Funeral Expense Planning
Nobody really likes to thing about the death of a loved one, and the topic is uncomfortable. However, the reality is that funerals are very expensive in the US, and when people do not plan for the inevitable, a sad time can be even more stressful. While US funerals average about $8,000, many familes do not have the cash around to pay for one.
There are different ways to plan for burial expenses, and of course the best way is to have the cash handy in an interest bearing acount. If that isn’t possible you may want to look at burial insurance for seniors, which is basically a low face value whole life insurance policy that is designed to be easy for seniors to qualify for. They are also designed to be affordable for most seniors, or for their families. A monthly bill seems easier to handle than one large payment.
If you are curious if a burial plan is right for you, and your families, look at final expense insurance rates. And since these plans are usually based on whole life insurance, you may want to get whole life insurance explained.
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What is a Credit Score?
Most of us know that we have something called a credit report on file somewhere. We also know that credit report affects our ability to obtain financing, and it also affects the interest rate we pay if we can get credit. This impacts our home mortgage, car loans, and other credit. However, even though we have some vague idea that we have a credit score and credit report, we really do not not understand it.
Bad Credit Blues explains credit scores here! They tell us that Americans have a number assigned to them that is between 300 and 850, and the higher that number is the better! The majority of people have credit somewhere between the high 600’s and mid 700’s. A credit score below 600 is weak, while a credit score over 700 is usually pretty good. And even though all 3 major credit bureaus use the same basic calculation for credit scores, the scores are likely to differ slightly, mostly because different information may get reported to each source.
Remember, the better your credit score is, the less you will pay for credit. A large factor in calculating your own score is how timely you pay your bills, and the amount of unsecured credit you have used vs. how much you are allowed. So try to make those payments on time, and keep control of your credit use!
Of course, here at the Frugal Pig, we advocate using as little credit as possible. But sometimes using credit is a wise decision. If your kid needs dental work, your car is broken down, or you need to stock up on PB&J, and credit is what you have, then credit is what you need to use. Just try to be responsible and keep it in control.
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Prepare For A Job Loss
You Can Prepare For a Job Loss
A good friend of mine had been a very productive team member at his job for years. In fact, his team even got recognized for a couple of patents, and he was certain that his company valued the contribution he made. A few short months after he brought home his certificate and bonus money, the company decided to outsource his group. He arrived at work on Friday and was told he would not need to report in on Monday. Needless to say, he was unprepared for the job loss, financially or emotionally, and it was a devestating event in his life.
Companies are cruel these days, and few employees are really safe. In fact, over a million and a half workers were laid off in the last 12 months, and I’m sure most of these people were very good employees too. Most of us will get laid off a couple of times in our working lives. We cannot possibly prevent every possible reason for a job loss, but we can prepare ourselves.
Save Your Money, Just Like Dad Said
Your financial advisor, your friends, and your dad will tell you to sock away 3 - 6 months worth of living expenses. You need to have that money saved in a way that can be easilly accessed. Have you dont that? Well, if not, don’t waste time feeling bad about it. Honestly, I have the savings now, but I can tell you that I’ve had plenty of times in my life where I was lucky to have a week’s worth of living expenses saved in a cash account.
I know how hard it is to save, especially these days, with high fuel and food costs. Besides, one trip to the emergency room or mechanic can wipe out months of savings in about five minutes. It isn’t always possible to keep as much cash on hand as we should. And though I always advise people to look at their lifestyle for places to cut expenses if they just cannot save, I also have another suggestion.
Insure Against Job Loss
Look at job loss protection plans that pay you, and not the lender. Some mortgage unemployment insurance or credit insurance pays the lender. However, since you are the one paying the bill, I think you should be the one to get the cash!
Prepare Emotionally For A Job Loss
Also be sure to emotionally prepare yourself. Honestly, I have seen depression get to lots of people, almost as much as a loss of income does. A layoff can be a major ego blow, even though most layoffs are not personal at all. Understand that this is just one of those bumps in the road that almost everybody goes thorugh. Also know that many people - myself included - look back and say that, even though we did not feel that way at the time, that a layoff was a blessing, because it led to a better opportunity later. If you get the news that your services are not needed any more, stay cool. Some layoffs are temprorary, and no matter how angry you are at the moment, remember the other good advice your dad gave you about burning bridges. Gosh, the older I get, the smarter my dad gets!
Make sure you have your friends and business contacts stored where you can get to them if you cannot login at work too. You do not want to lose all of your valuable contacts just because you cannot get into the front door at work. The best way to find a good job as quickly as possible is through your network, and do not underestimate it.
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Worried About Layoffs?
We haven’t been getting very good news about employment in the US lately. And of course, all economic news, with the bailout of the mortgage giants, is pretty grim. In fact, home foreclosures hit a record in the 3rd quarter of this year. And if you think that the bailout will help the situation, you might want to read this article: who does the mortgage giant bailout help?
Prepare for an Income Loss
Do home mortgage defaults and layoffs have anything to do with each other? Well, according to the much maligned Freddie Mac, unemployment or income loss is the leading cause of mortgage default. In an ideal world, we would all have 6 months of income stashed in a bank account in case of an income loss. But lately, with rising gas and food prices, most of us have had to dig into that savings account.
So what can you do? Well many people can qualify for a supplemental job loss protection program. Instead of a loan company financed mortgage protection plan, which only pays the mortgage company, you can get a plan that actually pays you cash if you are layed off. I think that giving the consumer the choice of how to allocate the cash, rather than the loan company, is a better deal to protect a family’s home, credit, and finances.
Learn more about Job Loss Payment Protection Here.
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Dental Plan For Unemployed People
Lose Your Job and Dental Benefits?
One of the big stresses during a period of unemployment is the loss of benefits. Of course, the loss of health insurance is major, but you may have a COBRA health plan extension available.
A more immediate program may be dental care, and sometimes it can be tough to find an affordable dental plan for the unemployed.
However, large dental discount plans cost a few dollars a month and many offer very cheap, or even free, routine dental care like checkups and cleanings. Other services, which cannot be deferred until a job is found, are also offered in the network at greatly reduced prices.
FIND A CHEAP DENTAL DISCOUNT PLAN IN YOUR AREA. If you are between jobs, or if you current job does not offer dental benefits, a dental discount network can help you access good dentists.
If you already have dental coverage, but find that it does not cover orthodontic braces, cosmetic work, dentures, or some other major services, a dental discount plan can save you money too! And you will not have a waiting period, but should be able to use your benefits as soon as your membership approves. Memberships can be applied for online, and people can usually access their benefits right away.
Related: Unemployed Health Insurance Unemployed Dental Plan Benefits
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