Does Your Budget Include Future Planning?

Does Your Budget Include Future Planning?

Household budgets are a pain to plan and even harder to stick to! Life doesn’t seem to get any cheaper as the years go by. The kids need more and more clothes and toys and books. Then they have all their classes and activities that need to be paid for. Extra child care when you least expect it can also throw your budget out of whack. So when on earth are you supposed to be able to plan for your future when every cent is going on today?

Home Improvements

As your family grows, there is a good chance you will need to make a few changes to your home to accommodate everyone. This takes a big cash injection to make happen. Of course, if you’ve been saving up over the years you won’t have to pay over the odds with an interest loan.

How can you do this? Try to put just a few dollars each month away in a savings pot. This will add up over the years, and you’ll be able to cover much of the cost of your home improvement.


All of us want our kids to have every possible opportunity in life. Much of this pivots on the quality of education we can afford for them. Not every child wants to go to college, but having the choice will depend largely on the money you have set aside.

Some parents start putting a dollar a week away from the day their kids are born. This isn’t a bad idea. Put that cash in a high-interest account, and you’ll be surprised by how much you have put away by the time they turn 18.

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More Kids or Pets

If you know you want a large family, then you know there will come a tipping point where your monthly budget no longer covers the extra expense. Put off your pregnancy for a year. Choose a cheaper first pet for your child, like a hamster. You can save up enough to help as your child grows older. As always, a little each month can really grow quite big quickly.

Your Pension

It’s hard to believe right now, but there will come a time when you just can’t work for a living anymore. A pension provides a labor-free income for the rest of your life once you retire.

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The trouble is, many parents are now self-employed and don’t have a pension pot! This is very important to sort out, so speak to a financial advisor about more flexible options. Try to put as much into this as possible to reap better rewards at retirement.

Your End Of Life

This, sadly, is inevitable, and it can be very expensive. Funerals alone can cost thousands, and if your mortgage isn’t paid off, your family might be in trouble. Read up on life insurance options at to see which level of cover will suit your needs in the future. It might depend on your circumstances today.

So many of us are consumed with figuring out how to pay the bills today. We rarely consider the consequences of not planning for tomorrow. After all, it’s not an easy thing to think about.

If you’re struggling to put together a budget that works for you, why not see where you can make more savings? How do you find those extra few dollars for the future?

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