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Understand It Before You Do It – Today’s Quick Tip

September 22nd, 2009

NCN

Today’s Quick Tip – Understand It Before You Do It

Before you make any financial decision, understand exactly what you are doing and why you are doing it.

If you sign up for a credit card, understand the card’s terms and conditions.
If you take out a mortgage, understand the mortgage’s terms and conditions.
If you make an investment, understand the potential risks involved.
If you buy and insurance policy, understand how the policy works and what it covers.

You get the point. Imagine that you have two jobs. First, there is the job that you do for someone else – the job you do for your boss and for your customers. That’s the job that pays you your salary. Second, there is the job that you do for yourself. You are both boss and customer. Don’t let the you of today sabotage the you of tomorrow. Take the time to educate yourself and you’ll be better off, in the long run, for it.

Do not be afraid to ask questions.

Do not be afraid to say no.

Do not be embarrassed if you do not understand something.

This is your future. You have a right to feel comfortable about the decisions you are making and the steps you are taking.

Bonus Tip -

Be sure to keep a copy of the terms and conditions associated with any financial product or service that you might use.

Posted in Tips

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Keeping A Close Eye On Those Medical Bills

July 30th, 2009

NCN

I recently had to have a kidney stone removed. The hospital estimated the cost of the procedure, and offered me a 20% discount – if I paid my portion on the day of the procedure. I paid the estimated amount and had the procedure.

Today, I received the actual explanation of benefits from my insurance company. I am happy to report that my portion of the cost of the procedure is several hundred dollars less than the amount I paid to the hospital. When estimating my portion, the hospital included my full deductible, unaware that, due to several doctors’ visits prior to the procedure, I had already met most of my deductible.

I called the hospital and spoke to the billing department. A refund for the overpayment has been issued. I should receive it in a week or so.

It’s always a good idea to check – and then recheck – your medical bills. Many insurance companies now allow you to view your account information online. This makes it very easy to view recent activity and to check account balances.

Posted in Customer Service, Tips

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The Savings Sweep – Today’s Quick Tip

June 29th, 2009

NCN

Today’s Quick Tip – The Savings Sweep

At the end of each pay cycle, right before I receive a paycheck, I’ll do a savings sweep. I take a peak at my monthly budget, notice any categories where I might have “left over” money, and sweep that money from my checking account into my savings account.

Benefits of Today’s Tip -

Savings account pays higher interest rate than does checking account.
Money in savings account is harder to spend than money in checking account.
This gives me one more chance to analyze and tweak my budget.
I am motivated to live under-budget, so that my sweep amount can be maximized!

Bonus Tip -

If you are in debt, consider a payment sweep. Instead of sweeping “left over” money into savings, consider making an additional payment to one of your creditors.

I always keep a small amount in my checking account. This would be especially important for those living without free checking.

Posted in Savings, Tips

6 Comments »

Dealing With Trial Periods

June 8th, 2009

NCN

Let’s face it, we live busy lives. I’m pretty sure that most companies are aware of this. I’m also pretty sure that that’s why many companies entice customers with trial periods. Think about it. How many times have you signed up for a service because it was free for 3 months, with the real intention of canceling said service at the end of the trial period, only to forget to call and actually cancel the service? Having figured out that many customers will forget to call and cancel, companies can afford these trial periods, banking on the busyness of the average consumer.

Personally, I’m very busy. So, when I’m offered a trial period, especially one that requires a phone call in order to cancel a service, I’m vary wary. In most cases, I simply decline the service. This is by far the easiest way to deal with most of these types of offers.

Once in a while, however, I’ll actually get an offer to try a service that I’m actually wanting to check out. For instance, I recently switched satellite television providers, and enjoyed three months of free premium movie channels. Just last night, I called my provider, just as the free trial period ran out, and canceled the channels. It was fun to have the channels, but I really do not need them.

If, like me, you struggle to stay organized, but you still want to take advantage of these trial periods, consider setting up a reminder system. Personally, I use the iCal program on my computer, and make a simple note, reminding myself of when to call and cancel a particular service. I also know folks who use websites like FutureMe, a website that will allow you to schedule a reminder email, and send it to yourself at a specific time in the future. Pretty rad.

Remember, before signing up for any free trial period, be sure that you know exactly how to cancel the service. This is especially true for services offered by credit card companies and credit reporting services. Taking the time once a month to take care of these pesky little phone calls can, in the long-term, save you a lot of money.

Posted in Saving Money, Tips

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The Success Of The Kids’ Fun Fund

June 6th, 2009

NCN

Our family recently returned from a week of vacation, and I’m proud to report that the Kids’ Fun Fund that I mentioned a few months ago worked just as I had hoped. Throughout 2009, my kids have been doing little chores around the house, chores for which they can earn a little money. A portion of this money gets deposited into the Kids’ Fun Fund – just a plastic square container decorated with their names and labeled Kids’ Fun Fund.

The purpose for our Kids’ Fun Fund was pretty specific. Our kids love to go to an arcade – a very specific arcade – located about fifteen minutes from where we go on vacation. This arcade is really more than just an arcade, it’s more like a small-scale amusement park, complete with miniature golf course and go-carts. My kids, for some reason, just really like to this particular arcade.

Last January, when we started to plan for our vacation, I asked my kids what they thought about creating a Fun Fund, so that they could save up a big pile of coins to use at the arcade. They really took to the idea an the Kids’ Fun Fund was born. You can click this link to read more details about the Kids’ Fun Fund.

The Kids’ Fun Fund really worked. Our kids worked hard – and worked hard together – to earn money for the Fun Fund. They were both so proud, when we were preparing for vacation, to pack their big jar of coins. When we arrived at the arcade, we all stuffed our pockets with quarters, and headed inside. The kids had a blast and it was great to see them enjoy the reward for their labors.

It’s cool to note that the kids could have spent every penny in their Fun Fund, but they chose not to do so. In fact, they used just a small portion of the money that they had saved. Now, they are in the process of deciding exactly what to do with the rest of the Fun Fund. I’ll guide them as they make the decision, but I’ll leave the final choice up to them. Whatever they do, I’m super-proud of my kids. They set a goal, worked hard to achieve it, and then had a blast at the arcade. Success!

Posted in Family, Tips

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