Safeguard Your Financial Future

A bumpy economy and rising cost of living have Americans rethinking their monetary situations. Although short-term pressures and demands can make it difficult, developing a strategy is key to establishing a solid financial future. Wondering where to start? Here are five tips to help build financial knowledge and resilience.

1. Review your current situation
While meeting your immediate needs is essential, so is planning for the future. Determining what money is coming in and what you owe each month tells you how much is left for discretionary spending and saving.

2. Start saving now
Setting aside a modest amount every month will grow into a more meaningful account balance over time. Consider taking advantage of options like employer retirement savings programs that deduct funds before taxes, especially if the employer matches your contributions.

3. Consult a professional
Financial professionals can help design a strategy tailored to your specific needs. They specialize in helping individuals and families find financial confidence through life insurance, retirement and wealth-building strategies.

4. Prepare for the unexpected
Unexpected events like unplanned home repairs, medical expenses or leaving the workforce early due to illness could put a major dent in your financial plan. Creating an emergency fund — separate from a savings account — can help offset the impact of unexpected expenses.

5. Safeguard your family
Life insurance is designed to help safeguard finances in the event of a loss, accommodating different budgets and lifestyles. Term life insurance offers individual protection for a specified number of years, while permanent life insurance remains in effect until the policyholder’s death. Most permanent life insurance policies also offer some type of savings component that builds cash value over the life of the policy.

Visit WorldFinancialGroup.com to learn more tips and tricks to be a finance whiz.

—Family Features