You are currently browsing the tag archive for the 'Personal Finance' tag.
Rebates have become increasingly popular in the last few years on a lot of items and certainly on electronic items and computers. Rebates of $20, $50 or $100 are not uncommon.
I’ve even seen items advertised as “free after rebate”. Do these rebates come under the heading of “too good to be true”? Some of them do and there are “catches” to watch out for but if you are careful, rebates can help you get some really good deals.
The way a rebate works is that you pay the listed price for an item then mail in a form and the bar code to the manufacturer and they send you a money refund thus reducing the price of what you paid for the item except with a time delay of several weeks.
Rule #1. Rebates from reputable companies are usually just fine.
You can be pretty sure you will get the promised rebate from Best Buy, Amazon or Dell but you should probably not count on getting one from a company you’ve never heard of. If you really want the product and are OK with paying the price listed then buy it but don’t count on actually getting the refund.
Rule #2. Check rebate expiration dates.
Many times products will stay on the shelf of a retailer after the date for sending in the rebate offer has expired so check that date carefully.
Rule #3. Be sure you have all the forms required to file for the rebate before you leave the store.
Rebates will almost always require a form to be filled out, a receipt for the purchase and a bar code.
Rule #4. Back up your rebate claim.
Make copies of everything you send in to get your rebate including the bar code. Stuff gets lost in the mail all the time and if the rebate is for $50 it’s worth the trouble to back up your claim.
A carpenter uses a set of house plans to build a house. If he didn’t the bathroom might get overlooked altogether.
Rocket Scientists would never begin construction on a new booster rocket without a detailed set of design specifications. Yet most of us go blindly out into the world without an inkling of an idea about finances and without any plan at all.
Not very smart of us, is it?
A money plan is called a budget and it is crucial to get us to our desired financial goals.
Without a plan we will drift without direction and end up marooned on a distant financial reef.
If you have a spouse or a significant other, you should make this budget together. Sit down and figure out what your joint financial goals are…long term and short term.
Then plan your route to get to those goals. Every journey begins with one step and the first step to attaining your goals is to make a realistic budget that both of you can live with.
A budget should never be a financial starvation diet. That won’t work for the long haul. Make reasonable allocations for food, clothing, shelter, utilities and insurance and set aside a reasonable amount for entertainment and the occasional luxury item. Savings should always come first before any spending.
Even a small amount saved will help you reach your long term and short term financial goals. You can find many budget forms on the internet. Just use any search engine you choose and type in “free budget forms”.
You’ll get lots of hits. Print one out and work on it with your spouse or significant other. Both of you will need to be happy with the final result and feel like it’s something you can stick to.
Although money may not always be in abundance for activities for the entire family, this does not mean your family needs to miss out on some well-needed time together. Enjoying each other company is an important aspect of everyones life. There are many different educational, economical and fun ways your family can have fun together.
We have come up with some ideas as to how you can still engage in some family-oriented activities for fun family activities, making memories together during these times where money is not always readily available for spending.
1. Rent a movie. Instead of taking the whole family to the movie theatre, rent a movie instead. You will not only save money on admission tickets to the movie, but you are free to choose different, healthier snacks to make as a family instead of buying concession stand junk food to munch on during the movie.
2. Make pizza. Instead of ordering in pizza for your family, make an afternoon of teaching your children how to make their own. Not only are you able to choose healthier products such as whole wheat flour for your crust, your children can have some fun experimenting with different toppings on their own personal sized pizzas. Keep in mind that you can make dessert pizzas as well. Instead of regular toppings, cover the dough with apple rings and cinnamon sugar made with low-calorie sweetener. Once itís cooked, simply drizzle a bit of your favorite icing for a yummy homemade treat.
3. Donate unnecessary items. Generosity is a virtue you may want to instill in your children at a young age. Plan a weekend to have everyone in the family go through their toys, books and clothing to see if there may be some items which can be donated to a community outreach program. Different charities are always looking for new or gently used items. This project will not only help get your house organized, but will be a fantastic lesson in giving for your children.
