PERSONAL FINANCE

New York Life | June 28, 2022

"It’s not the plane, it’s the pilot,” says Tom Cruise as Maverick, in the new Top Gun: Maverick movie. And he’s right. In the world of personal finance, no matter your income, employment situation, or familial responsibilities, everybody can make a few quick changes to help pilot their way toward improved financial well-being. 

Although there’s a certain thrill to living life in the fast lane, when it comes to your finances, it can be helpful to slow down sometimes and take stock – not least at times like this when inflation is rising.

New York Life has gathered some tips and advice, to help our customers navigate their way to a financially successful future. 

1) Become a bit of a maverick

When it comes to personal finances, it is easy to simply follow the status quo; especially in our fast-paced, busy lives. But sometimes, it can be beneficial to think outside of the box. 

With inflation rising at present and the cost of living rising, have you run a competitor check on your household costs recently? Getting the best deal on utilities such as broadband and energy takes a little bit of research, and can sometimes require an alternative option to the service provider you’ve always used.

There are several great platforms available, with tools designed to search the internet for the best deals. They can give you a quote in a matter of seconds, and help you make significant annual savings. Don’t be afraid to switch things up and try something new.

2) “Don’t think, just do.” ... is not always the best advice.,

Flying on autopilot might work for Maverick and Rooster, but it might not be the best approach to your personal finances. It’s easy to bury our heads in the sand when it comes to financial preparation, but taking just a few moments to review our spending, or financial products, can prove highly beneficial. 

Do you have the best deal on your credit card? How much interest are you paying on your loans? Could consolidating your debt be a useful next step? Answering questions like these require a little bit of thought, but it can be well worth taking some time to think decisions through carefully.

Similarly, when it comes to budgeting, it’s best to give your spending some real thought. Check over subscriptions to ensure you’re no longer paying for products or services you don’t use. Monitor your average spending and keep an eye on balancing your family’s budget sheet. 

3) Although, when it comes to saving, maybe Maverick has a point

There is one area where Maverick’s advice stands strong. Saving is essential to establishing a secure financial future. Even if you are only able to allocate a small proportion of your income to a savings account, getting started is the most important thing. There are several options when it comes to saving accounts, which can offer different interest rates and withdrawal plans.

Life can fly past, and we can all get into bad spending patterns. It’s important to take a second to set up healthy saving habits. 

4) Like the pilots at Top Gun, there’s always more to learn

At New York Life, we pride ourselves on our ability to learn from our customers, adapt to their changing needs, and develop innovative products. Over our more than 175-year history, we’ve aimed to stay ahead of market changes, and provide clients with the best insurance and investment options around.

We know there’s always more to learn when it comes to finances--personal or otherwise. Even if you’re feeling on top of things, there’s no harm in setting aside 15 minutes to review your budget, check your accounts, and ensure you are up to date with the best offers and deals. 

Make use of our resource hub, where you can find lots of guidance about how life insurance and long-term care insurance can be powerful tools to help provide for you and your loved ones as, just like the Top Gun academy, even the best of the best will always have more to learn.

5) Life changes fast, and it can take you by surprise

Life seems to zip past nearly as quickly as Maverick’s plane, and it can occasionally take a swing in an unexpected direction. When this happens, having a plan B in place can prove invaluable. Which is why, at New York Life, we have a range of life insurance options designed to suit a variety of needs. 

Don’t let the fast pace of life distract you from setting up a secure financial future for yourself, and your family. Get in touch with a New York Life agent to find out more today. 

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