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Posted in Your Money | October 2016

Get your financial house in order

financial-house-in-order

Next to looking after their physical needs and well being, the most important thing you can do to protect your family is to make sure you are financially sound – and that takes planning. Luckily the entire month of October is set aside for Financial Planning Month, which makes it the perfect time to buckle down, take a good look at your finances, and make some important decisions for you and the ones you love before the start of a new year.

Foresters FinancialTM can help
As a Foresters member you have benefits and resources right at your fingertips. Everyday Money, our toll-free financial helpline, connects you to an accredited counselor who can help answer your questions about your personal financial matters such as debt management and budgeting.

You also have access to Legal Link which allows you to consult with a local legal professional for help with a variety of issues including wills, estate planning, and home ownership all at a reduced cost.

In addition, we have a host of online tools and worksheets at your disposal to help you plan for tomorrow, today.

More ways to make the most of Financial Planning Month

Don’t worry if you’ve never really done much planning or don’t know where to begin. Just take that first step by reading through these great Financial Planning Month activity ideas. Let them inspire you to get down to work and get your financial plan up and running!

  1. Make a household budget. It’s impossible to know how financially sound you are or how much you can set aside for savings if you’re not tracking what’s coming in and going out. Creating a budget is something that Foresters Everyday Money can help you with, but you can also do a search online for additional support in the form of free family budget templates that will help you understand and track your monthly spending. You can also find free budget templates on MyForesters.com.
  2. Teach your children how to spend wisely. One of the best lessons you can teach a child is how to be fiscally responsible, and they’re never too young to start. Read our article for some great tips on how to encourage healthy financial habits in kids starting as young as five.
  3. Start a savings account for your child or grandchild. A bank account is a great way to encourage children to save and to get them into the habit of doing so regularly. You obviously never want your children to be in debt, so starting them on the right track early is a wise decision.
  4. Make sure you have a formal estate plan. If you’re unsure about what’s involved in estate planning, read our article that explains key terms such as living will, power of attorney, and executor. If you need more information don’t hesitate to call Legal Link (800 444 3043) to access free or discounted legal services.
  5. Bone up on your financial literacy. If you’re not sure you even understand basic financial concepts, don’t worry – you’re not alone. In a recent survey, 40% of adults gave themselves a C, D, or F on their financial literacy.1 Check out our article for 5 ways to improve your financial confidence, and don’t forget that Foresters has lots of resources and information on our website to help you brush up on your financial literacy.

Financial matters can seem complicated, but with the right information and the right help and tools, getting your family on track with some careful financial planning is easier than you might imagine – and it’s certainly well worth the effort.

 

SOURCES

  1. National Foundation for Credit Counseling: Financial Literacy Survey of US Adults, July 2013

414251A CAN/US (10/16)

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