How to Prepare for the Future While Still Planning for the Present
Since we’re still a one-income family, with plans in place for all of that to change, we have to be quite mindful about the money that we have. That means making decisions for how we can prepare for the future while planning for the present. This includes multiple aspects of our lives- from retirement savings, to daily expenses, to future things. One of the main things that we’re trying to save for is our youngest daughter’s college expenses while on a budget. With thanks to NY529 Direct for sponsoring this conversation, let’s dive in.
We want to make sure, first and foremost, that we have enough money to cover our present expenses. By present, I mean things like:
- Groceries
- Utilities
- phone bills
- Cable/Internet
- Homeowner’s insurance
- Car insurance
And between the two of us, we’re able to manage quite nicely while still having some money left over.
However, we also acknowledge that we need to start preparing and saving for the future. Things like:
- a house
- a second car
- a new computer
- retirement
- college savings
Really, I could go on but those are the major expenses that we’re planning for in our long term budget so we can balance our future with our present.
When it comes to our family budget we include the following:
- Current expenses
- Income in
- Future expenses/savings
- Future monetary goals
The main thing we don’t plan for is future income for me but we do account for that with Kyle. I am, after all, still trying to find a way to make this whole work at home thing work out while still being present for my family.
Since Squeaker has entered our lives, our future has never been more certain as it is uncertain.
She has turned our lives upside down and changed everything as we knew it. Of course, we wouldn’t change any of this for the world.
But, it’s also meant having to add in additional factors to our long-term and short-term financial goals.
We know that we want her to be successful and to pursue life to it’s fullest. Of course, this will be determined largely by her and her interests but I would love to see her attend college in the future. I know that I can’t force this on her, but I can at least encourage her to do so.
I can also make sure that we’re prepared for this if she chooses to attend by continuing to invest in our NY529 Direct Plan.
In addition to a traditional college education, this covers:
- Postsecondary trade and vocational schools.
- 2- and 4-year colleges.
- Postgraduate programs
If she chooses to attend a school out of New York state, she can do this as well.
This also covers expenses associated with college such as:
- Tuition
- Books
- Supplies
Expenses are tax deferred and anyone can contribute to the NY529 Direct Plan which makes for a convenient and useful birthday gift. You can find out more about the savings plan on the NY529 Direct FAQ page.
Since opening our account earlier this year, we have now included a line in our family budget for a monthly contribution. Granted, it’s not much but it’s something that we want to be mindful about.
Still, it’s something that we wanted to get into the habit of so we’re making contributions regularly. We will also remind family and friends that this as an easy way to get a gift for the girl who has just about everything she could already ask for.
The NY529 Direct Plan has already made a huge difference for us and our family. And I know that it will only continue to be a difference maker when it comes to preparing for the future while still balancing the present.
Disclaimer: Compensation was provided by NY 529 Direct via Momtrends. The opinions expressed herein are those of the author and are not indicative of the opinions of NY 529 Direct or Momtrends.Â
Kori
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