It can be great to dream about all the adventures that lie ahead. Life is full of fascinating challenges, places to see and travel to. It can be tempting to want to throw it all in and have some fun while you are young. But there will come a time when you have to for whatever reason settle down. Perhaps you’ll want to start a family. Plus you never know what challenges life might throw at you. A little forethought and planning now can help you deal with any obstacles that lie ahead.
Start a savings scheme.
In a sense, it does not matter how much you save each week. The sooner you get used to putting a little away each week or month, the stronger and brighter your future will appear. A savings account can be set up easily as a direct debit from your current account. It could be that you might not even notice the small amounts, but they will begin to add up over time. That will give you a nest egg or an emergency fund when you need it. It will also demonstrate to a lender that you are a good and regular saver. That, in turn, will make it easier for you to obtain a mortgage.
Take out a life insurance policy
Make sure you are covered in case of death, injury or illness. That means your family and loved ones will be protected against expenses in the event of the loss of an income. This makes real sense in any occupation. If you are in a higher risk job such as the services or armed forces you will be still be able to get the cover you need. Take a look at www.insurancehero.org.uk/types/military-life-insurance.html for the best options.
Pay into a Pension Fund
It is a fact that paying into a pension fund makes more sense the earlier you start. It is these contributions at the beginning of your career that will allow you to be better off when you eventually retire. In a volatile world the rules and regulations that operate around these schemes are often changing. It will pay you to know what your responsibilities are and how best you can plan ahead.
Invest in Property as soon as you can
Owning or part owning bricks and mortar makes sense. You will be making a tangible investment in your future that can only appreciate. Have a look at some mortgage repayment options at www.moneyadviceservice.org.uk/en/articles/mortgage-repayment-options. The sooner you can do this the better.
Make sure you take out a home and contents house insurance policy to protect yourself against any losses. If you decide to travel or work in a different country, you could always rent your home out while you are away. That way your mortgage payments will be covered.
Taking tangible steps now means that you will be able to look forward to a secure future. No one has a crystal ball and we don’t know exactly what lies ahead. One thing is certain. That future will come one day and you will be able to face it without fear or worry knowing that you made some sensible choices today.