In many cases, the new spirit of frugality is not necessarily born out of financial necessity, but also out of a desire to simplify life, avoid excessive consumption and focus on what’s really important – family, friends and community.

If you’re an adult over 50, maybe you’re exploring the hidden treasures of your own region instead of taking exotic vacations. Maybe you’re barbecuing with friends in the backyard instead of going out to eat. Maybe you’re spending more time playing with your grandkids instead of buying them the latest electronic gadgets.

In short, you’re trying to cut back on spending without sacrificing quality of life. Here are five tips to help.

Examine recurring expenses.

It’s easy to overpay for utilities and other recurring expenses if you don’t periodically review your options and make sure you’re getting the best deal. Many utility companies offer senior discounts, for example, but you have to ask. Also consider a lower-cost no-contract cellphone plan. Consumer Cellular, for example, offers a variety of affordable no-contract voice and data plans that can be changed without penalty at any time. You’re never locked into a plan that forces you to pay for more service than you need, and complementary usage alerts mean you don’t have to worry about accidentally exceeding your maximum allowance. Flexible family plans where couples and families share minutes can save an additional $20 to $30 per month.

Increase energy efficiency.

Another way to reduce your bills is by increasing the energy efficiency of your home. You can unplug battery chargers when not in use, turn off appliances rather than leaving them in standby mode, use energy-efficient light bulbs and turn off the lights when you leave a room. If you’re able to invest a little to ensure longer-term savings – whether through weatherproofing or upgrading aging appliances – you can schedule an energy audit to find out how to get the biggest bang for your home-improvement buck.

Be a smart shopper.

If you’re not into clipping coupons, that’s OK. There are other ways to save. For example, try store-brand products rather than automatically reaching for the brands you’ve always purchased – in many cases, you won’t be able to tell the difference. Buy in bulk if you use large quantities of something. Watch for sales on items you purchase regularly, but don’t buy something just because it’s on sale – if you wouldn’t have bought it otherwise, you’re not saving money. For bigger-ticket items, be sure to comparison shop to make sure you’re getting the best price. Websites such as pricegrabber.com allow you to research numerous retailers without leaving your home.

Take advantage of free entertainment.

Wondering what to do this weekend? Low-cost, or sometimes free, options are abundant. Check the events sections of local newspapers and websites to see what’s happening in the area – festivals, exhibits and other special events are often free, and high schools and colleges frequently host sporting events, plays, concerts and lectures that are open to the public. Libraries are also an excellent source of free entertainment – you can try out new authors, artists and genres with no risk by borrowing books, audiobooks, DVDs and CDs instead of purchasing them. You might even meet some interesting people while you’re out and about in the community.

Reassess your gift-giving habits.

If you’ve ever found yourself rushing to the mall to buy a last-minute gift for a loved one’s birthday, chances are you’ve spent more than you originally planned, settled for something you suspected the recipient might end up exchanging, or avoided the decision by purchasing a safe but impersonal gift card. However, most of us don’t really need more things. Instead, consider giving your loved ones the gift of a shared experience. If your grandson loves animals, take him to the zoo. If your sister is into jazz, take her out for an evening at a jazz club. Of course, you might not end up spending less money this way – experiences come in all price ranges – so do keep your budget in mind. The point is that instead of wasting money on something that might just sit in the garage for years, you’ll enjoy a meaningful experience together. And that’s what quality of life is all about.

Provided by: ARA

If you want to keep your plans in place and your spending on track, it’s important to be smart about fuel consumption. Not everyone can afford to buy a new, ultra-fuel-efficient car, so making adjustments to your existing vehicle – and your driving habits – can help you stretch the dollars you spend at the pump.

Drive mindfully:

If you’re used to speeding up fast and braking at the last moment, you need to reconsider how you’re operating your vehicle – those habits can drain your gas tank and send you back to the pump more often. Instead, make a conscious effort to accelerate and slow down gradually and use cruise control to maintain a constant speed, all of which will help to use fuel more efficiently. When possible, avoid idling and make plans for running errands, to cut down on the number of trips you take.

Reduce drag:

If you drive a truck, smoothing out the aerodynamics of your truck with a truck bed cover or a tonneau cover can make a big difference in fuel consumption. Covers like the Access Roll-Up Cover, manufactured by Agri-Cover Inc., a North Dakota truck accessory company, are a simple solution that will give you immediate gas mileage improvement. The roll-up cover is lockable, so it protects your gear and improves the look of your vehicle in addition to reducing drag and bringing down your gas costs. Covers can be added easily with clamp-on installation and can be rolled up behind the cab when not in use.

