Ask the Advisor has an exhaustive list of 136 tips for college students to save money. I wish I had seen this list when I was still in school. Many of the tips are common sense, and I was able to come up with some of these tips during my own four-year journey. Although the tips are geared toward college students, many of the tips can be used by anyone. Some of the more general tips are listed below:
Avoid plastic. Use cards for emergencies, or pay off purchases before they accrue interest. If you need one, here’s how to get a secured card.
Pay on time. Seriously, so easy, but often ignored. Think of how much interest you save. Being late on a single payment increases your interest rate.
Avoid 0% APR cards. Unless you’re very disciplined and the normal rate is less than your current rate.
Ask for a better rate. Have good credit history? Ask for a better credit card rate.
Avoid the ATM. Fees will eat your savings. Withdraw a lump sum once, for the week, based on a budget.
Go natural. Do entertaining things that don’t cost money: visit friends, explore campus, hike, ride, skateboard, rollerblade, etc.
Take a lunch. College food courts are notoriously expensive.
Give up coffee. Or make a pot at home in the morning.
Count your coins. Do it yourself while watching TV. Use paper coin wrappers instead of losing nearly 10% in a coinstar machine.
Wait on the pets. At least until after college.
Re-gift. Can’t use all the gifts from uncles and aunts? Re-gift. Tacky? Maybe not.
Life is a journey full of ups and downs. No one can actually predict what might happen the next moment; there are times where the happiest moments do not even take a second to turn into the gravest. Planning for your future can help you face such unwelcomed but irrepressible situations with much ease. We all want to make every memorable event of our life more special and to cherish all those moments happily and worry less, you must financially plan your future. But no one has control over life and death. Who would wish to see his family suffer in his absence? Insurance hands over the financial jeopardy of life’s happenings to an insurance company.
Importance of getting a life insurance
No one has control over life and death. Nobody would like to see their family suffering in an absence, and that’s why many people recommend life insurance. A life insurance plan is one of the best ways to secure the future of your family, even against those financial troubles after an untimely demise. These plans are safe and credible, and you could trust them for your family’s better future.
On the other hand, a life insurance policy is a contract between a company (insurance provider) and policyholder in which the insurance provider ensures to pay a certain amount of money to the nominated beneficiary in case of the policyholder’s death during the term of the agreement. There are different types of insurance plans, and it is important for you to know the benefits of those plans such as a funeral, medical or some life expenses provided they are mentioned in the agreement.
Choosing the right insurance plan
If you’re about to select an insurance plan, you should consider some important factors:
The time at which you start investing in a program and the number of family members you want to get insured. Obviously, a married man with two children has different needs compared to a single one. The number of persons who are dependent on an individual also varies from person to person.
The next thing you need to consider is you and your family needs. What are your child’s dream, your retirement plans, for how long would your dependents need financial support, any personal injury, etc. And do not forget those events or situations that will surely demand a huge sum of money.
The next thing one must consider is your current income. You should preferably choose a plan which you can afford.
Now you must be having a pretty clear idea of how to choose the best plan for you. Further, you should also compare various plans offered by different companies and numerous sites available online that help will you to compare them.
Differences between life insurance plans
Here’s a short brief of some plan categories you can choose according to your needs:
Term Insurance Plan – You have to pay once, and your nominee gets the paid money under your misfortune demise. It ensures a person for a fixed time. If you survive the policy period, you do not get your premiums back.
Whole Life Policy – This plan continues for your lifetime. Under this, the policyholder has to pay regular premiums, until their death.
Endowment Policy – In case the individual dies during the tenure, the beneficiary gets the amount assured. If the person survives the policy tenure, they gets back the premiums paid with other investment returns along with several other benefits.
Money Back Policy – In this a portion of the money invested is returned to the investor at regular intervals. If you survive the insurance term you get the entire amount back; else the beneficiary receives the entire sum assured.
ULIPs – These are the life insurance plans that offer you future security plus wealth creation options.
Many people do not opt for whole life policy and endowment policy because of the high amount of money you need to pay, while others may prefer to opt for these if they have a high life expectancy. Surely you will find the best one for you.
So what are you waiting for? Plan for your future and live a happier and carefree life today.