You've probably heard the term “adulting” thrown around on social media. It’s a way of talking about the real world responsibilities that no one finds fun but that we all have to do. Besides those day-to-day tasks, “adulting” also includes planning for the bigger events in life. Whether it’s the fun ones like getting married or the hard ones like handling unexpected changes, we all need a solid plan to protect our futures and our families.

#1  Expect the Unexpected

If there’s one thing you can count on when it comes to unexpected life events, it’s that you can’t control everything. Having a smart plan for the future should include strategies to manage those things we don’t see coming. What if one spouse loses their job, or what if one spouse passes away unexpectedly? These aren't circumstances we want to think about, but you need a contingency plan for getting through the “what-if” scenarios.

One of the best things you can do is estate planning. According to Investopedia, in addition to setting up a will or trust, estate planning should also include establishing a durable power of attorney, designating beneficiaries, creating a letter of intent to the executor of your will, designating a healthcare power of attorney, and choosing a guardian for your children. 

Now is also a good time to start making arrangements for your funeral. Though this may be an uncomfortable topic, planning in advance can help your family through the grieving process, since they’ll have a better understanding of your wishes for burial and service. Planning for these arrangements should also include paying in advance, so that your family can save money on funeral expenses. There are several ways to put aside money for your funeral, such as setting up a joint bank account with family members, purchasing burial insurance, and signing up for “pre-need” insurance through a funeral home. Whichever option you choose, be sure to have a gentle conversation about it with your family, and let them know the specific arrangements you have in mind.

Along with these steps to make sure your wishes are carried out and that your assets are protected, it’s also important to think about your family’s needs, especially their financial future. The best way to protect them is by purchasing life insurance. One of the most popular options is a 30-year term life insurance policy. These policies are best for people who can anticipate their loved ones having expenses for a length of about 30 years, such as paying off a mortgage, replacing the income of a primary breadwinner, or caring for a family member with special needs.

#2  Set Life Goals

Thinking about life goals sounds like an overwhelming prospect, but it really is simpler than you think. Look at the big picture, and consider how your overall wants and needs fit in with your financial goals. Do you have kids, or do you plan to? Do you plan on one partner being a stay-at-home parent? What about saving for college? Laying out these goals is the first step toward making sure you have the right financial plan. Then, you can take steps like opening a college savings account or paying down debt.

#3  Stay Proactive

Even if you have a solid plan for the future, whenever you have major life changes, you may need to reevaluate your financial plan. According to Discover, the primary changes that warrant a second look at your finances are marriage, the birth of a baby, and having a child start college. Of course, smaller life events can impact your financial plan too.

When these events happen, you don’t have to change everything you’re doing, and you should never make rash decisions. You just need to assess your situation and decide what (if any) changes make sense. For example, Nerdwallet lays out the financial steps you should take when a baby is on the way. But with all the new things you should do, don’t forget your long-term goals, like contributing to retirement accounts. Part of staying proactive also means taking smart risks. The word “risk” may sound negative, but taking smart risks can payoff. 

You should also keep communication about money open with family members. Talking to family about money isn’t easy, but there are certain conversations you need to have not just with your spouse, but also with aging parents. 

Having these conversations about finances will ensure you’re on the same page with those close family members. This is just one way to be proactive about meeting your financial goals. Make a priority to do all of these steps, and you can be confident that you and your family will be protected for the long term.

Economist Kenneth Rogoff published in 2016 a book, named “The curse of cash”, pointing at the numerous societal woes he attributes to hard currency, and praising its disappearance in favor of digital money. Despite an obvious desire to adopt a balanced and reasonable stance, several of the points made within the pamphlet reveal links to the partisan war on cash and misrepresent the role of cash in our societies.

In Rogoff’s defense, several good points are made in his new book, “The curse of cash”. The Yale economist assesses, for instance, the Indian cash ban as brutal in its implementation and disastrous in its effects, a point of view shared by just about every observer in the world, save prime minister Narendra Modi, who made the decision. But, all in all, Kenneth Rogoff doesn’t beat around the bush in revealing his opinion: cash is evil and should be replaced. In his introduction, he writes “Cash is becoming increasingly marginalized in the legal economy, but there is a record amount of it in circulation—$1.4 trillion in U.S. dollars alone, or $4,200 for every American, mostly in $100 bills—and most of it is used to finance tax evasion, corruption, terrorism, the drug trade, human trafficking, and the rest of a massive global underground economy.” Also, he concedes that a total destruction of cash currency would have massive and irreversible consequences on the individual freedoms and civil rights, giving unlimited monitoring power to governments who wish to track their citizens. Here again, a vast majority of observers around the world agree with him, as a simple Google search on cashless societies will result in hundreds of bells, alarms and flags warning of the dystopian and Orwellian society which would arise.

Considering that the war on cash has a better chance of succeeding by being waged discreetly, Rogoff advocates for a stealthy, divisional approach; a strategy shared with most of the anti-cash lobby: mainly banks and governments. Investigative reporter Brett Scott writes for the Guardian: “we see an alignment between government and financial institutions. The Treasury recently held a public consultation on cash and digital payments in the new economy. It presented itself as attempting to strike a balance, noting that cash was still important. But years of subtle lobbying by the financial industry have clearly paid off. The call for evidence repeatedly notes the negative elements of cash – associating it with crime and tax evasion – but barely mentions the negative implications of digital payments.” Banks are generally favorable to Rogoff’s views, because cash represents the least convenient form of money for them, and also because cash can leave the banking circuit through withdrawals. If societies were to become cashless, the entire economy would be trapped within the banking world. Banks, like any other business, wish to keep the money close, hence their support of Rogoff. Governments, also, support these views, for two main purposes. The first is to tighten their grip on their own economies. When macro-economic decisions are made, central banks and survey institutes can accurately measure results through banking movements - whereas the cash portion of the economy is much harder to track and assess. Also, governments tend to hate cash because they consider it a preferred means for criminals, traffickers and, of course, tax evaders - although ample evidence shows that the crime world has long moved on from the “dollar suitcase era” and invaded the digital world.

