3. Check Life and Disability Insurance Coverage

It is smart to regularly check that you have enough insurance coverage. Your life and disability coverage generally should replace enough of your income so that your family’s current and future needs are met - including everyday living expenses, short and long-term debts, education for your children and retirement for your spouse.

4. Develop a Budget That Meets All Needs

Last but not least, develop a budget that will meet your needs, including insurance and emergency savings. Start by tracking your spending for one month to see where the money goes. Then develop a written budget of necessary expenses, which should include debt obligations, mortgage or rent, utilities, insurance and personal savings. Live on a set allowance each week to make sure you do not spend more than you can afford.

By following these four simple strategies, you may be able to overcome most financial challenges that lie ahead. Most important, these strategies will help you keep your commitment to saving for retirement.

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Briant Sikorski is a Wealth Advisor at Stratos Wealth Partners. Photos by Julie V. and Cliff.