GRAND RAPIDS, Mich. (WOTV)- The American dream has taken on a new definition. The days of this idea being defined as owning a white picket fence and a gorgeous home in an upscale neighborhood are long gone! Instead, more than 4 in 5 families wish to live happily, to achieve great success and to be financially stable enough for themselves and their loved ones, based on a study conducted in 2018.
Although families are opting to prioritize their finances over materialistic items associated with the American dream, less than half of them are confident that they will achieve this.
MassMutual MidMichigan wants to assist you in keeping your dream alive by helping you plan for the moments that matter most! To make financial security feel more feasible, we recommend following these steps.
- Create an emergency fund. Life has a way of surprising us when we least expect it. Our cars may break down, our roofs may leak, or a loved one may have a medical emergency. No matter the circumstance, preparing for life’s happenings is crucial. Having an emergency fund ensures financial support. Start by opening a separate savings account and add to it every paycheck. Your emergency fund savings should target 3-6 months of your salary.
- Learn to budget. If you’re struggling to get by living paycheck to paycheck, consider creating a monthly budget.
- Save for retirement. It’s never too early nor late to establish a retirement plan. Decide what age you want to retire, where you’ll want to live, what you’ll want to do and determine your additional sources of income.
- Save up for your children’s education. College tuition can be expensive. Saving up for your children’s education now can lower the amount of debt they have later. When saving for college, consider tuition costs, room & board, textbook prices, fees and travel expenses. Also, consider options for payment and additional sources of income
- Protect your estate.
For more tips on financial wellness, visit MassMutual MidMichigan.
(Sponsored by Mass Mutual MidMichigan)