Debt Free Life Hacks

When was the last time you compared rates on your insurance products(auto, renter, homeowner)❓❓ Like many people, you probably select a provider and never look elsewhere. The set-it-and-forget mode could be a mistake. There may be potential savings by changing your coverage or insurance provider. Many people set their insurance needs to autopilot - buy a policy, pay the bill when it's due, and don't think twice about it. If the premium increases during renewal, you figure it's just a way of life. Well, maybe not.  😲   How I Saved and How You Can Too!😀 I, too, have my insurance payments set to autopilot. I typically pay my auto insurance premium semiannually and annually for renter's insurance. That seemed to work until I noticed the auto insurance increases were getting a little out of hand – and for no good reason. I contacted the insurance company to learn why the premium had increased. Since they did not give any acceptable answers, I decided to see if there were b...

Time flies, doesn't it? We've reached the end of 2022. Where did the time go? It's been a year, and I know you've been busy, but you'll want to make time for this. Unused Dental, Medical, and Vision Benefits  Hopefully, you've been using your employee benefits throughout the year, but if you still need to, it's time to get on the phone and try to make some appointments. If you're lucky, you'll find an opening, or you'll be able to squeeze in on someone's canceled slot. It never hurts to try.  Here are some benefits that you may have forgotten about: Dental 🦷 - Most plans allow two cleanings every six months or twice a year. Have you been to the dentist this year? When was your last appointment? Are you due for a cleaning? Ask these questions of yourself and everyone on your plan.  Medical  🏥- We should be getting an annual wellness check or physical. Most plans will cover your annual exam in full. Getting an appointment this late in the yea...

Remember that time when you lost $100? It was in your pocket, and somewhere along the way, it must have fallen out when you went into your pocket for something else. Memories like those are painful. You likely have a memory of money you've lost gambling, investing, and so forth. Losing cash is more painful than the joy of winning ( based on a concept called Loss Aversio n). Life can be chaotic. Occasionally you forget things you had, accounts you opened, deposits you made, and other balances due.  Let's talk about finding the money you lost or didn't realize was missing. There are a few ways you can locate this money.  Unclaimed Funds - Treasury Hunt One place you could check is  Treasury Hunt.  Treasury hunt allows you to search for matured savings bonds or missing interest.  With Treasury Hunt, you can see if: You had a savings bond or treasury security that's no longer earning interest but uncashed. A loved one who passed  had matured bonds that stopped ...

700 Pairs of Shoes and a Closet Full of New Clothes While standing in line at a department store, I chatted with another customer waiting to check out. During this conversation, she shared that she had about 700 pairs of shoes and a walk-in closet full of clothes that still had their tags. I didn't know the why behind her shopping or the collection of merchandise she had acquired, but I couldn't help but wonder what type of thought went into the constant shopping that she alluded to. Have you ever gone shopping for an item or two and left with many other things you did not intend to buy? Why does that happen? Why weren't you able to stick to your list? It happens to the best of us, but what can we do to keep it from getting the best of us?  The ABCs of Making a Purchase I introduce the ABCs of Making a Purchase. The next time you're about to buy something out of the blue or just because, maybe consider the following: A sk and A rticulate✋ Ask yourself why. Why are you...

There is a good chance you are paying for something you could get for free. What do I mean? Many companies are beginning to offer bundled products and services which means there may be some opportunities to save on some of your reoccurring expenses.  Ways to Save We all have expenses in our lives that are reoccurring. Think of some subscription services or apps that you pay for every month. First, it's a good idea to evaluate what subscriptions and apps you are actually using. Do you pay for several streaming services but only primarily watch one? If so, maybe it's time to cut the ones you're not watching and save a little dough. That's one way you can bring down your monthly expenses, but not the focus of today. Let's talk about saving using existing connections. T-Mobile Offers Service providers are now tacking on additional bonus items to entice customers. For example, with some T-Mobile plans, you can get Netflix. Do you know what that means? That means you may ...

Have you checked your credit report lately? If you answered no, why not? Under federal law, we are all entitled to receive a free credit report annually from each of the three credit bureaus. During the pandemic, there is even an option to receive free weekly access to our credit reports online! Now, what's your excuse? What is a credit report? A credit report is an organized report of your credit history and activity. Credit info is reported by the three major credit bureaus - Equifax, Experian, and TransUnion.  Why are Credit Reports Important? Credit Reports are important for many reasons and one reason we often hear about is how it impacts your credit score. The information reported can impact crucial areas of your financial life. You want to make sure the information reported is accurate, complete, and up to date. This is especially important before a major financial event such as applying for a loan or credit card as the information within your reports may affect the interest...

  A popular approach to paying off debt is something called the Debt Snowball. The idea is that you would make a list of your debts from lowest to highest and then begin to pay down debt starting with the smallest debt and working down the list. This is an excellent way to pay down debt when you need a little extra motivation to push you to achieve your debt payment goals. Those small wins along the way can help give one a sense of accomplishment and hopefully encourage follow-through.  Use the Snowball for Savings I think this approach could be helpful with savings too! A widely used rule of thumb is that we should have an emergency fund that will cover 3-6 months of non-discretionary living expenses. These are expenses that are fixed and would have to be paid even in a situation where you have a loss of income. Think mortgage/rent, car notes, credit card bills, insurance ( life, health, auto, home/renter's ), food, taxes, and utilities.  Saving for a 3-6 month emergency...