Creating a Back-To-School Plan
By K. Bridget Schneider, CFP®, CRPC®
Summer is coming to an end. Now this can mean many different things to many different people. Whether you’re a child, an adolescent, a parent, or even a grandparent, school is starting, and many people of all ages are affected by this time. It could mean all your free time you began to get accustomed to is lost, or maybe it’s time to get back into the routine of dropping your kids off at school every day. No matter your grade, institution, or involvement. School is heading back into session.
A great way to tackle the expenses that school brings is by creating a plan. Whether it’s paying for tuition or it’s buying the 24 pack of crayons versus the 64 pack, having a plan for expected and unexpected expenses will help you decrease stress during this busy time. Creating a budget can be extremely beneficial for tuition, school supplies, extracurricular fees, new clothing, or even groceries and eating out.
Start by making a list of items you know you’ll need, and the associated costs. For example, tuition, activities, and some required books can have set fees. Other items like food, supplies and clothing can vary depending on the finances you have available. Your plan should also include extra money set aside for unexpected costs. Making a plan will help you be prepared.
I love the term lifelong learner, so for those who are not enrolled or have no affiliation with school currently, use this blog to motivate you towards taking the leap and learning how you could better take care of your money in the future.
As you’re creating your back-to-school plan, why not prepare for your financial future? You can start with an idea of what you want to accomplish financially this school year. Maybe you’re not sure about how to create a plan to save money (also known as a financial plan). Feel free to visit our website and check out some of our resources or even schedule an appointment. You can also call our office at 217.605.8130 to set up an appointment with one of our advisors.
I recently read an article stating divorce rates in the United States are declining – except for people over 50. There are many reasons this could be happening. Some may find that the longer they live, there are more opportunities to grow—and grow apart. Or they discover that as the kids grow up and move out, the glue that holds a marriage together disappears. Another thought is that with more women working and becoming financially independent, there may not be a financial need to stay together. But you should be aware that gray divorce – divorce after 50 – can be financially devastating without careful planning. To help out, here are 5 financial considerations of gray divorce.
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In the past, we have written blog posts on when you should start planning for retirement, how much money you will need in retirement, ways to gauge your saving for retirement, and creating a plan to manage your income in retirement. But have you ever taken the time to figure out, “What Are You Saving for in Retirement?”