the website, you might be wondering how their decorations and furnishings are so affordable. That’s because everything looks like it comes from a luxury furniture store. 

Wayfair’s goal is to help you find the right piece of furniture at an affordable price. 
They sell a wide variety of furnishings, ranging from accent pieces to furniture sets. They also collaborate with well-known brands such as All Modern, Birch Lane, Dwell Studios, Joss & Main, and others.

Of course, there’s also the Wayfair line if you’re on a budget. Since Wayfair is an online store, you can’t go to a physical store and see the pieces in person. 

2. H&M

Believe it or not, H&M also sells décor and furnishings. While you can’t purchase furniture, you can still purchase decorations, storage solutions, textiles, and more. Most of these products are hip and follow the latest European trends. That means you’ll always be the trendiest person in your neighborhood. If you follow the interior design trends, then H&M is your kind of store. 

3. Amazon

Amazon.com has everything, including furnishings and furniture. This comes as no surprise to most people. You can browse through the “Home” department or search for a certain piece of furniture. The best way to find out more information is to read the online reviews but with due diligence. Some customers share photos and tips on how to style pieces together. If you’re an Amazon Prime member, most of these items will ship for free in two days. 

4. One Kings Lane

One Kings Lane is on the same radar as Wayfair except that it’s a members-only online store. That means members get special discounts and savings on décor, furniture, and more. The great thing about One Kings Lane is that they add new products and have new sales every day. You can transform an entire room with a single piece or with a new furniture set. 

5. Pier 1 Imports

Pier 1 Imports originated as a brick-and-mortar store. But they’ve had an online store for several years. It’s the perfect place to browse when you’re redecorating a room. You’ll find the right accent pillow or lounge chair that you’ve been looking for. Most of the products are pictured in a styled room, so you can get an idea of they would look. If you have a certain aesthetic or style that you’re working with, then you’ll find the right piece without hurting your budget. 

6. eBay

Ebay.com is another perfect place to find unique and interesting pieces that speak to your personal style. You can hit “Buy Now” or negotiate on the price and shipping, so you can find something that works within your budget. 

If you want luxury and savings, then you can turn to eBay to transform your space into whatever you want. You can even use this store when you’re looking for that vintage plac your kids broke. It could take some time to find what you’re looking for, but it’ll be worth it in the end. 

7. Kirkland’s

Kirkland’s is an online store that sells holiday, seasonal, and year-round decorations. Some of the most common things you’ll find include artificial floral arrangements, clocks, and mirrors. Most of the items are less than $50 and will add the perfect touch to any room. Since Kirkland’s has over 30 locations, you’re likely to find a store near you. 

8. World Market

If you’re looking for something with flair, then World Market is the store for you. While products change on a daily basis, you’ll find unique decorations from around the world. World Market also has a physical store that you can get lost in. World Market has a vast selection of handmade trinkets and treasures that make for a special shopping experience. 

Whether you’re looking for luxury or something unique, you’re likely to find it on a budget. These are the top 8 online stores to purchase affordable home décor.

This is not legal or financial advice. Please consult a legal or financial advisor for your specific situation.

The post 8 Home Decor Stores That Won’t Break the Bank! appeared first on CleverMoneyNews Blog.

Homeowners Coverage

The insurance policy on any given residential property may be unique or may be common in terms of what sort of repair it will compensate. Most policies offer hazard insurance against fires and the destructive results of wind, rain, snow, and hail. Hazard coverage is often restricted to the walls, foundation, and roof of the house as opposed to the internal contents. Other coverage applies to different scenarios, including lightning strikes, burglary, explosions, falling trees, vehicular impact, and the like. A careful review of the current policy should reveal its accommodation to emergency home repairs.

Savings and Retirement

Prudence dictates the building up of an emergency fund for household and other unexpected contingencies. Tight finances, though, can make such thrift difficult. At this point, the homeowner must ask whether other accounts can be tapped for a pricey repair. College nest eggs, vacation savings, and even retirement funds are fair game if the urgency of the restoration. Ideally, a reserve set aside for unanticipated crises is the best avenue when a physical disaster strikes a house. This means taking inventory of potential catastrophes that could afflict a house and making educated guesses as to their cost. After that, set aside monies according to a realistic budget.

