Financial Considerations

The Risks of Not Having Enough Life Insurance

With all of life’s everyday expenses, it can be easy to let life insurance slip to the back burner. And it’s safe to say that most of the time, we’re focused on our day-to-day crises—which makes us less prepared for when something unexpected happens. Life insurance is a powerful and cost-effective means to protect you and your family’s future financial health, but many Americans will admit that they’re either underinsured or have no life insurance plan at all. According to a 2018 study, almost 40 percent of Americans claimed they don’t have any form of life insurance. Of those with no plan, nearly 64 percent cite finances as the reason they’re not life-insured. While it may seem like you’re saving money in the moment, it can cost you much more in the long run if you avoid paying for life insurance. It’s actually far less pricey than most people think.…

How to Save on Car Insurance

With so many options for insurance policies out there, looking for a good deal on car insurance can be a little overwhelming. But learning how to save on car insurance doesn’t really have to be complicated. You just need to know what things you can do to make sure you get the best deal. How to Save on Car Insurance Now Here are some of the things you can do to make an immediate difference to save on car insurance: Shop around for the best price. It may seem obvious, but there are still many drivers who only look at one or two quotes before purchasing their car insurance. The company you choose as your insurance provider makes a huge difference in how much you pay for your coverage. Take the time to compare quotes. Here at SelectQuote we gather and compare quotes for you, so you can save time…

7 Budgeting and Saving Apps to Help You and Your Money

No matter what it is, there’s an app that claims to help you do it better. Saving and budgeting are no exception. There are so many saving and budgeting apps that it can be hard to know which to trust. While this is not a comprehensive list, here are seven favorites: YNAB: Comprehensive Personal Budgeting Similar to Mint (another fantastic comprehensive budgeting app), You Need A Budget – better known as YNAB – is designed to help you live within your means, get out of debt and stop living paycheck to paycheck. It works by automatically tracking your income and expenses and then providing education and support to help you make better choices based on those numbers. YNAB will teach you to give every dollar a job, help you embrace your true expenses and prepare you to expect the unexpected, financially. Mvelopes: Bringing the Envelope System into the Digital Age…

Is Interest Rate and APR the Same Thing?

If you’re in the market for a mortgage, car loan or considering a different credit card, you pay attention to the low rates advertised. Interestingly though, it’s never mentioned what kind of rate the ad is referring to: the basic interest rate or the annual percentage rate (APR). Only one rate tells the full story of how much borrowing that money will cost you. It’s the APR. Here’s the difference: Interest rates reflect the cost you pay each year to borrow $25,000 for a car or $100,000 for a home. It’s a percentage of that principal and it’s determined by many factors, namely how much it costs the lender to borrow money from the Federal Reserve, as well as your credit score. APRs represent the real cost to you in repaying the required amount each year. This rate includes the interest rate on the principal (above) plus any extra interest…

Is an Online Financial Advisor Right for You?

While many people choose to handle their finances and investments on their own, a good number of households opt for the services of a professional financial advisor. This means scheduling visits to an office to discuss investments and other financial goals. Like our shopping, entertainment, and other parts of financial management, you can now choose an online financial advisor that you never meet face-to-face. But is that a good idea? Let’s dive in and take a look at the pros and cons of online-only financial advising and whether or not it makes sense for you. Why an Online Financial Advisor Makes Sense Much of our lives have moved into the digital world. While the concepts hardly existed just a decade ago, we look to our phones and computers for online banking, calling a ride, booking an overnight stay in someone else’s empty apartment and much of our daily shopping. Why…

Borrowing Money? What Loan is Best for You?

Most people need to borrow money at some point. Americans owe more than $13 trillion in total debt. Borrowing is clearly an expensive proposition for many American families. If you do find yourself borrowing to buy a home, a car, an education, or anything else, it is important to look at the pros and cons. It’s all about making the right long-term decisions and minimizing out-of-pocket costs. Let’s look at what you need to know to best evaluate loan options available to Americans today. Common Types of Loans Loans come in many names and forms. When looking at consumer loans (loans to people and not businesses) there are four main categories: mortgages, student loans, personal loans and auto loans. While these are the most common ways to borrow, there are some substitutes for traditional loans to use instead. Those include credit cards, lines of credit, home equity lines of credit…

How to Get a Better Price on Everything You Buy

Finding the perfect gift for someone is a wonderful feeling. But, for many of us, finding that gift at a great price adds a little extra fun to the experience. It has nothing to do with a lack of generosity, it’s just something we seem to have in our DNA—if we don’t get a bargain, there’s something unsatisfying about the whole thing. The holiday shopping season is a particularly stressful time for shoppers whose favorite sport is finding the best deal on absolutely everything. Of course, that kind of frustration isn’t unique to the holidays or gift-giving; there are plenty of times, all year long, when you have neither the time nor the inclination to wait for a sale. You need the best price on something NOW. While the ideal situation is having time to shop, there are ways of making sure you’re getting a great price, even if the…

10 Ways to Save Money on Energy Bills This Winter

With the chilly winter months here in many parts of the country, it’s a perfect time to assess how to save money and stay warm. A good place to start is by running an energy audit to determine where you spend the most energy dollars. In the meantime, there also are other things you can do to get through the winter without siphoning your savings. Turn Down The Heat Even if you love feeling toasty in the winter, consider regulating your thermostat by dropping it a few degrees and wearing a sweater inside your home. Energy Star offers free advice and detailed instructions on how to manage the thermostat dials. Residents of a typical, single-family home properly following guidelines can expect to save $180 a year. Snuggle under those blankets, pull on those socks and start saving! Service The Furnace Change (or clean, if you can) your furnace filters ever…

7 Ways to Take Control of Your Finances Before the End of the Year

Did you know “saving [more] money” was one of the top three New Year’s resolutions in 2018? Chances are, it will rank among the top resolutions for 2019 as well. No matter how comfortable we are financially, most of us can do more with our money. If you’re among the many people considering a financial resolution in 2019, there are plenty of things you can do before the ball drops. Addressing your finances now to set yourself up for success in January. Here are seven things to consider doing right now: Check Your Credit Report You can check your credit report for free, with no penalty to your credit, once every 12 months. Take advantage! The end of the year is a great time to order a copy of your report from the three nationwide credit reporting companies. Get yours online at annualcreditreport.com (the only authorized website for the job,…

How Your Life Insurance Quote is Determined

Life insurance plays an important role in protecting your loved ones from financial burden. Single or married, in your 20s and 30s or older, with kids or without, most people benefit from some level of life insurance. However, the perceived cost often holds people back from buying a life insurance policy. It’s assumed life insurance is expensive. A misconception that’s untrue for many people. How are Life Insurance Quotes Determined? The process of getting a life insurance quote is simple. You’ll start by filling out a questionnaire. This helps your SelectQuote agent provide a side-by-side comparison of prices from highly reputable insurance companies. Your SelectQuote agent will help you find a plan that works for you. Once you select plan, you’ll undergo a mini-medical exam. The life insurance company then conducts its underwriting process and delivers your final price. When completing the underwriting process, insurance companies look at a variety…

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