4. Learn a handicraft together. One particular idea that comes to mind is knitting. Hospitals and seniors residences are always in search of knitted or crocheted blankets or hats for newborn babies. Once you learn how to make these items, make a permanent date on your calendar to drop off a new batch of these high-demand articles on a regular basis.
5. Check your community calendar. Many cities and towns publish a seasonal calendar with different upcoming events or activities. Browse through what is being offered, and choose one or two (or more) which your family would enjoy participating in. Many of these events will turn into holiday rituals or seasonal traditions your children will grow up looking forward too.
6. If you are looking for an activity for the winter months, why not spend the day on a good old-fashioned toboggan hill? While you can still purchase toboggans made of wood in the style of yesteryear, there are many less expensive options. You can get each member of your family a magic carpet which is a simple piece of thicker plastic with holes to hold on to. Find a local hill and enjoy the outdoors. Following this activity with a nice cup of hot chocolate is sure to be a great day.
7. Skating. There are many local skating arenas or outdoor areas you can enjoy as a family. Grab those dusty skates from the attic, and go to sporting goods swap stores for skates for your children. These can normally be purchased used for around $5 a pair. Get them sharpened, strap them on and learn to skate again as you teach your children the basics of falling with grace perhaps?
Spending quality time with your family certainly does not have to cost a lot of money. With these few hints added to a list of your own, you are sure to find enough activities to keep everyone happy during those family moments where some of the best memories are made.
Credit cards have gotten a bit of a bad rap. With so many people drowning in credit card debt, and with penalties and fees piling up to keep them there, it’s not too hard to understand. But that doesnít stop us from applying for cards and using them.
Credit cards themselves are not so bad. In fact, they have many good points. They make it possible for us to buy things and use them right away, and make payments later. They keep us from having to carry large amounts of cash when we plan on making big purchases. And they provide a way to build up our credit scores. When used responsibly, they can be an asset rather than a liability.
Unfortunately, many consumers fail to maintain control of their charging habits. They use their credit cards to make impulsive purchases. They pay only the minimum payment each month, resulting in greater interest charges. They keep their cards perpetually maxed out. Or they obtain multiple cards and juggle debt instead of paying it off.
To get the most out of credit cards, its best to start out on the right foot. Shopping around for a card with low interest and no annual fee will help minimize costs from the get-go. And if you resist the urge to go out and buy anything and everything you want, you can avoid accumulating an overwhelming amount of debt in the first place.
Here are some tips for keeping a leash on the credit card monster:
* Pretend your credit limit is about 25% of the actual amount. This is the optimal balance for keeping your credit score at its best. It also helps keep your debt much more manageable than if you utilize your entire credit limit.
* When using your card to purchase non-necessities, pay the balance in full each month. Or at the very least, make sure you can afford to pay the purchase off within a few months and avoid charging any other wants until you do. Charging lots of stuff we do not need is a trap that too many cardholders fall into. By charging only what we can afford to pay back quickly, we can avoid getting in over our heads.
* Always make more than the minimum payment. If you only pay what you are required to pay, it could take years to pay off even a small balance. Try to put as much money as you can toward your bill each month, and you could save yourself a small fortune in interest charges.
* Avoid impulse buying. When you see something you want (or feel that you need), give yourself some time to think about it. For small purchases, a week should be sufficient. For more expensive things, give it a month. By then, the urge may pass. If it doesnít, make sure you can afford to pay off the balance in a reasonable amount of time before you take the plunge.
* Resist the urge to use your card to pay bills, unless you are paying the balance in full each month. If you cannot afford to pay your bills without the plastic, you need to re-evaluate your budget. Charging them to your credit card will only leave you with loads of unnecessary debt.
When used improperly, credit cards can be a real nightmare. But when used responsibly, they can make our lives easier. By charging with prudence from the start, you can avoid the debt trap and maintain a good credit score.
Many of us are told from a relatively early age to read everything, including the fine print, before we sign it. Then we go out on our own into the world to the wonderful experience of having to get our own insurance for various necessities. Someone could have at least warned us how easily we could get lost trying to make heads or tails of our insurance policies!
