Saving Up and Planning For Unexpected Expenses

Oct 06, 18 Saving Up and Planning For Unexpected Expenses

“All days are not same. Save for a rainy day. When you don’t work, savings will work for you.”

M.K. Soni

The hurricane season last year left many households in wreck, not just on their properties but also in their finances. The destruction left by the inclement weather forced many people to spend more on unexpected expenses.

Over the past few years, destructive weather disturbances have become common. But while these phenomena are not new nowadays, the sad fact is that only very few American households actually save up for these ‘unexpected’ expenses.

Come to think of it, many of us make budget plans every year (some do it monthly). Some even write their financial plans on creative planners, such as those reviewed at We allot budget for basic necessities, transportation, mortgage, vacation, insurance, etc. But not all of us actually allot money for unexpected expenses. As a result, our finances get drained when these unplanned expenses occur.

Preparing for Sudden Expenses

Aside from storm-related costs, there are many other unanticipated expenses that can arise throughout the year. Emergency home repairs, additional power and heat consumption, car repair bills, annual insurance premiums, sports fees, new membership & subscription fees, medical expenses, and other lump sum expenses. This list can go on and on, as there are endless sudden expenses that you can face.

Saving Up For Unexpected Expenses

Unanticipated expenses can eat up a large sum of your daily budget and even savings. That is why, it is vital that you include it in your annual budget management plan. Here’s how to effectively prepare for these sudden costs.

  1. Identify the common unexpected expenses. Usually, these expenses are seasonal in nature so you can actually foresee them. Some examples of sudden expenses include car repairs, Christmas gifts, car insurance, winter season, dental bills, property taxes, etc.
  2. Review your previous year’s credit card and bank statements. See any irregular expenses or withdrawals. This should help you better identify the sudden expenses you’ve accrued.
  3. Sum up all the amounts paid for unexpected costs that are beyond your monthly paycheck. Divide the sum with your total annual paychecks. So, if you incurred $3,000 for sudden expenses, divide by 24 (if you receive bi-monthly paychecks), then you’ll need to allot $125 for unexpected costs.
  4. Consider it as a recurring expense and pay it up every time you receive your paycheck. For a more organized financial management, you can use the best goal planners that you can find at Get Life You Desire.
  5. Be ready to adjust with your budget and spending habits. You can also start saving small then move up until you reach the target savings. This should help avoid hurting your spending on basic necessities.
  6. Set up electronic transfers that will automatically fund another savings account intended for unexpected expenses. This will help you manage your money better and avoid forgetting your savings.

Once your savings begin to grow, you might be tempted to spend on unnecessary buys. Avoid this itch by thinking of your goals for the savings. Just think that if you spend it now, you’ll end up paying more on debts in case sudden expenses come your way.




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Special Insurance

Feb 05, 16 Special Insurance

There are some types of insurance which are good for pretty much everyone. Homeowner’s insurance, life insurance, health insurance; these are the types of insurance that just about anyone can benefit from having, and that just about anyone can use to save money and be covered (or cover someone else) in the event of a mishap. But there are also special insurance types which are highly viable for specific people, but practically useless to everyone else. Here, we’ll cover a few different types of special insurance you may or may not already be aware of. Consider this an educational piece if you will.

First, take a look at tool insurance. While it’s true that many people own and use tools regularly, the ones who really get hurt the most when their tools break are the ones who use those tools for a living. Handymen, machinists and mechanics all rely on their tools to make a living. Without their tools, they’re essentially out of a job, so for the people who fit into this niche, tool insurance is something that seems a lot less special and a lot more necessary. Most other people who own tools can deal with them being out of commission for a little while, so an insurance policy may not be needed.

Next is actually a type of insurance most people don’t even know exists. Professional athletes of all types have health insurance policies in case they get injured, but there are many types of special insurance here as well. For instance, did you know that boxers actually get their hands insured? Sometimes these policies cover for millions of dollars, like in the event a prize fighter takes a tumble and uses a hand to break their fall, then ends up breaking their hand. This can even happen when beating on a professional punching bag.

This next type of special insurance isn’t actually that uncommon, and people in flatlands and flood plains around the world probably know about it already. It’s flood insurance of course. This type of insurance provides coverage against flash floods, seasonal flooding, natural disasters and other types of water damage which can occur. What sets these policies aside from others is that they aren’t typically included with homeowner’s insurance policies – the flood coverage costs extra, basically. Now, some people can get by without it just fine. On the other hand, there are those who absolutely shouldn’t be without it.

