Archives for June 2017

With a national unemployment rate of 4.3%, it’s safe to say that there are still millions of Americans out there that could use a job and financial advice. Unlike living on disability, Family Leave, or retirement, most aren’t usually prepared for being laid-off or fired. When your regular income stops rolling in, the ability to pay your bills and even afford basic living expenses can be challenging. Many end up falling deeper into debt as they wait months, sometimes years to secure a new job.

So, how can you survive financially without a regular income? Below are some pointers to consider:

1. File for Unemployment Right Away

Once you become unemployed, the first thing you’ll want to do is file for unemployment. While not everyone qualifies for unemployment, if you were fired or laid-off for reasons beyond your control, you can be approved. Unemployment benefits will provide you with some income (although not as much as your job income) to help you stay afloat as you search for a new job.

You can check the department of labor in your state to find out what the unemployment eligibility requirements are. Since it takes about six weeks to receive funds, the sooner you file, the sooner you can close the financial gap.

2. Review Your Expenses

If you weren’t into budgeting when you were working, you’re going to want to get onboard now that you’re unemployed. Gather all your bills to determine where you are financially. Are you behind on your bills? Do you have money in savings to cover recurring monthly bills?

3. Eliminate Unnecessary Spending

Things like food, clothing, and housing costs are unavoidable – even if you’re unemployed. However, are there some things that you can eliminate from your budget that will give you more money to spend on things you really need? This can include cable subscriptions, data plans on your cell phone, entertainment expenses, and so on.

4. Contact Creditors and Service Providers

You don’t have any income now, and you’re not sure when you’re going to get more. The best thing you can do is reach out to all your creditors and service providers to update them on your financial status. Be honest and upfront, they understand life happens. From there, you can set up new arrangements that will save you a lot of money and more importantly, keep your creditors from taking further collection actions on your accounts.

5. Stop Using Credit Cards

You won’t be able to pay your credit card bills without your income; therefore, you need to stop using credit cards. Stick to cash now and just focus on paying the minimum balance on your credit cards.

6. Take Advantage of Opportunities

Believe it or not, there are a lot of opportunities for the unemployed that can help them manage their finances until they’re back on their feet. Your city or state should have programs that include free health insurance, food stamps, cash assistance, free schooling and training, lower cost car insurance, and even rental or mortgage assistance. Now is a good a time as any to start filling out those applications to see if you qualify. If you do, you could essentially save yourself a lot of money.

Surviving unemployment will be different, but not impossible if you keep these money management tips in mind. If you find that you’re still having a difficult time staying afloat, consider looking for odd and end jobs that you can do just to bring in extra money while you work towards finding employment. It may take time to find employment again, but before you know it, you’ll be back on your feet.

Although there are a handful of ironclad contributors to the car insurance for which you’re eligible – marital status, age, city of residence, etc – there are still some things that you can do to ensure you maximize its utility. For example, vehicle choice matters a lot; cheap auto insurance can be found online here, after you take a look at these five tips that help you better position yourself.

1. Become Familiar With the Different Types of Car Insurance

This is important so that an insurer doesn’t bundle together different types into a single package, with you none the wiser. There’s property damage liability, bodily injury, collision coverage, uninsured motorist and even medical payment insurance.

You’ll be paying a monthly premium that, of course, rises with each one you add. To make things easier, there’s the deductible-carrying comprehensive physical damage coverage, as well. Visit the federal government-supported car insurance types site to learn what kind of coverage is being offered in your area.

2. The Automobile Matters

All this means is that if you fancy an expensive vehicle, then your insurer will likely make you pay more for driving it. After all, it costs more to fix it if it’s involved in any accident – whether you caused it or not. This is because insurance is predicated on the cost of the car, the expense in repairing it and the frequency of involvement of that particular brand/model in thefts and collisions.

3. Does Gender Play a Part in Insurance Premiums?

This seems unavoidable, given that insurance premiums are a reflection of a multitude of factors. As a result, yes, who you are influences your rates. For example, unmarried  men under the age of 25 tend to have the highest rates; since they are on the road a lot more, they are involved in more accidents.

Being convicted of traffic violations and your involvement in any accidents will raise your rates regardless of gender or any other personal metric. As a result pay attention to the things you can control to minimize your car insurance payments.

4. Take an Accounting of the Amount of Insurance You Need

As a start, just do a search on the common types of insurance that men or women your age in your city purchase. You most certainly do not want to be underinsured; nor do you want to be paying too much per month for very unlikely occurrences.

Of course, this really matters if you cause the accident; but you cannot ever be certain that you won’t – no matter how carefully you drive. Get more than the minimum car insurance allowed by your state, so that if you ever hit that Jaguar, you won’t run the risk of losing your property and destroying your credit.

