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Good financial habits made better

Did you make resolutions at the start of 2013? In addition to promises of losing weight or becoming physically fit, many of us challenged ourselves to get fiscally fit.
Consider this your friendly reminder to keep working on those resolutions!
You may want to save more, spend less or gain more financial savvy. But you can make those resolutions even smarter and your results even better. Check out these simple tips to bring your good money resolutions to the next level.
Good: Purchasing life insurance to pay for final expenses.
Better: Adding additional coverage to do more.
There are many expenses your family may face if you die unexpectedly. Life insurance protection can help pay medical bills, eliminate debt, protect a mortgage, provide liquidity, help children afford college and more. Purchasing coverage to pay for your funeral may not be enough.
Good: Creating a budget.
Better: Agreeing on a spending plan.
We all know that spending is more fun than budgeting. When you create an unrealistic budget to cut expenses, it’s hard to stick to it. Instead, think about your priorities and create a spending plan that is in line with your personal goals. Do you enjoy dinners with your family? Make sure you've allocated enough to cover the spending areas that mean the most to you.
Good: Starting to save for retirement.
Better: Creating a specific plan to reach your retirement goals.
Many of us have good intentions about saving, but it isn’t always enough. Americans are living longer than ever, fewer companies are offering pension plans, and health-care costs continue to rise.
Ask yourself these questions:
  • Where do I want to be financially in 10 or 20 years?
  • How long do I have before I need to access my savings?
  • How much risk am I comfortable with?

Good: Putting a focus on your finances.
Better: Enlisting the help of an expert.
When your car needs repaired, you call your mechanic. When you’re sick, you visit your doctor. So when it’s time to fix your finances, it can help to call an expert – including a Modern Woodmen financial representative. He or she can look at your unique financial situation and help provide recommendations, in a similar way to how your medical doctor looks at your medical history before making a diagnosis.