How to Secure Your Future

More and more citizens understand that they must take responsibility for their future health and retirement costs. This often means coping with financial strain and setting measurable short-term goals.

It can feel like retirement is a lifetime away, and it may seem impossible to save enough in the meantime. But if you start early and commit to your savings goals, compounding can work in your favor.

1. Create a Budget

Whether you earn a lot or a little, creating and following a budget is the first step to financial planning. A budget allows you to see where you spend your money and find ways to save for upcoming expenses, annual vacations, children’s college tuition and emergencies that inevitably occur.

A comprehensive budget should also include setting both short-term and long-term goals, such as saving for a vacation within a year or saving for retirement and children’s education that will take years to accomplish. Using an online app or paper budget that helps you stay organized and track your progress is a great way to keep yourself on track and secure your future. If you’re unsure how to get started, consider working with a qualified financial planner. With Huntington Heads Up(r), you can see real-time insights on how you’re spending and saving with customizable alerts1 that will help you reach your financial goals.

2. Invest in Yourself

Investing in yourself may sound like a selfish move, but it’s crucial. It could include anything from learning a new skill to getting your finances in order. Regardless, these investments can pay off big-time down the line.

Perhaps the most important investment of all is health. A healthy mind and body can allow you to enjoy life more fully, and also work harder towards your goals.

It’s also important to build an emergency savings fund, which can provide you with the cushion you need to cover unexpected expenses. And of course, it’s never too early to start saving for retirement.

Investing in yourself can be challenging, but it’s always worth it. Whether it’s establishing financial goals, improving personal development, or building relationships, these investments will have positive domino effects on your future. Plus, check out these motivational wallpapers to help you get started! What are you waiting for? Let’s make today a great day!

3. Save for Retirement

Retirement is an exciting time in life, but it’s also a huge financial goal that requires planning and saving for. While it may be tempting to let other financial obligations get in the way of your retirement savings, think about how much you want to retire with and create a plan for reaching that number.

Depending on your age and when you plan to retire, experts recommend saving about 15% of your annual income each year. This rate will give your investments a chance to grow and recover from market downturns.

It’s also important to have enough money set aside for emergencies, so consider keeping three to six months of expenses in accessible reserves divided between checking and savings accounts. Lastly, be sure to take advantage of any employer-sponsored retirement accounts such as a 401(k) or IRA, and make use of any other investment options available to you. This will help you reach your retirement goals.

4. Write a Will

The future is unknown and while there’s no surefire way to secure your financial stability, taking action now will help you make the best decisions for your future. Building wealth and sustaining it is a process that requires diligence, hard work and knowledge. Luckily, there are a number of resources available that can help you get on the right path to securing your future.

One of the most important things to do is to create a will. This will allow you to name guardians for any minor children or pets you may have, as well as set up a trust in case of incapacitation or death.

It’s easy to do this online with services like Legal Zoom, Rocket Lawyer and Trust & Will. Some of these sites even offer a free service, though it may be less comprehensive than a paid option. If you want to add more to your will, you can use a codicil to do so.