Hi Mommy, What I would do is to find ballpark costs of retirement and what my children’s education will cost and work backwards to have a rough idea of what everything will cost me. After that I will start looking for plans that I can invest in or set saving goals.
i havent really given it much thought cos of the everyday craziness of life. but after reading this, i cant help but think and worry about my retirement so i wont be a burden. we need additional source of income to be able to prepare.
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Have to balance Work out a % of income and determine what goes to parents, what goes to luxury items like holidays and necessities and enrichment. Invest in insurance? Or a very well protected by savings plan.
Hmmm, I dunno. For me, I’ll budget a % to save up (for myself. Not for kids) and I also get myself covered by insurance so that if anything happen to me, at least I know I won’t be a burden to them.
I completely agree and feel like I am in the same situation. I go about making sure I budget out money for their education as well as actively make an effort to save for my retirement as much as I can.
i think its important to save and invest. and when saving, allocate a portion for yourself too. it's ok if the amount is little, cos over time, the amount can compound.
I have taken endowment policy for kids education but I know it won't be enough to fully cover the kids education. Savings for retirement is really worrying
i want to know too..how to earn more money? everything is so expensive now