Melty red popsicles, sticky sunscreen, naps on lawn chairs…
Summer is finally arriving and we’re all about it. Especially after months of quarantine staring at nothing but our family members and our living room walls, or protesting and feeling drained about the state of the world, we're eager for summer to give us a chance to recharge.
Summer’s also a great time to catch up on things that we’ve been putting off during the beginning of the year, and it’s a chance to get ahead of the busy months to come.
Today’s quarterly check-in is about taking it easy, while also feeling on top of your game.
If we’ve learned anything from the past few months of juggling kids at home with all our other priorities, it’s that time is more valuable than ever. If we can find a way to help you claw back any spare minutes, count us in.
One way to do this is to automate your transactions. That includes transfers to savings and bill payments. (Still review your bills, though, so you know where you’re spending or if, say, your electricity costs have spiked.)
You can also save time by getting all your financial accounts in one place. Fabric’s free mobile app lets you upload your financial accounts, and even grant access to your spouse to make managing your money that much easier.
Summer’s a great time for going through your closet and old albums. While you’re arms deep in memories, update or write down a list of your important files, accounts and details so your loved ones would know where to find everything if something happened to you.
That could range from a copy of your driver’s license to where to find your will, and info on your life insurance policy. (Full disclosure: If you don’t have life insurance, you can apply for term life insurance through Fabric, online, in about ten minutes.)
As the weather gets crisp in the fall, people might start going back to work in person, and jobs might become even more demanding than ever.
In the meantime, list out your career objectives. What do you want over the next year? Five years? Ten years?
If you’re thinking about returning to the workforce after taking time away, this is an opportunity to think about your timeline. Same goes if you’ve recently been set back by the pandemic and its economic crash.
Think: Who can you network with? What kinds of jobs are you interested in? How will that affect your family’s finances and your childcare needs?
We like to suggest that you check your credit score once a quarter, to make sure that your finances are trending in the right direction and that there’s no foul play on your account. You can use a free service like Credit Karma to get your score—and they have an app, so you can even do it from under a beach umbrella.
While you're at it, you might take the opportunity to focus on ways to improve your spending and saving habits. For example, you might take a critical eye to whether you're actually using all your monthly subscriptions (do you really need Netflix and Hulu Plus and Disney+?). You might also try some techniques to lower your summer electricity bill, optimize your bank accounts and credit cards through a site like Bankrate, and compare auto and home insurance rates through Insurify.
Soon enough, that teething baby will be waiting up for the Tooth Fairy; that ranting toddler will be going on their first date.
Let yourself daydream about your long-term goals: Are you saving up to buy a house? Do you want to go on a big family vacation? And what about things like retirement and saving for college—are you on track? If not, no need to harsh the summer mellow. Just pull out your phone and do some reading on where you are and where you should be, and make a plan for the future.
Fabric exists to help young families master their money. Our articles abide by strict editorial standards.
This material is designed to provide general information on the subjects covered. It is not, however, intended to provide specific financial advice or to serve as the basis for any decisions. Fabric Insurance Agency, LLC offers a mobile experience for people on-the-go who want an easy and fast way to purchase life insurance.
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Accidental Death Insurance policies (Form VL-ADH1 with state variations where applicable) and Term Life Insurance policies (Form ICC16-VLT, ICC19-VLT2, and CMP 0501 with state variations where applicable) are issued by Vantis Life Insurance Company (Vantis Life), Windsor, CT (all states except NY), and by The Penn Insurance and Annuity Company of New York (NY only). Coverage may not be available in all states. Issuance of coverage for Term Life Insurance is subject to underwriting review and approval. Please see a copy of the policy for the full terms, conditions and exclusions. Policy obligations are the sole responsibility of Vantis Life.
All sample pricing is based on a 25-year old F in Excellent health for the coverage amount shown. All samples are for a 10-year term policy, unless otherwise stated. Term Life Insurance policies (Form ICC16-VLT, ICC19-VLT2, and CMP 0501 with state variations where applicable) are issued by Vantis Life Insurance Company (Vantis Life), Windsor, CT. Coverage may not be available in all states. Issuance of coverage for Term Life Insurance is subject to underwriting review and approval. Please see a copy of the policy for the full terms, conditions and exclusions. Policy obligations are the sole responsibility of Vantis Life.
A.M. Best uses letter grades ranging from A++, the highest, to F, companies in liquidation. Vantis Life’s A+ (Superior) rating, which was reaffirmed in April 2020, ranks the second highest out of 16 rankings. An insurer’s financial strength rating represents an opinion by the issuing agency regarding the ability of an insurance company to meet its financial obligations to its policyholders and contract holders and not a statement of fact or recommendation to purchase, sell or hold any security, policy or contract. These ratings do not imply approval of our products and do not reflect any indication of their performance. For more information about a particular rating or rating agency, please visit the website of the relevant agency.
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