Once you have tried and been able to retain at least some part of the pages of complex information, it is a good time to call a representative from your insurance company. They are the best people to contact when things just seem like words on a page. They have this uncanny ability to make those words comprehensible. So before going too far into the conversation, be sure to get their name. You may need them again some time.
Each insurance company has its own way for handling deductibles, or what is known as out-of-pocket expenses. These amounts are any amounts which your insurance company does not cover. Some examples could be items you must pay for first, before your insurance company reimburses the rest.
This is an important part of your policy which you need to be aware of to the greatest extent possible. Surprises when you or family members are ill are more stressful to deal with. There may be a co-pay or monthly premium as well. This amount could have to be paid before your insurance company pays all of your expenses. Normally this leaves you with only the monthly premiums to pay.
Let’s go into a bit more detail about deductibles, co-pays and premiums, as well as co-insurance.
Deductible – This is the amount of money you are required to pay before your insurance coverage begins. Normally the higher the deductible, the lower the premium will be. This is because the person holding the policy wishes to shoulder a larger portion of the medical expenses.
Co-insurance – This is an expense paid by the insured person as a percentage of your provider’s charge. If a plan has 70/30 co-insurance, you are required to pay for 30 percent of the covered service after meeting the deductible, but prior to reaching the maximum out-of-pocket level.
Co-payment – This is not the same as co-insurance. Co-payments are specific amounts you are required to pay at the time of any doctor’s visit. Regular scenarios have co-payments not being subject to the deductible. This simply means you don’t have to meet your deductible to be able to use this option. However, this also means this amount does not apply to your out-of-pocket amount.
Any out-of-pocket expense maximum or cap would be an amount you are required to meet in order for your insurance company to begin paying 100 percent of the benefits covered by your policy. Any out-of-pocket expense which may be applied to this amount can include deductibles as well as co-insurance.
So as you can see, there is quite a bit of information which you need to be aware of when it comes down to the inner workings of your medical insurance. Remember that nice representative who helped you out with your questions earlier? Keep her name in a place you won’t lose it. Remember her every once in awhile and send her a Thank You note, or a picture of the family. She’s the one you want to keep turning to when things stop making sense, and you need a little refresher course.
No matter what the circumstances, leaving a job can be stressful. If you are laid off or fired, the prospect of seeking new employment without having a paying job can be frightening. When you retire, not knowing what your financial future holds may cause anxiety. And even if you’re leaving to take another job, there is usually a period of a few months before you can take advantage of that job’s benefits.
A severance package can help see you through such uncertain times. But not every employee is entitled to one. Here’s what you need to know about severance packages and how to make the most of them.
Am I Guaranteed a Severance Package?
There is no law mandating that companies have to provide severance packages to their employees. The only thing that is provided for by law is the opportunity to temporarily continue your health insurance at your own cost. But many companies do offer severance packages under certain circumstances.
The details of your company’s severance policy may be found in your employee manual, or in your employment contract. It is important to review these things before taking a job. If your severance package is detailed in your contract, you can negotiate for what you want before signing. The company doesn’t have to change anything, but if they are really interested in hiring you, they may be willing to make some concessions.
In most cases, companies only provide severance packages for employees who are laid off or retire. But firms may choose to offer severance benefits to employees who resign with notice, or in some cases even those who are fired. These situations are often considered on a case-by-case basis, and the employee may hire a lawyer to help negotiate benefits.
What’s Included in a Severance Package?
Severance packages vary significantly. But in most situations, the benefits provided are based on the benefits one received as an employee. These may include the following:
* A payment based on the length of service. This payment is often equal to 1 to 2 weeks of pay for each year of service for hourly and salaried employees, up to a maximum of 26 weeks. For executives, it may be 6 to 12 months pay.
* Payment for accrued vacation time. Some firms also offer payment for unused sick leave.
* Insurance benefits. These may include medical, dental and life insurance.
* Retirement benefits and stock options. These may be continued just as they were while the individual was still an employee.
* Help finding a new job. This is typically provided for employees who have been laid off.