Choose wisely:

You’re typically given three options at the pump, with a trio of gasolines with different octane levels – and different prices. One of the simplest ways to cut costs is to opt for the lowest octane fuel that you can use in your vehicle. Making this change can save you hundreds of dollars per year, without sacrificing performance or gas mileage.

Give your vehicle a check-up:

Maintenance and mileage can go hand in hand, so it’s important to make sure that your car is in shape for saving fuel. Check and change your oil regularly – it’s an essential component in reducing wear caused by friction between moving parts in the engine. If it’s not clean, or if levels are low, your vehicle won’t be performing as efficiently as possible. Equally important to getting good mileage is the air pressure in your tires, which should be at the manufacturer’s recommended levels (often listed on the driver’s side door frame). Proper inflation can improve your gas mileage by up to 3 percent. A check of the air, oil and fuel filters should also be included in a check-up.

Making adjustments to your vehicle and the way you drive can be the best way to save yourself from going over budget on gasoline. Start with these tips and you’ll be able to enjoy the season the way you want to.

Indeed, according to the U.S. Small Business Administration, small business owners employ half of all private sector employees, pay 44 percent of total U.S. private payroll, and have generated 65 percent of net new jobs over the past 17 years.

The challenge before American small business owners is keeping their companies financially healthy long-term. This is so that small business owners do not over-rely on the sale of their business alone to take care of them in retirement, and so the business will continue to remain a viable employer in the communities it serves.

Because small business owners and entrepreneurs are busy every day working to keep their businesses running strong, their schedule can often interfere with planning for the future. But in this economy, planning is a must in any business strategy. Without it, business owners may be surprised to find that the ultimate sale of their business may not leave enough for them to live on. This is because the sale timing might be off, or their finances are not strong enough to cover a full retirement.

“Setting a target number – or dollar figure of what is needed to live on for the rest of your life – is important, and it should be determined at least 10 years before you’re ready to retire,” says Tara Reynolds, corporate vice president with Massachusetts Mutual Life Insurance Company (MassMutual). “And as you approach retirement, it’s also a good idea to re-calculate what the business is worth with a proper business valuation to determine how you will need to fund your non-working years, if the value has changed. Having this plan and expectation in place can help you determine the best way and time to retire from your business.”

The average business owner expects to retire at age 68, according to a survey conducted by GfK Custom Research North American for MassMutual in 2011. Yet only one-third of the respondents had a sound retirement strategy to ensure income for life, having access to income when needed, managing potential health care expenses and leaving a legacy to the next generation.

MassMutual financial professional Katheigh Degen of  Kansas City offers the following tips to help small business owners stay financially secure during the run up to retirement.

* Anticipate needs – Traditionally, most people need about 70 percent of their current annual income to live comfortably in retirement. Know what your business is worth – both as one entity, and also broken down into smaller parts. Only about 10 percent of business sales involve the entire business as one lump sum.

* Save on the side – You’ve probably heard about diversifying your portfolio, and the same is true with diversifying your retirement plan. Put aside 20 to 25 percent of your gross income in savings outside of the business. This provides you with flexibility as you plan your exit from the business. For example, if you have an heir or employee interested in purchasing the company, they might not be able to afford it all at once, but could take over the helm with smaller payments over a period of time. Having additional savings can help you tide over in retirement while you also receive payments for the business.

* Explore options – As you near retirement, selling off your business in one setting would make everything easy. But as mentioned earlier, it doesn’t always work that way. Knowing your business’ value can help you evaluate offers that come your way, so you can make an educated decision on whether to sell and live comfortably in retirement, or keep working and pursue a better offer.

* Don’t wait too long to find a buyer – Within three to five years of retirement, business owners should start to find a buyer for the business. Of course, this plan demands that the owner set an expected retirement date and stick to it. By waiting too long, owners may begin to experience poor health and low energy, which could affect productivity and potentially the profitability of the company.

Planning for retirement is so crucial, and owning a business can often add complications in timing the retirement perfectly.

“Business owners put so much hard work into building the business and making it strong and viable in the market,” says Degen. “With additional planning in retirement strategy, a good business owner can retire and see the business continue to succeed even after it has been transitioned over to new owners.”