The Last Option: the Bank

If the insurance company will not pay the claim and the personal savings are sparse, a loan becomes the last recourse. If the owners have sufficient equity, i.e. ownership share, in the property, they can refinance and get cash back or, alternatively, get a home equity line of credit behind the first mortgage. Either way, the owners increase their debt load. Personal installment loans and credit cards are other means that have the same effect. Good credit and reliable income is essential for these high-interest products. Again, opting for any of these depends on how pressing the emergency home repairs are. 

The worst position home owners find themselves in is one of complete unpreparedness for financial pressures. A long hard look at insurance policies, cash flow and credit history should precede any plan to deal with unexpected home repairs. A house is normally a family’s highest valued asset. Keeping it safe and sound is an investment in the future.

This is not legal, financial or professional advice. Please consult a legal, financial or professional advisor for your specific situation.

The post Emergency Home Repairs Made Easy appeared first on CleverMoneyNews Blog.

Here are some of the ideas to think of.

1. Go for the new lightning

Installing a new light fixture in your bathroom can give it an instant makeover by giving off brighter and fresher-looking lighting. You could go for something traditional like hanging fixtures, or you might prefer one that sits on top of mirrors to reflect more ambient sunshine around the room. 

If you are not really comfortable with disconnecting the electricity and some wire job, consider hiring a professional for this part.

2. Add some tiles

Tiles can be a good way to update your bathroom without having the entire space changed out. They’re easy and quick to install (and you don’t need any tools), durable, moisture-resistant — there’s really nothing not love about them! You could go with something classic like white or black subway tiles, but why not experiment by arranging herringbone design across one wall? Or try hexagon-shaped ones in another area?

3. Adding wallpaper won’t hurt

Wallpaper is a cool way to jazz up your powder room without taking too much space. You can choose from a variety of designs, including ones that are splash-proof so they won’t peel off in high humidity areas.

4. Modernize your vanity

If you’re looking to take your bathroom design up a notch, consider adding some personality and flair to your vanity. You can paint it bold new colors, replace its countertop with a wooden/granite one, install new hardware, change the stencils, etc.

5. Old furniture — new style

Upcycling furniture is a great way to spruce up your space without breaking the bank. If you’re looking for an affordable makeover, consider converting old dressers and nightstands into new bathroom storage systems. Paint them whatever color you like, cut a hole for a sink — it’s all up to you.

6. Get a towel warmer

When it’s cold outside, and you need to get out of the shower, there is nothing better than coming back into a warm bathroom. A wall-mounted towel warmer will keep your towels and space nice and cozy. A warmer can be installed easily by plugging it in with an outlet nearby.

7. Change the mirror

When you’re looking for an upgrade, replacing that old frameless mirror with one of these artful versions is a simple and stylish way to spruce up any bathroom. They come in different shapes — like circles or triangles — which will help give your bathroom some style and character, so you feel like it’s yours rather than just another generic room with no personality. 

Make sure to get a mirror with a hanger bracket to ease the installation process. Alternatively, you can keep your old mirror and simply get a new frame.

8. Replace the hardware

To give your bathroom the brand new feeling, all you need is some accent features. Think of replacing a toilet paper holder, light fixtures, faucets, a towel rack, and so on. Go for a classic nickel, or get something funky from a thrift shop — whatever matches your style.

9. Add a new wall storage

You can make your bathroom feel more spacious by installing floating shelves or a wall cabinet above the toilet and adding a bar with hooks next to the tub. This will allow you easy access for storing anything that needs storage in this area while also giving it some visual appeal. If hanging things on walls isn’t possible because of limited space, try positioning a ladder and use it as an additional storage space.

10. Go for eco-friendly elements

According to the research made by Freddie Mac, energy-efficient features can boost your home value up to 2.7%, and besides, you’ll be helping the planet at the same time. 

Upgrade your home’s lighting with an energy-efficient option like halogen incandescent, CFL, or LED lights. You can also install insulation and a toilet that meet Energy Star standards, although these are more complex projects which might require professional help.

