Problem
Saving money is always a balancing act between managing living expenses and putting away money for the future. People often budget out their bills and if anything is left, that amount goes into their savings account. However, what if savings were part of the budget, rather than an afterthought?
One way to maintain this balance is to invest in insurance for protection during an unexpected event. Different types of insurance plans, such as health insurance, homeowners insurance, renters insurance, and life insurance, provide a safety net for unexcepted expenses. They allow you to handle these expenses without ruining your financial plan.
1) What are some strategies you could use to save and protect your money? What would you need to keep doing, start doing, or change to implement these strategies?
2) What role do insurance plans have in saving and protecting your money? Considering that there are many types of insurance, which would you prioritize if you could only afford 1 or 2 insurance plans? For example, would you choose health, homeowners, life, rental, or another type of insurance? Explain your reasoning.
3) If things don't go well and something unexpected occurs, how could you leverage an emergency fund or insurance plan to your advantage?