There are several financial products that may seem boring but are very likely the financial tools you will have most of your life. These accounts provide many different advantages for every stage of your life and financial needs. Waiting to open some of these services can increase the cost or lower the benefit you will receive from having these products.
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- A holiday savings account is a great tool to use to make sure that holiday spending doesn’t get out of control and also to ensure that you don’t build significate credit card debt that will take you years to pay back. This allows you to save a little all year long for the holidays.
- Before you retire almost everyone sees the value in health savings accounts from having a way to save for medical expenses with tax free dollars to being able to build a reserve for your retirement years. Once in retirement, this reserve will provide tax free dollars for health costs.
- Certificate of deposits from insured financial institutions are still an attractive investment option as they carry less risk and higher returns than traditional savings.
- Life and disability insurance helps you protect your assents and your family during your working years. In retirement even though disability will not be needed, your need for some life insurance still might exist.
- Long term care insurance is often thought to be an older need but purchasing it earlier can make it much more cost effective because at retirement you will want it to part of your financial plans.
- The overdraft protection loan is a great tool that you should consider using all of your life. It helps you avoid unnecessary fees and can provide a short term loan in a cash flow emergency.