Financial wellness is an important part of the wholistic wellbeing of your family. Making small changes and being more intentional with your finances can set you up for success in the coming years. We got with some financial experts in town to give us tips on how to have financial peace of mind going into the new year.
Mark Roller- State Farm (256) 533-4730
A Term Life Policy - This is a great affordable policy that gives you the coverage you need through the early years and then money back at the end. The Return of Premium (ROP) term life insurance product offers a level death benefit equal to the face amount of the policy and guaranteed premiums for either 20 or 30 years. If the insured survives until the end of the term, the premiums paid into the policy are returned.
A Personal Article Policy - This is a great idea because it can cover anything from Jewelry to Pets. Giving you peace of mind that your valuables are covered. Even things like Fine Arts, baseball or sports cards, or wine collections can be covered.
Alex Pols, Senior Wealth Manager Morgan Stanley
Plan Today For Tomorrow - What you do or buy today will impact when and if you can have the retirement lifestyle you really want. Planning can help model out these decisions by illustrating how spending and saving today will impact your ability to achieve your goals. We live in a YOLO world today and unfortunately, what I see is many people walking down a path that will lead them to disappointment later in life. As a whole people need to moderate expectations of what they can have whether it be the house we in live, the car we drive, the college we send our kids to, or the vacations we take.
Chris Allen- Story Financial Partners (256) 503-5013
Pay yourself first - When you get that direct deposit in your account. Make sure that you set some funds aside for your future self. Doing this can be done automatically via online banking transfer or auto debit so you won’t be tempted to skip a month or two.
Review Automated Subscriptions - After signing up for a free trial, it can be easy to forget to cancel once it’s over and the monthly charges begin. Take time to review your bank statement and make sure you aren’t wasting your hard-earned money on unused services.
Set up Online Banking Alerts - Some banks offer an exceptional digital banking platform that allows you to add spending alerts and monitor your daily transactions with the click of a button. Make sure you utilize these tools regularly to avoid unwanted transactions.