These are just a few of the niche types of insurance which exist. There are many other kinds of policies which are extremely beneficial to an extremely limited number of people as well, but that’s something for another time, unless of course you have something to add. Do any readers here have experience with specialty, niche policies which provide coverage for unique circumstances or interesting projects? We’d all love to hear more about it. In the meantime, if you want to know about all the different kinds of insurance which exist, it’s likely any sales agent would be happy to talk you through it all.

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Benefits of Wellness programs offered by Insurance companies

Benefits of Wellness programs offered by Insurance companies-Insurance companies also offer wellness programs identical to what companies offer for their employees. The main reason is obviously to bring down the cost incurred because of health insurance for chronic conditions. About 80 percent of all health insurance expenses are due to conditions that can be prevented with proper health programs aimed at proper diet, weight loss, exercise and cessation of smoking.

Although big companies offer advanced wellness programs for their employees, small businesses do not have the means to do so. Instead, they make use of health insurance companies, which offer a complete wellness program including wellness coordinators, health assessment tools and implementation of the program at workplace.

Wellness programs address both emotional and physical issues. The services include cessation of smoking support, stress management advice including weight loss plans, exercise programs etc. There are also comprehensive plans to deal with management of at risk employees, personal and family therapy, personalized nutritional services, health education and awareness programs like proper back support for those who sit for long hours at work and right foot wear for those who stand at work all day long.  Stress reducing physiotherapy, safe driving instructions and proper ergonomics are also part of the wellness programs.

Since the insurance companies work with health care providers, it is easier to give a comprehensive wellness program. For instance, your insurance company can send you health assessment report to the physician in charge of your primary care, so your risk factors are kept in check and your health is maintained. When your work involves standing all day long and you run the risk of varicose veins, you can very well avoid it by preventive measures like reducing stress on your feet by wearing comfortable shoes, taking the right diet, exercise etc.

Another reason for health insurance companies to provide wellness program is they get accreditation by the NCQA (National Committee on Quality Assurance). While insurance companies need not have this accreditation, employers need it before they choose a particular health plan. This makes it necessary for insurance companies to have this accreditation to compete with the companies that do not have the accreditation.

Health insurance companies also offer incentives to customers for taking up the wellness programs. Cash, discounts or prizes are given to customers who take part in the weight loss and nutrition programs, and for filling out health questionnaires. These rewards are necessary as most often people don’t take up these wellness programs that easily.

The incentives serve as motivation for attending the health programs and reaching health objectives like lowering weight, getting blood sugar under control and reducing blood pressure levels. iPods, exercise equipment, gym membership discounts, vacation, cash are some of the incentives offered. Rewards also focus on reducing insurance premiums or cash for seeing to medical expenses. When the wellness programs are used more, the rewards also increase proportionally.

But one major drawback with the wellness plans offered by insurance companies is the premiums are high initially. Employees usually switch over to cheaper plans that do not have the wellness option.

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Insuring Sporting Goods

Jan 13, 15 Insuring Sporting Goods

While it’s important to get some insurance for yourself if you plan to play any competitive sports that have a real possibility of causing bodily injury or harm, you can’t discount the need to insure your equipment as well. Sporting goods, especially grappling dummies in the case of martial arts classes, should probably be insured if there is a good chance they too might become damaged. Naturally you can avoid all this hassle for items which are easily replaced – balls, pucks, bats and the like. But if your equipment costs enough, then you need to do yourself a favor and get it insured.

There are ways to cut down on the costs of insurance too. One of these, a very easy one mind you, is to get exact numbers and amounts for items to be insured. Some agencies won’t offer a policy at all without specific information, like the number of dummies to be covered, for instance; others will just give you a “usual” exceedingly high rate to cover them, regardless of how many items you actually need insured. By providing accurate counts, you can avoid overpaying for insurance, as well as make shopping around between different providers a much simpler and more streamlined process.

Nailing down a specific amount paid per dummy will also help you to get lower rates from an insurer. Generally, less expensive things will cost less to insure, because they will cost less to replace in the event of damage, loss, theft or another unfortunate event. If you check at websites like you can find information about some of today’s most popular grappling dummies, including price points. Naturally, you’ll want to shop around to find the best purchase price, just like when buying anything else. Lower prices tend to mean lower insurance rates.

In general, new products cost less to insure than aged ones. Because replacement parts and even replacement items are more readily available for items of more recent manufacture, it’s easier to repair of replace them and so the costs of doing so are less. While you might save some money up front by going with used or damaged dummies, they will no doubt hold up under the regular abuse of punches and kicks to a lesser degree than newer dummies. Only you know your specific needs, but if you need something which will last a long time and cost less to replace when it finally does break, try newer dummy.