Severance packages are a way of saying thanks for an employees service. But they can benefit the company as well. As a condition of accepting a severance package, employees must usually agree not to pursue legal action against the former employer or attempt to collect unemployment benefits. They may also have to agree not to go to work for a competing company.
A good severance package can help ease the transition from your old job. If you feel that you’re not getting a fair shake, and employment attorney may be able to help you get the pay and benefits you deserve.
With few exceptions, we all look forward to summer. Kids love it because they get a break from school. Adults love it because it’s a great time for a vacation. And almost everyone has a favorite summer activity that they can’t wait to get involved in.
Summer can also be a very expensive time of year. There’s so much to do, and we want to cram it all in before cold weather strikes again. But by the time we visit the beach, go to an amusement park, make weekend trips to the pool and do all of the other stuff we want to do, it can put a major strain on the budget.
But summer fun doesn’t have to break the bank. There are lots of things families can do for cheap, and some are even free. In this report, you’ll find lots of summer activity ideas that will fit into virtually any budget.
Swimming for Less
On a hot summer day, one of the most popular destinations is the local pool. Admission isn’t terribly expensive, but if you go as a family several times over the course of the season, it can really add up. By the time fall arrives, you might wonder why you just didn’t save up a little more money and go to the beach!
If you love to swim, there are alternatives to the community pool. Here are some to think about:
* The lake – If there’s a state park with a lake nearby, you may be able to swim for cheap or free there. Some have beach-type areas with sand, so the kids can have a blast building castles and burying one another. It’s kind of like taking a trip to the coast, only without so many expenses.
* A friend’s pool – If you have a friend with a pool, perhaps you could take the kids over to swim from time to time. In return, you could take refreshments for both families or invite the friend’s family over to your house for other activities.
* The gym – If you have a gym membership, you may be able to bring guests to the pool for free or at a reduced rate. Check with your gym for details.
* Quick-set pools – Those inexpensive quick-set pools have become quite popular among families with kids. All you do is blow up the inflatable ring, fill the inside with water, and you have an instant pool! They come in many sizes, and some are priced under $50. Larger ones are only a few hundred dollars, and by the time you figure in gas and pool admission, they can pay for themselves in just a couple of years.
If you’re fortunate enough to live near a river, there are all sorts of summer activities you can participate in. Canoeing is lots of fun for adults, teens and older children. Innertubing is especially popular among the younger set. Or you can just jump in and play in low water areas.
Of course, you don’t have to get in the water to have fun with water. Here are some other wet and wild activity ideas that are fun for all ages:
* Water guns – Having a water gun fight is a classic summer activity for kids. But there’s no reason that the grown-ups can’t get involved too! You can find inexpensive water guns at the dollar store for next to nothing, and if properly cared for, they will last for many summers to come.
* Water slides – You don’t have to visit a water park to go down a water slide! You can buy slides that hook up to your water hose for $20 or less and use them right in your own back yard.
* Sprinklers – It’s not necessary to buy any toys at all when the kids want to cool off on a hot day. You can simply hook up the sprinkler and let them run through it. If you don’t have one, just get out the water hose and start spraying. It’s guaranteed fun, and you won’t have to pay a dime for it.
Enjoying Nature
Summer is a wonderful time of year for getting out and enjoying all that nature has to offer. It doesn’t have to cost anything, either. Many nature areas have hiking trails that you can access for free, and some don’t even charge for parking.
Some state parks offer nature programs that the whole family can enjoy. These programs have various themes, including plant identification, bird watching and more. Check your local paper for dates, times and locations. You may have to register to participate, but there is rarely any cost.
No matter where you live, there is some sort of natural wonder that’s not too far off. There are large rock formations, caverns, waterfalls and more throughout the country. Visiting these places is often free, and if there is any cost it’s usually quite affordable. If your are not familiar with the attractions in your area, pick up a travel guide from a nearby visitors center or search for information online.
Camping is the ultimate nature activity for families. RVs and pop-up campers offer all the amenities of home, but they aren’t necessary. All you need is a tent, some sleeping bags, food and drinks and a grill or camp stove. Most campgrounds offer tent space for a small fee, or you can simply set up camp in your back yard.