11. Paint the walls

The right color can make all the difference when selling your home. For a fresh, clean look that will boost resale value, try warm or neutral tones like cream and white. If you want something different, then painted stencils offer an added flourish along trim lines for any room in need of extra creativity.

12. Update your shower space

There are lots of ways to make your shower more functional and stylish. Shower shelves can hold all the soaps, shampoos, or lotions you need in an easy-to-reach place without cluttering up counter space with bottles that will eventually get messy if left sitting on top. 

Don’t worry if your shower is tiled, just go for a lighter shelf and use water-resistant adhesive or screws.

13. Add the window blinds

Installing new blinds can be an easy way to give your bathroom that fresh, clean feel. You might even discover improved energy efficiency and reduced cooling costs in summer and heating costs in winter.

14. Replace the exhaust fan

Your bathroom exhaust fan is an essential part of your home’s ventilation system. It removes heat, odors, and moisture from the room, helping to prevent mold while improving air quality for you.

The average lifespan of a fan usually lasts 10 years, but if it has been a while since the replacement, it’s better to invest in a new one today before something goes wrong with its efficiency or function altogether.

15. Add storage space

To maximize your storage space, consider adding some static or slide-out shelves to the cabinets in a bathroom. You can use baskets for further organization and store extras like linens and towels on them too! These pre-made pieces come from hardware stores, but you might be able to reuse parts of an old dresser/vanity if needed (just make sure it’s stable).

If you’re looking to update your bathroom, consider tackling a few of these projects or putting them all on the list. Think about what needs to be done there and how much money is available for upgrades. The best thing about these projects is that you can do most of them by yourself or with a partner. 

If a bigger renovation is planned, you might think of getting a cash-out refinance to replace your current mortgage with a larger amount. 

This is not legal, financial, or professional advice. Please consult a legal, financial, or professional advisor for your specific situation.

The post 15 DIY Ideas To Remodel Your Bathroom appeared first on CleverMoneyNews Blog.

Before you make your decision, make sure to shop around to get the best deal and clearly define your goals. 

The things to take into account include: 

— Is it possible to get your mortgage refinanced with the same lender?

— What are the advantages of refinancing with the same lender?

— What are the cons of refinancing with the same lender?

— How to negotiate with your lender?

Is It Possible To Get Your Mortgage Refinanced With the Same Lender?

Mortgage refinancing is the most popular way to lower monthly payments and save money. 28% of all homeowners who refinanced in Q1 2021 stayed with their current bank or lender, according to a Black Knight’s report. So yes, it is possible. 

It might be a perfect choice for you if your bank/lender: 

— Offers discounts for returning borrowers

— Provides low interest rates

— Can close loan refinancing fast 

Here’s what you need to learn before making a decision: 

• Who services your loan? Your mortgage lender is not always the company you contact to make your payments and manage accounts. As a borrower, you need to make certain you’re talking to the right people. 

• Should you wait before refinancing? If you just closed on your mortgage and want to refinance with the same lender, be prepared for a wait. Some lenders make borrowers sit through at least six months before they’ll consider another application.

• Can your lender meet your needs? There are many types of refinancing loans, with each having its own pros and cons. For example, a rate-and-term refinance will have lower interest rates than what you originally paid, while cash out can help if your financial situation has improved. There are also programs like VA Streamline and FHA Streamline. Make certain your lender has something to offer you at this point.

What Are the Advantages of Refinancing with the Same Lender?

There are two important advantages when it comes to refinancing with the same lender: convenience and money savings. 

It can save you some money 

Refinancing a loan involves some costs, which might range from 2% to 5% of the loan amount. According to Freddie Mac, the cost of refinancing usually amounts to $5000 on average. 

But as long as you refinance it with the same lender, you might skip some fees, including home appraisal, title insurance, loan organization, and mortgage insurance fees.

The terms might be better 

Your lender might be glad to match a lower interest rate or closing cost quote from another company if you have been loyal in the past and offer them an opportunity for more business. This is especially true with a good credit score and on-time mortgage payments history.

It takes less time 

With an established relationship and financial information on file, refinancing should be easier for you. The company has everything it needs to process your request, including your financial details and payment history. 

