As we kick off 2014, many of us are looking forward to a year filled with possibilities and new opportunities. If you’re like many Americans, you’ve set some goals or resolutions for yourself. At IntelliQuote, we often hear from individuals who are trying to get a better handle on their finances in the New Year, a sentiment which we hope you share. If you’ve resolved to be more financially savvy in 2014, we have some advice to help you get there! But before you put the entire family on a shoestring budget, we encourage you to take a few simple steps:
Review Your Monthly Expenses
One great place to uncover savings and rein in your spending is by reviewing your monthly expenses. Take a closer look at everything from your monthly utilities to gym memberships to money spent dinning out. Where do you see the most money being spent? Is it merited? Could you cut back? If you have a membership you rarely use, or you find that you’re spending an excessive amount dinning out, these could be great places to start saving. There is no need to cut everything all at once, it’s better to set a standard to which you can adhere. Select a few expenses to cut back on, and make the pledge to set that money aside.
Review Your Financial Plan
If you have a financial plan, sit down and review it. If you don’t have a plan, now is the time to create one! Your financial plan should outline how much you’re saving on an annual basis, how you’re investing and most importantly, what financial goals you hope to achieve in your lifetime. It’s not only important to have a financial plan but to revisit it annually. Just as you review your professional goals from time to time, it’s important to review your financial goals. This is an opportunity to determine if you are in fact on track, and to make any necessary adjustments to ensure that you stay the course.
Review Your Life Insurance Coverage
Finally, we encourage you to review your life insurance coverage. If you don’t have coverage, now is the time to request a term life quote! Term life insurance is a highly affordable option that will give your family the protection they need. If you already carry life insurance, it’s a good idea to reevaluate your coverage. When was the last time you reviewed your family’s insurance needs? If it has been more than two years, you’re due for a life insurance evaluation. Has your financial situation changed? Perhaps your family has grown? With each major milestone in life comes new financial responsibilities and a need for more life insurance protection. At IntelliQuote, we are happy to provide you with a no-cost life insurance review and should you need additional coverage, we will provide you with instant term life quotes. Simply complete our request form to receive your free life insurance review and term life insurance quotes.
There you have it, by simply taking some time to evaluate your expenses, and review your financial plan and life insurance coverage, you will be on track for a prosperous 2014! Are you interested in receiving more tips and insight designed to help you reach your financial goals in the coming year? Follow our blog! And be sure to read these related posts: