To protect yourself financially and to make sure you are fully covered, setting aside time to review your estate planning documents is imperative.  You should ideally review these documents every year or two.

You may want to considering the following:

Do you have enough life insurance coverage?  Perhaps you bought life insurance at 10 times your income 10 years ago when you had your first child.  Since then you have had two more children and have had considerable increases in wage.  Is your life insurance policy from 10 years ago still enough?

Is your beneficiary still appropriate?  Much can happen in our personal lives over the course of several years.  People die, married couples get divorced.  Perhaps you had your father as your beneficiary 10 years ago, but he has since passed away.  Maybe you had your spouse as the beneficiary but you have since divorced.  A few months ago, a wealthy man’s death made national news because he still had his ex-wife as his beneficiary.  His current wife was taking the ex-wife to court to try to get the money she claimed should rightly be hers.  The death of a loved one is hard enough on its own without fights over money.

Has your health changed significantly for the better?  If you were a smoker when you bought your life insurance policy or you were overweight and you have since stopped smoking or lost weight, for example, it may be worthwhile to get quotes for new life insurance policies to see if you can get a cheaper rate.  You may also be able to call your current insurer to see if they can give you a better rate based on your healthier lifestyle.  (Many require signed confirmation from your physician.)

While you are analzying your life insurance, you may also want to review your will and trust.  Your assets change as do your personal relationships; if there are any significant changes, you want to make sure to update the document.

One of the most responsible things you can do is to buy life insurance to protect your loved ones financially in the event of your death.  In addition, you need a will and trust to dictate who will care for your children and inherit your money.  However, once you have both of these documents in place, your job doesn’t end there.  Take some time every year or two to make sure your life insurance policy as well as your will and trust are current.

Originating post: Have You Reviewed Your Life Insurance Policy and Will Lately?

Have You Reviewed Your Life Insurance Policy and Will Lately? is a post from: The Family Wallet.

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If your car’s engine starts smoking, you don’t worry; you can fall back on your emergency fund. If your home’s hot water starts clanging, you know you have the funds to replace it. Whatever unlucky incident preys upon you, you’ve come to rely on your emergency fund to handle.

I was struck with an unsettling thought the other day, though. I wondered if my emergency fund was really enough to depend upon in today’s economy. In years past, I’ve relied on the emergency fund for small bumps in the road of personal finance. But today there are stories everywhere about major financial catastrophes. People are losing jobs and homes. In fact, some families are losing everything.

Thoughts like this must make you think, “Is my emergency enough to help me if I faced a real financial nightmare?” Before now, you may have considered your emergency fund of $1,000 completely adequate. What could possibly happen that you couldn’t fix with that kind of money? Now, however, you see everything in a different light. What would you do if you lost your job and couldn’t immediately find a new one? What would you do if you were in a car accident and couldn’t work for a month or two?

In order to really feel secure in your emergency fund, I suggest trying to achieve a balance as high as three, or even six, months of your living expenses. Add up all of the bills that you have to pay every month: rent, utilities, debt payments, and food. Those are your monthly living expenses. Then, simply multiply your expenses by the number of months’ reserve you’d like to store up. That is your new emergency fund goal.

Of course, you will not build your savings up to this level overnight. Today you may only have one month of expenses in your emergency fund. By choosing to put off making any major purchases, however, you can quickly start padding your savings. You might consider making this your primary financial focus until you reach your new savings goal.

Having a large emergency fund won’t be the answer to all of your financial problems if you lose your job or face a medical emergency. What the large fund will do, though, is give you the cushion you need to build a plan to survive your problems. You will be able to sleep at night knowing you can pay all of your bills while you focus on getting a new job or healing.

Originating post: Do You Have Enough Saved in Your Emergency Fund?

