Practical Ways to Save Money

Lynnette Khalfani-Cox aka “The Money Coach” says you don’t have to go
extremes to save money. Check out these smart and easy ways to save cash.

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Paying For Funeral Expenses: How To Make Sure Your Family Can Afford It

Many people do not realize just how expensive a funeral can be. One of the reasons people are often unaware of the expense is because they do not want to think about death or the possibility of dying. Although it may seem a bit strange to think about, it is better to be prepared than to have something happen that would leave your family dealing with a financial burden.

burial insurance and funeral costsThere are several things that make a funeral so expensive. The casket costs money and so does the burial spot, especially if you want to end up buried in a specific area. While it may not matter to everyone, there are some people who want to get buried in a nice cemetery with beautiful trees, flowers and lavish bushes. No matter where you would prefer to get put to rest, it is going to cost something.

The expenses begin to add up. Along with the casket and burial spot, families often spend money on floral arrangements and other funeral arrangement services to ensure that their loved one is put to rest in the best way possible.

After all, the deceased certainly deserve to have a beautiful memorial service and funeral. However, when it is all said and done, the family may end up dealing with serious debt because they did not originally have the money to cover the cost of the funeral.

Paying for Funeral Expenses with Burial Insurance

If you want to make sure that your family never has to stress out about how to come up with the money to put you to rest if you were to pass on, it may be in your best interest to consider purchasing a burial insurance plan.

The policy will offer that added security for your loved ones who may not be able to afford funeral expenses on their own. In fact, if you choose the right one, it may cover the entire cost of the funeral and burial so that your family members do not have to spend a dime.

You do not have to be a senior citizen to get a life insurance policy. Many people are choosing to take out these policies at a younger age because they never know when something could happen that would cause their death. And, although they may not want to think about dying, simply knowing that their family will be taken care of in the aftermath of the death may help them sleep better at night.

If you would like to get a life insurance policy to ensure that your funeral expenses are covered, it is best to shop around. There are several different life insurance companies offering their own policies. You need to check out these policies to determine the amount of coverage available.

For example, you could end up with a $100,000 policy that would not only cover funeral expenses, but would also leave your loved ones with extra money to hold onto so that they do not end up dealing with financial emergencies if you are no longer around.

If you are the one who works or makes more money than your significant other, you would certainly not want to leave him or her wondering how to afford the bills and basic necessities.

The type of policy you choose will depend on several factors, including the amount of coverage and the cost of the monthly payments that you will make. If you want to receive the insurance, you will need to make monthly payments, but they are often affordable. If you feel that one company is offering a premium that is beyond your budget, you can shop around for another that offers what you need at a better rate.

One of the greatest things about a life insurance policy is that you do not have to pay the entire thing off to get coverage if you pass away. As an example, if you had just signed up for the insurance policy two months prior to passing away, your family would still receive the money that they would then be able to use to afford the cost of your funeral.

Pulling out a life insurance policy does not mean you are going to die tomorrow, but it does mean that your family will have some financial security if you do pass. It is the best way to afford the cost of a funeral.

There are some people who take out loans or credit cards as a way of paying for their loved one’s funeral, but they will end up dealing with high interest rates and thousands of dollars that they have to pay back. If you want to make sure this is something your family members do not have to deal with, get in contact with an insurance agency and find out about the premiums that they have to offer.

Top Ten Personal Finance Tips

Saving money without a plan is hard. Below are some appropriate tips on how to plan and save your finances:

top 10 tips to save money1.    Keep a track of your monthly spending

Many individuals don’t know how much they spend each month on clothing, food, housing or entertainment. Whether you are using a debit card or paying with cash, make a total of your expenditures at the end of the month to give you a picture on how you are spending your income.

2.    Make a household budget that you can adhere

By making use of data that you have collected by tracking your monthly expenses, make a realistic budget. Make a clear record on how you follow it each month- this means monitoring your monthly expenses.

3.    Be Sure to budget for savings

Savings are important funds when you encounter unforeseen expenses and emergencies that may arise. Make sure you cut a small portion of your monthly income and place it in a saving accounts- usually at least 10 percent of your income is required. When you earn extra cash, put them in a savings account too.

4.    Pay your monthly bills on time to avoid late charges

Keep an inventory of your monthly charges and make reminders for yourself on which each and every bill is due. This way you can evade extra expenditure due to late payment which will also disrupt your credit score. They best approach is to pay bills the moment they arrive.

5.    Review your credit report

The details on your credit report can bare a great impact on your financial future. Acquire a report annually and check or its accuracy. Be sure to dispute any errors.

6.    Obtain your credit score

Having a three credit score informs lenders and businesses how well you manage your credit and your finances. The scores range from 850 to 500. Having a higher number of credit scores, the better ratings and the better the chance of your getting credit at reasonable rates. You can acquire credit score through nationwide credit reporting agencies after getting your free annual credit report.

7.    Eliminate debt and credit

Using credit cards can make it easy to accumulate debt. If your debt accumulates faster than you can settle it, you are definitely living beyond your means. Stop utilizing credit cards and pay off the debts- the sooner you do, the less you will pay in interest.

8.    Make use of free cash

If your employer offers a contribution for health savings or retirement savings accounts, make sure you are investing enough to achieve the maximum match amount. Otherwise, you are missing out on an opportunity for free money. Maximizing your contributions also reduces your taxable income.

9.    Assess your insurance policies

Having insurance is paramount for providing protection for financial hardships, and the premiums you incur can be one of your top household expenses. Obtain advice from the provider to ensure that you have the appropriate level of insurance this way you are not incurring too much for coverage.

10.    Utilize legitimate financial institutions

To many individuals these days still refuse to rely on traditional banks or financial institutions to manage their cash. Open a savings or checking account at an FDIC- insured bank, loan and savings, or credit union. Be sure to conduct extensive research whether there are fees for these services before selecting an institution.