Indeed, financial analyst Stephen Platt writes: “Unlike suitcases full of cash, credit and charge cards are mobile. They cross borders without arousing suspicion. They can be utilised anywhere in the world not only in financial institutions but in retail outlets, hotels, restaurants, travel agents, and money service businesses. In short, armed with a credit card you can pretty well go wherever you want and provided the credit limit is high enough, do whatever you please”, revealing that cash was abandoned in large part by the mob when mobile and digital solutions offered a far safer alternative. While one might imagine indeed that criminals would make substantially larger incomes than regular citizens, it is hard to take the volumes involved by Rogoff at face value and admit that dollars are now owned by criminals instead of honest citizens. According to his assessments, and that of the US government, virtually every single dollar in circulation in the United States would be in criminal coffers and used to finance criminal transactions. It is far more realistic to consider that each bill is used for a hundred legitimate reasons between each unlawful payment. Gainsayers of Mr Rogoff consider cash, not a curse, but the most valuable form of money: flexible, environmentally friendly, safe, symbolic of national unity, socially inclusive, technologically immune and, most of all, private - that last quality gets double points from the civil liberties watch dogs who have been blowing whistles for years.

The thoroughness of the work provided by Kenneth Rogoff can hardly be called into question. As a Yale graduate, and one of the few economists to focus on the war on cash, his data-crunching and analysis is respected, and respectable. However, a clearly biased, anti-cash, pro-bank and pro-government drift can be sensed in the “curse of cash”, if only in the title. The figures used, namely, to size the underground economy, come from… the IRS. Until now, banks and governments have been slowly putting the squeeze on cash while assuring that they are not. Ken Rogoff lending the movement his voice marks a new turn in the war on cash.

When you're struggling to make ends meet from one payday to another, money can start to become a stressful topic for you and your family. If you're careful, you might be able to plan how you're going to use every penny you earn from your income in advance. However, usually, this means that you'll need to compromise on a lot of things, including how much you can devote to your debt repayments.

Even if you compared your loan providers before taking out a cash advance and made sure that you were getting a deal from the company with the best interest rates, you might find it challenging to give the lender more than the "minimum" at the end of each month.

Fortunately, if you're looking to get out of debt as quickly as possible, and start thriving financially, there are a few things you can do to improve your chances of success.

1. Find Out What your Biggest Issue Is

If you've chosen the best possible lender for your needs, then your issues with debt come from one of two sources. Either you don't make enough money each month to deal with everything you have to pay for, or your budget isn't up to snuff. Some people suffer with a little of both issues. 

If your issue is that you're not earning enough, you can start applying for extra jobs on the side to upgrade the amount of money you earn. There are plenty of freelance positions available today that allow you to earn money online on a schedule that suits you. If your problem is with your budget, then you need to sit down as a family and figure out where you can reduce your outgoing costs.

Either way, you'll need to look at your bills and incoming cash and start by figuring out where the bulk of your problems lie.

2. Look for Ways to Reduce Spending

Even if you're struggling with a low income, reducing spending is always a good way to get yourself out of debt faster. Most people focus all of their attention on cutting luxury items out of their budget. However, there are other big costs that you might be able to reduce too. 

For instance, if you're spending too much on your car, could you sell your vehicle and use public transport instead? If your insurance provider is costing you a fortune, would it be a good idea to switch to another company?

Depending on how severe your situation is, you might even decide that it's time to move to a smaller apartment or start sharing your home with a room-mate. 

3. Make Being Frugal Part of your Personality

Usually, when people are facing financial problems, they assume that only huge changes can make a difference to their future. However, the truth is that you can accomplish a great deal by taking small, frugal steps every day. For instance, whenever you go out grocery shopping, make sure that you take a list with you that will guide you to only buying the things that you need. This will reduce your chances of impulse spending. 

Additionally, when you're buying something new, make sure that you take the time to compare the prices you can get from other stores and providers online before you commit to anything. This simple extra step could save you a fortune over time. 

4. Make An Emergency Fund a Priority

While your main focus right now might be getting out of debt as quickly as possible, that doesn't mean that you should open yourself up to disaster whenever something unexpected happens in your life. An emergency fund is a great way to make sure that you're not going to end up in more debt when you're living from paycheck to paycheck. 

At first, it's going to be difficult to put any money aside each month. However, even if you can only spare $10 a month, you'll have a small amount of cash that you can tap into when something happens that you haven't planned for - like a flat tire or a broken dishwasher. 

5. Keep Adapting and Evolving

Finally, once you've finished working on your budget, and you think you're placing as much of your available cash into paying off your debts as possible, don't just forget about your spending for another year. Every couple of months, come back to your financial plan and ask yourself if there's anything you can do differently. 

Your budget and finances will change all of the time. Make sure you're not missing out on any useful opportunities to save more money.