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My home phone service typically ran $30 to $33 a month, and that didn’t include any extras or even long distance.  (I used a prepaid card from Costco to pay for my long distance at 2.2 cents per minute.)  I looked into alternatives, and found a home service that only costs $3 per month.  You can do the same.  Consider the following options:

Your cell phone.  Many families have eliminated their landline and simply use their cell phones for all of their phone calls both at home and away from home.  Crunch the numbers to make sure this will result in a savings for you, or consider moving to a plan that offers a family option if you don’t already use such a plan.  If you rarely use the phone, you may want to switch to a pay-as-you use plan rather than a monthly plan.  Every family’s situation is different, so you have to choose what works best for you.

magicJack.  magicJack touts low prices–$40 to buy and $20 annually after that.  There are a few important issues with magicJack that may trouble some users.  The hardware must be installed on your computer, and your computer must be on to allow you to receive calls.  (If the phone is not on, calls will go to voicemail.)  In addition, some complain that there is only limited tech support available from magic Jack.

Ooma Telo.  Ooma Telo works much the same way as magicJack with a few important differences.  First, it does not install anything on your computer, and your computer does not have to be on to use it.  You also have the option to keep your current phone number for a fee.  Ooma Telo is more expensive than magicJack; the device can be had for between $179 and $199, and the monthly fee is $3.  It also has 911 capabilities.  This is what we recently switched to.  While I have had no problems with it, a few of my callers have complained that the phone cuts out randomly.

Vonage.  Vonage also offers home telephone service through your Internet.  They offer a 3 month starter plan for $9.99; after that the cost goes to $25.99 a month, which is still a bit cheaper than conventional phone service.  For that fee, you are allowed unlimited minutes of free local and long distance calls.  There is also a 300 Plan that gives you 300 minutes of local and long distance calls for $11.99 a month.

With so much competition for your home phone service, there is no reason to continue to use your local phone company and pay their high bills.  Instead, take some time to research the many options that are available.  Amazon offers plenty of online reviews to peruse to help you make the best decision for your family.  Also, consider whether you can make 911 calls with alternative phone services.  For a few hours of research, you may find yourself saving hundreds per year; that is a smart use of your time.

Originating post: Seek Alternatives to Save on Your Monthly Phone Bill

Seek Alternatives to Save on Your Monthly Phone Bill is a post from: The Family Wallet.

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Get Free Boxes
Don’t waste money buying boxes from a moving company.  Instead, call your local grocery store and ask them to save some boxes for you.  Most stores are glad to break down the boxes and save them for you if you come in within a reasonable amount of time.

Check Moving Companies’ Reviews on Yelp
Yelp.com is a great resource.  There you can find reviews on all of the moving companies in your area.  Reviews are rated based on five stars (five being the highest, one being the lowest).  In addition, reviewers often give lengthy comments based on their experience.  If you don’t know what moving companies are in your area, simply enter your city into Yelp along with the words “moving companies” and Yelp will pull up all of the moving companies in your area with reviews.  Read through a handful of reviews for each company before calling any for a quote.

Call Several Moving Companies for a Quote
Moving companies’ quotes vary considerably.  Have a list of all items you will need moved (boxes and furniture, namely), how many floors you have, and where you will be moving to.  Take careful notes on their quotes.  Some may under quote how long it will take (and then charge you more later), but you won’t know it is an under quote until you compare what other moving companies say.

Move in the Off Season if You Can
The off season for many moving companies is December through February.  If you can move during this time, movers will have more openings, giving you a better choice of dates, and you will get cheaper rates.

Give the Little Guy a Chance
Many people feel more comfortable going with a larger, national moving company, but you may get better service and cheaper rates if you go with a local moving company that is trying to grow.  Chances are their rates will be lower, in part because they don’t advertise as heavily as the national chains do,  and in part because they want to get your business.  They may also offer better services because they want to generate word-of-mouth referrals to grow their business.

Ask for Extras
Negotiate with the movers before the move.  A moving company may tell you that their hourly rates are set and they can’t negotiate, but chances are they can throw in some freebies such as blankets to cover your furniture, and other optional services to make your move smoother.

