產品資訊

If you have no savings, life can be stressful. When you have a financial emergency, and your first thought is 'I have no savings,' it can be a scary moment. As a matter of fact, a growing percentage of Americans have no savings either, and so this feeling is quite common for many. In addition to the stressful feelings of having no savings, if you are starting from scratch, the idea of building a solid financial future might seem daunting. However, the good news is that it is possible to build savings from any point, even if you have none right now. It's important not to beat yourself up over your past financial mistakes. Instead, focus on moving forward and taking control of your finances. If you are ready to learn more about building your financial future, then continue reading. 1. See where you stand The fact that you want to work to improve your financial future is a big step in the right direction. Now that you are ready to take control of your finances, it is time to take a closer look at your financial life. In order to better understand your current financial situation, it is critical to calculate your net worth. First, layout any debts that you have on the table. It is important to see all of your liabilities, or debts, in a single place. Next, tally up your assets. Then simply subtract your liabilities from your assets. You might be surprised to discover where you stand. If your net worth is negative, that is okay. Many people start building a successful financial future from a negative net worth. If you find that you have a positive net worth, then you are in a better financial position than you thought because you must have savings built-in somewhere. No matter where you are starting from, it is good to be realistic about your financial future. If you are starting from 0 or a negative net worth, then you should not expect to clean this up overnight. In fact, building a better financial future may be a long road. However, the sooner you start the process, the faster you will reach your destination. 2. Assess your lifestyle After you have taken a closer look at where you stand, you need to understand how you’ve come to the point. Dive into your spending habits to understand your financial position better. Are you spending more than you should? Your first step should be to create a plan that ensures you are not spending more than your income. Otherwise, it is easy to rack up debt quickly. If you find that you are spending more than you should, then look for ways to cut back without sacrificing your quality of life. Unfortunately, you may need to make some adjustments to your spending. However, you should look at this as a new challenge to be creatively frugal instead of cutting all of the fun out of your life. You need to understand where your money is going in order to start saving money successfully. 3. Make a budget A budget is critical to get your finances on track. Although it might seem restrictive to start budgeting, you’ll need to find a budgeting method that works for you in order to start saving successfully. A budget can be difficult to start, but it is important. Luckily, there are a variety of ways to budget. You just need to find out which one works best for you. If you are having trouble getting started, then consider taking our budgeting course. It will walk you through different ways to budget and help you find the best fit for you. As you build your budget, you’ll need to find new ways to save money. A few ways to dial back your expenses include shopping around for new car insurance and cutting out any subscriptions you no longer use. Additionally, you can start cooking more at home and hitting the stores with coupons in hand. 4. Build an emergency fund An emergency fund is the first type of savings you should build. After all, it is your first line of financial defense against the emergencies that will inevitably come your way. Whether you need to fix a flat tire or a medical emergency pops up, you’ll have the funds you need to weather the storm. If you are just starting out, then this should be your first priority. Start by building a fund of one thousand dollars. It will provide the cushion you need to cover unexpected expenses. After you have a better handle on your finances, then build out your emergency fund to at least 3 to 6 months worth of expenses. You should have this amount of money safely tucked away in your savings account. Once you have a fully-funded emergency fund, you’ll be able to breathe a little bit easier. Whatever life throws your way, you’ll be financially prepared. 5. Pay off your debts If you have a large debt burden on your balance sheet, then it can hinder your other financial goals. If you want to save money for the long term, then any debt is only going to hold you back. Since you are ready to build a better financial future, that starts with eliminating your debt. You’ll need to find a debt pay-down strategy that works for you. In some cases, the snowball method in which you tackle your smallest debts first works best. In others, the avalanche method in which you tackle your debt with the highest interest works better. Take a minute to find out which strategy will work best for your situation. Then dive into your debt repayment journey. Once you’ve paid off your debt, it will be easier to save for long-term goals. Not only will you eliminate monthly payments, but also avoid racking up interest charges that can derail your financial future. 