Getting Older Stinks

Cars break down, pipes wear out and break, and kids get sick. Don’t forget to build an emergency fund to pay for these unexpected events.

From: theDigeratiLife.com

Tags: budgeting

After figuring out how much you have to budget, you need to spend every dollar on paper and give it a purpose before it even makes it into your checking account.

Your budget should go in the following order: Food, utilities, housing, transportation costs, clothing and health costs.

From: theDigeratiLife.com

Tags: money

Deductibles on homeowners policies typically start at $250. By increasing your deductible to $500, you could save up to 12%.

From: ourfamilyplace.com

Tags: money

When beginning a budget don’t budget for “the perfect month” and don’t use your monthly average over the past year. A budget should reflect what is happening currently.

From: theDigeratiLife.com

Tags: budgeting, money

Try before you Buy: This goes a long way in helping to avoid the silly purchases of things you rarely or never use. Before you buy something, especially items with big price tags, borrow one, rent one or try one out before you plunk down the cash.

From: ourfamilyplace.com

Tags: money

When establishing a budget get the whole picture.  Start by collecting all checking account and credit card statements for the last year. 

Collect all cash receipts for the last month (or next month if you don’t do this).  Don’t forget cash spent on co-payments, mocha’s, haircuts, etc. 

Now collect all receipts for financial contributions to charity, including Girl Scout cookies, etc.  Collect all pay stubs, deposit receipts, etc.

From: way2hope.org

Tags: money, budget

Distinguish between Wants and Needs: You will save a ton of money if you don’t mistake wants for needs.

Needs are pretty simple to identify–those items that are necessary to sustain: Shelter, food, clothing, transportation.

Wants are those things that enhance or possibly improve our family life. A car is a need.

From: ourfamilyplace.com

Tags: money, budget

Aggressive driving wastes fuel, so accelerate and decelerate gradually. Avoid jackrabbit starts at traffic lights and anticipate and coast to stops you see coming in the distance

From: mensfitness.com

Tags: driving, fuel efficiency

When putting together a budget the best way to get started is to put together a very basic list of your monthly income (i.e. your paycheck) and expenses.

 Just give it your best guess. Stick to listing things you can easily identify: rent, car payment, insurance, utilities (you get the picture). As time goes by you can add more detail.

From: personalbudgeting.com

Returning to school often involves financial sacrifices, but there are ways to lessen the bite. Personal savings, financial aid, private loans, and employer-funded tuition may be available to you, and education tax credits and deductions can help you out at tax time.

From: 360financialliteracy.org

Tags: education, money, career

We reap what we sow. To create the time, money and lifestyle you want, you have to invest it first.  That may involve reassessing your skills, researching, networking, attending training events and the like.

From careerhubblog.com

Tags: investment, money, networking

Who owns your life insurance? If the answer is you or your spouse, it could cost you up to 60 cents of every dollar of benefit. Owning the policy means that the proceeds are included in your taxable estate.

From physiciansnews.com

Tags: insurance, retirement, money

Some people erroneously believe that the spouse that dies first  eliminates federal estate taxes due to the estate tax Unlimited Marital Deduction. Keep in mind, however, that this is merely a postponement of tax. It’s true that there is no tax at the first death, but at the second death, your assets will be piled on top of your spouse’s assets and taxed at the highest rate.

From physiciansnews.com.

Tags: tags, money

At death, your property essentially will pass one of three ways: by title, by beneficiary designation or by your will.

Joint property passes by title, meaning that it overrides your will. A surviving spouse can do whatever they want with the previously jointly owned property during life and ultimately leave it to anyone they wish at death, regardless of your desires. This can be a significant issue in second marriages.

From physiciansnews.com.

Tags: inheritance, death, taxes, money