Financial stability simply means spending less than you earn plus creating savings for emergencies and your future. Do you feel that financial stability is out of reach? Read our 6 steps on how to create financial stability for you and your family.


How do you know if you are financially stable? The following questions will help to kick start your thinking about how stable you are today and what changes you might want to make:

  • How would your life be impacted if you lost your job?
  • Do you have an emergency fund?
  • How much do you pay in interest, overdraft, and late fees monthly?
  • Do you borrow from others to get through the month?
  • How much do you have in savings for the future?
  • Are you making more than minimum payments on your debt?
  • Is your family adequately insured in the event of your death?

If providing financial stability for your family is your goal, assuring the quality of their life including in the event of your death is a significant factor. At AIME, we offer the most affordable mortgage life insurance rates and policies that can be customized to suit all your unique needs.

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6 Steps to Create Financial Stability for You and Your Family

Are you concerned about your current lack of financial stability? You’re not alone. There are people in every generation in the same situation, but with the right knowledge, you can create financial stability.

Here are 6 simple steps to get you started:

1. Set a Budget

List all of your expenses and income for at least a month. Be aware of your financial situation in detail. Pay attention to every coffee and bill payment. It is only effective to create a plan when you know the reality of your current situation. Create a list of all debts owing and include the interest rates on those debts.

2. Decrease Your Monthly Bills

Consider what you can do to reduce your monthly bills. If financial stability is your goal, are you willing to move to a different area, drive a cheaper car or cook at home for a period of time?

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3. Make Saving a Priority

Determine how much you can afford to contribute monthly to your savings and set up two savings accounts for:

  • Emergencies,  such as medical emergencies and car/home repairs
  • Your future, such as education for your children or a down payment for a new home

Arrange auto-deposits to be transferred into your savings accounts when you get paid. If you never see that money, you are much less likely to miss it.

4. Create a Debt Repayment Plan

Eliminate bad debt first. This includes high-interest credit cards, personal loans for nonessential purchases (such as trips or clothes) and payday loans. Once you have these debts cleared, begin with the debt that has the highest interest. The balance is less important at this point than the higher interest rate because it is costing you the most. Pay these high-interest debts first to prevent the snowball effect of higher interest increasing your debt load while you pay only the monthly minimums.

5. Earn More Money

This may not be something you wish to consider long term but for a set period of time, taking a second job can escalate the speed at which you become debt-free. The income from this extra employment should be aimed at debt repayment and savings. Do not allow yourself to increase your “lifestyle “costs with the added income.

Other ways to earn more money are to seek training or educational opportunities to increase your career value or negotiate a raise in your current workplace.

6. Take Care of Your Health

Living a healthy lifestyle is your best insurance against disease and injury. Many of life’s events are unpredictable, so while you can, manage the things that are within your control, such as:

  • Your nutrition 
  • Your daily exercise
  • Getting quality sleep
  • Eliminating bad lifestyle habits such as smoking.

These are all choices that are within your control and that can greatly impact your wellbeing.

 

Call Today

To find out more about our affordable mortgage life insurance rates and customizable policies, contact our licensed agents today at 1-844-974-2020 or fill in our online contact form.

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