Frugaling

Insurance policies are often expensive and unpredictable because insurance providers decide how much to charge for a cover based on several variables. Consequently, it is often a challenge to navigate your insurance bill to find ways to reduce them. Here are some ways to cut the amount you remit for your insurance coverage.

Compare Prices

An excellent way to save on any insurance policy is to shop around. Premiums vary widely among insurance providers, even for the same coverage. Some insurers have higher costs than others do for a particular policy or age group. Get quotes from various policy providers and compare their rates. However, cheap does not always translate to a good deal; check other factors like creditworthiness and the insurer’s financial strength.

Raise Your Deductible

Deductibles refer to the money that one pays before the insurance provider begins to insure. Choosing a higher deductible on your insurance can significantly lower your premium expenditures. However, you will need to set aside enough money to pay the higher deductibles. Thus, if you are in good financial shape, increasing your deductibles will lower your premiums but retain your cover in case of significant damages.

Pay Annually

Paying for your auto insurance in a lump sum is cheaper than paying monthly payments. When you pay monthly, it becomes a loan with interest. Due to the significant upfront cost, it is sometimes impossible to pay the annual amount in one go. An excellent solution would be to pay on a zero percent credit card and clear the balance before the end of the interest-free period.

Weigh the Pros and Cons of Guaranteed Issue Policies

Some insurance companies offer guaranteed issue policies for a higher premium. For instance, life insurance without a medical exam is likely to cost more than a conventional policy. Due to the ease of getting coverage, a guaranteed issue policy may appear like a good deal. However, insurers often assume that those who apply for this cover may have existing medical issues. If you are healthy, a conventional cover with medical underwriting would be a good deal. The guaranteed issue policy may be the only option if you have health issues.

Quit Smoking

Smoking can reduce your life expectancy and raise your insurer’s risk of having to compensate for a death benefit. Consequently, the life insurance rate for a smoker is usually twice or thrice more than that for nonsmokers. Policy providers often check for evidence of nicotine in the bloodstream during a medical examination. You can get a lower coverage rate by quitting smoking. However, you need to quit smoking for over a year for insurers to consider you a nonsmoker.

Bundle Policies

Bundling insurance means purchasing more than one policy from the same insurance company, often at a discount. If you have a life or homeowner’s policy, check with the company how much you would save by including all your policies under one roof. Bundling your policy can save you as much as ten percent or more. However, just because a policy provider offers a bundle discount does not imply they are the best option. You will still prefer that the company you already hold policies with will offer the most affordable bundled cover.

Buy a Car with Lower Premiums

While buying a high-end SUV or sports car may sound exciting, insuring these cars is more expensive than insuring a lower-cost commuter vehicle. Insurance providers have different rating classes based on the type of vehicle you drive. This may mean buying a new car or replacing your current high-end vehicle with one that will attract low premiums. Some insurance coverage providers will give a discount if you purchase a hybrid or an alternative fuel automobile.

Do Not Over-Insure Your Home

Do not insure your home for the amount you paid during purchase; insure for the cost that it would take to rebuild the home. The amount you pay when purchasing a home includes the price for the land and the house. Depending on your home’s location and the time of purchase, the price could be relatively higher than the rebuilding cost. You will pay too much if you insure for more. On the other hand, you do not want to under-insure your home. Inadequate coverage may lead to crippling expenses in case of damages.

Healthcare expenses are a leading cause of debt in America. It’s estimated more than 50 percent of personal bankruptcies are the direct result of healthcare expenses. The rising cost of medical care in America shows no signs of slowing. But there are ways to reduce out-of-pocket healthcare costs.

Here are five tips for spending less on healthcare.

1. Choose a Hospital that has a Contract Management System

Hospitals with healthcare contract management systems are able to provide patients with more affordable treatment options. That’s because administrative costs are a contributor to the high cost of healthcare in America. A contract management system helps get administrative costs under control.

