Having a plan for retirement can increase your confidence and peace of mind about the future. In order to avoid stressful situations and financial struggles you need to start planning at the earliest possible stage, because the process involves so many questions and much research.
By this point you must have got it all figured out. If not, you need to make some serious decisions related to the lifestyle you want in retirement and how much this would cost you. The retirement budget must include everything from essentials like food and housing costs to the unexpected expenses (as medical bills for example).
Budgeting will help you achieve your goals. Smart planning of expenses and savings won’t limit your financial freedom, just the opposite. In order to progress toward your long-term goals, you would need to analyze and reorganize your finances, prioritize spending, and manage debt.
A good education is usually more costly than you might realise. If you have two or more children than your task is getting really complicated. Education funding begins with saving. Once you have decided how much you want to save, you will need to decide how those savings are invested.