Five Ways to Prepare for the Future

The future may seem far away and irrelevant to your current life, but it’s important to plan for it. Being prepared for what comes down the road, good and bad, will serve you well. Here are six ways you can be prepared for whatever the future brings. 

Start an Emergency Fund

It may seem challenging to put money in savings, especially if you’re living paycheck to paycheck, but nothing will prepare you for what life throws at you like starting an emergency fund. You should have enough saved to cover two or three months of expenses. 

When starting an emergency fund, first think about your needs, like food, shelter, transportation and childcare. Plan to save to meet those needs. Next, think about what you could let go if you absolutely had to and create a budget and plan to reflect these hard times. 

Make a Budget and Stick to It

In fact, creating a budget and sticking to it can help you be prepared in non-emergency times too. Budgeting will help you understand where your money is going on a daily, weekly and monthly basis. The better you understand your finances, the better prepared you are for the future. 

Budgeting may even help you save for your emergency fund. Add bigger expenses that you know you’ll need to plan for to your budget in monthly increments. For instance, if your goal is to save $500 for new tires in ten months, add a line item of $50 a month to your budget for the next ten months. Do the same with your emergency fund: Crunch the numbers, figure out how much you need, set a goal date, and add a line item for the amount to your budget each month. 

Be Ready for Life’s Curveballs 

At times, life will throw you curveballs that a budget and emergency fund aren’t going to be quite enough for. This is where life insurance and estate planning come in handy. A participating whole life insurance plan can go a long way in your future. Not only does this type of policy pay out death benefits, but it builds equity, has guaranteed cash value and pays dividends. 

For similar reasons, it’s also important to think about estate planning no matter your age. Have a plan in place for what happens in case you die. Make sure your retirement accounts and insurance policies all have beneficiaries. Leave instructions for what to do in the case of your death. Not planning for the worst will make your loss even harder on your loved ones. 

Live Healthy

If thinking about what happens after you die has you cringing, then plan to live a long life. Plan to be healthy and happy into your golden years by being active now. According to science, people who live a healthy lifestyle actually live longer, will be disease free, and can maintain more active senior years. 

What habits should you follow? Scientists found eating a diet that’s plant-centric and low in fat, exercising several hours a week and maintaining a healthy body weight all had a positive impact. They also found that smoking and drinking more than one or two drinks a day had a negative impact. 

Learn About Your World

Now that you know what to do with your wallet and your body to prepare for the future, you may be wondering what you can do with your mind to prepare. Being a lifelong learner can help you prepare for whatever the world throws at you. Spend your life being curious, asking questions and finding answers. 

Being a lifelong learner will help you understand and prepare for new technologies and the ever changing job market. It will also help keep your mind sharp as you age. In fact, a study has shown that lifelong learning can reduce senility and improve cognitive ability in older generations. Learning activities can even help delay symptoms of diseases like Alzheimers. 

The future might seem a long way off, but the truth is that it’s right around the corner. How you plan today will help set you up for success tomorrow.