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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.
Way to Save #53: Don't Buy Credit Life Insurance
These are gimmick policies that are basically life insurance that’s tied to specific debts, like a credit card or mortgage. Regular term life insurance is a much less expensive alternative.
Recession Sends Illegals Packing
The number of undocumented workers in this country has dropped by millions over the last couple of years. Is because of enforcement, or is it because of debt?
Borrowing Without Bankers
Websites like Prosper.com allow you to skip the bank and get a loan from an individual willing to lend.
Way to Save #52: Raise Your Deductibles
The easiest and fastest way to lower insurance bills is to raise deductibles. Going from a $250 to a $1,000 deductible can reduce your home or car coverage cost by 20%, and only takes about three minutes.
Rip-Off HDMI Cables?
What’s the difference between $50 HDMI cables and $5 ones? … The price.
Mortgage Meltdown: The Risks of Walking Away
Can you simply walk away from an upside down mortgage, when you owe more than your house is worth?
Way to Save #51: Consolidate Your Insurance
Some insurance companies offer substantial discounts for insuring both your home and car. See if yours is one, consolidate both plans under the same company, and enjoy the savings.
Way to Save #50: Make Travel Less Taxing
Keep a little notebook in your car so you can record the mileage you log on deductible trips. Trips to the doctor, job-hunting trips, trips for charity: all deductible, which means you could be on the road to lower taxes.
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