Hello and welcome back. Can you believe that were already the end of our 5 part series?! You know what they say, time flies when you’re having fun learning about financial tips. Anyway, we hope that the first 4 blogs were valuable to you and that you’ve already started putting some of our advice to work. We have 10 more excellent tips for you today to finish up the series and, without further ado, let’s get started. Enjoy.
- Are you impatient? If you are, chances are that you also have relatively low credit scores and, when it comes time to secure a loan, you’re going to pay higher interest. A recent study at Columbia Business School showed that, on average, people who were willing and able to wait for cash rewards had a 30 point higher credit score (on average) than people who have less patience. The moral; wait for your rewards and another reward you will get is a higher credit score.
- A survey done in 2012 by MetLife insurance company showed that 1 out of every 4 married couples with young children don’t have any life insurance. This may be one of the most distressing facts that we’ve come across recently and, when you consider that the average cost to raise a child to the age of 18 is approximately $235,000, if 1 parent were to suddenly pass away the surviving parent would be in an incredibly difficult financial situation. The fact is, a $500,000.00 policy if you are 35 years old and healthy will cost you about a $1.00 a day and is more than worth that price for the peace of mind of knowing that, if you pass, your family will be protected.
- Last year thousands of people were forced to leave their home as Superstorm Sandy ravaged the East Coast. Those people who had their financial paperwork in order were able to quickly grab it and evacuate while those that didn’t (and there were a lot) fled while leaving all of their vital paperwork behind. While in most cases this paperwork is replaceable, the hassle of doing so is huge and, for that reason, organizing your financial paperwork is an excellent idea.
- With today’s digital cameras it’s easy to take hundreds, or even thousands, of pictures and not spend an extra dime on printing them because they can be safely stored on a computer or USB drive. With that in mind, it’s an excellent idea to take pictures of anything and everything of value in your home so that, if you get robbed or if your house is destroyed in a natural disaster or a fire you will easily be able to prove to your insurance company exactly what you had, what it looked like and so forth. This will help you immensely when filing a claim.
- While we’re on the subject, preparing for emergencies is an excellent way to save money. If you have a number of alternatives where you can stay in case of an evacuation you won’t be stuck paying ridiculously high hotel prices and, if you’re able to stay in your home but don’t have power for a few days, an emergency kit will help you immensely as well. Your emergency kit should include such things as batteries, a flashlight or two, closing, lots of nonperishable items, a first aid kit, above all else, clean, drinkable water.
- One last thing about emergencies; it’s an excellent idea to have an emergency savings account set up and experts recommend having an account that would be able to pay six months’ worth of bills if necessary. This would be extremely helpful in terms of natural disasters or even something as mundane as mechanical problems with your car.
- If you’re closing in on retirement but we don’t believe that you put enough money aside, plan to work for a few extra years to get a little bit of extra padding for your message. Fact is, a recent survey showed that one in three people in their 60s who are middle income earners don’t even want to retire. In many cases, launching a second career in order to do what you really love is an excellent idea.
- One of the best ways to change any financial situation is to create a new habit around it. If, for example, you want to put more money in your retirement accounts then make a habit of doing just that on either a daily or weekly basis. Experts say that a new habit can be formed as little as six weeks, if you form new financial habits during this time, the positive results could last for years.
- Once to do something that will earn you to save more? Download the ‘Aging Booth’ app for your smartphone and use it to take a look at what you’re going to look like when you’re older. Psychological research has shown that people who see photos of themselves as ‘older folks’ creates an urgency to work harder at saving will. It also might be the best thing to do in order to start living a more healthy lifestyle.
- Set goals. For our final bit of advice we can only say this; if you set financial goals for yourself and do your best to stick to them your chance of financial success will be much higher than someone who doesn’t set goals and has limited or no financial plans.
Well, we did it. 50 excellent tips that anyone should be able to use to prove their financial situation, spend less and save. We truly hope that this series has been valuable and that some of the advice information we gave you was useful. If you have any questions please let us know and we’ll get back to you as soon as possible. Until then, make sure to bookmark our site and come back often for more excellent financial information. See you then.