While financial security may be the goal for a lot of people, it can take on different meanings. Some define it as the capability to pay off all bills or have savings for retirement. Whether you define it the same way, it’s understood that you need to spend money responsibly to achieve financial security. One of the best ways to do so is by investing. Here are three worthwhile investments:
Pre-planned Funeral
You should start making your own funeral arrangements in Salt Lake City sooner rather than later. It may seem strange and even morbid, but its benefits outweigh its drawbacks. Data from the Bureau of Labor Statistics show that the cost of funerals have increased by 230% in the span of 30 years, which is around two times more than other consumer items. With an advanced plan, you are locking in the current costs of the burial, memorial service, and more. You’re saving your family from a big financial burden in the future by paying the lowest price now.
Besides the financial benefits, you’re also helping your family mentally. By relieving them from making stressful decisions, they have more time to deal with the loss. You can also ensure that your funeral and other details meet your taste.
Renewable Energy
One of the biggest factors that cause people to shy away from switching to solar panels and the lot is the cost. But the International Renewable Energy Agency has reported that renewable energy is the cheapest option based on installation and maintenance costs. In addition, there are multiple tax credits and grant and loan programs from the federal and state governments. The price of renewable materials has also been declining over the years. The payoff for systems like solar panels and wind turbines will show up in your electricity bills.
But you should know that there is no one solid estimate for the pay off period because of several factors. It depends on your energy consumption, the size of your house, the weather, and your state. Some states have Solar Renewable Energy Certification programs, which allow homeowners to earn money with the energy produced by their solar panels.
While you’re saving money, you’re also helping save the earth. Renewable energy helps the environment because it doesn’t emit greenhouse gases or rely on imported fuel.
Emergency Fund
A Federal Reserve survey found that 39% of Americans don’t have enough money on hand or in the bank to afford an unexpected expense worth $400. It’s a significant problem when you consider the fact that a trip to the hospital can reach thousands.
To start a fund, research and compare the interest rates and fees from various banks. High-yield savings account and certificates of deposits are two of Forbes’ recommendations. Make sure to track your income and expense to get an accurate figure for your target savings.
Investments are not limited to buying stocks or properties. You can spend your money responsibly for a return at home and even in death. Remember to think of the big picture and consider all factors when spending.
