Financial priorities are for every age, not just the old but for the young as well. When most people thing of financial they get all gloomy but it doesn’t have to be a bad subject. Just make it a wise one.
Financial priorities for parents should be life insurance so that if the parent were to ever pass away then the spouse would be able to care for the children. You can get affordable life insurance or the big expensive type. But in many cases the term life (30 year) insurance is perfect. No, this isn’t going to make you rich if your husband/wife dies but it will help you out for a little while until you are back on your feet. Other priorities may include gas, food, electricity, housing, water and fun stuff. Gas for the car so you can get to and from work. Fun stuff isn’t necessary but if you add it in then it isn’t going to break you every month when you want to do something with your kids. Another financial priority you may have is your child’s college fund; if you start early enough you could help pay their way or half of their way.
If you are in your early 20s you may want to start paying off some of those finances that you may have taken out as a loan, or purchasing a car. If you have credit cards you may try making them a priority when you start figuring in the bills. The quicker you pay off a credit card the better. Try to start putting money away in a savings account or plan, now is the time to start up.
Financial priorities for a 30-40 year old may be to start making a retirement plan. Start saving now and by the time you hit retirement you’ll have a nice egg to lay back on. Paying their children’s college tuition may be an additional priority at this point in life and finishing raising their other children.
Financial priorities for seniors over 50 may include housing and care such as a nursing home or an elderly community. You may want to look into a home that has wheelchair access or one that has more of a community feel, if you are into a hobby see if they have one that’s just right for you. The seniors may also choose to have a recreational financial priority so that they may go camping or traveling whenever they want. Health is another big financial matter and so is health care. Without healthcare you would have no way of getting better.
If you are in your 80s then your financial priorities have changed, now you are more focused on your investments. Whether you are downsizing or changing your will by now you’ve seen many changes in your life. Think about what type of house you want and if you could live in it.
Whether you are young, old, single or married with children you should always know what your financial priorities are. Make a list today for this month and then try making one for the next 60 years to see where you want to be. Apply it.