The tight job market can be especially hard on job seekers with 15 or more years of work experience. As they look through posted jobs, they often find entry-level openings that require less education or experience than they have accumulated. Sheryl Decker, director of Career Services at Brown Mackie College – South Bend, offers steps that can help overqualified job seekers find employment.

“An overqualified job candidate is someone who has too much education or experience, or can be too highly-paid for the position sought,” Decker says. “When employers review a resume, they first tend to weigh the level of education and a candidate’s past experience against the job opportunity. If the candidate possesses qualifications that are higher than the position requires, a manager may set the resume aside.”

An overqualified applicant can raise a red flag for a number of reasons. Employers generally attach a negative connotation to overqualified candidates because they feel the candidate:

• May leave as soon as he or she finds a job commensurate with the higher qualifications.
• May continue looking for employment with a higher salary.
• Has never been promoted by previous employers.
• Has not explained why he or she seeks a lower level position.

“The employer’s top priority is to make the right hiring decision. It costs money to hire and train a new employee, and it is beneficial to the organization when the employee comes on board for the long haul,” Decker says. “It can be scary for an overqualified person who isn’t finding job openings that match their credentials.” How can you overcome this negative perception?

Change the format of your resume

“If you have a lot of skills, it can be helpful to organize your resume into a functional resume format,” Decker says. “Rather than presenting information in chronological order under each position held, highlight your skills and accomplishments as they pertain to the position you are seeking.” You can include the companies you have worked for in the past without emphasizing titles that may raise concerns. Quintessential Careers, a website dedicated to empowering job seekers, supports this tactic for overqualified applicants.

Customize resume to each specific position

“Tailor each resume to include the attributes the prospective employer seeks,” says Decker. “Highlight the things that show you are qualified, not overqualified.” Be sure to include characteristics of your personality that show you are motivated, a team player and dedicated to performing the job effectively. Along with a positive attitude, these soft skills can help define you as an asset.

Call on your professional network

Never underestimate the importance of joining a professional association. “People who know you can vouch for your experience and value to the company, even though your qualifications may be higher,” Decker says. “This is one of the best ways to overcome negative perceptions.”

Honesty is the best policy

“Prospective employers call your references, check your background and criminal history, and speak with the company where you last worked. Be honest about the reasons you left, and make it known that you are flexible about salary in a new position,” Decker says. “Today’s economy makes this a reality.”

Above all, focus on how your learned skills can benefit the company. Employers want to provide good service to customers in a positive atmosphere for employees.

For senior individuals who have paid off most of their major debts, such as home and auto loans, and don’t use credit cards or store retail credit on a regular basis, the possibility of becoming “unscoreable” exists. This can happen because credit score models rely on recent credit activity in order to generate an accurate score. If all recorded credit activity has stopped, then there’s no recent information to use as the basis for a credit score. As a recent Experian study points out, older individuals tend to have better credit scores, so it’s important to do what you can to sustain yours.

Why is having a credit score important for seniors?

If you’ve paid off your mortgage and have plenty of savings on hand to last you the rest of your life, you might wonder why maintaining a credit score would be important. Although you may not be planning on taking out another home loan or making other major purchases on credit, you may need a score for other life events, such as:

• Financing unexpected needs
• Applying for rental housing if you plan on selling your house and downsizing
• Establishing an account with a cellphone provider or other utility
• Acting as a co-signer on a loan
• Entering into a reverse mortgage

How to avoid becoming “unscoreable”

While it may seem logical to close accounts that you don’t use or need, you can keep your score active by maintaining them. This is especially important if you’ve paid off your mortgage and auto loans.

VantageScore, which has the ability to provide a credit score to a broader population of consumers with limited credit histories, recommends keeping at least one credit card active. It’s a good idea to use each of your accounts at least once every 24 months so that your payment data gets reported to the three national credit reporting companies (CRCs) – Equifax, Experian and TransUnion. You can avoid incurring interest simply by paying off your balance after making a purchase.

If you want to close out credit card accounts, it’s best for your credit profile if you keep the oldest accounts active. Credit score models put greater emphasis on the older credit accounts in your credit files because it demonstrates that you have a reliable history of on-time payments.

What to do if you find yourself without a credit score

If you end up in this situation, VantageScore recommends opening a secured credit card, which is a credit card that includes a deposit. Be sure the card issuer reports payments to the three major CRCs.  Some of these cards convert to a regular credit card after a certain period of time.

Another option is to work with a lender that offers manual underwriting, or one with whom you already have an established relationship and knows your finances. Some of the major lenders have the ability to issue credit the old-fashioned way by reviewing your credit files and other data to determine the specific terms if you qualify for a loan. Here again, be sure to work with a lender that is reporting payments so you can re-populate your credit files.

