In addition to having your finances in order, it is also important to have your insurance needs in order.
Following are some things to check.
Perform a health insurance check-up. Find out what services are covered and what preventive services are offered with your health insurance. Ask if there are limits on medical test, out-of-hospital care, and prescription drugs. Research your premiums and co-payments. Explore the difference in cost between using doctors in the network and those outside it. Find out if there a limit to the maximum you would pay out-of-pocket. If you do not have health insurance, seek assistance from Medicaid or your local state-sponsored plan.
Perform an auto insurance check-up. Auto insurance pays for damages, injuries and other losses specifically covered by your policy. Read your policy carefully while performing your auto insurance check-up to know exactly what it covers. Pay special attention to the exclusions section, which lists the things your policy does not cover.
Make sure you have adequate life insurance. Realistically determine how much life insurance you need and then shop around. Term insurance is the most affordable type of life insurance, just be sure that the term lasts until your children are financially self-sufficient.
Don’t skimp on disability insurance. At any given age, your chances of becoming disabled are higher than your chances of dying. If your employer does not offer group disability insurance, seek an individual policy.
Protect your assets. You don’t need to have a lot of assets to need a will. Most importantly, a will allows you name guardians for your children. Without a will, state law determines how your assets will be distributed.
Tuesday, April 26, 2011
Monday, April 25, 2011
Document your Desired Spending
Now that you have identified some areas where you would like to make some changes you can look at how you tracked your expenses. Now you know what you have been spending in the different categories. If you want to lower the amount in some categories, you can see where you need to try to cut back and by how much.
It is important remember this is not about sacrifice, it is making choices to help you achieve your goals. It is also important to maintain your spending plan. Some people cut back when they get into trouble but once things start going better again, they go back to their old way of spending and may get into trouble again.
Like Dave Ramsey says “If you live like no one else, some day you can live like no one else”.
It is important remember this is not about sacrifice, it is making choices to help you achieve your goals. It is also important to maintain your spending plan. Some people cut back when they get into trouble but once things start going better again, they go back to their old way of spending and may get into trouble again.
Like Dave Ramsey says “If you live like no one else, some day you can live like no one else”.
Sunday, April 24, 2011
Share a Tip
As we continue our way through the 30 steps of Financial Literacy Month, the next step is to share tips you have learned with others.
When you identify ways to reduce spending, you are being honest with yourself about your finances. Being honest with yourself and others about your finances will ensure your success. If you are in a situation where you cannot keep up the spending you have been doing, the best thing is to re-evaluate your spending and make cuts where you can. It may be difficult but will be the best in the long run instead of trying to keep up appearances and run up credit card debt.
If you usually go out with friends and cannot afford to, suggest having potlucks or other meals at home. You never know, others may be in the same situation.
The next step is to share at least one of your financial tips others looking for new and exciting ways to manage their finances.
If you are reading this on April 24, this falls on Easter Sunday. It may be a good chance to talk to others about your financial problems if you are having difficulties or share what you have learned.
When you identify ways to reduce spending, you are being honest with yourself about your finances. Being honest with yourself and others about your finances will ensure your success. If you are in a situation where you cannot keep up the spending you have been doing, the best thing is to re-evaluate your spending and make cuts where you can. It may be difficult but will be the best in the long run instead of trying to keep up appearances and run up credit card debt.
If you usually go out with friends and cannot afford to, suggest having potlucks or other meals at home. You never know, others may be in the same situation.
The next step is to share at least one of your financial tips others looking for new and exciting ways to manage their finances.
If you are reading this on April 24, this falls on Easter Sunday. It may be a good chance to talk to others about your financial problems if you are having difficulties or share what you have learned.
Saturday, April 23, 2011
Identify Ways to Reduce Spending
To balance your budget or increase savings, most people will need to find a way to earn more or spend less. You may think you can’t spend any less, but if you start with small things, over time it will get easier.
Most purchases we make except for necessities such as food, rent and gas for the car are choices. Even with groceries, you may be able to save money by considering what you buy. Many things we end up buying are not necessities.
Even if an item is on sale and seems like a good deal, consider if you really need it. I used to buy things just because they were on sale and I still catch myself thinking about buying items like this sometimes.
