Saving Up For A Big Purchase? Read These Tips

Oct 06, 18 Saving Up For A Big Purchase? Read These Tips

All of us have that major financial goal. Some dream to own a new car or house, or go on a vacation. But not all of us are lucky to have enough cash on hand for such big purchases.

Whatever your dream projects are, planning a budget and sticking to it is essential. Thinking about the amount you’ll need to raise can be a bit daunting but it’s not impossible. Making daily and monthly budget plans can help you with. As a starting point, you should write down your financial goal so you’ll be constantly reminded about it. A goal planner such as those reviewed at EstysLife.com can be tremendously useful.

Know your expenses.

Once you’ve set a goal, you can move on to checking your finances: how much money you have, where does it go, where you can cut back, and are there other possible income. Review your expenses for the past month to see your spending habits. A quick way of checking your spending habits is by reviewing your credit card and bank statements, and pay slip.

Record every expense – from the regular huge bills, such as credit card, insurance or utilities, to the cheapest item you buy. Using planners like those found here can help you quickly track your actual expenses. There are also expense-tracking apps that you can download on your mobile phone. Most of the time, the minor expenses eat up a huge chunk of our finances without us noticing it. Reviewing your expenses can help you create a more realistic budget that you will not find too repulsive.

Be a disciplined spender.

Once you’ve tracked where your money goes, you’ll get a clear picture of how much disposable cash-on-hand you have every month. This should help you project how long it would take for you to reach your goal. It should also help you establish a daily allowance that will guide you how much you can spend for basic necessities such as food, transportation, etc. You can also get rid of (or minimize) unnecessary expenses such going out for lattes or cigarettes.

Your available daily budget may vary as there will be unforeseen expenses and other variables. For instance, you may have a vacation next month, so you will need to adjust your daily budget. It is more difficult to anticipate unforeseen expenses, but you have to be ready for these. Establishing a daily allowance at the start of the month will help you become a more disciplined spender and avoid wasting your money.

Start small.

A lot of people never really achieve their financial goal because they start on the wrong foot. Set small goals initially and start cutting back little by little in your expenses. You’ll need to make some adjustments when you begin living within a budget. To many of us, some expenses have become a regular part of our lives that stopping it at once can be very repulsing. Setting up daily milestones can also give you a sense of accomplishment. For example, your goal for the day is to cut back on your meal expenses by $5 or maybe from your commute. It may seem little but over time you’ll be surprised at the huge savings it actually means.

Final Thoughts

Lastly, always look back to your financial goals. Perhaps, you can post pictures of your dream car or home (or whatever project you aim) on your wall. If you use a planner, always go back to starting page. Constant reminder will help motivate you to stick on your budget.

You’ll need a lot of dedication and commitment if you want to achieve your financial goals. But one thing’s for sure, with the right attitude and focus, you can do it!

 

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Car-Related Factors That Affect Your Insurance Rates

Oct 17, 15 Car-Related Factors That Affect Your Insurance Rates

There are many other factors that can either raise or lower your overall insurance rates. Two most obvious factors include the amount of deductibles and the amount of coverage. But aside from these two, there are still a lot of factors that come into play when determining your insurance costs.

Demographic factors such as age, gender, marital status, profession, geographical location and credit score are a few factors that affect insurance in various ways. But these factors are not as significant as the condition of the car you drive. So here we take a look at some car-related factors that may affect your insurance rates.

  • Car Safety Rating 

be safe while driving or this will happenIf your vehicle has a high safety rating, then the chances of unwanted accidents or damages are lower – thus, the insurance rates are likely to be lower. On the other hand, if your car lacks safety features, expect to pay higher premium.

There are several factors that determine safety rating, which includes the possibility of the vehicle owner and passengers being injured in an accident. Automatic seat belts, airbags, emergency braking system, and traction control are some safety features that can help lessen the likelihood of accident and injuries. Of course, other car accessories, such as LED light (find out more here), can help keep your vehicle safer but will usually have no effect on your insurance rates.

