We work hard every day to give our families the best future possible. So why risk your financial security by facing a family emergency unprepared? Give yourself peace of mind by taking these four steps:
- Save Up for Just-in-Case: If you aren’t already, start contributing monthly to an emergency fund. Cut excess spending out of your budget until you’re able to save at least 20% of your income. Save until you ideally have enough in your emergency fund to cover between three and six month’s unemployment.
- Get Out of Debt: Use credit cards carefully. If you can’t afford to pay the balance off at the end of the month, you’re accruing interest, which means you’re losing valuable money that could otherwise go toward your emergency fund. Focus on paying off debts with the highest interest rate first, and don’t let yourself spend more than you make.
- Do You Need Insurance?: Don’t let an accident deplete your emergency funds. While every family’s needs are different, you can only benefit from protecting your family’s finances with a smart combination of policies, such as those for automotive, disability, and life insurance.
- Legacy Preservation: While death is never an easy subject to manage, in the case of your untimely passing, you want to make sure your estate passes to your family according to your wishes. By preparing your trust, will, and other necessary estate documents ahead of time, you save yourself the risk of unexpected taxes and wrong parties taking money intended for your family.
Not every family’s needs are the same. To learn more about how to improve your financial life, visit Syncis at http://www.syncis.com/blog/