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Many of us get so caught up in the now that we forget about the importance of preparing for the future. Unfortunately, according to a survey from John Hancock, many of us don’t feel ready for their financial futures. Only a little more than half (53%) say that they feel ready for what’s coming in terms of money situation.
So, what are some of the things you can do to feel a little bit better about your financial future? Here are some ideas:
Start Setting Aside Money for Savings
One of the most basic ways to prepare for your financial future is to regularly set money aside as savings. You can reduce the amount that you waste and save money in the bargain. Stop spending money on what isn’t important, and then put that money in an account that earns a return. You can put that money into an emergency fund or invest it in a tax-advantaged retirement account so that you are saving for your financial future.
Having money set aside can be a great way to feel peace of mind about your situation, and prepare you for the unexpected, as well as help you feel more comfortable about retirement.
Get the Right Insurance Coverage
Another way to protect yourself and feel good about your financial future is to get the right insurance coverage. While few of us like paying insurance premiums, the reality is that insurance helps us protect our assets. The right policies, including health, auto, home/renters and life, can all help us prepare for the future. When you know that a natural disaster won’t make it so you have to use all your money to fix your home, you can feel a little more secure about your financial future. The same is true of health insurance, since it provides protection against health problems and unexpected accidents and illnesses. Disability can also be a good choice, since it will help you replace part of your income if you are unable to work.
Life insurance offers peace of mind because you know your family is cared for. If you aren’t sure about what your family will do if you pass suddenly, the right life insurance policy can help you know that they will have the resources they need for the future.
Buy the right insurance coverage, and you’ll feel much better about your financial future — as well as the present.
Take Care of Your Health
Believe it or not, but leading a healthy lifestyle can help your finances. First of all, good health means that you don’t spend as much money taking care of yourself when you are sick. Additionally, the fewer healthcare needs you have, the lower your health insurance costs will be.
You can also be financially rewarded for your efforts to live healthier. John Hancock recently introduced the Vitality program, which helps you monitor your health habits and then rewards you for your good efforts. You can earn gift cards and discounts, including lower life insurance premiums.
Make it a point to live healthy, and you might be surprised at how much better you feel about your financial future.
I received compensation in exchange for writing this review. Although this post is sponsored, all opinions are my own.
Miranda is freelance journalist. She specializes in topics related to money, especially personal finance, small business, and investing. You can read more of my writing at Planting Money Seeds.