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Debit or Credit?

The question used to be “paper or plastic?”. Now the question is “debit or credit?”.

Way to Save #65: Don’t Let Your Doctor Cost You

Don’t let your doctor cost you money. If your health insurance provider agrees to pay 80% of covered procedures, that generally means they’ll pay 80% of what they think is reasonable for that procedure, not 80% of whatever it costs. So find out what your insurance company is willing to pay and if your doctor can … Continued

Getting Out of a Car Lease

How to get out of a car lease… it’s not as difficult as you might think.

The Mortgage That Pays You

A reverse mortgage is a mortgage that pays you, instead of the other way around.

Way to Save #64: Keep Health Insurers Honest

If you’re like most people, you pay no attention to your health coverage. So when your insurer messes up, which they frequently do, you don’t know it. For example, many policies have a deductible of $200 per person, $400 per family. But are you keeping track of when you reach those magic numbers? Don’t assume … Continued

Way to Save #63: Don't Buy Specialty Insurance

Don’t buy specialty insurance, like cancer coverage. Put your money into a good general health insurance policy instead.

Way to Save #62: Minimal Travel Insurance

If you’re going to buy travel insurance, make sure you only get coverages you need, like trip cancellation coverage. Policies insuring your luggage are normally so riddled with exceptions that they’re virtually useless.

Way to Save #61: Get Rid Of PMI

Private Mortgage Insurance (PMI) is normally required if you have less than 20% equity in your home. And it can easily cost $50 a month! As soon as you’re sure you’ve got the magic 20%, whether it’s by appreciation or paying off mortgage principal, call your lender and tell them you want out of PMI. … Continued

Way to Save #60: Keep Insurance Active

If you’re changing policies, make sure your new one is in effect before you drop your old one. This applies to every kind of coverage: health, life, homeowners and automotive.

Way to Save #59: Get What's Coming To You

Keep the following list of possible discounts available and ask for them all when you get car insurance quotes (many might be applicable to homeowners as well.) Accident-free, multiple cars, short mileage (usually less than 7,500 miles per year) good student, absent student (if your kid is away at school without their car, they might … Continued

Way to Save #58: Flaunt Your Good Driving Record

If you’ve had no accidents or tickets during the last three years, make sure your rates reflect that. Most insurance companies don’t automatically lower your premiums when old citations fall away. You have to call and make them reduce your bill.

Prepaid Credit Cards Costly

Prepaid credit cards are convenient, but high fees make them a costly choice.

Way to Save #57: Cancel Your Car Coverage

This may seem like a strange idea, but if the cost of your annual comprehensive/collision coverage is more than 10% of the value of your car, you could consider dropping it. (Obviously you should never under any circumstances drive without liability!) For example, if you’re paying $500 in comp/collision premiums to cover a car that’s … Continued

Get More Sleep on the Cheap

Get more sleep without spending a bunch of money.

Way to Save #56: Shop Your Insurance Coverage

Whatever type of insurance you have, you should shop it every six months. This is a competitive business, and getting more so all the time. So pull out those policies and make sure you’re getting the best deal!

Way to Save #55: Avoid Children’s Life Insurance

The purpose of life insurance is to replace the earnings of a key breadwinner in the event of untimely death. While the death of a child is certainly a tragedy, it’s rarely a financial calamity. There are better investments you can make for a child.

Way to Save #54: Don't Buy Whole Life Insurance

Whole life, or permanent life insurance, combines a life insurance policy with an investment account. Unless you’re rich and need a permanent policy to help pay estate taxes, it’s generally a better idea to buy cheaper term coverage and do your own investing separately.

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