Once you begin rebuilding your credit, you will actually become eligible to receive a VantageScore credit score as soon as one month after a lender first reports your payment information to the CRCs, though for other models this timeframe could be as great as six months later.

Doing what you can to maintain the credit score you’ve worked so hard to establish over the years is important. If you do end up without a credit score, know that anyone – especially someone with a solid financial history – can rebuild their credit by taking a few easy steps.

Identity theft among Americans 50 and older is rising, according to the U.S. Department of Justice’s Bureau of Justice Statistics. In 2010, more than 3.5 million households headed by people 50 and older experienced identity theft, according to bureau figures.

Identity thieves find seniors attractive targets for a number of reasons, according to the FBI, including for their financial stability.  Seniors are more likely to have savings, own a home and have good credit. Fortunately, taking precautions – including monitoring one’s identity and credit through products like ProtectMyID.com – can help seniors reduce their risk of identity theft.

Two types of identity theft that have targeted seniors in the past are phone scams and medical fraud.

The FBI advises seniors to be wary of telemarketers and phone solicitations, since money lost through a phone call is very difficult to get back. The bureau recommends taking precautions when doing business over the phone, including:

* Asking for written material before committing to any charitable request or special offer. If you receive written material, review it with someone you trust.

* Avoid dealing with companies you don’t know, and research unfamiliar companies through consumer agencies like the Better Business Bureau, state attorney general or National Fraud Information Center.

* Know who you’re talking to. Ask for the person’s full name, business title, phone number, physical address, mailing address and business license number. Verify the information before any transactions take place.

* Don’t pay in advance for services, and be wary of high-pressure tactics that require you to act immediately in order to receive a special price or offer.

Medical fraud is another area of particular risk for seniors, who tend to have more doctor visits, hospital trips and prescriptions, and since Medicare can be confusing and complicated.

It’s important to protect your identity by guarding Medicare and health insurance information, just as you would your bank account number or Social Security number. The FBI offers these tips for avoiding health insurance fraud:

* Never sign blank claim forms or give a medical provider blanket authorization to bill for services.

* Make sure you understand what your medical providers will charge and how much of it you will be expected to pay out of pocket. Review your coverage with your health insurance company so you understand what your financial responsibilities are.

* Don’t do business with anyone selling medical equipment door-to-door or over the phone, or who tell you that you can get services or equipment for free.

* Provide your insurance or Medicare information only to those who have given you a medical service.

* Keep accurate records of all your medical appointments and prescriptions.

Finally, if you’re having trouble keeping track of your medical information, ask for help from a trusted friend or family member. Navigating Medicare, health insurance and health care can be challenging. Getting assistance and staying on top of your medical information are key steps toward protecting your identity, and help minimize the risk of becoming a victim of identity theft.

“Since the January 2012 transition from paper to digital savings bonds, account openings on Treasury’s retail website, TreasuryDirect.gov, have increased 9 percent,” says Jerry Kelly, national director of the U.S. Department of the Treasury’s Ready.Save.Grow. campaign. “In many cases, people are opening an account for themselves as well as their children to give relatives and friends a convenient way to give gifts.”

Ready.Save.Grow., a Treasury educational effort to encourage more people to save for their future, provides information on how to open a TreasuryDirect account for you and your children. The campaign also offers these timely tips as you prepare for the upcoming season of graduations, weddings and other gift-giving occasions:

Tip 1: Invest in savings bonds for your child’s future by opening a free TreasuryDirect account.

For as little as $25, you can buy a safe and affordable savings bond – a guaranteed investment – for your child. To enable your child to receive savings bond gifts, open a child’s account within your own TreasuryDirect account.

Tip 2: If family or friends offer to help with your child’s future education, think savings bonds.

When you think about saving for your children’s education, remember that savings bonds offer many advantages, such as:
* Bonds earn interest for up to 30 years.
* The interest earned is exempt from state and local income taxes.
* The interest earned by eligible owners may also be exempt from federal income tax if bond proceeds are used to pay for qualified education expenses. See the TreasuryDirect website for more information on this feature.

Tip 3: Set an example by giving savings bonds to the children of family members or friends.

Start a trend and invest in the future of the kids you know – buy savings bonds in their names. Your family and friends will thank you. To gift a savings bond, you’ll need to log in to your TreasuryDirect account to make the transaction. It’s important to know the recipient’s full name and Social Security number ahead of time so you can complete the gifting process in a few simple steps. Also, be sure to print out a themed gift certificate to include in your card or present.

