Finding Financial Security!

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We all face the challenges of today's economy and while things are inevitably going to be different, dealing with the changes is only a matter of anticipating them and protecting ourselves accordingly. You can plan for yourself and your family's financial security by following the basic steps below. These steps will help you to learn to control your money so that it doesn't control you.

Back to Basics -- 5 Steps to Financial Security

1. Create a budget.

* Write down everything you spend each month and cut back on non-essentials. Apply these savings toward reducing your credit card debt.
* Explain to your family that everyone needs to contribute to the expense-cutting. Make it a family effort.
* Use cost-cutting strategies to make the most of your budget. For example, pay in cash and remove credit cards from your wallet. Re-evaluate extra phone and television features. Or, consider eating at home more often, skipping the movie out and enjoying a night of board games with your family.

2. Begin an emergency cash fund.

* Create a savings account and resolve to pay yourself first by setting aside 5 to 10 percent of your salary each month.
* Automatically transfer money from your checking account so that you're not tempted to spend the funds elsewhere.
* Aim to save 3 to 6 months of living expenses in the account for emergencies.

3. Pay down your credit cards.

* Credit card debt is the No. 1 obstacle to a secure financial future, and knowing your credit score is essential.
* You're allowed one free credit check annually with each of the major credit bureaus: Experian, TransUnion and Equifax. Check your report for errors.

4. Create a financial plan using life insurance as the foundation.

* Purchase life insurance. It is the foundation of a strong financial plan and can protect your family during an unexpected turn of events, such as loss of life or loss of income.
* Educate yourself. Certain types of policies accumulate cash value that can be used for large expenses, such as college, while others may be used to help create a legacy of giving that can last for generations to come.
* For a free, no-obligation quote or to learn more about life insurance, visit www.sbliusa.com where you can connect with a life insurance specialist with SBLI USA, a company that specializes in life insurance policies.

5. Optimize your retirement plan.

* If your company offers a 401(k) take advantage of it and any matching contributions.
* If your work doesn't offer a 401(k), consider opening an IRA, or perhaps both.
* Remember, these are long-term retirement plans not short-term savings plans, so be patient and give your money time to grow.

If you're not following at least three of these steps, begin today.