Most people detest moving.  However, the move can be a little less painful if you know how to negotiate to get the best rates AND the best service.

Originating post: How to Save Money when Hiring Professional Movers

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When it comes to giving a child a birthday gift there are many alternatives that will not break the bank. Many of the craft stores have large selections of do-it-yourself items. For the younger children aged two to five, buy some coloring supplies as they love to color and create. A large coloring book and stickers are a great way to occupy their time and they will love them.

Older children, six to eleven, can enjoy clay and markers, and for the children from twelve to fourteen a kit with latch hook, painting, or building a car will satisfy them. Your young adults ages fifteen to seventeen will also have fun learning to knit or crochet and perhaps for the boys consider a kit for a bird house or model car.

Adults are easy too, and you have the added bonus that they truly understand the economic times. Giving a handmade gift such as a scarf will show that you put thought into the gift, rather than making a last-minute dash to the department store. If you are handy with knitting or crocheting, make a scarf or knit some beautiful kitchen potholders. Create a frame for showcasing photos of children or grandchildren.

If you are not crafty with your hands, you can still offer a nice, thoughtful gift that does not require a trip to the department store. Consider making dinner for your loved one or offering a coupon book with redeemable coupons excusing your loved one from chores. Bake a special, favorite cake instead of purchasing a store-bought one. Putting the effort into making a special dinner and cake will show how important your loved ones are to you.

Birthday gifts do not have to cost an arm and a leg to be special. Thoughtful items such as handmade crafts or supplies mean more and cost less. Putting an effort into the gift is the important part, as these gifts will remain valuable many years from now.

Originating post: Cheap Birthday Gifts for Every Budget

Cheap Birthday Gifts for Every Budget is a post from: The Family Wallet.

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Restaurant coupons are coupons designed to save you money while you dine out. Local diners and big restaurant chains will advertise deals to draw customers in. Common coupons are a percentage off your total bill or a buy one, get one meal free deal. Check for expiration dates and any conditions that may be present in small type on the face of the coupon.

Finding legitimate restaurant coupons can prove to be a bit of a challenge, unless you know where to look. The first place to look is in your local flyers. Many newspapers send out circulars in Sunday’s paper. These circulars will normally advertise a coupon for a local restaurant chain.

The internet can be a great resource as well. As with any internet source, be sure to investigate the validity of the coupon. If you are unsure, call the restaurant or diner beforehand to confirm. Entertainment booklets offer coupons for several different restaurants. The books sell for $10-$20 each and also offer more coupons for stores and shopping online.

Look for restrictions on the coupons. There is nothing worse than getting to the restaurant, being seated and then finding out your coupon is not valid for different reasons. Some coupons are only valid during the week and some will restrict the menu items. To avoid ordering a meal you do not want, you can browse through the menus online at the restaurant’s website if there is one. Most coupons are for eat-in diners, not for take out, so pay attention to this small detail as well.

Dining out does not have to be expensive. Look for coupons that offer you a deal on your meal but pay close attention to the restrictions. You can save money dining out, whether you dine out once a month or once a week.

Originating post: Love to Dine Out? – How to Save Money with Restaurant Coupons

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A will ensures that when someone dies, their possessions go to the people they want them to. Whether or not they’re married or in a civil partnership, anyone with dependants should make a will. A will also simplifies the process of distributing assets after death.

When someone doesn’t leave a will, the alternative is to rely on the laws of ‘intestacy’. These are a set of rules where the deceased person’s assets are valued and are inherited by their relatives in set proportions.

It’s a common mistake to believe that everything will pass to a husband, wife or civil partner – that’s not necessarily the case under intestacy. If there are children then they may have a right to a specific sum. This can cause problems, especially where the family home is concerned. In 2008, it was reported that a widow was forced to sue her own children, then aged one and three, because she believed that under intestacy her inheritance was inadequate. ¹

It’s particularly important for an unmarried couple to have wills in place. If one partner was to die without leaving a will, under intestacy laws the survivor would have no rights.

