Monday Night Finance- Volume 99

Monday Night Finace Featured Image

Getting the Right Type of Life Insurance

When you’re a kid, you think being an adult means that you can eat ice cream whenever you want. While being an adult does mean you can indulge in ice cream at your leisure, it also means you have to make a lot of confusing decisions, like navigating your open season for the best health insurance plan and figuring out how to do your taxes. One of these complex adult tasks is choosing the right life insurance policy. It’s a topic that’s often overlooked or misunderstood, yet it’s crucial for your financial well-being and peace of mind. If you’ve been avoiding making a life insurance decision, you might want to check out this article by Maria at Handful of Thoughts.

Life insurance is often overlooked.  Maybe you think you don’t need it. But if you have dependents you should definitely consider your life insurance needs.

~Maria, Handful of Thoughts

The article focuses on the importance of choosing the appropriate life insurance policy, combining personal anecdotes with practical advice. The author, currently studying to be a Qualified Associate Financial Planner, emphasizes the necessity of life insurance for various needs like covering mortgages, final expenses, income replacement, and estate planning. The article outlines the differences between term and permanent life insurance, highlighting term insurance’s lower premiums and specific time frame alignment, and permanent insurance’s lifelong coverage and cash value benefits. However, it also notes the higher cost and sales pressure associated with permanent life insurance. If that sounds interesting, you should definitely check out the full article for more detailed advice on selecting the right type of life insurance for you.

12 Ways To Supercharge Your Savings For the Holidays

It’s the peak of holiday shopping season. Even if you’re in a solid financial position, it’s a stressful time of year trying to buy gifts for family, friends, teachers, and others in service professions. And if money is tight, there’s even more to worry about. Are you seeking effective ways to stretch your budget further this festive season? What if I told you small adjustments can lead to big savings and make your holiday shopping less of a financial burden. This article by Chris Phelan is packed with practical tips and clever strategies that can help.

Dining out at restaurants is one of the least-responsible ways to spend money — and everyone knows it. Therefore, the best way to save money is to learn how to cook at home. Many people express shock over how tasty and inexpensive home-cooked meals can be with little effort. In fact, the decision to cook meals at home more sometimes leads to discovering a passion for cooking you didn’t know you had.

~Chris Phelan, The Wealthy Nickel

Chris Phelan’s article, offers a variety of practical tips for boosting savings. He adopts a candid and engaging tone, appealing to readers looking for smart, sometimes unconventional financial strategies. Some of the advice you’ve probably heard before. For instance, Phelan uses the phrase “Act your wage” to describe living within one’s means. There are also great tips about shopping at secondhand stores for both budget and environmental reasons. However, he also includes bold advice such as delaying having kids until later in your life when you are better able to afford them. If you’re ready to take an honest look at your finances and make changes, this article can give you some great tips on where to start.

11 Silly Things People Are Splurging On and Wasting Money

Are you looking to tighten your budget? Perhaps you want to shave a little bit off of your expenses to find some extra income for holiday gifts? Or maybe you’d like to increase your retirement savings. Whatever your financial goals may be, if you’re able to stop wasting money on unnecessary purchases, you’ll clearly have more money to spend on what matters most to you. While a small splurges now and then may seem justified, these seemingly small purchases can add up significantly over time. Not sure if you have any silly splurges? This article by Linda from The Cents of Money offers an insightful perspective on common spending areas where many of us might be unknowingly splurging.

Believe it or not, people are willing to spend a small fortune on water bottles simply because they have a designer label, including Yeti or Stanley. Yes, you read that right. Some people will drop hundreds of dollars on a bottle just because it has a fancy brand name. It’s not like the water inside is any different than what you can get from your faucet.

~Linda, The Cents of Money

The article sheds light on several seemingly frivolous expenditures that can significantly impact personal finances. Among the highlighted items, the article delves into the surprising amount some are willing to pay for designer water bottles, such as Yeti, emphasizing the allure of brand names over practicality. Another point of interest is the considerable sums spent on virtual goods, from in-game currencies to digital real estate, showcasing a shift from physical to virtual collectibles. These examples are just a glimpse of the broader list discussed in the article. It’s important to remember, however, that personal finance is deeply personal. What might seem like an unnecessary indulgence to one person could be a source of great joy or fulfillment to another. While being mindful of spending is key to financial health, a few guilty pleasures can be okay if you are in a strong financial position.