  • Vehicle size

Compared to larger vehicles, smaller vehicles have higher risk of getting into trouble, that’s why they also come with higher insurance rates. Normally, larger vehicles with reliable safety features will tend to have lower premiums. In contrast, smaller cars with larger engines, such as sports car, will have costly insurance.

  • Vehicle age

Newer vehicles will usually have higher collision coverage rates than older ones, thus they also come with higher premiums. Some people who own very old cars would even drop the collision coverage and instead save the money to purchase a replacement in case of an accident. Moreover, owners are more likely to replace an older vehicle instead of spending on costly repairs.

  • Possibility of theft

Luxury cars are more likely targets of thieves and other lawless elements. If your vehicle is a hot item for thieves, then you can expect higher rates. However, you can invest on anti-theft features, such as alarms, to help lower your premium.

Aside from these four car-related factors, your personal driving record can have a major influence in your insurance costs. Having a bad record can raise your premium; some insurance providers may even refuse your application. Moreover, insurance companies would also consider your driving activity. The distance you drive, how often you drive and the types of roads you drive on can all affect the likelihood of an accident. Obviously, if you drive more, there’s a higher possibility of an accident and therefore a higher rate.

Knowing these factors can help you make a more informed decision when purchasing auto insurance. And more importantly, you can do things to help lower down your rates.

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Home Insurance For Plants And Gardens

May 06, 14 Home Insurance For Plants And Gardens

Garden at backyard or front yard of a home can create excellent landscape and make the home distinguished from others. In the same way, plants at home improve the look of the house as well as let you live healthy. More and more people, therefore, are showing their interest in gardening or plantation at home. It might be a hobby for many, but passion for several others. However, one thing is certain for everyone – that is – everybody who does gardening or plantation at home, loves every single plant or element of their garden. That is why people do not hesitate much to spend huge amount of money in gardening or plantation at home.

CARE AND BE AWARE!

However, your beloved plants or garden might be damaged or harmed due to several unexpected incidents like theft, adverse weather, accidents etc. It is not very tough for a buglar to steal one of your expensive and favorite plants from your home or garden. Potted plants or hanging baskets are quite easy for thief to steal. Besides, newly planted tree can easily be removed. Availability of plant stolen market inspires such kind of theft even further.

beautiful gardenApart from theft, there are several other causes that could harm your garden or plants.  Your plants or different elements of garden such as fence, pond, wall, gate, fountain, rockery etc. could be damaged because of falling tree, fire, flooding, and storms or even because of car crash. That is why it is important to insure your plants and garden.

Of course insurance will not cover for your plants if they die because you forget to water them or some other faults made by you. On the other hand, if you use LED or any different kind of grow lights for you plants indoors and something goes wrong with the grow light itself, that can cause fire or any other risk for you or your plants, insurance can cover that.

Otherwise, insuring plants and garden is very good thing to do to get the cover to replace any plant or garden element. Home contents insurance policy could cover for your expensive plants and different elements of your garden. Not all the contents insurance will cover all the garden features. Such insurance policies also vary widely between different insurers.

It is wise to check what will be covered before you opt for any policy to cover your valuable plants and garden features. Though some insurers do not cover them at all, you may ask for including such things with an extra bit of monthly payment. The amount you need to pay per month for such insurance depends mostly on the plants or garden features you want to include in. However, that amount is worth to pay to protect your expensive plants and garden features.

SATISFYING RESULT WORTH TIME&MONEY

The items that you may include in your home contents insurance policy are – plant, shrub, tree, lawn, hedge, fence, gate, wall, trellis, ponds, fountain. You might have invested a lot of your time, labor and money on above mentioned items in your garden or home. And you do not want them to be spoilt without getting any cover. That is why insuring them with home insurance is good thing to do if you are a plant or garden lover. But do not forget to check every details of such insurance before you go for it. Make sure the insurance covers everything you need. If not, talk to them to include whatever else you need.

photo credit: ukgardenphotos

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