An efficient contract management system helps hospitals:

– Provide better patient care

– Reduce administrative costs

– Mitigate risk

– Comply with legal healthcare requirements

A contract management system benefits hospitals and patients. It makes it easier for hospitals to operate as efficiently as possible. And hospitals with healthcare contract management systems are able to provide patients with more affordable treatment options.

2. Maintain Your Health

The best way to save money on healthcare is to take care of yourself. It’s possible to lower your risk of developing diabetes, high blood pressure, heart disease, and high cholesterol with diet and exercise.

Maintaining a healthy weight, eating healthy foods, and regularly exercising lowers your risk for several health problems. This helps you avoid the need for medications, medical tests, and treatments that are often expensive.

3. Save Money on Prescription Medications

The average American spends $177 yearly for out-of-pocket prescription drug costs. Some ways to reduce this expense include:

– Use generic medications. A generic drug has the same active ingredients as a name-brand drug. The only difference is that one drug has a brand name on it and the other does not.

For example, the drug acetaminophen is the same as Tylenol. The difference is Tylenol is a brand name. You can purchase generic acetaminophen for less than you’d pay for Tylenol. The same is true for several prescription drugs. You can save money by opting for the generic brand of prescription medication.

– Choose a cheaper name-brand medication that offers the same benefit. There are usually several medications that treat the same illness. And the price of medication is determined by its manufacturer. If one medication is too expensive, ask your doctor if there’s a less expensive option.

4. Use a Flexible Spending Account (FSA) or a Health Care Savings Account (HSA)

HSAs and FSAs allow you to set aside pre-tax money for health care costs. And you don’t pay taxes when you withdraw funds for a qualified medical expense.

A high-deductible health insurance plan is needed to qualify for an HSA. And the government determines what qualifies as high-deductible. The government also determines how much you can contribute to an HSA.

An FSA is available only as part of a job benefits package. Unlike an HSA (which you own), you can’t get an FSA on your own. Any money you’ve saved in an FSA expires at the end of the year. In other words, you must use it within the year or lose it. The only exception is if your employee chose to provide a rollover option.

5. Use Outpatient Facilities

When possible, have surgeries and procedures performed at outpatient clinics. You can often get the same treatment performed at an outpatient clinic for less than you’d pay at a hospital.

Some people think outpatient facilities aren’t as good as hospitals. However, that’s not true. Well-trained professionals in outpatient facilities provide the same level of care provided to patients in hospitals. It’s cheaper because outpatient facilities have lower administrative expenses.

Look for More Ways to Save on Medical Expenses

The tips in this article should make your healthcare costs more manageable. But these tips are only a few out of many. Take time to research and see what other options you discover.

Are you looking to upgrade your home? Are you weighing out the pros and cons of improvements with the value for a future buyer?

Many homeowners struggle with difficult decisions about home improvements. It’s always a juggling act between cost and reward.

If you’re considering ways to upgrade the look and appeal of your home, keep an eye on the big picture. Here are 3 tips to keep in mind.

Keep The Big Picture In Mind

Many homeowners want to have a more appealing front yard and entryway. It’s not really because of resale value. Yet, the idea of creating better curb appeal always leads one to consider the tastes of a future potential buyer.

If you are weighing out alternatives, keep some of the biggest issues in mind.

First, consider your mortgage. Do you have the best loan or are there more attractivemortgage loans available? If you investigate, you may find that your overall costs can be substantially reduced. This can easily influence your decision to buy or stay.

Second, consider your personal plans and preferences. If you are planning to stay in your home for the next five years, what is important to you?

Do you have young children? You may want to have a swing set, a hammock, and a safe place for your children to play.

Do you need to work from home? You will want to have an uncluttered home office to work from. With the current trends towards remote and hybrid work, you’ll want to organize your home for maximum productivity.

Think first about the needs of yourself and your family. The potential buyer is not here yet.

Third, consider ongoing maintenance costs. There’s always an initial cost for a home improvement. The ongoing maintenance can creep up on you and really add up if you’re not prepared.

