Three Solutions That Focus On Your Family's Financial Health

GRAND RAPIDS, Mich. - Feb. 19, 2015 - PRLog -- The beginning of the year is a great time to conduct a financial checkup. Here are three tips you'll want to consider to build and maintain good financial health for your family.

Review Your Insurance Coverage
Given how much you value your family, we know you want to ensure they'll have what they need should something happen to you. Every three to five years, as well as following a major life event (birth of a child, marriage, etc.), insurance coverage should be examined to make sure it's still appropriate for your needs. There are several insurance options you could consider. Term life insurance tends to include more basic coverage for a shorter period of time and generally has lower premiums. Permanent life insurance provides insurance protection over the course of a person's entire lifetime. Disability insurance and long-term care solutions can also keep your family protected if you become unable to work due to an injury or an extended illness.*

Open a 529 College Savings Plan
It's no secret that the cost of a college degree continues to rise. And having a good education is an important key to securing a great future. You can begin contributing to a 529 College Savings Plan now to help a child, grandchild or other loved one build a better tomorrow. It's a good idea to:

- Save early – The longer you have to save, the more your money has the potential to "compound" and grow.
- Save regularly – A steady approach can help increase the chances that you'll achieve your family's education savings goals.
- Increase your contributions over time – Perhaps money you were using for day care expenses could be diverted to the 529 Plan once your child enters school.

Invest Systematically

Don't procrastinate – start down the road of a solid financial future by systematically investing a fixed dollar amount in stocks or mutual funds on a set schedule. Each month, regardless of market moves, you accumulate shares – buying more when the price is low and fewer when the price is high. Systematic investing eliminates the need to try and time the market, and can potentially lessen the amount you pay per share over the long term. Given that systematic investing does not guarantee a profit or protect against loss, investors should consider their willingness to keep investing when share prices are declining.

Your financial advisor can work with you to develop a financial strategy that manages your risk and continues your important work of providing for your family.

*Edward Jones operates as an insurance producer in California, New Mexico and Massachusetts through the following subsidiaries, respectively: Edward Jones Insurance Agency of California, L.L.C., Edward Jones Insurance Agency of New Mexico, L.L.C., and Edward Jones Insurance Agency of Massachusetts, L.L.C.