But while it’s clear there are many advantages to making a will, people should also consider whether what they currently own would be sufficient to meet their loved ones’ needs in the future. While they may have a share in the family home, savings, a car and other assets, they may also have debts such as the mortgage, loans and credit card bills. Do the debts outweigh the assets?

And what about the loss of income from the person who has died? How will the regular outgoings be met? Even if the deceased’s role was as a home maker with no earned income, who would carry out everything which that involves? There may be a need to employ others look after the children, clean the house etc.

Asides from existing assets, there is a way to make sure that a significant sum of money is paid out to the right people when someone dies. A life cover policy can do this. Life cover pays a cash lump sum on death or on the diagnosis of a terminal illness (an incurable illness where life expectancy is less than 12 months). Life cover is a type of life insurance and is widely available.

You can choose life cover where the cash lump sum is a fixed amount and doesn’t vary throughout the term of the policy. Alternatively, the amount of life cover can gradually decrease each month – this is sometimes called decreasing life cover and is popular as cover for a repayment mortgage. You also select the amount of life cover you require and for how long you need it.

These days one option is to buy life cover from an online provider. When you apply for cover you will need to answer some personal questions. Some providers support this by offering a telephone application service too – this way the whole application process can often be completed during one call.

Having a valid will is extremely important but making sure that you have something worthwhile to leave behind is also crucial. Would anyone want to leave their loved ones to struggle financially, worrying about making ends meet? A life cover policy can buy peace of mind and provide a financial lifeline for those left behind.

^[1] – Millionaire’s widow sues her own children – aged three and one – after husband dies without leaving a will | Mail Online

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Originating post: Life Cover – What will you leave in your will?

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The first thing you will need to do is to open both a savings and checking account. Designate a certain amount each week from your pay check before spending anything, and deposit it into your savings account. The amount does not have to be large; the point is to get you into the habit of saving for a rainy day. This money cannot be touched unless of course an emergency warrants it.

With your checking account, put enough in to cover your monthly bills. This will help you to realize what each bill is and the cost each month. The balance left over is yours for your weekly expenses.

If you are also living on your own for the first time and have rent and utility bills, make certain that your monthly bills do not exceed more than thirty percent of your income. If they do, you may want to take on a roommate or rethink your living location and search out a less expensive apartment. It is not wise to take on an apartment that is more than half of your monthly income as you will find yourself struggling, especially if you have no savings.

Shopping for food for the first time can be a bit overwhelming, since you have to buy condiments and paper products in addition to food. Make a list of items you need for your meals for the week. Then, clip coupons and look for sales at your local shopping centers. You may have to opt for less expensive items for the time being, and generic brands are a great alternative. Bringing your lunch to work and having your tea or coffee at home will help to lower your weekly expenses.

Establishing credit is a necessity, but going into debt is not. Be diligent about buying items with cash only and financing bigger purchases such as a vehicle. Paying your bills on time is a great way to get your credit established and keep debt collectors away.

If you find yourself struggling to pay a bill, do not ignore the situation. Instead, be smart and contact the bill holder to work out arrangements. Most places will be more than happy to work out a deal, but only if you fill them in on your situation. If you ignore the bill, you are likely to get collection notices which will destroy your credit faster than you can restore it.

Money skills are important, no matter what age group you belong to. Young adults, however, will have an easier time getting started out in life and venturing out on their own if they are aware of financial responsibilities. By following the above money skills, you will find yourself on solid footing for a stable financial future.

