“Everything we do today, impacts our lives tomorrow”
Lifestyle, spending habits, savings and the growing health and wellness concerns!
When I was young I thought that money was the most important thing in life; now that I am old I know that it is. ~ Oscar Wilde
Life is so unpredictable, it always was. But of late, have you got the feeling that, nothing is what it really seems, especially when it comes to personal healthcare and wellness. Experts across the globe have attributed the growing health issues, sudden loss of life and that too at a very young age etc to the sedentary lifestyle of today.
Everything and everyone seems to be online, all the time. Earlier we were only browsing for information, reviews online, but now, we are watching movies, streaming shows, shopping clothes, toys, books, meeting friends over video calls, even ordering food online, wow!
Articles about how and why the current generation is over spending or are on the dangerous side and edge of their lifestyle due to their habits, how health and wellness are a massively growing concern globally etc and such other data and articles are almost crowding the internet today, so much that there is sheer information overload.
There are few interesting sites, products and links that I found online which were very useful. So I thought of pooling these data, information, resourceful ‘life-term’ products etc and share it with all of you here through this post:
Few quick tips on saving more, spending less, creating a back-up plan in case something goes wrong, medical emergencies for our families etc: One does not need to be completely frugal, but keeping a tab, won’t hurt:
The first aspect that comes to the top Insurance policies or term life insurance have become one of the most important financial decisions of our lives today and if life has taught us anything, it’s simply that, there is no tomorrow.
We can tell a lot about an individual based on the savings, investment and life term insurance habits that they have. But simply signing up for a random policy just because someone has asked you to or because you saw an advertisement that looked creative or interesting is no way to go, especially when it comes to such a serious life changing financial decision.
So its equally important to ensure that you get different life insurance quotes and compare the ones from the scores that are available in the market. For eg. there are so many of them, to name a few, Edelweiss Tokio Life, HDFC Life, Reliance Life Insurance, Aviva iLife, Bharti AXA Life eProtect, AEGON Religare, MAX LIFE, Bajaj Allianz etc.
Though there are always uncertainties, we need to look at life with a ray of positivity. We need to be able to see the way ahead, not only for us, but for our families. Many times we tend to increase our lifestyle and spending habits based on our increase in incomes, right? So, don’t you think we need to sincerely extend the same courtesy to our health and our family’s support system after we are gone?
An increase in your income needs to be obviously met with a lifestyle that suits your growing family and expectations. It makes us work harder and with more zeal. But, we need to be extremely precise and clear while making these decisions too, simply because, these affect our families, in case of any unexpected turn of events. So under any circumstances, it is vital for us to ensure that our family continues to maintain their lifestyle and are able to still meet their dreams in their future years.
So when we choose an insurance term plan or a whole life insurance it needs to be something that can guarantee that our families get the required financial support which we would have dreamt for them. For eg. when we look at Edelweiss Tokio Life-MyLife+ policy, it considers a life cover that gives protection over a longer period of time for around 80 years of age.
Another important aspect about Edelweiss Tokio Life-MyLife+ policy is that their benefits mention comprehensive cover through riders with flexibility of payout options. There are aspects of sudden disabilities or accidents which also need to be covered when you look for insurance policies with benefits of waiver of premium riders etc which assist to give the best benefits to our families. These are again important features with Edelweiss Tokio Life. Flexibility to avail the amount as a lump sum or as a monthly benefit is a huge advantage when it comes to their policies while going for a life insurance term scheme.
One of the biggest hassles across many insurance schemes today is that it involves lot of paper work and time. The Edelweiss Tokio policies ensure that the process is simple enough and in a way that it can be even done online.
Also, least hassle, most probably would mean greater trust due to transparency of the policy guidelines, criteria etc For eg. simplified process, better and attractive premium benefits for larger sums insured, budget insurance offers with flexibility, etc of Edelweiss Tokio Life-MyLife+ and their policy features which seem to be in sync with their tagline of ‘Insurance se badhkar hai aapki zaroorat’ goes well with the idea of taking care of our family while we take care of ourselves.
