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Modern society has seen a lot of advances, but with that comes a lot of complicated processes for preparing for the future. Modern families such as LGBTQ and same-sex couples, blended, multi-generational families and single adults with children all have unique traits which require unique financial strategies and planning.
Planning for your financial responsibilities, education, retirement, and emergency funds is never easy, but as an LGBTQ person in America today, there are helpful ways to prepare. U.S. Bank has a wealth of financial planning resources to help achieve your financial goals here. As a trusted partner to the LGBTQ community, U.S. Bank promotes equality for their employees and clients, through their corporate sponsorship of the Human Rights Campaign, volunteering to teach financial education to homeless LGBTQ youth and offering a Pride-inspired debit card.
It's never too soon to start thinking about the future--especially for your financial future. If you're planning to attend graduate school, get married, buy a home or car, or just to plan for retirement, it's essential to start preparing as soon as you're able.
From early on, even the simplest steps you take will be helpful. Simply knowing and understanding the financial world will help you to prepare. Work on your own estate plan (it can always be changed and updated as your life changes). Open a savings account and put away as much as you can when you're making an income. It's important to have some savings available for emergencies and unexpected costs as life happens.
Create (and stick to!) a budget
Budgeting can and will help with managing your finances. It's just a matter of knowing how and where you spend your income each month. It's easy to track your spending every month.
There are many apps available to track budgets and if you do it for 3 full months, you'll have a good idea of where you typically spend your money. Simply create a budget and stick to it by maintaining regularity with your spending. And of course, don't forget to always put away money for retirement and savings. You should have 3-6 months living costs put away in a savings account for emergency situations; you never know when an unexpected bill or problem might come up!
Manage your expenses
Once you have an established monthly budget for your income and expenses, you can start to plan for the future by slightly reducing your costs and adjusting your expenses. You may be surprised how easy it is to buy "little" things that really add up. For example, a $3 coffee every day can add up to $60 a month and over $700 a year!
And then when you start to look into buying a home or getting married, it's important to also be mindful of ALL the costs associated. Always prepare an extra 8-10% savings for unexpected surprise costs with those big purchases!
Raise your overall Financial IQ
U.S. Bank has the information and products to help you raise your Financial IQ, so you can achieve your financial goals. With a little bit of reading, you can learn how to manage a household, how to organize your personal finances and how to invest and plan for the future.
Look for tips and information, and learn the terminology so that you can better prepare your own finances. The first step is finding the right checking account.
Keep an open dialogue with your partner
Talking about money is never easy--even with your loved ones. But part of preparing for your financial future is also being willing to openly discuss your individual and shared goals. It's an important step with every relationship and the sooner you get it all out in the open, the better.
Whether it's your own goals such as starting a family, getting married, home ownership, or philanthropy, your partner will be a part of the decision-making process so the sooner you can start discussing, the sooner you can start planning. There are endless options for achieving goals and with honesty and compromise, you can effectively plan for the life you want to live. Just make sure to keep the dialogue open and make changes to your financial plans as your life changes. Nothing ever really stays the same.
Deposit products are offered by U.S. Bank National Association. Member FDIC.
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