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The boring, yet essential financial products you need all your life


A big component of financial success is knowing the products that you need to have and how best to use them. You might be surprised at what is on the list of financial products we all need and how they should be used. 
 
Why do we all need a holiday savings account?
A holiday savings account is the best tool to make sure we don’t overspend on the holidays. Whether you are 25 or 75, holidays can bring out the worst spending habits in us. The holidays saving account is a great way to be more budget conscious and avoid using debt to finance the holidays.
 
Will we use a health savings account all of our life?
Yes, most people can use a health savings account all of life. While you are working you can build the balance and then in retirement use the funds to pay for medical expenses that occur in your retirement years. It is a great way to have non-taxed funds available all your life for medical costs.
 
Why would a young person want a CD account?
CDs are not just for your grandparents. Certificates offer a great short term, completely insured, higher rate of return than just a savings account. Using a CD will help you grow your savings faster than a traditional savings account.
 
Is an overdraft protection loan out dated with online and mobile access to account balances?
Unfortunately, people still make mistakes when it comes to their checking account balance. Adding an overdraft protection loan is a low cost method to avoid fees for overdrawing your account. Most places don’t charge a fee for the account so it is a great tool to think about adding.
 
What are all the different types of insurance one might need besides health insurance?
For most of your adult life you should have auto insurance, renters or homeowners insurance, disability insurance when working, various amounts of life insurance depending upon your family situation and long term care insurance. All insurance needs to be based on your situation and it provides valuable protections at any stage of your life.
 
Is there any other product or account that we should consider having?
There is one that we really should have from an early age and keep it going all our life. That is a savings account for something special we want to do or buy. It is just a fun account that even an 8 year old or an 80 year old will find rewarding when they reach their goals.
 


Posted: 7/12/2019 with 0 comments

Categories: Credit, Money Matters, Planning, Retirement, Saving



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