Saving, budgeting and insurance provide life skills that help people overcome possible financials and risks in life. It is a practice that is encouraged by professionals and experts in finance and related subject. Many people have challenges related to finance that can be addressed by practising and implementing experts opinions related to healthy financial tips. However, this paper presents an article summary by Andrea Woroch that talk about the subject.
Summary of the Main Points of the Article
The article gives clues on how to improve savings and improve the reader’s financial health. It encourages automation of savings, cutting recurrent expenses that one does not need or use and also switching banks to those that offer lower interest rates and lower service charges (Woroch, 2018). It also adds that raising deductions and comparison of insurance and finally selling unwanted items might improve on one's savings and help them stabilize their financial positions.
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The article is titled “5 Smart Ways to Improve Your Financial Health,” published by Money.US News.com and written by Andrea Woroch.
Explanation of How I Budget and Save Money
I write down things that I require most and I must have a basic needs and I buy them before engaging my money in other activities. I also practice avoiding impulse buying. I save by buying things in bulk and getting hefty discounts that enable me to save money. I also compare prices of items and buy those that are cheap and affordable.
Explanation of How I Budget For Insurance
I budget for insurance by establishing a long-term kitty and account that is fixed targeting the particular insurance goal that I have. Moreover, I also channel any additional income that I get in a month to that kitty (Minden, 2015). Finally, I compare and contrast the policies and options provided by the insurance companies and choose one that matches the budget, savings I make and income that I get.
How My Habit Will Change As A Result of Researching the Topics
I will start practicing health financial habits such as saving more and financial skills that can enable me to improve my financial position in the short and long term. I will budget and account for every expense I make and only channel my funds to the most relevant and critical need in my life.
In conclusion, saving, budget and insurance play a critical role that helps people overcome financial health issues. It is imperative for people to learn and practice the different skills and knowledge that articles that talk about financial empowerment have to help them realize their financial needs.
References
Minden, C. (2015). Living on a budget. [Ann Arbor]: Cherry Lake Publishing.
Woroch, A. (2018, Jan 31). “5 Smart Ways to Improve Your Financial Health.” MONEY.US NEWS.COM . Retrieved from https://money.usnews.com/money/personal-finance/saving-and-budgeting/articles/2018-01-31/5-smart-ways-to-improve-your-financial-health
