This post is sponsored by Aflac. I was compensated for writing it, but all opinions are 100% mine.
Today’s post is a super fun and exciting one: financial planning and saving for health care!!! Okay, while these topics are likely not your favorite thing to discuss, they are a couple of the most important things you can be talking about. Because your financial and physical health are two of the most important parts of a happy, healthy life.
As you know, life around these neck of the woods has changed dramatically over the last few weeks since welcoming Mitchell. And in all honesty, this entire year looked different for me and my family. When I found out I was pregnant back in January, Phil and I decided to sit down and crunch numbers on health care, savings and future planning for ourselves and wee one.
I have to say, there is nothing like financial planning to make you feel like an adult! Whoa. And while I have always been able to manage my finances and expenses, there is something to be said for being prepared for the unexpected.
Phil has always been a planner and jumped on the bandwagon of planning for his future straight out of college. I, on the other hand, waited two years into my career to start my 401k. Lazy? No, just unclear of what to do, why I needed it and how to go about making smart decisions.
Thankfully, Phil has helped me to understand the importance of planning and taking the time to set yourself up for a successful future. And what I have learned is there is nothing to be afraid of. In fact, not knowing and not being prepared is a lot more terrifying than sitting down and getting your ducks in a row.
Millennials are in the moment type thinkers. I know I am. It’s hard for me to sit down and plan out what things will be like in 5-10 years. While we may not be able to plan for some thing in our lives, be can definitely prepare ourselves for a financial disaster. I am just now (as a thirty year old) working my way into the scene of financial planners, retirement talk and trying to plan for my children’s college.
The reality is, we’re really only one emergency away from financial disaster. According to the Aflac WorkForces Report which studied millennial workers, 62% have less than $1000 saved for a out of pocket expenses associated with illness or accidents. Personally, I find that number scary, and as I read through the report, I realized that I’m not sure I even have $1000 that I’d want to part with. The reality is, I could definitely save more money and make sure that I’m prepared financially for any sort of emergency I may encounter.
Now that I have a wee one, I find it even more important to make sure that I can support myself and family in case a disaster ever occurs.
As open enrollment approaches, there are a few things I’ll be considering this year:
- Placing Mitchell on our health care coverage a.s.a.p.!
- Find the best health care package for our family that gives us great coverage without breaking the bank.
- Set up our bi-annual meeting with the financial planner to ensure we are on track and take any additional steps possible to contribute more.
- Set up Mitchell’s college fund.
And for all of you, some other things that to consider that have helped me solidify my financial future:
- Start a 401k sooner, rather than later. Match whatever your company matches, and even more if you can afford it. I love being able to look at this and realize how much money I’ll have in this account by the time I retire.
- Look into if your company offers a health savings account (HSA). This is money you can use and build up over time for medical expenses like doctor visits, glasses, prescriptions, etc.
Don’t be intimidated by planning for your future. Although it’s not one of the most fun things , it is important and rewarding to know that you’re adult enough to be able to handle it.
I was selected for this opportunity as a member of Clever Girls Collective and the content and opinions expressed here are all my own.