Personal Finance: 5 areas you can’t ignore

first_img 16SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr by. Selena MaranjianPersonal finance is not just something to think about now and then, such as when you review your bank statement. It affects your life on a daily basis. Below are five critical categories of personal finance. Ask yourself how well prepared you are in each and how you might do better.1. Credit and debtIf you have significant credit card debt, you need to pay it down pronto. Fortunately, it can be done. One good strategy is tackling your highest-interest-rate debt first. Switching to paying for most things with cash instead of credit cards can also help by reining in spending.Beyond that, you need to strive for a spotless credit report and strong credit score. Check your credit report regularly and for free, have errors fixed, and build a high score. While access to your credit report has been free for quite a while, peeking at your credit score is harder to do. That’s changing lately, though; Discover credit cards, for one, now include FICO credit scores on monthly statements. Healthy credit is a key aspect of personal finance.2. InsuranceYes, you might have home insurance, car insurance, and health insurance, but how about life insurance if anyone relies on your income? How about renter’s insurance if you rent your home? This personal finance category also includes umbrella insurance that offers excess liability protection, which insures you against lawsuits. Disability insurance can protect your income stream in case you become unable to work. Long-term care insurance can support you if you need to be cared for at home or in an assisted-living facility for a while. It’s well worth exploring, as you’re more likely to need it than you might expect, and buying it while you’re relatively young can save you a lot of money. continue reading »last_img

Leave a Reply

Your email address will not be published. Required fields are marked *