Some financial decisions can be hard to commit to. But if you keep putting them off, you could pay for it (figuratively and literally) in the long run. Below are just some of the financial decisions that you should stop delaying if you haven’t already made them.
Shopping around for cheaper bills
Think you could be getting a better deal on your energy bills? Or perhaps you’re certain that your auto insurance is too high? Unless you shop around, you’ll never know if you’re able to save money or not. Some people end up paying unnecessarily high rates for years only to realise they could have saved hundreds or even thousands by switching earlier.
Refinancing high interest debts
If you’re paying huge interest fees on loans, it could also be worth shopping around for refinancing options to see if you can save money. You may not be able to get a cheaper deal if your credit score is low and you have a lot of debt. But it’s still worth looking at other lender deals just in case – for large debts like mortgages and car loans, you could save thousands in some cases by switching.
Starting a retirement fund
Retirement may seem a long way away, but it will eventually sneak up on you. If you haven’t made any pension contributions, you could live to regret it when it’s time to retire. Popular retirement plans include a 401(k), IRA or profit sharing plans. Even a simple savings account of putting some money into stocks is better than nothing.
Making a will
It’s never too early to start writing a will. With the help of an estate lawyer, you could decide exactly what to do with your estate so that the right people inherit the right assets. Contrary to what some people think, wills can be amended and rewritten. Therefore, you shouldn’t feel you’re committing to a choice that you may one day regret.
Taking out life insurance
If you haven’t got any funds or assets to hand down to your loved ones when you die, it could be worth taking out life insurance. This can provide the peace of mind that if you do unexpectedly die, your loved ones will get something to compensate them, which could prevent them having to pay for the funeral out of their pocket. You can compare life insurance rates online.
Saving for that big life goal
Always wanted to travel to a certain destination, but can’t afford it? Or perhaps you’d love to plan a wedding, but find it all too currently expensive? Unless you start setting aside some money, these goals may forever be unobtainable. Open an account and start putting some money in to get things rolling. If you can, try to make it a direct debit, and consider looking into accounts that penalise you for withdrawing cash (this will stop you dipping into it for other purposes). Eventually you’ll be able to afford that goal you’ve been aspiring to for so long.
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