Invest some of your savings in stocks
It’s natural for people, as they reach a certain stage in life, to take fewer risks and err on the side of caution. If you’ve got some savings prepared for your golden years, it’s normal to want to protect them; but by protecting them, you might have less spending power in retirement, if inflation erodes your savings. Your balance might be slowly increasing in time but not enough to keep up with increasing prices.
So, what can you do to make sure you keep your money from losing purchasing power? You invest some of it in the stock market. Given that your retirement can last 20 or 30 years, you’ll still have time to get back on track if some of your investments depreciate.
Involve your spouse
If your family finances have been the responsibility of only one spouse (you, for example), it’s high time you brought your significant other on board. That’s because you are a team, therefore both of you should deal with existing debts, save money for the future, invest and make plans and strategies in the event that one of you dies or becomes disabled.
The financial reins should not belong to just one member of the couple. It’s something both members need to work out and manage for the sake of their relationship and future. On that note, avoid making these 10 Money Mistakes That Might Ruin Your Relationship for Ever.
