5 Tips for Female Breadwinner
Updated: Aug 4, 2020
Save for Retirement
If you’re the sole or primary breadwinner of the family, its important to save for your future. Many employers offer a 401k program which gives you a tax break on the money they set apart from your paycheck and it makes saving each month easy. If your employer doesn’t offer a 401k, consider setting up an IRA (individual retirement account) at a brokerage firm or financial institution.
Get the Right Insurance
In the case of an unexpected event, would your family be protected? Talk to your insurance agent to make sure you’re getting the best policies at the best rate for your life insurance, homeowners/ rental insurance, automobile insurance, and anything else you may be at risk for such as floods or disability.
Pay Off Your Debt
Rather than paying hundreds or thousands of dollars in interests over the years to pay off student loans, credit card debt, etc., get a head start on tackling your debt now. If you have credit card debt, consider consolidating and transferring your balance to a low interest card.
Create an Estate Plan
Create an estate plan to make sure your assets and possessions go where you want them to. Speak to a financial professional to help you make sure everything is in order and your family is protected.
Get a 529
A 529 is a tuition plan that allows you to save for higher education with a tax advantaged savings account. Even if you just put in a small amount each year, it will grow throughout the years and will help your children pay for college tuition and textbooks. You can even set up a 529 for yourself.
Have questions? Give us a call!
AZ Insurance Team