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Unexpected Ways to Save Money

Unexpected Ways to Save Money
    CC Image courtesy of Treehugger on Flickr

    If you’re like me, there isn’t one giant, glaring unnecessary expense in your budget that you can simply eliminate and save big bucks each month. Rather, saving money comes from chipping away at lower dollar amounts that have managed to increase over time. Admittedly, it’s much less satisfying to dock yourself $10 for eating out here or $20 for groceries there in order to save money. However, for many of us these types of adjustments are a necessary part of making sure you’re living within your means and saving the most you can, considering your income and expenses. Here are a few areas a lot of people over look, and ways to cut back that you may not have thought about.

    Check your autopayments

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    No, not the payments you make on your car (though you SHOULD be checking those, and re-evaluating your need for a new car, but that’s a whole other post!). Check your bank account for recurring withdrawals that you may have forgotten about. Maybe you signed up for a magazine that you don’t read, or maybe you have a computer backup system you’re paying for when you could be utilizing a free version. Go through your online statements and look for these types of debits. Generally they’re not much – maybe $5-10 – and by themselves wouldn’t seem worth the hassle of investigating. But if you have a few such expenses, you could knock of upwards of $50 from your monthly spending.

    Government Services

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    Utilize free resources. Why buy books when you can use the library? Even if you’re an e-reader person there’s a pilot program with the New York Public Library allowing books to be “checked out” to e-readers, and many classics are available for free on devices like the Kindle. If you’re starting a business or need help finding housing there are often resources in your city or county available to you for free. In terms of entertainment, find out when free concerts are being offered, or free museum days. Almost all cities have programs such as these which help residents experience the area without doling out much cash, if any. Your taxes support these endeavors, so might as well take advantage! 

    Gym Memberships

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    It’s obvious that if you’re not using your gym, you should cancel your membership. But even if you are, there are often cheaper ways to get a similar workout. The YMCA usually has inexpensive memberships with reduced rates for students, and some operate on a sliding scale depending on income. Watch for promotions, too. Gyms will sometimes greatly reduce your payments if you pay for a month or a year at a time. And there’s always the home workout option – check out the myriad of fitness apps and podcasts which will make you sweat but are cheap or free.

    With a little bit of creativity, you can get a handle on expenses that can add up to big savings!

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    Last Updated on March 29, 2021

    Life Insurance: A Secure Way To Protect Your Future.

    Life Insurance: A Secure Way To Protect Your Future.

    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.

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    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:

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    • 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:

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    • 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.

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    Featured photo credit: aryehsampson.com via aryehsampson.com

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