Starting with small things such as bringing your lunch to work a day or two a week, cutting down on the number of times you stop for coffee, cut down spending at vending machines are simple ways to make a difference. A dollar or two here and there may not seem like a lot but it can add up to make a difference.
Most purchases we make except for necessities such as food, rent and gas for the car are choices. Even with groceries, you may be able to save money by considering what you buy. Many things we end up buying are not necessities.
Even if an item is on sale and seems like a good deal, consider if you really need it. I used to buy things just because they were on sale and I still catch myself thinking about buying items like this sometimes.
Starting with small things such as bringing your lunch to work a day or two a week, cutting down on the number of times you stop for coffee, cut down spending at vending machines are simple ways to make a difference. A dollar or two here and there may not seem like a lot but it can add up to make a difference.
Friday, April 22, 2011
Saving Money on Groceries
One of the largest expenses most families has is on groceries. By making small changes in the way you shop can help you reduce the amount you are spending on groceries.
One way to save money is to prepare a weekly menu of meals. When making your menu plan, try to make meals with items you already have on hand. Then make a list of the additional items you need to purchase. By limiting the number of trips to the store you save time and also limit the temptation of impulse purchases.
Like with other types of shopping, keep in mind if it is a want or need. When we were growing up on a farm, when we would go to town, we would get to pick out a candy bar. It grew into a habit, it was years after I moved away from home that I realized I would throw a candy bar in the cart, usually without really thinking about it. Also, things like chips, etc I used to throw in my cart without really thinking about it.
Making a few small steps can make a difference.
One way to save money is to prepare a weekly menu of meals. When making your menu plan, try to make meals with items you already have on hand. Then make a list of the additional items you need to purchase. By limiting the number of trips to the store you save time and also limit the temptation of impulse purchases.
Like with other types of shopping, keep in mind if it is a want or need. When we were growing up on a farm, when we would go to town, we would get to pick out a candy bar. It grew into a habit, it was years after I moved away from home that I realized I would throw a candy bar in the cart, usually without really thinking about it. Also, things like chips, etc I used to throw in my cart without really thinking about it.
Making a few small steps can make a difference.
Sunday, March 27, 2011
Other places to buy groceries
I have posted before about stocking up on items you use regularly when you find them on sale to save money. Also, if you happen to find better prices at stores other than grocery stores. Today I was at CVS and they had items such as Campbells cream of chicken and cream of chicken soup and stewed tomatoes for $0.77. So that is half off their regular price on the soup. Stovetop is $0.77 a box this week, the regular price at the grocery store is over $2.00.
This week at CVS they have 12 packs of Pepsi products for 3/$10 if you have a CVS card and you get $2 in Extra Care Bucks for a future purchase, so they are 3/$8.
Also, if you check out bread outlet stores. I usually stop at the Country Hearth one on S. University Drive. On Wednesday and Saturdays they have some loaves, buns, etc 3/$2. Other days most loaves and other items are $1 and up. They are close to sell by date, but if I buy a few loaves, I freeze them until needed. This way, I just need to go to my freezer when I need bread instead of running to the store and having to pay regular price.
One deal at Sunmart this week is on Kelloggs cereal. There is a coupon in the flier that if you buy 4 boxes of cereal for $12, you get another 3 boxes free, plus a coupon for free milk on your next shopping trip. So you end up getting 7 boxes of cereal and milk for the price of 4.
This week at CVS they have 12 packs of Pepsi products for 3/$10 if you have a CVS card and you get $2 in Extra Care Bucks for a future purchase, so they are 3/$8.
Also, if you check out bread outlet stores. I usually stop at the Country Hearth one on S. University Drive. On Wednesday and Saturdays they have some loaves, buns, etc 3/$2. Other days most loaves and other items are $1 and up. They are close to sell by date, but if I buy a few loaves, I freeze them until needed. This way, I just need to go to my freezer when I need bread instead of running to the store and having to pay regular price.
One deal at Sunmart this week is on Kelloggs cereal. There is a coupon in the flier that if you buy 4 boxes of cereal for $12, you get another 3 boxes free, plus a coupon for free milk on your next shopping trip. So you end up getting 7 boxes of cereal and milk for the price of 4.
Sunmart cereal deal
In this week's flyer there is a coupon for Kelloggs cereal. Buy 4 boxes for $12 and get another 3 boxes free. Plus you will receive a coupon for free milk on your next shopping trip.
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