5. Investigate What Discounts May Apply

You can do some research, or simply ask your insurance agent. Find out how insured drivers in your family are doing, as discounts may apply based on certain factors. Don’t balk at paying more for comprehensive physical damage insurance – doing so can save you as much as 30 percent on your premiums.

Talk to your agent about the other options available – she should be eager to help you because of the fierce competition in the insurance industry. There are even some insurers that essentially pay you for driving fewer than a standard number of miles per year, so carpooling and public transportation every so often can save you a lot.

Business Contracts are supposedly watertight. When you sign one, you are committed to providing the service or goods outlined, or someone is committed to providing them for you. Nine times out of then, everyone is happy with this but on that tenth time, you might find you need to able to get out of that contract.

Whether it’s because you’re paying someone and they can’t provide the quality they promised you, or a change in circumstances means keeping up with a contract puts your business in danger, you need an escape route. Unfortunately, breaking a contract often comes with stiff penalties. Fortunately there are some ways to get away without paying.

Foundations

The best ways to ensure you have a way out when you need one start before the contract is signed. Including a break clause half way through gives both parties a chance to assess and decide if they wish to continue with the arrangement.

The best break clauses contain a structured notice period for the withdrawal of service, so you don’t find yourself with vital products or services halfway through. The break clause is a chance to begin a phased withdrawal if the arrangement is not working out.

Reading Carefully

If you need to get out of a contract, consult it carefully: most will list actions that constitute a ‘breach’ of the terms for both parties. If you can produce evidence that your partner has breached the contract, this gives you an opportunity to get out of it. At the very least, it gives you a strong position to negotiate your release from the contract with reduced penalties.

Negotiate

There is every chance that you might want to work with this partner again, even if this contract proves unworkable. Negotiate with them honestly and openly. There is a strong chance you will be able to find a mutually acceptable solution that preserves your relationship for the future.

If you take your concerns to the other party, you may be able to find a solution like a temporary drop or raise in prices, or a change in the quality of the materials or service provided. Don’t write off the situation entirely without discussing it.

Impossibility

Finally, if you have lost the ability to fulfil the contract due to circumstances beyond your control (flood, fire and so on), you cannot be penalised for withdrawing. If you’re in really desperate circumstances through no fault of your own, don’t despair!

All parents wish to raise all rounded children. While most excel in other aspects, financial discipline remains a challenge in most households. It is more complex when the people that kids look up to display poor financial decisions. Result- another generation of financially incapable individuals.

You do not have to have the financial background to thrive in money matters. The Internet has made it possible for anyone to get educated on this crucial issue. There are also plenty of books available in the market. With proper knowledge, habits that instill financial sense practiced at home will help you raise money masters.

Help Children Understand What Money Is

The first thing a child will most likely do with money is taking it to the mouth, just like anything else on their first interaction. Teaching the little ones that money is a medium of exchange is a great place to start. At the point of payment, let the child make the payment. The details may not be clear, but understanding that you have to pay to get the things you want in a store will help start instilling money value.

There should be a particular place where you keep money in the house, if not in wallets. When you leave money anywhere in the house, a child may develop the impression that money is not valuable. Coins may pose a different danger altogether as they are likely to put in the mouth, which can lead to choking.

Use Money To Reward

Awards encourage children to do better and take the initiative in future. It is natural. When introducing house chores to children, use the money to pay them. Once they have earned, take the opportunity to discuss how they will use the money.

Here is where parents and guardians introduce the principle of work. Children ought to understand that money comes as a result of putting in some effort. If they need a toy, for example, you can work on them taking extra household chores apart from their allocated daily duties. Older kids can opt to wash the car and get some extra funds in their accounts instead of having someone else do it.

Guide on How To Use Earnings

It is not enough to show them how money comes by, teach them what to do with the money. This is crucial. Scholars and financial analysts believe that what makes the difference between the rich and poor lies in what both parties do with the money they earn. Teach the kids the principles of giving, saving, and investing.

Introduce them with how insurance works and discuss with them things like health insurance quotes with pre existing conditions depending on their age. Nothing is that complicated if you break it down in simple language. Getting the child to understand insurance products and how they work will expand their knowledge and channel their curiosity towards meaningful things.

Creating a Saving Culture

With every income that comes through, there should be a portion that goes into saving. Watch programs on money talks with your child. Let them ask whatever is not clear, and answer it on their level. Never underestimate children’s understanding capability.

Enough companies are offering various children saving products. Whatever saving mode you choose for the kids, involve them at every stage. Simple things like walking into a bank as you explain the processes ushers your baby into a whole new world. Once you sow the seed, other efforts will just act as watering acts.

Remember children learn the best from what they see, not just hear. As you embark to empower the young ones on financial matters, be the best example. Do not export what you do not practice.