Fishing is another favorite activity for adults and children alike. You can find poles in all sizes at your favorite sporting goods or discount store. Fishing licenses are generally required for adults and teenagers, but not for kids under certain ages (which vary from state to state). If you only fish on occasion, you can save money by buying a short-term license in most states.
Gardening
Many adults enjoy gardening in the late spring and early summer. But did you know that it’s a great activity for kids, too? Even toddlers can get in on the act!
Planting a flower garden is a great starter project. You can buy trays of flowers at a discount store for next to nothing. Let the kids help pick out flowers in a variety of colors, and plant them together. They’ll be able to see the results right away, and they can be responsible for caring for them throughout the season.
Vegetable gardening is another great family activity. It provides an opportunity to teach children about good nutrition while having fun as a family. The results generally take longer to see than flower gardening, but the end result is well worth the wait. Even the pickiest eaters are usually eager to try foods that they have grown!
Festivals and Carnivals
Even the smallest of towns usually has some sort of festival during the summer months. These celebrations feature a wide variety of activities that adults and children of all ages can enjoy. It’s easy to spend a small fortune at such events, but if you watch your money you can have a good time without breaking the bank.
Many festivals offer free concerts as a means of drawing larger crowds. Street performers such as magicians, clowns and mimes are great free entertainment for the kids. Kiddie rides, face painting and other activities may be free or paid. If theyíre not free, set a budget and have your kids choose things to do that fit within that budget.
One of the most expensive aspects of festivals and carnivals is the food. To avoid overspending, pack a lunch or eat before you go to the event. Bring some snacks and drinks along if they are allowed on the premises, and if you must buy something during the festival, consider going to a nearby store instead of buying from overpriced food vendors.
The Zoo
One destination that kids of all ages tend to enjoy is the zoo. Wild animals aren’t something that most of us see every day, so watching them up close and personal can be a real treat. There are zoos to fit every budget. If traveling to a large zoo is out of your price range, there’s sure to be an alternative that’s within your budget.
A popular and inexpensive option among younger children is a petting zoo. These zoos may not feature large animals such as elephants and giraffes, but they make up for that by allowing physical contact with the animals. Kids enjoy petting and feeding the goats, pigs, ponies and ducks. Bring a camera along and capture some memories that are sure to be cherished for years to come!
Museums and Galleries
If you’re looking for a fun and educational activity for the entire family, you canít beat a trip to a museum or art gallery. You don’t have to live in a large city to visit one. Most smaller cities, and many small towns, have at least one museum or gallery of some sort.
Museums come in a wide variety of flavors. Art and historical museums are among the most common. But you can also find museums based on all sorts of interesting themes. Museums featuring oddities (such as Ripleyís Believe It or Not) are popular among children and adults alike. There are also museums geared toward children that make learning fun. If you’re not sure what types of museums can be found in your area, check with your local Chamber of Commerce.
Many museums offer free admission, so all you have to do is resist the urge to splurge in the gift shop. Some charge admission, but prices are usually reasonable. If you want the best possible deal, consider organizing a group trip. Call ahead to find out how large of a group you will need to qualify for a discount. You could invite members of your church or an organization to which you belong to meet the requirement.
Visiting Friends and Family
If you’re looking for a change of scenery on a budget, visiting friends and family who live out of town could be the answer. If you can stay with them instead of renting a hotel room, you could even make a vacation out of it with very little expense.
If you have family living in the Bahamas, that would make for a great summer vacation. But no matter where your friends or relatives live, there’s bound to be something fun to do together. A simple dinner out at a popular local restaurant and trip to the movies can be an adventure when you’re away from home. Or you could visit inexpensive local attractions such as nature areas, museums or petting zoos.
The Library
When it comes to summer activities, going to the library may not be on your kids list of favorites. But did you know that most libraries offer a variety of programs that appeal to children, teens and adults?
Most libraries sponsor a summer reading program for kids and teenagers. These programs usually feature prize drawings for children who read certain numbers of books while they’re out of school. This is a great way to keep your child’s reading skills up to par!