Tip 4: Encourage your adult son or daughter to list savings bonds on their wedding gift registry.

Even though your son or daughter may be eager to receive new dishes, silverware or linens, a savings bond will be the gift that keeps on giving in the future. When the savings bonds mature, the couple will welcome additional funds for a major purchase, their children’s education expenses or as a supplement to their retirement savings.

Tip 5: Use the gift of a savings bond to teach your child about the importance of saving and financial planning.

Receiving a savings bond for the first time is a great way for your children to learn how to take control of their financial future. Use the gift of a savings bond in your child’s name as a way to educate him or her on the value of money and help sharpen financial planning skills.

The preceding information was provided by the U.S. Department of the Treasury, Bureau of the Public Debt.

TreasuryDirect is a registered mark of the U.S. Department of the Treasury.

Ready.Save.Grow. is a service mark of the U.S. Department of the Treasury.

Whether a severe disability progresses slowly or occurs suddenly, most people are not financially prepared for a health crisis that forces them to stop working. The results can be financially devastating, both to sidelined workers and their families.

“Many people underestimate the financial severity of a disability,” says Paul Gada, personal financial planning director for the Allsup Disability Life Planning Center. Allsup is a nationwide provider of Social Security Disability Insurance (SSDI) representation and Medicare plan selection services.

An important step Gada advises workers to take while they are still employed is to consider long-term disability coverage. These policies generally replace 50 percent or more of a worker’s salary and can coordinate with any Social Security disability benefits he may receive. Because the average SSDI monthly income is only $1,111, and can take two or more years to secure, private long-term disability insurance can be an important source of income. However, few employers offer private long-term disability insurance as an employee benefit, or they ask employees to pitch in to cover premiums.

Workers who have advance warning of a disability should take steps immediately to secure their finances. “If you are diagnosed with a chronic condition that will likely require you to stop working, you need to start planning for that day as soon as possible,” Gada says.

Once someone is forced to stop working because of their disability, there are still things they can do to protect and manage their immediate and long-term financial situation. Fast action is required, though.

“You need to focus on conducting immediate and ongoing financial damage control,” Gada says. “This includes having the mindset that every dollar you spend is a dollar you can’t recoup by working harder or longer because your disability means you’re no longer working.”

Among the steps to take quickly when a serious health condition occurs are:

* Develop a financial plan. Establish a budget, prioritize expenses and identify how to spend down assets in the least harmful way. For example, avoid using retirement income, which may trigger tax penalties, and minimize credit card use to avoid high interest charges.

* Cut costs and identify sources of assistance for living expenses. People need to cut discretionary spending and look at how they can reduce costs for necessary expenses, such as food, housing and health care. For example, many resources are available nationally and locally to help people, if they know where to look. This includes neighborhood food pantries, federal energy assistance, housing programs to help avoid foreclosure and provide rent assistance, and pharmaceutical assistance to cover all or part of medication costs. Nonprofit associations also offer support, such as the National Family Caregivers Association and condition-specific groups such as the National Stroke Association. Allsup provides links to local and national resources on its website.

* Pursue income sources. People with private long-term disability coverage generally begin receiving benefits three to six months after the onset of a disability, though this can vary based on the policy. Additionally, nearly 153 million workers are insured by the Social Security Disability Insurance program through FICA taxes they have paid.

“Bankruptcies, foreclosures and other devastating financial hazards are too common among people with disabilities,” Gada says. “To help minimize these hardships, it’s important to apply for SSDI benefits as soon as possible and to seek representation to help navigate the SSDI process from the outset.”

* Don’t let health care coverage lapse. Individuals who don’t have coverage through a spouse’s plan may be able to secure COBRA coverage through their former employer or purchase private insurance. Both are costly, however, and private plans can still deny coverage to people with pre-existing conditions. Pre-Existing Condition Insurance Plans (PCIPs) may be an option. However, a person needs to have been uninsured for at least six months before qualifying for a PCIP and these plans can be expensive. Individuals aren’t eligible for Medicare until 24 months after they begin receiving cash SSDI benefits.

“Unfortunately, people with disabilities don’t have many good options for affordable health care coverage while waiting for Medicare eligibility,” Gada says. “However, to the extent possible, keeping health care coverage should be a priority so they can continue to get the medical care they need.”