Consider having your home loan underwritten by the same bank or credit union that handles all of your financial needs. This way, you can avoid excessive paperwork and fees.

What Are the Cons of Refinancing with the Same Lender?

There are situations when changing a lender might actually be a good idea. 

Your lender might have capacity issues 

The housing market is booming, and it seems like every bank in the country has been issuing mortgages at breakneck speeds. This means you might experience delays when trying to close your loan with your original lender if they are popular among potential customers right now. According to ATTOM Data Solutions, refinance rates during the first quarter this year were at their highest levels in more than 14 years. 

Make sure to ask your lender how long it might take to refinance. While most of the lenders need 47 days on average to close the deal now, some are able to do it faster — or slower. 

The customer service might not be perfect 

Every mortgage lender provides different services. Some institutions have an end-to-end digital process that emphasizes efficiency and savings, while others offer brick-and-mortar branches to provide in-person help. Is this something that you value the most? 

If you’re not a fan of the services provided by your current lender, it’s better to switch to another company that has higher customer satisfaction ratings. 

You could lose some money 

The best way to save money is to shop around with different lenders. While your lender already knows the rate you pay and can decrease it a bit, other companies can offer you better deals if you ask, plus you can use this information to negotiate the best deal with a current lender. 

How To Negotiate With Your Lender?

It’s possible to get your mortgage refinanced with the same lender, but make sure to follow these steps to save money and get the best offer: 

• Get rates from several lenders. What are your interest rates? What are the closing costs and monthly payments?

• Ask other lenders for better conditions. Inform your original lender that you are shopping around, and ask them to compete with other lenders. You might be able to get a better interest rate or lower closing costs if they know there’s competition.

• Think of paying discount points. One way to make the mortgage process more affordable is by using discount points. These are the fees that lower interest rates and make it worth paying, providing the house will stay with you long enough to recoup these costs.

• Get everything written down. If there is a better deal for you, ask a lender to write it down for you. 

This is not legal, financial, or professional advice. Please consult a legal, financial, or professional advisor for your specific situation.

The post Refinancing With the Same Lender — Is It a Good Idea? appeared first on CleverMoneyNews Blog.

If you find a good deal with lower rates, it can be a perfect way to save money on your car payments. 

Auto Loan Refinancing — What Is It?

Refinancing your auto loan basically means taking another loan to pay off the existing one with the lower interest so that you can save some money. Refinancing an auto loan is similar to applying for other types of loans, so make sure you have a good standing credit score and shop around to find the best deal. 

There are a number of misconceptions about auto refinancing, but knowing what to expect and understanding how it works will help you save money in the long run.

Misconception 1: Getting an appraisal for refinancing will take long. 

If you plan to refinance your car, it is important that the value of your vehicle has been assessed before getting any further with this process. Besides, it’s impossible to get a new loan without getting your car appraised first. 

But don’t worry, today, appraisals rarely take long and are usually done online. In most cases, your lender can take care of the process and assess all the quality aspects of your vehicle, including its history, age, condition, and mileage. 

Misconception 2: Refinancing is a pain in the neck.

Sure, it might take some time and effort to get the best deal when refinancing your car loan, but this is another aspect your lender can help you with. For example, the lender can cover the “going to DMV” part for you, so you don’t bother with making appointments and preparing the documents. 

When you refinance your car loan, there are a few simple steps to take. You can expect that refinancing will involve: 

• Pre-qualification — checking if it is possible for you based on current rates and availability. This step doesn’t influence your credit score; 
• Credit application — submitting the full application and making an official request which will be posted on your credit report;
• Finalization — submitting all the documents, which might vary depending on the state you’re in.

Misconception 3: There are too many fees involved.

The whole point of getting your loan refinanced is to save money, so don’t expect any high fees. There can be lien holder and state re-registration costs, which you may not have to pay if your lender handles them for you during the process.

One important thing before deciding if it’s worth taking out another loan, though: check whether there’s an early pay-off penalty fee from your current lender, i.e., the fee you’re obliged to pay if you pay off the loan earlier than it was agreed in the initial terms. 

Misconception 4: You need to wait before you can refinance.

