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A Quick Guide to Great Financial Health

Do you have a sound financial health?

Great financial health, just like personal wellness, is important to living the life you want. When you have strong financial health, you have more than enough money to cover your needs. You can sleep soundly every night knowing that there will always be food on the table, clothes to wear and a roof over your head. But how do you know if you’re in good shape, financially? To start, answer the following with a yes or no.

  1. Do you have problems settling your monthly obligations like rent and utilities?
  2. Are you concerned that you may not have enough money for emergencies?
  3. Do your debts get in the way of saving?
  4. Are you afraid that you may not have enough funds for retirement?

If you answered yes to any of the above questions, you may need to rethink how you spend and save money. Need to strengthen your financial health? Here’s what you can do:

  1. Open a Savings account that earns higher interest
    It is the simplest and easiest way to maximize your savings. Look for banks that offer competitive interest rates and open an account or two with them.
  2. Create an Emergency fund
    Unexpected expenses can happen anytime, such as car repairs or medical costs. Having an emergency fund will protect you from these problems, shield you from unnecessary debt, and will cushion you from stress. Set aside  even a modest amount every month for such emergencies.
  3. Get Insurance
    Insurance serves as your safety net from major, unforeseen circumstances such as death. What’s more, insurance companies today offer even more value by providing monetary benefits, which you can enjoy while you are alive, strong and able.
  4. Think About Investing
    Investing is perhaps the best way to grow your money. You can place your money in stocks, bonds mutual funds which provide higher returns compared to regular savings. Consult a Manulife Advisor to know which options are best for you.

 

Nowadays, it’s not just a question of how much money you make. It's about what you do with it that matters. With a little discipline and forward-thinking, strong financial health will always be within reach. If you need help saving and growing your money, send us a message and let’s talk about what your next steps should be.

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