- To sum up few of the features & riders from EdelweissTokio Life which sound appealing are as under:
- EdelweissTokio Life – Waiver of Premium Rider
- EdelweissTokio Life – Accidental Death Benefit Rider
- EdelweissTokio Life – Accidental Total & Permanent Disability Rider
- Flexibility of payout options
- Cover up to the age of 80 years
- Low Cost Term Assurance Plan
- Tax benefits for premium and claim amount
- Comprehensive Cover Through Riders
Few others in terms of lifestyle, spending habits, savings etc that I could think of were as follows:
- Spending using ‘Cash or Credit Card basis’: We are almost reaching the end of the cash-spending era. I might say, we are even slowly edging towards the end of the plastic money era too as we near spending using mobile phones or digital wallets. There was an interesting article on Forbes which discussed how having easier options to make purchases like credit cards etc made people buy more, as the sense and pressure of paying using ‘actual and or real cash’ was taken away. It seems, consumers felt as though the burden was lifted. Lots of these economic statistics sites reveal that the youth of today, overspend using credit cards and digital wallets and then end up loading up on heavy payments which anyway need to be finally settled by cash/cheque’s. Now, here again, using the minimum payment options with credit cards etc have further decreased the sense of fear to make immediate payments and this has resulted in extremely high interest rates on these payments too. A better way seems to be that, in case of making important and priority purchases (like medical, education, food that you really need for your home consumption and not just eating out) etc need to be done frugally. Here again, these sites constantly tell us to stay safe with the medical payments as these days, these costs are very huge in sums and so the better option is to settle them using mediclaims and or cheque’s rather than carrying them over for credit card payments on a future date.
- Deals, Offers – Only if you really need it: Everywhere we see online, offline, there are posters of deals and offers. Ensure that whenever you make these purchases, buy them not because there are deals on it, but because you really need those items and yes, because you waited for the right time to buy them when there were deals on it.
- Eating out: It seems, across the globe, an average two-income family spends more than 30-40% of its food budget a year by eating out. There was a very interesting article on a site which said, “did you know, if you packed your food from home for work every day instead of eating out, you end up saving thousands of dollars worth of money. Also, an additional bonus is, your health, assuming the food you eat at home is healthier than what you buy outside”.
- Automobile and transportation costs: The fuel prices are shooting up and the way things are going, in a few decades, the costs of fuel would easily touch around INR Rs.750/- per litre of petrol for instance. Not to mention the maintenance costs of these vehicles. Carpooling with buddies and peers, hunting for best car options, automobiles that are high on mileage and low on maintenance would go a long way. For eg. You could check out sites which let you compare cars based on their features, budget, price, mileage etc. You can decide between hatchbacks, sedans, luxury vehicles too accordingly. So before making that first car purchase, it’s always advisable to start small. Because, there are bound to be unexpected costs, at least in the beginning. So check out Maruti, Honda, Hyundai, VW etc and make the choice that fits your current and future lifestyle.
- Mobile phones purchases and impulse shopping are a strict no: Did you know that majority of the generation of today says that the most impulse and high cost purchases that they make which are also frequent in nature are mobile phones. Use mobile compare sites, make stern decisions and stick with your phone for a few years before giving it the high-ho treatment. Add products to your wish-list online shopping sites but also add the price tracker and price drop alerts based on your budget and actual requirements.
- Investments and Us: Always invest whatever you earn. Whatever be the amount, save at least 20% of it every month. Plan your retirement ahead. I saw this very cool site and application Faceretirement which lets us see how we would look and what we can expect from ourselves and our economy decades from now.
A big part of financial freedom is having your heart and mind free from worry about the what-ifs of life ~ Suze Orman.
This post is merely my views.
Have a happy, healthy, prosperous and peaceful life ahead.
Disclaimer: This post is merely based on my personal views, opinions and my own expectations from life. They are not standardized nor are they intended to make you follow the same blindly as they have been quoted above. Each individual has and needs different things from life, so ensure to consult your loved ones and or an authorized financial consultant and expert to plan what you need based on your actual requirements from your life. Do not follow any suggestion blindly. Your decisions are always your own responsibilities.