6. Save for long term goals If you are starting to save from nothing, then large savings goals may not seem attainable. For example, retirement may seem like a distant vision for the future without any concrete retirement savings. However, it is critical to start saving for your long-term goals now. If that is retirement, then you should take advantage of tax-advantaged saving opportunities such as your 401k or an IRA. The amount you are able to save in these accounts will vary each year based on IRS limits. Other long-term goals might include making a down payment on your first home. Consider that in your budget as you start to increase your savings. How to stay on track with your savings goals As you increase your savings, it might feel difficult to stay on track. Like all habits, you’ll need to provide some positive reinforcement to ensure that you continue on your savings journey. Keep Budgeting Even when things start to look better, you should continue to save. Hold on to your budget even when your financial life is easier. Remember to adjust your savings goals to your life; in some seasons, you will be able to save more than others. Although you can adjust your budget throughout your journey, make sure that you are always aware of what you are spending. If you are having trouble staying on track, then think about the reasons behind your spending. Carefully align your spending with your values. Once you find alignment between your values and your spending, you may find more joy even without overspending. Find a Side Hustle If you are having trouble meeting your financial goals, then you may need to increase your income. A side hustle is a perfect way to increase your income. A side hustle offers flexibility on the amount of time you commit and the amount of money you can earn. Whether you want to work from home in your free time or pick up a second job, you can increase your income with the power of a side hustle. Put your savings on autopilot Once you’ve worked out your budget, you could choose to automatically transfer your savings into a separate account each month. With this, you’ll be able to save the money you plan to without needing to resist the urge to spend down your checking account. If you have trouble sticking to a budget if the money is readily available, then move it to a separate account that is slightly less accessible. With that, you’ll be forced to think about your spending actions before you swipe your card. Additionally, you can have your retirement savings pulled right out of your paycheck. In this case, you wouldn’t have to worry about spending your retirement savings because they would never touch your regular c...

Most people are familiar with some of the different insurance policy types. Are you a car owner? Then you know you need to carry coverage to be on the road. Ever borrow money to buy a home? Your lender likely required you to get homeowner's insurance to protect this big purchase. While these may seem like enough, the truth is there are other types of insurance that you should consider to adequately protect yourself and your future income. We'll go over nine of them, but first, let's talk about why insurance is so important. Why is it important to have insurance coverage? Think of insurance as protection for your wallet. Having the right types of insurance can potentially save you a ton of money in the event of an emergency, unplanned life occurrence, or a medical need. Car insurance can pay for the costs of a car wreck, like repairs and medical bills. A homeowner's policy can help you rebuild your home after a devastating fire. Health insurance can pay for expensive emergency room bills after an injury or illness. In exchange for paying money (premiums) to an insurance company, you get coverage. It means you can protect yourself without having to impact your long-term financial plans. Not having enough insurance policy types can derail your financial goals, and you definitely don't want that. Before you start signing up for any additional insurance coverage and adding new premium payments to your budget, you need to make sure that the insurance policy types make sense for your life situation. You also want to make sure that the additional monthly costs are justifiable. You don't want to be making monthly payments for insurance coverage if you don't necessarily need it. Check out these nine types of insurance you may need — and that you might not have considered otherwise. 1. Life insurance Life insurance is something to consider if you have other people who depend on your income, such as a spouse or children. This policy is vital if you have large financial commitments such as a mortgage, child education expenses, or any major debt. Sometimes you even need a policy if you're getting a small business loan. The purpose of life insurance to provide a lump sum (and usually tax-free) payment to your dependents in the event of your death. How much life insurance you buy is a personal decision. Generally speaking, it depends on the number of years of income you want to cover for your household after you've passed away. The two most popular insurance products you'll come across are term life insurance and whole life insurance: Term life insurance Term life insurance, as the name indicates, only covers you for a specific term or a number of years (e.g., 10, 20, or 30 years). As long as you pay your premiums and keep your policy active, your beneficiaries should get a lump sum in the event of your death. If you outlive your policy term, the coverage expires, and you can either renew (if offered) or apply for a new policy. The premiums can be affordable, but they get more expensive as you get older.  