There’s a common misconception that you can’t refinance your car loan immediately after purchasing it. However, this isn’t true — you can refinance your car loan immediately after buying it! The vital thing to remember is that you should be in a better position with lower interest rates and not add any more money towards the cost of your vehicle. 

However, if your credit score is poor, waiting at least six months or one year before refinancing will allow it to improve, so think about it before closing the deal. Generally, the time frame doesn’t matter as long as your car meets the following criteria (might vary depending on the lender):

• The vehicle is less than 10 years old
• The mileage is less than 120,000
• The vehicle is insured as a personal car

Misconception 5: Refinancing spoils your credit score.

While it’s true a hard credit pull can have an impact on your score, keep in mind that this is usually temporary. Hard inquiries are typically limited to about two years and won’t negatively affect future scores over time if you maintain good behaviour with lenders. 

All in all, refinancing can be a real way to save money, as long as you take your time to select a good lender with the best interest rate. 

This is not legal, financial, or professional advice. Please consult a legal, financial, or professional advisor for your specific situation.

The post Refinancing A Car: Top 5 Misconceptions appeared first on CleverMoneyNews Blog.

The rental market is heating up. The average cost of apartment rent in areas like Tampa, FL, Boise, ID, or Phoenix, AZ has experienced an increase of close to 20%. In some areas, this trend is even more severe. One example would be Sarasota, FL, where monthly rents for one-bedroom apartments increased by 40% over last year’s rate. 

One of the reasons is that there are not enough houses for sale, and the ones available are too expensive for most people, so they have to rent instead. This leads to another increase in rent price and cost of living in general.

Renters Need to Scale Back Their Spendings

With the rise in rents, many Americans are finding themselves tightening their belts. The cost of living is high, and inflation has hit a more than 30 year high, hurting everyone’s budget, especially those with lower incomes. Some renters are forced to change their lifestyles and move to cheaper locations. 

According to financial advisors, housing costs shouldn’t exceed one-third of your net monthly pay. If this is not an option, cutting back on other expenses can help. In the best-case scenario, living expenses should be a maximum of half of your paycheck. 

Not Keeping Up With Payments

Negotiating with your landlord is crucial if you are behind on rent. Try to negotiate for a lower price or spread out the payments over time, and look into rental assistance programs that can help cover some of the cost. 

With rent likely to rise next year, renters should be prepared for the negotiating process. And with the market being tight, landlords might say no.  But tenants should highlight their strengths, be willing to compromise, and have a plan B. It’s the only opportunity for success in this increasingly competitive environment where inflation is taking its toll on all aspects of life, including rent. 

This is not legal, financial, or professional advice. Please consult a legal, financial, or professional advisor for your specific situation.

The post Rents Are Sky-High, Just Like The Inflation appeared first on CleverMoneyNews Blog.

In the wake of recent price hikes, some people are starting to feel like there is no end in sight for inflation. But current economic trends could lead to a glut or oversupply for furniture, cars, appliances, and other goods next year, thanks largely due to an increase in prices which saw double-digit gains last month. 

Vehicle prices continue to rise as the lack of new vehicles makes it difficult for rental car companies. As a result, there are fewer cars available, which drives costs up 49%. The cost-effective way to buy used cars is also more expensive now at 44%.

Auto, Retail Undersupply Could Ease

While it may seem like inflation is here to stay, even small improvements in the supply chain could have a big impact. The automotive industry has many half-built vehicles waiting for semiconductors and other components that are needed before they can be assembled into cars or trucks. Some car companies are hoarding parts to prevent shortages in the future, which will make demand appear higher than it really is. Once they install these extra supplies, though, they might end up with oversupply. 

While many retailers are encouraging consumers to start their holiday shopping early, last week they announced that they have enough inventory for the upcoming Black Friday event. This could lead stores like Walmart, Target, and TJMaxx to have excess stock if shoppers have already finished buying their gifts. 

Fewer COVID-19 Cases Could Lead to Prices Drop

With the help of antiviral pills and vaccine boosters, the number of COVID-19 cases might drop down, together with the inflation rate. This could lead consumers who are less worried about catching the disease to spend their money on services rather than goods.