For young children, storytelling is a popular library activity. Some libraries also feature activities such as movie showings, craft classes and even concerts. Most of these activities are free, but they may require registration. Call your local library to find out the details.
Movies
Going to the movies is a wonderful family activity year-round. In the summer, it’s the perfect cure for boredom. And if you play your cards right, you can take the entire family without paying an arm and a leg.
Instead of going to the big chain theater, see if there is a dollar theater in your area. These theaters may not show the newest releases, but seats are cheap for every showing. Sometimes you can even go for as little as 50 cents per person!
If there’s no dollar theater in your hometown, check matinee prices at the regular theater. These daytime showings on the weekends are usually significantly cheaper than nightly shows. Some theaters also have cartoon showings for cheap on weekend mornings. And some offer special discount programs that could save you money if you go to the movies frequently.
Watching movies at home is even less expensive than going to the theater. Theresa no temptation to buy giant tubs of expensive popcorn, and everyone can watch a rented movie for one low price. If there’s a Redbox location near you, you can rent new releases there for $1 per night. Or you could join Netflix and borrow as many movies as you like each month with no late fees for one low price.
Better yet, you can borrow movies for free. If you have a friend with a large DVD collection, inquire about borrowing a movie to watch every now and then. Or go to your local library and borrow some movies. Pop some microwave popcorn and dim the lights for an authentic theater experience.
Picnics in the Park
The park is a wonderful destination for family fun in the summer. There’s something for everyone in the family to do. Youngsters can play on slides, swings and such. Older children, teens and adults can shoot hoops, play softball or go walking on trails. Or you could bring along a Frisbee, find an open space and toss it around.
With all of these fun things to do, why not pack a lunch and make a day out of it? For the price of some sandwiches, drinks and dessert, the whole family can have a blast and get some exercise. If you prefer a hot lunch, many parks have shelters with grills that you can use for free when they are not reserved.
Block Parties
If you want to have a good time and have the room, try having a block party! Kids love them because they get a chance to play with the other kids in the neighborhood, and adults love them because it gives them an opportunity to socialize.
If you bear all of the expense yourself, having a block party is very expensive. But if you make it a potluck, you won’t have to pay much at all. Just provide the main course, and ask each guest to bring a dish. You could even ask some to bring supplies such as paper plates, cups and napkins.
For cheap live entertainment, ask any neighbors that play an instrument to bring it along and have an impromptu jam session. Or have the kids that will attend prepare an act and have a talent show. You don’t have to shell out big bucks to hire a band.
Amusement Parks
Amusement parks aren’t known for being inexpensive. One ticket for one day can cost as much as a couple of weeks worth of other activities. But there are ways you can save on admission to your favorite park.
If you live fairly close to an amusement park, a season pass could be well worth the money spent. They usually cost about as much as 3 or 4 days admission. So if you think you’ll visit several times during the summer, a pass will pay for itself in no time.
Some employers offer discounts on admission to nearby amusement parks. They usually make announcements early in the summer. If you haven’t heard anything from your employer, ask if they offer any special deals. If they don’t, suggest that they check with the park in which you’re interested to see if they could.
You can often get discounts on amusement park admission from a variety of sources. Check packages of canned soda and other items from the grocery store. Some fast food restaurants also distribute coupons for a certain percentage or dollar amount off of admission to amusement parks, so be sure to look in the bag when you get takeout. The best discounts are usually found late in the season.
Other Frugal Summer Fun Ideas
The possibilities for frugal summer activities are endless. Here are some more ideas:
* Inquire about touring a local factory. Some offer interesting and educational programs, and you may even get some free samples afterward.
* Organize a family reunion. Rent a shelter at the park, and have a potluck dinner. You’ll get to see family members that you haven’t seen in ages, and the kids will have lots of fun playing together.
* Go on a family bike ride. Whether you load up and hit a bike trail or just ride around the neighborhood, everyone will get some exercise and an opportunity to bond.
