“These steadfast principles can all be applied to the way in which people view insurance, how they mitigate risk, and how all these important actions fit into their broader financial plan,” says Masiye.
Masiye provides three tips for financial planning in 2024.
Negotiate to save
One solution is to explore the benefits of bundling, by consolidating multiple policies under a single insurer to potentially take advantage of discounts and enjoy reduced premiums.
Keep your credit in the clear
It is important to revisit your budget and check that your monthly insurance premium can be paid on time and in full. Defaulting on an insurance premium could not only put your finances at risk, it could also compromise your credit health. If at any point during the year it becomes clear that you are at risk of defaulting on your premium, the best thing to do is to proactively contact your insurer, notify them of your financial standing and reach an agreement.