Some people appear to be doing just that. Statistics from the Insurance Research Council, for example, indicate 16 percent of American drivers are uninsured. Nearly half of those say the reason is they can’t afford insurance. And three out of every five U.S. homes are underinsured, with homeowners skimping by paying less for insurance, but running the risk they won’t be able to rebuild their homes if disaster strikes.

You should resist the urge to eliminate car and homeowners insurance in tough times, advises Charles Valinotti, senior vice president with insurer QBE. “Not having insurance may save on premium payments, but it can cost you much more when the unexpected happens,” he says. “Insurance premiums are a bargain compared to the financial issues that could pile up if you have an accident, your house burns down or someone is injured on your property.”

Valinotti notes the insurance protections you can’t do without:

* For your auto – Laws in all states require drivers to either have auto insurance or be able prove they are financially able to pay for an accident. In addition, if you have a loan on your vehicle, your lender typically requires that you carry comprehensive insurance – which covers loss from theft or damage from something other than an accident – as well as collision insurance as part of the loan agreement.

Valinotti says if you don’t carry minimum amounts of insurance or can’t provide proof of financial responsibility, you might face fines, license suspension or even jail time. “Make sure you know what you need to meet the minimums for auto insurance liability, bodily injury and property damage required in your state.”

If your budget allows, consider uninsured and underinsured driver coverage. “In these challenging economic times, chances are you could get hit by a driver who doesn’t have insurance,” Valinotti says. “If that happens, you need to protect yourself.”

* For your home – You can legally own a home without insuring it. But Valinotti says going without insurance is a huge risk you don’t want to take, especially in a bad economy. And, if you have a mortgage, your lender will most likely require you to carry insurance – and in some regions, additional flood and earthquake coverage – to protect its investment.

A standard homeowners policy comes with the coverage you need built in: for your home’s structure if you need to repair or rebuild it, for your personal belongings if they’re stolen or destroyed, for liability protection against lawsuits, and to pay for additional living expenses if you can’t live there due to damage from an insured disaster.

Valinotti says instead of thinking of dropping your homeowners insurance, look at ways to lower the cost. “Raise your deductible, or see about getting discounts, such as buying your homeowners and auto insurance from the same company,” he says. “You can also keep your premiums in line by reviewing your policies and the value of your possessions at least once a year.”

Provided by: ARA

If you haven’t considered yourself as a candidate for estate planning, you might be underestimating the value of your assets. In fact, you might think of items like your home, your car and your life insurance simply as part of the background of your life, but they are, in fact, assets – and valuable ones at that. And if you’ve underestimated your need for putting together an estate plan, you’re not alone. The unhappy result of failing to plan may be unnecessary fees, expenses and delays at a time when your loved ones are struggling to cope with loss.

“As many as 120,000,000 Americans do not have up-to-date estate plans,” says Clark McCleary, president of the National Association of Estate Planners & Councils (NAEPC). “That makes it one of the most overlooked areas of personal finance, but it’s also one of the most important. Estate planning protects you, your family and your family’s future, so it shouldn’t be put off.”

The complex nature of planning your estate might put some people off, but in that situation, a professional, Accredited Estate Planner (AEP) can simplify the process.  Working with a team of professionals ensures that your plans are streamlined, understandable and clear-cut, to avoid confusion down the road. The NAEPC makes it easy to find vetted professionals in your area with a search tool on its website.

The economic challenges of the past few years have shown many Americans the importance of saving and making well-considered financial decisions.  Even as awareness has grown, programs that support the development of financial literacy have also gained traction. As important as it is to create and maintain a household budget and use credit wisely, it’s equally essential to include estate planning as part of an overall understanding of personal finances.

For most people, the human element of estate planning is key, but it sometimes gets lost in the discussion of accounts and numbers. The most important thing to remember is that planning your estate well ahead of time – when you’re feeling your best and when you’re calling the shots – ensures that your goals will be accomplished.

Though young people often don’t feel the need to take action, a well thought out plan is the best way to ensure that your wishes, from guardianship of young children to charitable intents to caring for older parents, are carried out the way you want them to be. Your plans can always be updated as life’s inherent changes alter the landscape, but establishing a starting point that clearly represents your wishes is the first step that needs to be taken.

Giving yourself and your family peace of mind about the financial concerns of the future is a great gift. If you’ve never considered an estate plan, speaking to an Accredited Estate Planner can help shed light on how a plan can benefit you and your loved ones for years to come.

Provided by: ARA