Saving Money in the Long Run �" Get the Right Home Insurance

It is an exciting time becoming a new homeowner. However on top of new ‘wonders’ like interest rates, mortgage payments, and a family possibly, there is homeowners insurance to think about. Although many feel that it is just a wash, and should acquire normal homeowner insurance, there are other factors to account for when deciding on what type of plan to purchase.

A basic homeowners’ insurance policy will cover four main bases. First would be coverage for the structure of the home, this takes care of the home in case it needs rebuilding [such as if a fire were to burn down the house], covering the disasters listed within the policy. Generally there will not be coverage for flood, earthquake routine wear and tear, as there are other separate plans to cover those. Of course, it is important to plan accordingly, if you feel that there a chance of hail, or fire damage, then make sure to put forth enough money to rebuild in case of such an event. A second function of standard homeowner insurance is the coverage of belongings within the home. This also includes protection against stolen items, such as jewelry, which should be appraised and insured for its proper value if it is expensive.

The third and fourth functions of homeowners’ insurance deal with liability coverage and additional living expenses [away form home]. Liability coverage works to pay court fees and advances for defending the homeowner’s family [or pets] against damage done to another’s property or body. Generally a plan will cover up to $100,000, yet with so many cases now exceeding that, if one can afford it, it is a good idea to insure liability higher, as a number exceeding that barrier can completely cripple a family. The fourth clause will cover expenses for homeowners when they are out of the home, due to a covered disaster. Basic needs are covered [restaurant bills, hotel rooms, living expenses], and depending on the policy can range from 15% to unlimited, for a period of time which the house is not inhabitable.

Now that the overview of insurance is through, it is important to decide if other insurance is needed. It should be a no-brainer. If one can afford it and lives in an area such as the pacific coast, that other insurance is needed. Flood / Hurricane, and earthquake damage can be devastating, yet in most areas of the country, is not a threat. For young homeowners who may be tight on the budget, it may be a good idea to only dabble in these areas if it is a high-risk area in which the house is located.

There really is a lot of work in being a young homeowner, however as with most issues, proper knowledge can go a long way in a successful ownership. Insurance is definitely an issue that should not be made a snap decision, remember not every case is the same, make sure not to fall into a general trap, get a plan that is tailored to the house.

For most, analyzing ones bank account is never a fun task. The ones who have a lot of money really have no need to do so, and for the rest, well it is just a reminder that we either need to put away more money or we have a long way to go before settling down.

Being in that middle age it can be especially scary to look down at the bottom line. However with that, a plan of action should be made.

Too often in decision making a rational head is not effectively used to see the best possible path. In this case, money often drives people to unnecessary or drastic measures.

Stay Financially Fit with these Grocery Shopping Tips

If you are a food lover (and who isn’t?) it can be tough not to buy every appetizing thing in sight at your local grocery store emporium. Even the most disciplined buyer can lose their financial cool at the grocery store. It can be very easy to surpass your weekly grocery budget with a single trip to your local supermarket. If you think you are spending too much on your grocery budget, here are some tips for staying financially fit.

Clip those coupons—and use them

Although they may not be sexy or cutting edge, coupons are still a great way to save on your grocery bill. Take advantage of those circulars and clip coupons on food and home items that you already use. Coupons are often used as a promotional tool to entice you to try new items. If you can get a good deal on an item you’ve never bought before, that’s great. But try to restrict yourself to items that already hold a space on your shopping list. You should also beware that many times coupons can help you save on name brand items only. Is the same item available as the generic store brand? Sometimes you can save more on your grocery bill by buying the store brand item rather than buying the name brand item with the coupon discount. Make sure you do a stringent price comparison before buying the name brand item.

Store brand items are usually just as good

Speaking of store brand items, did you know that they are almost always just as good as the name brand item? Store brands are held to the same quality standards as most of the other items on the shelves of your grocery store. Buying the store brand is an easy and effortless way to save money on a regular basis.

Shop at your local farmer’s market

Shopping at your local farmer’s market can be a great way to shop for fresh fruit and produce. Shopping at a farmer’s market is usually a great way to save money on fresh local produce, especially if you are lucky enough to live in an area with an abundance of farms, orchards and agriculture. Shopping at your local farmer’s market is also eco-friendly because the food travelled less distance to get to you, thus saving on fuel. This can be a wonderful opportunity to get to know your local growers.