Lower cases also mean that supply chain delays in key manufacturing hubs around the world can now ease, which will promote faster economic recovery, with the 2% desired by the Fed achieved even faster. 

This is not legal, financial, or professional advice. Please consult a legal, financial, or professional advisor for your specific situation.

The post Inflation Could Go Down This Year appeared first on CleverMoneyNews Blog.

Major purchases

Anytime you are making a major purchase, you should definitely try to negotiate for a better price. Especially when the price listed is padded with the expectation that the purchaser will want to negotiate. It has been documented that some furniture retailers can build in more than a 200% mark up. This means it can definitely pay to ask for a discount. 

One of the best negotiating techniques is shopping around and seeing what else is available. Being able to demonstrate that a similar house is selling for thousands of dollars less or that the exact make and model of car you want can be purchased elsewhere for less is the type of leverage you need to get a great deal. A simple internet search can provide you with all the information required to negotiate a deal that saves you money.

Ask to match an offer

Shopping around also works as a negotiating tactic for products and services you are currently using. Services like cable, internet, cell phones and even credit cards are often willing to drop their price. All you have to do is ask them to match an offer from a rival company.  

See other alternatives

The same concept applies if you are renting a home or apartment. As a reliable rent-paying tenant, the rental company may prefer to give you a discount on your rent. It may be risky to take their chances with a new tenant who may not be as reliable as you.

Don’t worry if your request is rejected. Initiating the cancellation process will lead to an offer that is better than the terms you currently have. 

Because you have nothing to lose and everything to gain, negotiating is a technique that always worth a shot. Even if you find yourself paying full price consider other alternatives. You can ask for other items of value that can reduce your costs. Some may be free delivery or an extended term of service at the same price. Doing your research will make it easier to decide what choices to make.

By doing this you will be able to know if you are getting a good deal or if you should take your business elsewhere. 

Reference:

“Cheat Sheet: Retail Markup on Common Items.” Wise Bread, https://www.wisebread.com/cheat-sheet-retail-markup-on-common-items.

This is not for legal or financial advice. Please consult a legal or financial advisor for your specific situation.  

The post The Art of Paying Less by Negotiating appeared first on CleverMoneyNews Blog.

Foster Multiple Sources of Income

Despite the drawbacks discussed earlier, Social Security is still a valuable part of this plan. To be safe, however, more sources of income should be developed. 401k plans can be a lifesaver. Many employers will even match your input up to a certain amount, so be sure to check your company policy. Also, place money into savings accounts and annuities. Sometimes your financial situation may be too tough to save money but setting money aside should always be the goal.

Involve your Family

When someone retires, that decision affects everyone in the immediate family. You should sit down with your loved ones and discuss your plans. It may be a difficult subject to bring up, but it is necessary.

If you are looking to retire, and you expect help from your children, you should talk it over with them. The family should work out a plan or at least be on the same page. Everyone can prepare and plan together.

Make Sure You Consider Market Crashes

When the 2008 financial crisis hit the U.S., a lot of retirees lost out big. Crashes and booms in the economy are infrequent but normal parts of living. Regardless of how the economy is performing in the present, there may be no telling what will be going on 20 or 30 years from now.

Experts often recommend annuities. They are a great way to invest while not being left vulnerable during market crashes. Annuities are dependable regardless of the state of the economy.

An Uncertain Future

It is normal to have expectations in mind for how the future will play out. Many things can change unexpectedly throughout your lifetime. Laws can change. Certain career paths can become more or less viable. Health problems can crop up.

Of course, you can’t live in constant fear. You should prepare for retirement though. Possibly the best way to prepare yourself is to consult with a financial advisor. Together, you can come up with a plan and some tactics to face the future.

Determine Your Future Standard of Living

This seems obvious, but people often underestimate how much money they need to retire comfortably. You should consider a litany of variables that may affect you. 
Will you have your house paid off by then? Will you be purchasing a new car every 5 years? How much will daily expenses add up? These are all questions that must be answered in order to know how much money you need to save.

This is not legal, financial, or professional advice. Please consult a legal, financial, or professional advisor for your specific situation.

The post Prepare for Retirement in the 21st Century appeared first on CleverMoneyNews Blog.