5 Smart Moves to Prepare for the FutureJune 7, 2018
This is a sponsored conversation written by me on behalf of Our Life Covered℠. The opinions and text were created by me and reflect my beliefs. This article is for informational purposes only and not intended to provide any specific financial advice.
Many of us spend a lot of time focused on day-to-day responsibilities, but when we take a step back & look at the big picture, our financial future is typically associated with a lot of questions. Are we saving enough? Is our retirement plan sufficient? Do we need to consider getting life insurance? Today I’ll be sharing some smart, easy-to-implement moves to help prepare for your future.
1. Create an automatic savings account!
One way to build a nest egg for yourself is to set up automatic transfers of cash from your checking account to your savings account. You can specify the amount and the frequency necessary to achieve your financial goals. By automating this process, you’ll be creating wealth over time without any extra effort. I have always had an online savings account because the interest rates are very competitive. Not sure how to find the best rates? Check out BankRate for a convenient listing of online savings accounts.
3. Purchase life insurance!
When it comes to preparing for the future, purchasing life insurance can be an important part of the equation. I recently discovered Our Life Covered℠, which was created for women, by women. I love that they help to simplify the process of purchasing life insurance. Through Our Life Covered, you can compare policies from top-rated insurance providers all in one spot. You can purchase life insurance through their completely-online system or by chatting with one of their agents over the phone. As a busy mom & entrepreneur that’s always on the move, I love having the option of a completely-clickable process!
I’ll be the first to admit that thinking about one’s mortality is not necessarily pleasant but preparing for the future is definitely a smart move. After all, if the unexpected were to happen, I want to make sure that I have a plan in place to help better protect my family financially.
As a mom, my family is my whole world! Knowing that my loved ones would be better taken care of financially gives me peace of mind. With Our Life Covered, the process of getting a quote is easy and very user-friendly. Simply visit this page and answer some simple questions to get started.
Through their convenient online portal, I can browse various policies & find the right match for me and my needs. Oh, and one of my favorite features is their Understanding section which provides me with the guidance and answers I need to make the right decision about life insurance for myself and my family. With the right life insurance policy in place, I have a better sense of control over future plans & expectations.
By the way, even if you’re young & healthy, don’t assume that you don’t necessarily need coverage. Now is a good time to secure coverage typically at a lower price and help better protect your financial portfolio for the future. If you’d like to learn more about life insurance in general, such as how much coverage you might need, be sure to visit the Our Life Covered blog for useful resources & articles.
A shocking statistic I recently learned is that 48% of people who have life insurance don’t have enough to cover their family’s financial needs! (via LIMRA 2016 Barometer Study) Don’t let that happen to you. Leave a legacy you’re proud of!
3. Pay off debt!
When thinking about your future finances, you definitely don’t want to be carrying a monthly credit card balance. Start by creating a realistic budget that factors in your income and expenses (rent/mortgage, utilities, transportation, entertainment, etc.) Be honest with yourself about your real expenses every month. Overwhelmed by the thought of setting up your own budget? Check out this useful budget template to get started. Once you’ve created a budget, allot some money each month to pay off debt. Start with the debt sources that have the highest interest rates. For many people, that will be credit cards. Actively pay down your credit cards each month. Once they’re indeed paid off, do your best to live below your means and try not to accumulate a large credit card balance again.
4. Set up a retirement account!
It’s never too early to start contributing to a retirement account. In fact, the earlier you start, the more time you have to watch interest work its magic on your account. Even though it may be tempting at times, don’t stop contributing to a retirement account (except in extraordinary circumstances) – keep those contributions flowing like clockwork. Many employers offer a 401K account which will allow pre-tax contributions to grow tax-free until retirement. If you don’t have the option of a 401K, you can always set up something like a Roth IRA with a brokerage service. In this case, you’ll be contributing after-tax dollars, but you won’t have to pay tax upon withdrawal at retirement age. Here’s a useful breakdown of the most common retirement accounts. If all the nuances seem overwhelming, speak to a licensed financial advisor to determine the best path for you.
5. Change your outlook!
At one point or another, we have all fallen into the trap of trying to keep up with the Jones’s, but that’s a vicious cycle that never really results in happiness. Avoid the temptation to purchase the most recent, expensive gadgets every month. You don’t need the car with all the bells & whistles. You don’t need to take that fancy vacation. You don’t need those diamond earrings. Having a financially secure future is worth much more than all those material things. When you stop spending beyond your means & start enjoying life in a more simple form, you can find true happiness.
I hope this list has inspired you to prepare for your future. Don’t forget to check out Our Life Covered to learn more about their life insurance policies.
Our Life Covered always recommends speaking with a financial advisor to discuss your options, pertaining to your finances. You can also reach out to speak directly with one of our licensed agents to further discuss your options for a life insurance policy that will best suit your needs.
This is a sponsored conversation written by me on behalf of Our Life Covered. The opinions and text were created by me and reflect my beliefs.