To save money, buy in bulk

Buying in bulk can be a great way to stay financially fit and save money. If you have the space and money to buy in bulk, this can be a great way to save money on your grocery bill and save time as well. Be sure you are buying things you truly need and will use. It can be tempting to buy a four-pack of kitchen napkins if you see them on sale, but if you know that you probably don’t need that many napkins and don’t have the storage space, it’s probably better to opt for your usual buy. Of course, there are certain products that all of us can stock up on safely. Toilet paper, laundry detergent, soap and other essentials are safe bets when it comes to buying in bulk. Make sure that you don’t buy anything that will go bad within two weeks.

Consider a co-op membership or your wholesale big box store

If you have a local co-op store or wholesale store in your area, you may want to consider buying a membership. A co-op membership means that you have access to a wide variety of natural products and local organic produce. When you pay your member fees, you are effectively buying into the co-op and becoming partial owner.

Many Easy Ways to Save Money and Lighten your Debt Load

Credit cards were not a common buying method for our parents and earlier generations. Yet, since the early 1990s, credit card debt has increased significantly. Even people as old as 80-plus are suffering from the risk of potential bankruptcy and other losses due to their lack of advice or knowledge on how to manage their credit cards more efficiently.

Often people over 50 do not own a computer or are unable to navigate the Internet to locate valuable information. Even if you don’t own a computer, you may be able to use a computer at your local library. Contact your local community college and inquire about its adult education program for seniors. Ask about classes on Internet navigation and computer literacy skills.

Set-up fees are made when a new credit card is purchased. This fee is for all the work that goes into setting up your card.

Credit limit increase fees are paid for increasing the amount of credit that’s on your card. So if you had a card for $2,000, and you ask for $1,000 more, you’ll be charged a credit limit increase fee to get more money on your card.

Cash advance fees are used for setting up a cash advance. It could be a percentage of the cash advance, or just a flat fee.

Other fees include things such as customer service and looking into your account. Some credit card companies even charge you fees for using your card over the phone.

Interest rates for credit cards are fees you pay in addition to paying back the money you originally spent on the credit card. The card collects interest over time, and you pay this back inside your other payments. Really the only way to avoid or lower interest rates would be to pay your monthly bill, in full, on time each month.

There are usually three ways that credit card interest rates are calculated. The first is known as the previous balance method, the next is the average daily balance method, and the last is known as the adjusted balance method.

The first method (previous balance) is calculated by the finance charge based on the amount of last month’s payments.

The second method (average daily balance) is calculated by the daily balance on every day of your pay period, subtracting received (made) payments, divided by the number of days in your pay period. If you make your payment earlier, this method of calculating interest rates will not be as high.

The final method is the adjusted balance method. This payment is determined by subtracting all the payments you made during your current payment from the last balance you paid on your last pay period.

Credit card interest rates can be determined by several other factors. For starters, the more your card is worth, that is, the more money that’s on your card, the higher your interest rate is likely to be. Also, the amount of time you keep your card and the amount of time it takes to pay your monthly balance can have a role in your interest rate as well. Annual fees on credit cards can also determine how high your interest rate will be. Other random fees can influence the amount of your interest rates, too.

Some credit card companies have no interest rate, but most of them do. If a credit card company has no interest rate, this usually means that your other fees, such as annual fees and late payment fees will be higher, so the company is pretty much making up for the money they would have lost with no interest rate in the first place.Â

Saving Big Time with these Unadvertised Secret Deals

Saving and investing are two areas America needs to know about, but rarely reads up on. It can cost you in money, in years before retirement, even happiness or your possessions. Of course, when it comes to investing to a goal that’s immediate, there are a few key things I can suggest to you. First of all, remember to consider your immediate goal and how immediate it really is. Remember that debt also means it will cost you more in the long run, with interest. It’s also very hard to pay off debt before retirement, and even harder during retirement. This goal has to be worth what you’re spending.

Secondly it’s important to remember that investment means you expect something back from what you’re investing in. Of course with investment, there is also risk. Never risk more than you can afford to lose! I have to repeat that, because it’s vital: never risk more than you can afford to lose. Let’s use the analogy of gambling. Gambling is an extremely risky investment, you could score big and get extreme profit, or you could walk out with empty pockets. Some men gamble away their children’s college funds and can’t pay their own bills. Though this is an extreme case, it exhorts the amount of caution needed.

Okay, you’ve made your choice: now what? First of all, don’t let your bills slide to make an investment. If the investment flops, so does your bill money. Many would say if this is a case of closer certainty, use your normal saving money. Either way, there are people who went to school and trained and have much experience in these very issues. Consult one of them before you invest in any goal. They are available to give you the confidence or warning you may need to take the plunge and advice on how to not go broke doing so. Making investments can be important to your future, if your investments go well that’s a nice, healthy retirement!

