Skip to Content

20 Steps to Financial Health: Achieving Lifelong Financial Fitness

 

< Page 5 of 7 >


13. Start a savings plan  A woman looking at the bills and counting mone

Reaching your financial goals requires a strong commitment to saving. That is one reason saving is an essential part of achieving financial health. You should plan on committing to a 10 percent savings plan.
If you are having trouble establishing a nest-egg, don’t despair.

The following are some simple ways to boost your savings:

• Direct deposit – most employers offer this convenience
• Cutting back where ever possible
• Having a garage sale to get rid of unwanted items
• Even consider a part time job 

14. Protecting your assets 

One of the best ways to care for your family and achieve financial health is to be sure that you are prepared. The following are four critical policies to review and consider to help ensure protection for your family if something were to happen to you or another member of your family:

• Review your health insurance policy and ensure there is  adequate coverage
• Auto policy
• Life insurance
• Disability insurance 

15. Managing major purchases

Do you have a major purchase coming up like a new car, a home or possibly even a new television? No matter what you are thinking of purchasing, planning, preparing and managing a major purchase is part of achieving financial health. Prior to making a major purchase review the following:

a. Financial goals – Make sure you have included your major purchase in your goals and plans to pay for your major purchase
b. Budget – can your budget support this purchase?
c. Cash flow – Do you have any cash to put towards your major purchase?
d. Accessibility and availability of credit – Are you in a strong enough financial position where you will be granted credit with reasonable terms?

 

< Page 5 of 7 >

One of America's leading non-profit debt consolidation companies, American Consumer Credit Counseling (ACCC) provides credit consulting services and debt management solutions to consumers who are struggling with credit card bills and other types of unsecured debt. Unlike some debt relief companies, we can help you consolidate your credit without having to take a credit consolidation loan. If you're wondering how to consolidate debt in the more prudent, effective way, contact us for a free consultation with one of ACCC's consolidation counselors. Be sure to check out our debt consolidation reviews to hear from our customers what makes ACCC such a trusted and effective debt consolidation company.

SiteLock Better Business Bureau Mass Housing Approved National Industry Standards for Homeownership Education and Counseling NFCC Member