* Volunteer. There are volunteer opportunities suitable for children as well as adults. Some organizations need lots of help, so the whole family may be able to get involved with the same project.
* Visit state, local or national government offices. Many offer tours that are very educational.
* Gaze at the stars. You can do this for free on a clear summer night, or you can visit the planetarium.
* Pick wild berries. They taste great right off the vine or bush, and you can also take them home to use in cobblers and other dishes that you can make with your kids.
* Get a jar and let the kids catch fireflies. You might even find yourself getting involved!
* Set up a scavenger hunt for the kids. Make a list of items found in nature, and let them loose in your back yard or at a nature park. Provide a special prize for the winner and consolation prizes for the runners up.
* Go to a minor league baseball game. Tickets are much cheaper than those for major league games, and the atmosphere is much more relaxed and family-friendly.
* Make a bird feeder by spreading peanut butter on a large pine cone and rolling it in birdseed. Hang it up in the front yard and watch as the birds flock to it.
* Create a family scrapbook. Have each child contribute a page or two, or assign each one a task such as creating page layouts, choosing photos and cropping.
* Check your local newspaper for event listings. You could find free concerts in the park, play groups and more.
Having fun in the summer isn’t only for the well-to-do. There are plenty of activities you can do in your own back yard that are free or very inexpensive. And with some research, you can find affordable activities in your hometown and neighboring areas. There’s no need to let summer boredom get the best of you and your family. Fun can be had on budgets of any size!
Mention the word “budget”, and people’s eyes tend to glaze over. Budgeting isn’t the most exciting activity in the world, and on the surface it is extremely limiting. We don’t like it when other people try to tell us how to spend our money, and even setting parameters of our own may seem too much.
What many of us do not realize is that a budget is the ticket to financial freedom. It restricts what we spend each month, but in the long run it allows us to get more out of our money. Instead of frittering funds away on things we could comfortably do without, we can save up for emergencies as well as things we enjoy.
Here are ten tips for creating a budget, setting priorities and keeping tabs on spending.
1. Be realistic. All too often, we create the perfect budget on paper, only to completely blow it in practice. This is frequently because we are not realistic about our expenses. It may help to save all receipts for a month before you start on your budget. That way you can evaluate how much you’re really spending and avoid budgeting too little for any given item.
2. Remember the little things. Eating out every day instead of packing your lunch might not seem like a big deal, but it can really add up. The same is true for many of the habits we have. Cutting back where practical can save you more money than you might think.
3. Lower your bills when possible. A good place to start is with your cable bill. Do you really need all of those movie channels? What about your cell phone bill? Would a less expensive plan meet your needs? Knocking a few dollars a month off of your bills could leave you with hundreds of extra dollars each year.
4. Get the whole family involved. A budget affects the entire household, so everyone should have a say. You may have to make changes that everyone doesn’t agree with, but they will be more likely to accept them if you listen to all input. Family members may also have ideas that you wouldn’t have thought of on your own.
5. Give everyone an allowance, not just the kids. Setting reasonable limits for discretionary spending will help prevent your budget from being derailed.
6. Make sure the necessities always come first. Budgeting for entertainment and other wants is important, but if push comes to shove, food, water, clothing and shelter are the most important things. Budget for these and the things that enable you to work (such as transportation) first.
7. Include savings in your budget. Saving up some money for emergencies is crucial for every individual and family. Try coming up with an amount to save each month and include it in the budget before any non-necessities.
8. Keep track of all expenditures. Save receipts or write down every expense so you can compare your actual spending to your budget. If you spend less money than budgeted, consider allocating more to savings. If you spend more money than you planned, you need to either watch your spending more closely or make adjustments to your budget.
9. Avoid using credit cards irresponsibly. Buying on credit will result in less spending of money in the short run, but you will have to pay it back with interest unless the balance is paid in full each month.
10. If you get extra money, use it wisely. Consider putting it directly into savings or using it to pay down debt. Spending it on something you want might feel good, but that doesn’t help your overall financial picture.
A licensed insurance agent can be a valuable resource. You would visit a travel agent to discuss destinations, rates, and obtain the latest updates only a travel agent could provide; a licensed insurance agent works in a similar way.
