(BPT) - The new year is just around the corner and it’s never too early to think about your 2020 goals — and for many, this means prioritizing finances. Taking the time to focus on your goals and determine what’s important to you financially is the best way to set yourself up for success, but actually following through can be difficult. These easy financial exercises from Vanderbilt Mortgage will help you reach your goals in the new decade.

1. Outline your plan

If you don’t already have one, establish your plan. Write down short-term financial goals, such as creating a monthly budget, and long-term goals, such as paying off a debt or buying a home. Defining these goals will help as you set your budget for the next year.

2. Create a monthly budget

Gather pay statements, bills and bank statements to get started. You can write down all this information or use a budget tool. Start by calculating your monthly income, which includes not only the amount you may get from a regular paycheck, but also any money you get in government aid, child support or pensions. The next step is to look at your bills and bank statements to find out exactly what you spend in various categories of expenses such as utilities, auto, medical, personal, insurance, etc. This accurate information will empower you to take control of your spending.

3. Set a savings goal

Saving is another important aspect of financial health. Whether you’re using a general savings account, adding to an emergency fund, or setting aside funds for a new home, saving for larger financial goals helps you prepare and gives you peace of mind no matter where life takes you. If you’re new to saving, start small. Simply skipping your daily latte from the coffee shop a few times a week can add up quickly.

4. Stick to it

The statistics on how many people actually follow through and keep their New Year’s resolutions are rather bleak, but sticking with your financial goals will pay off. Stay on track by monitoring your progress each week. As you get closer to your goals, excitement will build and you’ll be motivated to keep budgeting and saving.

Vanderbilt Mortgage offers helpful online resources whether you are looking to purchase a new home or keep your current home in great shape. “Here at Vanderbilt, we want to use our years of experience to help current and future homeowners.” Said Eric Hamilton, President of Vanderbilt Mortgage, “Providing educational materials for every step of homeownership is one of the ways Vanderbilt is with customers every step of the way.”

Vanderbilt Mortgage and Finance, Inc., 500 Alcoa Trail, Maryville, TN 37804, 865-380-3000, NMLS #1561, (http://www.nmlsconsumeraccess.org/), AZ Lic. #BK-0902616, Loans made or arranged pursuant to a California Finance Lenders Law license, GA Residential Mortgage (Lic. #6911), MT Lic. #1561, Licensed by PA Dept. of Banking. Sponsored ad content from Vanderbilt Mortgage and Finance, Inc.

Understanding Insurance Benefits

(Family Features) No matter where you are in life, whether you’re just starting your career or nearing retirement, it’s important to understand the voluntary benefits available to you that can complement traditional health insurance.

While health insurance can help cover medical costs in the event of injury or illness, sometimes there are additional expenses your health care plan doesn’t cover. Voluntary benefits, such as life insurance, disability insurance and dental insurance, offered by your employer or as portable options through a company like Colonial Life can help bridge the gap should an unexpected event occur.

“Even if an employee has to pay a nominal sum for a voluntary benefit like disability insurance or dental coverage, it can be well worth it,” said Sharlyn Lauby, president of ITM Group Inc., creator of the HR Bartender blog and contributor to Colonial Life’s WorkLife blog. “Think of voluntary benefits as those specialized, personalized extras that make your overall benefits package exactly what you’d like it to be.”

Benefits can be complex, but with the right information about the options available you can make choices that best fit your lifestyle and budget. Consider these common voluntary options:

Life Insurance
While almost nine out of 10 Americans agree most people need life insurance, just 60 percent said they have it, according to LIMRA's Trends in Life Insurance Ownership study. With benefits typically paid tax-free to your beneficiary, life insurance can provide peace of mind and help loved ones pay for funeral costs, cover living expenses, pay off debt, finance future needs and protect retirement plans. Policies are often available through employers, but you may lose the coverage if you change jobs. However, portable policies are also available that allow you to maintain coverage even if you change jobs or retire. To learn how much life insurance protection your family needs, visit worklife.coloniallife.com/calculator.

Disability Insurance
No one usually expects to get sick or injured, however, disability insurance can help protect your income and maintain your lifestyle if a physician determines you're unable to work due to a covered accident or illness. Common conditions such as pregnancy and childbirth, heart attacks, strokes, cancer and accidents make up the majority of disabilities that lead to an inability to work. With short-term disability benefits, you receive financial support for a predetermined amount of time to cover expenses such as a mortgage or rent, car payments, utilities and more so you can focus on recovery.

Dental Insurance
Daily brushing and flossing can help keep your mouth healthy, but that’s not always enough as dental problems can lead to other health problems if left unattended. When you see a dentist for routine appointments and necessary procedures, dental insurance can help reduce the out-of-pocket expense. In fact, among insurance benefits typically provided to employees, 61 percent of workers view dental benefits as important, ranking second after medical insurance, according to LIMRA. Dental insurance provides coverage for regular cleanings and more extensive procedures like fillings, crowns, dentures and tooth removal. Some plans even offer allowances for orthodontic work like braces and retainers.

Accident Insurance
When an accident happens, one of the last things many people want to think about is how they’re going to pay the bills. You can prepare for the unexpected with accident insurance, which provides a lump-sum benefit – based on the injury suffered and treatment received – that can be used to help pay for expenses following an accidental injury, such as doctor bills, co-pays, emergency room fees, transportation, lodging and follow-up care.

Critical Illness Insurance
No matter your age or health status, a sudden illness could significantly impact your financial well-being, and health insurance may not cover everything. When a critical illness such as a heart attack, stroke or major organ failure occurs, major expenses often follow, and critical illness insurance can help off-set costs. In addition to your day-to-day bills, the lump-sum benefit can be used to pay for treatment- and recovery-related expenses including deductibles and co-pays, child care, travel and lodging, gym memberships and out-of-network treatment facilities and procedures.

Learn more about how you can live healthier, enjoy more success at work and take full advantage of your benefits at worklife.coloniallife.com.

Photo courtesy of Getty Images

How to Help Your Family Budget

(Family Features) Managing all of life’s demands on limited funds can feel like a never-ending chore. Every family’s budget is unique, so there’s no one-size-fits-all solution to saving money. However, establishing priorities and looking for ways to make small cuts can add up.

Many people turn to creating a personalized budget or a spending schedule to help keep track of their expenses. Planning payments on a monthly basis can sometimes be helpful when it comes to setting an appropriate family budget, anticipating short-term expenses and planning ahead for long-term payments.

However, creating a personalized budget is not always enough. Some companies also offer discount and incentive programs for particular customers, so it’s best to do some research when planning your next month’s budget and take advantage of available programs.

For example, Amazon offers a discounted Prime membership for $5.99 per month for customers receiving government assistance. This offer is already available to Electronic Benefits Transfer (EBT) cardholders and now Medicaid recipients also qualify. Members have access to a wide selection of more than 100 million items, video and music streaming services, low prices on select items and fast, convenient delivery options, which can ultimately help save both time and money.

In addition to fast, free shipping on millions of items, these benefits come at no additional cost to Prime members:

• Access to thousands of TV shows and movies.
• Ad-free access to more than 2 million songs.
• Unlimited photo storage within the Prime Photos app.
• Rotating selection of more than 1,000 books.
• Free in-game loot with Twitch Prime.
• Exclusive early access to Lightning deals.
• Up to 20 percent off diapers, baby food and more with Subscribe & Save.

To help make your budget more manageable, take a close look at your bills, ongoing purchases and opportunities to save where possible.

Find more information to help balance your budget at amazon.com/qualify.

Photo courtesy of Getty Images