What are the 4 major financial steps in your life? According to NowLoan, a leading UK finance company, the 4 major financial steps in life have started to vary. It used to be education, marriage, children, and retirement. However, things are a little bit different now. Fewer of us are getting married early and many of us are even choosing to stay single long term. 

Does that mean we should refocus our financial goals? Maybe it is about time we reviewed the financial steps we take and start to prioritise some things above others.

Living Longer

The fact we live longer is beginning to have a huge impact on our financial lives. Living longer means that we need to stay financially afloat for longer. Your pension pot needs to last until you are at least in your 90’s and you need to make allowances for that. For the average person, it means you should start to save for your pension at an earlier age and put away aside more money for your retirement. Increased care costs should be part of the picture. In the future, you will probably have to sell your home to cover care costs.

Health Insurance

Is the NHS going to cope with increased medical costs? Both medicine and medical care are becoming increasingly sophisticated, and that means an increased cost to the NHS. Should we take out extra private cover? It could be a good idea to do so. Not only that, but you may just want to save some money towards additional medical costs. It would be a good idea to have an emergency fund for vital medicine.

Buying A Home

Buying a home is still a milestone that many would like to reach. But, are we beginning to look at homeownership differently? The aim used to be “to go for” the biggest house you could afford. 

This is something else that is changing. Now we don’t only look at the size of the home we are thinking about buying, we take running costs into account before we sign on the dotted line. Smaller homes are much more popular than they used to be. Living in micro homes is one of the hottest trends. 

Starting A Family

With the rise in food banks across the UK, couples are beginning to think twice before they start a family. Having a family is expensive and you never know what the future holds. If one of you loses their job, finding yourself struggling for money is all too easy. Food banks prove even average income families find it hard to stay afloat. Many families struggle with credit card debts and loan repayments. 

If you find yourself struggling financially and have debts you feel are getting out of hand, you should take action now. Debt consolidation is one way to help you to improve your financial circumstances. Doing so may help you to save toward those little extras in life we all enjoy. Would you like to know more about how you can help yourself? Feel free to call NowLoan and find out how you can make life easier and more enjoyable.

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