Let’s assume you need a specific type of insurance. An insurance agent can search for those policies that meet your needs. He can answer many questions you may have, can apprise you of discounts offered through his company, can help you with filing claims in an expeditious manner, and can review your existing policies to ensure you are fully covered.
On the other hand, before speaking to an insurance agent, it is recommended that you engage in some market research on your own. While it may take a little more time, you can certainly find the most affordable insurance rates on your own either by checking companies online or by calling them directly.
However, if you do not have the time or the inclination to do so, finding a really good licensed insurance agent can make all the difference. The only caveat is that some agents may try to talk you into purchasing insurance you neither need nor can afford.
Just like travel agents, most insurance agents work on commission. And just like travel agents, if the trip and/or the arrangements made are unsatisfactory, an agent will lose a valuable customer.
Ultimately, using the services of a licensed insurance agent can benefit you in a variety of ways, including:
* Finding the best deal
* Offering information not readily available to you
* Help you to make the right choices
* Explain the different types of insurance and if they are beneficial to you
Therefore, it’s a good idea to find an agent whom you feel comfortable with, who listens to your concerns, and doesn’t seem overly zealous when it comes to your insurance needs.
Resolving issues with health care companies are potentially trying experiences. You’ve possibly been underpaid, or are having issues pertaining to the company not authorizing necessary services. This experience doesn’t have to be a headache. The tips below can possibly avoid additional stress.
1) Be prepared for problems. Keep all records in the same place
The first step is clear. Either your claim is accepted, or there is trouble ahead. In the United States there are several billion claims processed each year. Health insurance companies are no different than anyone else; they too make mistakes.
Keeping records of all contacts you have with insurers within easy access can help. Each contract, fee schedule, addendum to a contract and letter referring to a contract or other payment matters should be filed together, or at least have one folder for each of the individual insurers.
2) Ask for clarification
If you are in the middle of disputing actions taken by the insurance company, you need to understand why this action is being taken. There are trends towards policies and positions. In some cases there really is no clear explanation for any action. For example, you may want them to give you a fee schedule, but they won’t tell you why you can’t have one. In these types of situations, don’t hesitate to put a little pressure on the company to at least get some answers.
3) Relevant information
If the company cites an article in your contract, it’s time to review the section. If you don’t have your own copy of the contract, ask for one. It’s also important for you to consider any documentation you have which supports your personal position, and make each section or citation known to the person you are speaking to.
4) Start cordially, and then escalate
Start the conversation or email as calmly as possible. If your polite and courteous approach doesn’t produce results, you can gradually become more assertive. Keeping your tone at a cordial level is even more appropriate if you have any type of established relationship with the company representative.
5) Paper trails
Keep track of all conversations including time, date and who you spoke with. Write a short summary of each conversation, keeping this with your other files in case you need it later.
If your cordial measures don’t resolve the situation, it’s time to build on that paper trail. Start putting all communications in writing either via email or registered letter.
6) Short and sweet
Insurance company employees normally have large volumes of calls and paperwork each day. They aren’t likely to have time to wade through page upon page of information on a problem or issue you are having. Keep your communications short and to the point so they can find what they need easily.
7) Make yourself clear
Keep in mind that you aren’t just stating a complaint, you also need to be clear in what exactly it is you want the company to do for you. What’s the action you need from them? Do you need them to answer a question? Authorize required care or maybe pay a claim? Even though this is often overlooked, it’s a vital step in getting your issue resolved quickly.
8) Climb the chain of command
It’s possible your initial contact isn’t very helpful to you. Don’t hesitate to ask for the name and number of the next in command. Ask for the information politely, and say they may have a better knowledge of how to deal with this particular type of situation, or have different authorities than a lower level employee may not have.
9) Be persistent!
If at first you don’t succeed, keep trying. Just because you got a negative response the first time, doesn’t mean the case is closed. Being persistent shows the company you are not willing to let them sweep your case under the rug. Keeping on top of things means that you are also keeping the insurance company’s employees on their toes.