Originating post: Some Important Money Skills for Young Adults

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During a season when more consumers are concerned about ticking off the names on their holiday shopping lists, savvy individuals are taking advantage of an even better deal – getting the highest trade-in value for their used cars. Auto dealers are currently offering peak manufacturer incentives at low interest rates, which is good enough when purchasing any vehicle. The bonus is that used car values are at an all-time high, making this the ideal time to swap that old model for a new one. With so many options available for selling your old car, online classified ads and auction sites have taken the place of many used car dealerships. This makes it easier than ever before to sell a used car.

The reason that used car prices are at an all-time high actually goes back to the depressed economy. Only a few years ago people were hanging on to their old cars rather than buying new ones and leasing vehicles was practically out of the question. This means that there is now a shortage of late model, used vehicles right now. With such an abundant inventory of new cars and a shortage of used, certain used car models are considered hard to come by, making them more valuable than ever.

This doesn’t mean that every used vehicle will snatch a hefty selling price. Late model cars that are valuable right now include anything that was produced during the start of the recession, so think 2007 models and later. One good way to determine a ballpark value for your car is to research similar vehicles listed in your area on websites like Craigslist or AutoTrader.com. This will give you a better idea of what to expect if you plan on taking the vehicle to a used car dealer.

Dealers love trade-ins so they try to make the process as easy as possible. Generally, you can drive your used car on the lot and drive off with a newer model the same day with minimal fuss. Certain factors do influence the value of your trade-in, of course and these include the make and model, the overall condition and the mileage.

When purchasing a new vehicle with the trade-in, the amount the dealer offers for the used car is deducted from the purchase price of the new car. Even though right now is the best time to trade-in a used car to get the most money possible, that
trade-in convenience usually gets you much less than you could make from selling the used car to an individual yourself.

If you plan to attempt this, you need to think about advertisements, parking it in highly frequented areas and setting up test drives. You could also face legal battles if the car you sold breaks down or has other issues. Taking advantage of dealer trade-ins could come with sales tax advantages if you plan on purchasing a new car on the same day, although this could vary by state.

Do your homework prior to making any impulsive decisions about selling or even purchasing a car. Compare car loans at websites like moneysupermarket.com to make sure you can afford to make those slightly larger monthly payments, but act quickly to take advantage of this unique economic situation.

Originating post: Why Now Is The Time To Trade In Your Car

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Having a different view of the holidays doesn’t have to translate into a less memory-filled holiday season. There are many things you and your family can enjoy without spending a dime. “What are those things?” you ask. Here are a few of them:

Decorate the tree – The act of decorating your Christmas tree (and the rest of your home) can be a wonderful experience for the entire family. If you use a live tree, the fun begins with selecting the perfect tree. If your family chooses to use an artificial tree each year, bringing the tree down from the attic can be reminiscent of saying hello to an old friend. Serve hot chocolate and play Christmas music while you all work on the tree. Before long, you’ll be remembering Christmases past and building new holiday memories.

Attend a church service – Does your church put on a Christmas pageant each year? If the answer is “yes,” then you can plan to enjoy this special time with your family and fellow parishioners. If your church isn’t planning a production, why not attend someone else’s pageant? Chances are you have a niece or cousin who will be thrilled that you want to share his excitement. Even if you prefer to sit out the traditional Christmas pageant, you may find that you enjoy a simple Christmas Eve carol-singing service.

View local lights/show – Almost every city has some type of Christmas light show on display this time of year. You can load your entire family up into the car and prepare to be dazzled by the display created by experts. If you’re not sure where to find one of these lighting spectaculars, try listening to the radio station in your area that plays Christmas music. You will probably hear the DJ’s mention special displays you can check out.

Have a private dinner party – Who says that you have to have guests before you enjoy your family’s company. One night during the holiday season you could host your own Christmas party. Forget exchanging gifts; just prepare a family favorite for dinner. Then, let everyone dress in his party clothes. Leave the television off and enjoy each other’s company for the evening.

Originating post: Frugal Family Ideas For Christmas Fun

Frugal Family Ideas For Christmas Fun is a post from: The Family Wallet.

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