Simple Financial Tips – Homeowner’s Insurance

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Every year you receive your annual homeowner’s insurance premium notice usually 30 days prior to renewal date.  Do you just renew your policy without considering the cost and coverage?  Many of us just assume that your existing insurance company is providing you with the best rate and coverage for your situation since you are an existing customer.

So before you just renew your annual homeowner’s policy you may want to check to see if your existing insurance provider is offering you the best price on your existing policy.  But don’t let cost be the only determining factor when considering changing your homeowner’s insurance provider.

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Here are some other factors to consider before you decide if you should change insurance providers with your next premium renewal:

  1. What amount of coverage does your policy cover?  Its it enough or is it too much?
  2. Does the new company provide excellent customer service?
  3. How is the new company rated?  Will they be there when you need them.
  4. What will your new deductible be?  Is it higher or lower than your existing deductible?
  5. Will you receive any discounts by consolidating your auto and homeowner’s policy?
  6. Will your insurance coverage change with the new policy?  Will you still have the same type of coverage or will you have additional coverage?

Always make sure you are comparing apples to apples when considering a change.

ACTION STEP

Take action when you receive your next policy premium notice by reviewing your homeowner’s insurance premium instead of just renewing it.  It may take some time but it will benefit you with cost saving or better policy coverage.

Til next week take one step at a time to simplify your personal financial life.

Simplify your personal finances by taking Mailbox Relieve 101

Is your mailbox over worked? Does your mailbox want to run and hide when it sees the mailman coming? Would you like to take some of the daily weight off its back? Here are some tips to provide your mailbox with some relieve to extend its life as well as help you simplify your personal finances. I know your mailbox will love you for it.

Go paperless – Eliminate those monthly bills by signing up for online statements. This will reduce the amount of mail you receive but will also help you save time by not having to sort through your mail looking for your bills. This will especially be helpful at year end tax time.

Eliminate junk mail - You will get extra love for this one. Spend less time sorting the real mail from the junk mail. To do this you can sign up at optoutscreen to get rid of those pre-approved credit cards and insurance offers.

Use P O Box – If you really want to provide your mailbox some relieve but it may not forgive you if you start using it exclusively. Using a PO Box helps you eliminate theft from your mail box as well as the need to hold your mail if you travel a lot. It can help prevent theft from your mailbox which could lead to ID theft due to someone stealing your mail and obtaining your financial information.

Consolidate your accounts - Doing this will reduce the amount of mail you will receive. Help you keep track of where all of your financial assets are held. The less accounts the easier it is to monitor them as well as manage them.

Consolidate service providers - Reduce the number of monthly bills you receive by consolidating your service providers. For example consider consolidating your land phone line company with your cell phone company or eliminating your line phone line. This will reduce the number of bills you receive each month as number of bills you will need to pay.

Sign up for online mailbox service/ virtual mailbox – Consider signing up for online mail service such as Earth Class Mail

If your looking to simplify your finances begin by giving your mail box a break. You will be amazed at how much time you can save by reducing the amount of mail you receive on a daily basis.

Let me know how you have reduced your incoming mail.

Simple Personal Financial Tips – Budget Busters

Have you decided not to create a monthly budget because every time you create one you always bust it.  Creating a personal budget is important to your personal financial health.  Sticking to your personal budget can be challenging but it is key to living a simple financial lifestyle.  You are  probably asking what do I need to do to stick to my budget.   You must avoid these budget busters in order to stick to your monthly budget.

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Here are this week’s tips to help you simplify your personal finances by helping you avoid these personal financial budget busters:

Splurge or unplanned purchase – we all do it but we must limit it or at least budget for it.  If you know you have a tendency to buy things at the spur of the moment instead of planning just put it in your budget.  Hopefully you are not buying high ticket items every month.  If you are you may need to look at your spending.

Medical cost – Unplanned medical expenses are usually something you really can not plan for.  But you can have medical insurance in place.  Having adequate medical insurance and a reasonable deductible or co-payment will lessen the impact of those unplanned medical expenses.

Unplanned repair bills – just like medical expenses you can not always predict when they will occur.  To lessen the impact on you budget have preventive maintenance done on you car, home and any other thing that could break.  You can schedule these out and prepare for them in your budget.  Many  times even if you do preventive maintenance things will still need repairing.  This is why you should have an emergency fund in place so your monthly budget is not impacted.

Eating out – this is where I could use some work.  Its so easy to just go out to eat instead of planning ahead and have dinner at home.  Try limiting the times you go to dinner each week.

Increase insurance expenses - we can not control how much our insurance premiums will increase each year.  But what you can do so your premium does not bust your budget is review your insurance policies each year to make sure your coverage is appropriate.  You may want to even shop for another insurance providers if the increase is significant.

By avoiding these budget busters you can hopefully create a budget and stick to it.  What are your budget busters and how do you avoid them?

ACTION STEP

Take action by reviewing your spending and think about what is causing you not to stick to your monthly budget.

If you liked these tips and want to learn more, make sure you subscribe to simple financial lifestyle email newsletter and subscribe to RSS feed for blog updates.

Til next week take one step at a time to simplify your personal financial life.

Simple Financial Tips – 5 ways to reduce ID Thief

You hear about it all the time or you know someone who has been impacted by it. That’s identity thief, which is when someone uses your personal identifying information such as credit card number, bank account number, or Social Security number, without your permission. It is estimated that as many as 9 million people per year have their identities stolen. One way to reduce the chance of your personal financial information from being stolen and used by others is to simplifying your personal finances.

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Here are this week’s tips to help you simplify your personal finances as well as help you reduce the chance of identity thief:

Stop writing checks
– You never know who will see your check. Your checks have all of your personal information printed on for anyone to see. It contains the name of your bank, your bank account number, your bank’s routing number, your name, address, and some even put their driver’s license number on their check. Please I hope no one puts their social security number on their check. If you do please order new checks or stop using them immediately.

Monitor your accounts – if you sign up for online banking you can monitor your account on a daily basis if necessary. You should check your account balance at least weekly. You want to monitor your account to make sure all the transaction that have occurred in your account are accurate and no usual transactions have occurred. If you wait until the end of the month to check your account when you receive your statement it may be to late the damage can be severe.

Online statements – instead of receiving month statements in the mail have your statements sent to you by email. This eliminates the opportunity of someone taking your bank statements from the mail and obtaining your account information.

Set up alerts – so you are notified if a specific amount over your usual activity is taken from your bank account. Set alerts to email all of your daily activity so you can see what transactions took place.

Check you credit report – do this not only to know what your credit score is but also to know what credit cards are open in your name. If you see an account that you were not aware of, report it and take action.

Take action now to help prevent identity thief which will not only save you time and money but also prevent you from pulling your hair out trying to get your identity cleaned up. So implementing these tips will help you simplify your personal finances and reduce identity thief.

If you liked these tips and want to learn more, make sure you subscribe to simple financial lifestyle email newsletter and subscribe to RSS feed for blog updates.

Til next week take one step at a time to simplify your personal financial life.