Is one of your new year’s resolutions to be more mindful about your spending?
Start by considering your financial wellness. Along with your insurance, having enough savings can bring you peace of mind and help you prepare for the unexpected.
You can protect your and your family’s financial wellness by taking four careful steps to reach your money goals, including:
1. Building an Emergency Fund
Personal finance experts recommend having at least three-to-six months of living expenses in an emergency fund. Along with looking at your spending habits to see where you might be able to cut back, schedule automatic monthly deposits to your savings account with whatever amount you can afford.
2. Contributing to an HSA or FSA
A health savings account (HSA) or flexible spending account (FSA) can offer certain tax benefits while also helping you save for future expenses. (You may even be able to earn interest on your balance.)
3. Learning More About Disability Insurance
If an injury or illness keeps you from working, you’ll need to think about your family’s finances. Disability insurance replaces a percentage of your income in the event of an accident. That way, your family is financially cared for even if you’re unable to work.
4. Protecting Your Financial Wellness With Life Insurance
Do you have enough life insurance coverage? If you have children, a mortgage and other financial obligations, you’ll want to make sure you have the right amount of protection.
Looking for more money-saving tips? Get in touch today to discuss your life and health insurance needs or anything else.