Tips to Build Your Financial Safety Net

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Playing Why Millennials Are in Financial Straits

Are you making the same financial mistakes that many millennials are guilty of? The Doctors share tips for financial success and how to create a safety net that someone of any age can benefit from.

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We welcome financial expert Stefanie O’Connell, who details how factors like changes in the types of jobs people have, debt, housing, a lack of insurance, and retirement savings have left many millennials (and many other individuals from other age groups) unprepared for life's unexpected financial hardship.

To create a safety net in case a financial hurdle arises, Stefanie suggests the following:

Build an emergency savings fund: This can help you avoid having to rely on credit cards (which can have high-interest rates) to pay for necessities and bills.

Make sure you have sufficient insurance coverage: This includes health insurance, disability insurance, and life insurance -- especially if you have dependents. 

Watch: Save on Health Insurance With a Fitness Tracker?

Do you need more money-saving ideas and tips? The Doctors have you covered with tips on how to avoid unnecessary money on healthcare, ideas on how to save money on prescriptions, and tips on how to prepare for retirement.

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