Whole life insurance Whole life insurance coverage lasts your entire lifetime as long as you keep up with your premium payments. It may also offer cash value benefits like a form of savings or investment account associated with it. Over time you may get money credited to you. While this type of life insurance sounds attractive, it is also substantially more expensive. Regardless of what type of life insurance you choose, you want to make sure you fully understand what is associated with each, how much coverage the premium provides, and if there are any conditions or requirements. 2. Long-Term Disability Insurance This insurance covers you by replacing your income if you're unable to work due to a permanent or temporary disability. Regardless of whether you have dependents or not, if you have monthly living expenses, then it's a good idea to consider getting disability insurance. What about short-term disability insurance? Well, if you have a fully-funded emergency fund, then it could cover you if you can't work for a little while but it may not be enough. Adding on short-term disability might not be a bad idea depending on the cost — especially if your employer offers it at a low cost or free. It can help you keep your emergency savings intact in exchange for the monthly premium you pay for coverage. 3. Renters Insurance If you're renting, you're not responsible for the building itself or major repairs. That's your landlord's responsibility. That being said, you definitely want to consider getting renters insurance to cover your valuables within your home. Renters insurance protects you if your belongings get damaged by flooding, fire, or in the event that your home is broken into. This is also why it's a good idea to keep an inventory of your stuff — like your expensive electronics or musical instruments — to know how much protection you actually need so you're not overpaying. Your electronics and other valuables are the things that your renters' insurance would cover. Renters insurance also covers items stolen from your vehicle, even if it's parked away from home. 4. Personal Article Insurance Do you have an expensive engagement ring or wedding ring set? An expensive watch? A laptop you take with you everywhere? The costs of replacing items like this can be really expensive. If you have any personal items that are of value and you often have them outside of your home, you should definitely consider insuring them through a personal articles policy. You may even be able to add a floater to an existing policy to cover valuables like jewelry (ask your renters or homeowners insurance company). This will ensure that you can replace them without having to incur any major financial setbacks in the event they get lost or stolen. 5. Pet Insurance 60% of Americans have a pet of some kind, and many times people don't consider the associated medical costs with bringing home a pet. Pet parents should expect at least one $2,000 to $4,000 emergency vet bill during their pet's lifetime, according to the ASPCA. Pet insurance can save you a lot of money if your pet needs major surgery or has expensive medical care, so it is definitely something to consider. Talk to your vet to see which policies are accepted at their office before buying any coverage. 6. Homeowners insurance Financial institutions require you to have homeowners insurance. However, you absolutely should have homeowners insurance even if you own your home outright. Homeowners insurance protects you if your home is damaged or destroyed. This policy includes dwelling insurance, which covers the amount it would take to rebuild your home. Homeowners insurance can cover your personal belongings and include liability insurance if someone were accidentally injured on your property. Review your policy thoroughly to ensure you have the correct types of insurance in place. For example, flood insurance is excluded from most homeowners insurance policies. Invest in a flood insurance policy to prevent major expenses in the event of a flood. Other types of insurance, such as earthquake coverage may not be included either. You should speak with your agent to ensure you are properly protected. And be sure to explore ideas to potentially lower your homeowner's insurance cost without sacrificing coverage. 7. Identify theft protection Over 33% of adults in the United States have been victims of identity theft. Identity theft is when someone uses your personally identifying information to commit fraud or criminal acts. There are various types of identity theft, such as: Bank account theft Tax identity theft Medical identity theft Criminal identity theft Identity theft insurance protects you by covering the costs of identity theft. This insurance can save you hundreds to thousands of dollars along with countless hours fixing your identity theft case. 8. Long term care insurance One of the most essential types of insurance is long-term care insurance. None of us want to think about not being able to take care of ourselves, but we need to prepare in advance. Health insurance does not cover the types of services that long...