With the change of the seasons comes a lot of personal changes- kids and teachers go back to school, young adults return to college, and heating bills skyrocket with the return of the scarier side of Ohio weather. And, you can’t forget the more fun expenses, such as trips to Halloweekends at Cedar Point, morning Pumpkin Spice Lattes, or visits to the apple orchard. With the frenzy that often accompanies the start of Fall, it can be easy to let your financial well being “fall” to the wayside. Luckily, Savoy Insurance Group has three easy tips that you can use to improve your finances this fall.
- Spend less than you earn.
This tip may seem self evident, but around fifty percent of Americans are entrenched in Credit Card debt (Best Money Moves 2018). Creating a weekly, monthly, and/or yearly budget is an easy way to keep track of your spending. And, if you stick to this budget, you’ll ensure that you do not spend money that you do not have. Dedicating a few hours to tracking a budget each month could mean thousands of dollars of savings.
- Purchase a Life Insurance Policy
Purchasing a life insurance policy is one of the easiest and most affordable investments that you can make into your future. According to Midland National Life Insurance Company in 2019, Life Insurance “can help provide a death benefit to your loved ones if you were to die unexpectedly” (Midland 2019). But, Life insurance can be so much more than this. It provides a sense of financial security for your family in the event of your passing. It also can allow you to invest funds in the stock market through such policies as the Variable Universal Life Policy. There are as many policy options as there are reasons to purchase life insurance. Call a local agent to set up a quote- most agencies, including SIG, quote for free. And, better yet, some life insurance policies can cost less per month than a weekly Pumpkin Spice Latte.
- Snowball Your Debt!
Though snow won’t be in the Ohio weather forecast for several months (fingers crossed!), you can use this common and effective method for paying off your outstanding debts. In the snowball method, you list your debts from smallest to largest, and contribute some extra money every month to paying off your smallest debts first. This allows you to organize your debts in a comprehensible and organized way, and pay them off efficiently. Use a calculator, like the one from NerdWallet (https://www.nerdwallet.com/blog/finance/debt-snowball-calculator/) to get started.
Armed with these three tips, you can confidently “fall” into autumn with your financial wellness in check. For more information about life insurance, call Savoy Insurance Group at (440) 365-0435 to discuss your options, and start a free, no obligation quote today.