4 Steps For A More Secure Financial Future

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Between household bills, unexpected expenses and trying to save, it can seem like you never get closer to securing your financial future. Luckily, financial security doesn’t have to be an elusive dream. There are steps you can take to help you move closer to making it a reality. 

1. Develop a Budget

The first place you need to start is by developing a realistic budget. After all, you can’t adjust spending and start saving if you don’t know how much you actually bring home each month. Find a comprehensive budget worksheet template and then gather together bills and receipts to get started. Be sure to include everything you spend on throughout the year because it can be easy to overlook annual premiums when you are planning. 

Resist the temptation to focus exclusively on your future and ignore present needs and wants. For most families, a budget should allow a little room for fun and entertainment. Otherwise, you run the risk of feeling deprived and may abandon the plan too early to see positive results. 

2. Pay Down Your Debt

Once you have a handle on what you make and spend, work at paying down your debt. Look at every dollar you spend in interest as one you don’t get to invest and earn interest on. Two common methods are the debt avalanche and debt snowball method. They both require you to really focus on paying off one balance at a time, but they differ in how you choose which one to work on first. Check them out, learn the differences, and see which one works best for your family and lifestyle. 

3. Purchase Life Insurance

Take a minute to think about what would happen to your family if you were to get killed in an accident tomorrow. Would they be able to afford your housing and vehicle payments? For most people, the answer is a resounding no. That is why life insurance is so important. Guaranteed acceptance term life insurance can be a viable option even if you have had trouble securing a policy in the past. 

4. Save for the Future

With a firm grasp of your budget, it is time to look toward the future. Set up educational accounts for your children and ask family and friends to contribute to them for birthdays and holidays. Chances are younger children won’t miss the gifts, and they will really appreciate the lower cost of college when they are older. You are never too young to start saving for retirement, either. If you don’t have an employer-sponsored plan, explore traditional and Roth IRA options and see if one is a good fit for you. 

Taking the time to lay out a budget is an important first set to taking charge of your finances. Having the right savings and investment accounts will help bring it all together. 


About Angie

I'm a wife and a a mom of 4: 3 boys and a girl. I also have 3 fur babies, cats named Soleil, Luna, and a Savannah cat name Malkia. I work part-time outside my home as a COTA/L at a local hospital. I cover Johnstown, Altoona, and Pittsburgh areas. I love to do reviews and host giveaways for my readers. Contact me: angwith4 at gmail dot com if you would like a review.