Insurance Services of Washington Blog
When money is tight, it's difficult to budget for your needs, debts and other expenses even without life insurance. But you cannot disregard the importance of a lifelong investment. The question now is how can you afford to pay for all your expenses, including life insurance?
Plan a Solid Budget
Choose a tool you want to use for creating your budget, like a spreadsheet, phone app, etc. Determine your income by tallying up your savings, salary after taxes and other accounts. This could give you a good picture of how much you will be spending on your budget.
Now, create a list of all your expenses including fixed and monthly costs like:
This way, you can monitor your spending and make sure that you are spending within your budget. Fifty percent of your pay should go to your needs and other expenses. Thirty percent can be used for your wants. You can now use the remaining twenty percent on your debts and life savings like life insurance.
Determining How Much Insurance to Purchase
Spending as much as you can on life insurance is advisable. Keep in mind that you are planning for the future of your family and loved ones. So, you want the best for them. But in doing so, you also need to avoid buying too much more than you can afford. It will only put a strain in your budget and earn you with more debt. Look into policies that you can afford.
Where You Can Cut Cost
The thirty percent that you have allotted for optional expenditures should remain optional. Allotting a part of your budget for it doesn’t mean you need to spend it. Cut back of some indulgence, when you can. Be frugal with your choices.
Take Good Care of Your Health
You can save cost on medical bills by taking good care of your health. In addition, your health can also impact the cost of your insurance. So, stay healthy!
Don’t put off planning for your future. Before it’s too late, purchase life insurance right away.
At Insurance Services of Washington Inc, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (425) 868-1123. Get your free quote today by CLICKING HERE.