Paying taxes can be stressful and annoying. A lot of things also change when you’re considering retirement or in retirement. Retirement is something America is still trying to figure our correctly. When social security started, it was to help us out of the depression and was a temporary fix. Later in our history, that was changed. It didn’t turn out to help us much-- the average social security check is $838.00, which is not enough to support most people’s cost of living after retirement. All of that said and done, how do you pay taxes on retirement account withdrawals, penalty-free?

According to SmartMoney.com, “You probably know that taking withdrawals from a tax-deferred retirement account before age 59 1/2 generally results in a 10% penalty. The penalty applies to payouts from traditional IRAs, simplified employee pensions, or SEPs, and qualified retirement arrangements such as pension plans, profit-sharing plans, stock bonus plans, 401(k) plans, Keogh plans and the like. So we are talking insult added to injury here. While I certainly discourage raiding a tax-deferred retirement account before actually reaching retirement age, it sometimes can't be helped. In these situations, a key objective is to dodge that darned 10% penalty whenever possible.

Confusingly enough, the list of exceptions for IRAs and SEPs isn't identical to the list for qualified retirement plan accounts. One exception available for all types of accounts is taking annuity-like withdrawals over your life expectancy. You can use this calculator to figure the amount of penalty-free annuity-like withdrawals that you can take from a particular tax-deferred account. The annuity-like withdrawals must be taken at least annually.” Because that may be confusing, most experts would suggest you consider talking to a trained professional, someone with skills and experience in these areas. Make sure you trust this professional, as slip ups in these areas could really cost you.

Seven Smart Tips for Living Below your Means Comfortably

Investment is important for anyone taking in an income. Investing in something long-term is also pretty important for someone who is looking out for retirement and their future. Here are basic tips to making that easier.

Sell the Losers, Let the winners Ride! It may be hard to let it go, but sometimes it needs to be done. And the winners flourish when they go a long way, so keep it going rode. Think about the future. Don’t chase all of the “hot tips.” They are often hot for a moment and cold for another. Do your own research and you’ll know better.

Don’t sweat the small stuff! Your psychology is important to investment. Your mind is your money. Don’t over emphasize the P/E ratio. This is a classic mistake and can lead to more mistakes. Avoid this one! Resist the lure of penny stocks. I know it can be hard, but they can often lead to uselessness or even worse. Resist!

Stick with the strategy you pick! I know it can be hard. But if you stick with it, it will pay off. Just keep trucking and don’t get pulled away.

Focus on the future. That’s right, its patience. The future is coming, I promise. Just hold off. The longer you wait and more focused you are, the better things will be. Adopt a long-term perspective. It’s not too hard to do, considering you’re doing number seven on this list. Keep it real and remember how much time you’ve got. Long-term is the key to success. Stay focused.

Select companies with an open mind. It may sound self explanatory, but like investopedia.com says, “Many great companies are household names, but many good investments are not household names (and vice versa). Thousands of smaller companies have the potential to turn into the large blue chips of tomorrow. In fact, historically, small-caps have had greater returns than large-caps: over the decades from 1926-2001, small-cap stocks in the U.S. returned an average of 12.27% while the S&P 500 returned 10.53%. “

Don’t put taxes up too high in importance. Yes they’re important, but that as important as some think. Taxes…yum, don’t you love them? Who doesn’t? In all honesty, American’s hate taxes. Since the beginning of taxation, people have hated it. It is necessary for national defense and other things, though. But still…is there a way to beat it? According to smh.com, “Assuming they are eventually passed by the Senate, lower tax rates and the abolition of the superannuation surcharge will change the rules for many taxpayers. Some strategies need to be put in place now to make the most of the new rules; in other cases it may be better to wait until after June 30. But if you want to save on tax, you can't afford to ignore the looming end-of-year deadline.” What about inflation? It seems like it’s impossible to win in a situation where you cannot have control. There are certain things you can do, though. You can always talk to your tax guy, and if you don’t have one, you can call a certified CPA f or advice. There’s always something you can do, just keep looking.

For more information on any of those things, go to the web and look for advice. It is also important to understand inflation and exactly what it is. Inflation can sometimes be tricky. Then you can understand how it affects you and how to beat it. “The fact of the matter is whether you like/understand it or not, the danger posed by inflation is real and present and as an investor you have to take steps to safeguard your interests. In other words, you need to bring a fresh perspective to your investments,” says rediff.com. They have four main pieces of advice on how to beat inflation. For more information visit their website. These are some great ways. Again, for more information go ahead to the website. There’s more information out there to be found as well. For even more help, call a CPA. They are the trained experts in money!

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