In these ways, you can reduce the cost of insuring sporting goods. While the tips given were certainly directed to grappling and physical training dummies, they apply to practically all sporting goods – as well as just about anything else you might want to insure. Exact numbers, figures and costs provided up front will get you more accurate insurance premiums and newer items are generally easier to replace or repair than older ones, so keeping these two points in mind when you’re looking to insure your goods will make the process both cheaper and easier.

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Sport Gear Insurance

Dec 09, 14 Sport Gear Insurance

Some sports equipment is relatively cheap and easy to replace if it gets damaged or lost; items like baseballs, basketballs, footballs and other sports balls come to mind here. Other gear, such as grappling dummies, is very costly to begin with and expensive to replace down the line as well. Speaking specifically of grappling dummies, the idea behind them is for the user to punch, kick and otherwise strike the dummy instead of another person and so many dummies are the target of more violence and trauma than any other type of sporting good. Because of this, it’s especially important to insure these items.

hockey equipmentMost sports utilize more than just balls – safety equipment like pads, plates, armor and other items can cost much more than sports balls too. Hockey players have a lot of gear compared to players from practically every other sport and you’d be surprised how well acquainted most hockey enthusiasts are with keeping their protective gear protected with a solid policy. Likewise, items like hockey sticks, lacrosse sticks, tennis racquets and other sports goods are typically more likely to be damaged or broken then things like chest plates or helmets. This will be calculated in any insurance policy premiums.

None of these items really take the same amount of punishment as a grappling dummies (look for examples here: These things get punched, kicked, maybe even hit with an occasional head butt, all in the name of increasing the user’s physical strength, endurance and accuracy when trying to land a blow. These things take the kind of punishment you might expect to see given to a professional Brazilian jiu-jitsu fighter, or any other hands-on combatant for that matter. I’m talking about broken noses, bloodies lips, torn muscles, the works; while these dummies don’t have all the internal workings of a person, they still don’t wear well.

That said, if you thought other items were expensive to insure, you will invariably be surprised at how much it can cost to keep a training dummy under a decent policy. You might be tempted to instead buy multiple dummies and just forget about the insurance. This would be a mistake though. It’s not as if that kind of crippling damage will occur after one good session with a dummy, like it might after one good fight between two actual people. It would take months, or possibly even years of regular usage before such a dummy broke down and needed to be replaced.

Again, that’s with casual use – like someone working out at home and punching the dummy once in a while. The life expectancy for a training dummy could be much less if it were, say, at a gym, where dozens or even hundreds of people might regularly beat on it. Just keep the risks, the costs and your specific needs in mind when shopping for sports equipment insurance, like you do with health, vision, dental, life and other insurance types, and you should be just fine. Never buy more than you need and never short yourself on coverage.

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Fitness Holiday Insurance

Sep 19, 14 Fitness Holiday Insurance

Fitness holiday insurance is the type of insurance, which provides coverage for loss or harm, in situations when someone is on fitness holiday travel.

Imagine you are travelling, siping your protein milkshake after the hard workout, and then it happens. You can never predict what might happen in the next moment, thus it is wise to insure yourself.

Everyone wants to have something different from holiday at a time of traveling. Different people love different activities including lounging by the pool for some days, sunbathing, reading books, and chilling out.

If you want to relax in need of fitness, holiday insurance can help you do that in an efficient way, by covering you the costs in case of unexpected incidents. When you are on holiday, you may want to think about the cost of your holiday, how much your belongings are worth, and how frequently you travel. There are different holiday insurance companies which offer various opportunities on the basis of conditions or laws.

It is important to choose the right holiday insurance policy for your traveling, including annual and single trip holiday insurance, family, business trips, winter sports cover and insurance for backpackers in need of fitness. As a result you may read our holiday insurance guides to assure of your policy that provides sufficient cover for you and your belongings.

You should understand how different holiday insurance companies operate and how your personal circumstances and holiday plans affect the cost you have to pay. This guide is to learn how to do lower your premiums and compare the market to find out the best holiday insurance quotes.

Holiday insurance policies are easy to buy while traveling in need of fitness. There are some reasons why you need these insurance policies, which are given in the following.

  • Get coverage: By having holiday insurance policy you can get coverage for any loss or unexpected herm in case of overseas medical, evacuation, baggage and a range of adventure sports.
  • Save money:while traveling, saving money is very important issue when you are not sure of your unexpected costs. If you consider holiday insurance policy, it can help you save your money.
  • Get help when you need: Holiday insurance can assure you of any help when you need. We all aren’t sure what can happen in traveling, whether we need help or not. If you have that you can be sure of any help.

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