How can I save for the future when the present takes all my money?
ACS Answer
Saving money isn't easy, but let your health concerns provide the motivation. Later on, the motivation will turn into habit. And the good news is that you may never face a serious illness. What you will have is the good habit of preparing for the future – no matter what it brings.
Once you have all the important coverage in place (medical coverage, disability insurance, and life insurance), the next step is to establish a savings plan. At first, set your sights on making an emergency fund. The purpose of an emergency fund is to pay for unexpected expenses or loss of income. For example, your emergency funds can pay for a broken down car or keep you afloat if you lose your job. Most financial advisors recommend having 3-6 months' worth of expenses set aside in the emergency fund. The funds should be kept in an account or investment that can be easily converted to cash.
Once you are on your way to establishing an emergency fund, use your savings plan to fund a retirement account, such as a 401(k), and other investments.
Related Resources
The American Cancer Society can provide several booklets about financial issues and cancer, upon request:
- Costs of Cancer
- Financial Guidance for Cancer Survivors and Their Families
- Financial Guidance for Those With Concerns About Cancer
- Medical Insurance and Financial Assistance for the Caner Patient (also available in Spanish)
Find books that cover this and other cancer topics at the American Cancer Society bookstore .
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