We all have a lot going on in our lives and often have to pick and choose what we accomplish during any given week. Yet, there are some financial responsibilities in our life that we shouldn’t put off or ignore. Here are four financial tasks that you should not procrastinate.
RETIREMENT
Depending on your age, retirement may seem like it’s a lifetime away. The longer you wait, however, the more you miss out on savings. Compound interest plays a huge role in your retirement saving. Even if you aren’t able to save the maximum contribution right off the bat, a small contribution in your 20’s will save up more than a larger contribution in your 50’s.
ESTATE PLANNING
Let’s face it, facing our own mortality isn’t exactly fun, but If you’re waiting for the ‘right time’ to start your estate planning, it may never come. If you die without having an estate plan in place, the assets you were hoping to leave behind to loved ones or actions taken place on your behalf may be put in the hands of a judge.
EMERGENCY SAVINGS
Many people find themselves in debt because of sudden, unexpected expenses. By building up emergency savings, you’ll have some money set aside to help alleviate the costs associated with these types of expenses. Whatever you are able to save should be put into your ‘emergency account’ that isn’t easily accessible so you can avoid the temptation to spend it on something else.
CREATING A HOME INVENTORY
Creating a list of all your belongings can be time consuming and a little overwhelming. However, if you ever find yourself in a situation where you need to replace your property after some type of loss (such as theft, fire, etc.) you’ll be grateful to already have a home inventory list in place. To make things even more convenient, there are several apps available where you add photos, notes, serial numbers, etc. about your belongings. The more details you have now will help ease the process of filing insurance claims down the road.
