Financial Survival

Financial survival planning is imperative these days. I have to admit that my family has been sheltered by the recent economic crisis. We moved to Alaska just before the economic downturn, where the economy is much more stable. Regardless we are still taking steps to better our financial future. A financial budget is something every family should have. It doesn't have to be extreme, but having a plan is a must. Simple things like eating out less, buying used and even reducing things like phone plans and cable can go a long way. I grew up in a lower class family so times were always tough. We ate a lot of beans and rice, but we always ate. We didn't go to the movies, or pay for TV and we seldom got new clothes. It wasn't always fun, but we survived and it wasn't all that bad. Today wants and needs get confused by many people and most people, including me, feel the need to constantly buy things. Now that I'm a husband and father I want a better life for my children so I tend to spoil them more than I should. I have come to realize that in order to keep my standard of living the way I want it, we need to be a bit more frugal. I have never been one to worry about my future, but I'll hit the big 30 in a month and now it's all I think about. The reality is my generation will not be able to depend on Social Security so our retirement will depend on what we do for ourselves. Be it personal savings, 401K or investments, we must plan for our own financial future. I don't know about you, but I want to enjoy my golden year traveling the Country with my wife. Experts say that the average person needs between 1-2 million dollars set aside for retirement at the age of 60. If that is accurate I would need to save over $33,000 a year to have 1 million dollars at 60. Realistically that will not happen, but saving as much as I can now is better than nothing. Money is a sore subject for most including me, but it is a very important part of life and it must be addressed. So sit down and create a budget, include not only your bills, but a savings plan. You are the most valuable person in your life so you should pay yourself first.