It all starts with a savings plan where you pay yourself first. By doing so, you ensure that you are able to save for your longer-term needs. Developing a budget allows you to be in control of your financial future. At Jemma Financial, we can help you achieve greater peace of mind.
First Job, First Budget
Congratulations on starting your first full-time job! If you are living on your own for the first time, you’ll find you have monthly expenses including rent, utility bills and possibly a car payment or college loan payments. These are necessary expenses, as opposed to discretionary items such as going to a movie with friends on the weekend.
The idea is to set aside money for your future by starting with a small, manageable amount of money such as $25, $50 or $100 a week. The key is to start as early as possible and watch your savings grow. Budgeting for savings often requires some financial discipline, which may mean considering ways to cut back. Little changes can make big differences over time.
A budget can help you understand how best to spend and save your income—no matter how much you make. Jemma Financial can help you develop a personalized budget that fits you and your future plans.
Developing a Family Budget
Raising children comes with additional expenses. In fact, the U.S. Department of Agriculture found that middle-income families could spend as much as $250,000 to raise a child from birth to 18 years.
Housing, food, transportation, clothing, education, health care and dental expenses add up—not to mention college tuition costs.
Budgeting for these expenses often provides greater peace of mind and puts you in control of life’s financial challenges. At Jemma Financial, we can help.
Once retired, many women live on income from Social Security, distributions from retirement accounts or payments from pension plans. Living on a “fixed income” may require tighter control over expenses.
While some discretionary spending can be curtailed, often many expenses are unexpected. Roof repairs on your house, rising real estate taxes, increased healthcare costs or simply inflation can put a dent in your budget. This is particularly important if your pension payments do not include cost of living adjustments.
In addition, some retirees like to spend money on hobbies, traveling and recreation during the early retirement years. However, you don’t want these early years to deplete your overall retirement savings that you’ll need in the future.
At Jemma Financial, we can help you develop a personalized budget so you can enjoy your retirement years and have greater peace of mind.
On Your Own Again
Today, women are more likely to be single again by becoming a widow or getting divorced compared to the previous generation. If you find yourself in the significant life transition of living on your own, you may discover a new set of budget challenges.
Getting a divorce or becoming widowed can change your sources of income and impact your budget. Keep in mind, you still want to keep reaching for those longer-term financial goals such as saving for retirement.
Understanding your new situation is critical. Jemma Financial can help you develop a detailed budget of both your income and expenses to help you navigate your new financial situation.