Transform Your Yard

There’s no question that the climate is in flux. In recent years, more homeowners are looking at ways to cut water consumption. This naturally has created an interest inxeriscape yards.

Fortunately, xeriscape does not have to be just a pile of gravel. There are many options for landscaping with Mediterranean plants to create a verdant garden.

If you’re an avid gardener, look around your neighborhood. Talk to your friends and neighbors who have drought resistant landscaping. You’ll find that with personal interviews, you can quickly come up with a list of plants that are ideally suited to your area. To take this further, contact your local nursery and draw up a map for your yard.

For some homeowners, transforming a front or back yard is an ideal DIY project.

However, for other homeowners, serious yard transformation is best left to professionals. If this sounds like you, it’s wise to not get involved in a DIY project. Instead, talk with an expert landscaper.

A professional will be able to advise you about the ideal plants for your property. A professional can help you select plants for specific issues in your yard – such as hills or slopes.

In addition, he or she can assist with setting up low-flow irrigation, plant selection, and ongoing maintenance. It is entirely possible to have a beautiful garden – with a much lower water bill.

Invest For The Future

As you make investments, balance your desires with those of a future buyer. Look for decisions that will appeal to a potential buyer of your home. This may include a drought-tolerant yard, a repaved driveway, or a freshly painted front door.

Many realtors are happy to share what buyers value in terms of home improvements. They are keen to talk with homeowners, even if you are not ready to sell your property.

Talking with a realtor can be an enlightening experience. You’ll find out what buyers value – and it can inform your decisions about home improvements.

For example, in many markets, buyers are looking at the very first thing they see. This is often the front door. Painting a front door can improve how quickly a home sells. Fortunately, this is quick and affordable.

If you are curious about the improvements that buyers value most, talk with a local realtor. You may find that some improvements will have more long-term value than others.

Sum Up

Your home is a place to enjoy to the fullest – now and in the future. With this plan, you can invest wisely with the best mortgage, create a beautiful drought-tolerant yard, and invest for the future.

They say that you’re never too old to learn and this is especially true if you are a mom that now wants to go back to school. While it may take more work than going to school fresh out of high school, it can still be done with equal parts planning, hard work, and dedication. Here are some things you’ll need to know before going back into the world of college.

Attend Online

If you are worried about trying to fit everything into your schedule because your home life is busy, you should think about online schooling. These days, you can actually get an entire degree while attending online classes, it is not like the hodge-podge of mixed classes that defined online school in the past. The best thing about going online is that you can attend class when it is convenient for you, no matter if it is the weekend, the middle of the night, or any other time.

Free Money

Depending on what the degree is that you are pursuing, you may qualify for grants or scholarships. These are usually contingent on maintaining a certain grade level. The best thing about these ways of paying for school is that they do not have to be repaid, so long as the money is used the way it is intended. If you drop out of school, the money will have to be repaid in most cases.

Employer Assistance

If you are going back to school to further your career, check with your employer to see if they have a tuition assistance program. Many employers will help employees with tuition reimbursement as long as the degree they are pursuing is relative to the company’s industry.

Private Student Loans

While not free money, taking out a private student loan is a great way to cover what is left after you have exhausted your free options and take the next step in your career. Private loans are just as easy to get as government-backed loans, but they have the added benefit of developing a positive relationship with a lender that you may be able to leverage in the future.

Study Space

Of course, with school comes studying. If you have a family at home, it can seem quite difficult to find the time you need to do a proper bit of studying. If you have a spare room, tell your family that there are certain hours where your time is off-limits and use that spare room as your study. If you have no extra space at your house, you can always use places like your local public library or a cafe to ensure you have plenty of quiet time to get your homework done.

Testing Out

The process of testing out of certain classes in which you already excel is a fantastic way to avoid paying for classes that you don’t really need to take. By testing out of specified classes, you receive credit for them without ever having to step foot in the classroom. It doesn’t get much easier than that.