Viking Magazine - August 2022 - 11
intentional about meal planning to avoid eating
out, switch from name-brand household products
to generic and limit the number of streaming
services you're subscribed to.
SNAPSHOT
EMERGENCY FUNDS
GAME-DAY DILEMMA: You and your teammate
(your spouse or partner) aren't on the same
page of the playbook when it comes to handling
fi nances.
PLAY: Part of being in a committed relationship
is tackling tough money decisions together, but if
you and your partner have diff erent ideas about
how your dollars should be spent and saved, one
side is always going to end up losing. In fact,
one in fi ve couples say money is their greatest
relationship challenge, according to Fidelity
Investments' 2021 Couples & Money Study.
Rather than view each other as rivals, remember
that you're teammates: Create and work toward
savings goals jointly, agree on a " fun money "
spending limit you can't exceed unless you talk
with your partner and consider a shared bank
account to be transparent about purchases.
How would you pay for an unexpected $1,000 expense?
SOURCE: BANKRATE SURVEY, JANUARY 2022
4% TAKE OUT
A PERSONAL
LOAN
10% BORROW
FROM FAMILY
OR FRIENDS
20% CHARGE
TO CREDIT
CARD AND PAY
OVER TIME
44% PAY THE
COST FROM
SAVINGS
15% PAY IT BUT
CUT SPENDING
ON OTHER
EXPENSES
GAME-DAY DILEMMA: Your defense (a.k.a. your
emergency savings account) is weak.
PLAY: An emergency savings account is an important thirdstringer
to have on your roster-you hope you don't have to
use it, but you're glad to know it's there if you need cash for an
unexpected car repair or medical bill. If your rainy-day fund is
lacking, you aren't alone: Less than half (44%) of Americans
could cover an unplanned $1,000 expense with savings,
according to a recent survey from Bankrate, far below the three
to six months of expenses fi nancial experts recommend you keep
in an emergency account. Bulk up your defense fast-without
taking on a second job
or drastically changing
your lifestyle-by
immediately transferring
additional income (raises,
tax refunds, birthday
gifts) to savings, selling
unused items and
investing your money
in a high-yield savings
account.
Mark Your
Calendar
August 14 is National
Financial Awareness Day,
a holiday dedicated to
examining your own money
habits and implementing
strong fi nancial practices
for the future. Spend the
day reviewing your budget,
setting short- and long-term
goals, increasing savings for
retirement, or learning a new
investing strategy or two.
GAME-DAY DILEMMA:
You want to get
more points on the
scoreboard-i.e., you
want to raise your credit
score.
@sonsofnorway
PLAY: A good credit score enables you to obtain loans, qualify for
better interest rates and even net lower car insurance premiums.
The higher your number on a scale of 300 to 850-based on
factors like payment history, credit usage and age of credit
accounts-the more creditworthy you are in the eyes of lenders.
But don't worry if some fi nancial hiccups in your past have
rendered a low score; you can always improve it by taking steps
such as paying down debt, making on-time payments, minimizing
new credit inquiries and signing up for credit-monitoring
services.
GAME-DAY DILEMMA: Your linemen (life insurance policies) are
not adequately protecting the quarterback (you).
PLAY: Perhaps you were off ered a group life insurance policy
as part of your benefi ts package at work, but even if you opted
into this free plan, it likely isn't customizable to your needs,
nor will it follow you if you choose to leave the company. That's
why it's important to meet with your Sons of Norway insurance
professional to identify any gaps in your coverage. They'll ensure
you and your loved ones are protected should you pass away
unexpectedly, whether through a 10- to 30-year term policy,
or a permanent policy that comes with a death benefi t and cash
value accumulation. ▼
Sons of Norway, 1455 West Lake Street, Minneapolis, MN, off ers fi nancial
products, but not all products are available in all states. Products issued by
Sons of Norway are available to applicants who meet membership, insurability
and residency requirements.
August 2022
11
Viking Magazine - August 2022
Table of Contents for the Digital Edition of Viking Magazine - August 2022
Contents
Viking Magazine - August 2022 - 1
Viking Magazine - August 2022 - 2
Viking Magazine - August 2022 - Contents
Viking Magazine - August 2022 - 4
Viking Magazine - August 2022 - 5
Viking Magazine - August 2022 - 6
Viking Magazine - August 2022 - 7
Viking Magazine - August 2022 - 8
Viking Magazine - August 2022 - 9
Viking Magazine - August 2022 - 10
Viking Magazine - August 2022 - 11
Viking Magazine - August 2022 - 12
Viking Magazine - August 2022 - 13
Viking Magazine - August 2022 - 14
Viking Magazine - August 2022 - 15
Viking Magazine - August 2022 - 16
Viking Magazine - August 2022 - 17
Viking Magazine - August 2022 - 18
Viking Magazine - August 2022 - 19
Viking Magazine - August 2022 - 20
Viking Magazine - August 2022 - 21
Viking Magazine - August 2022 - 22
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Viking Magazine - August 2022 - 28
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Viking Magazine - August 2022 - 46
Viking Magazine - August 2022 - 47
Viking Magazine - August 2022 - 48
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