How Much Life Insurance Do I Need?
Just Starting Out
Get an Early Start on Your Financial Plan
It may seem as though you have all the time in the world to start a financial plan and save money for retirement. And while you may have some time, the longer you wait, the more it will end up costing you. The key is to start saving early, and saving often.
So don’t delay. Use the following information to find out what you should be doing today for a more secure financial future.
Renting a property
Before renting an apartment, condo, or home to live in make sure you take the following steps:
- Determine your monthly rental budget. Make sure your rent is well within your means and will allow you to save money as well.
- Think about sharing a rental with a friend or family member to defray costs.
- Consider working with a real estate agent who can help walk you through the process.
- Know what the monthly rent includes, such as utilities or building maintenance.
- Find out if there is a security deposit, and if so, what it covers and how much is required.
- Read the rental contract thoroughly before signing.
Buying a car
When buying a car, it’s important to do the following:
- Research information about different vehicles online before you go out shopping.
- Know your budget and be practical. Remember that you just need a reliable car that will get you where you need to go.
- Decide whether you want to buy a new or used car. Keep in mind that a new car typically starts to depreciate the moment you drive it.
- Research your financing options and look for low interest rate offers.
- Go green. There are both gas efficiency and tax benefits to buying a hybrid car.
- Compare insurance costs. These can vary greatly from one vehicle to another, and therefore can impact your monthly car-related expenses.
- Don’t be afraid to walk away. During the sales process, it’s important to stay levelheaded and not be talked into buying a car or features you don’t want or need.
- Bring support. You may want to bring a friend or family member with you to help in the decision-making process.
Buying a home
There are numerous steps involved in buying a home, from getting pre-approval to closing.
The basics of managing your money
When you’re first starting out on your own, it may be the first time in your life that you’re responsible for having a credit card, paying bills, creating a budget, and balancing your checkbook.
While it can be a lot to manage, reading through the following information can help:
Protect your worth
Being financially secure isn’t just about saving money—it’s also about protecting all the assets you’ve accumulated. Insurance is important no matter where you are in your life. Even if you’re single and don’t have any children, insurance helps to ensure that other family members will not be held responsible for your debts in the event of your death.