Debt Reduction, Emergency Fund, Insurance, Money Management

Our Financial House – The Foundation

After digging and pouring the footer for our house, it’s time to set our foundation.  Our financial foundation needs to be solid, stable, and able to support the weight of our financial house. Three components of a solid financial foundation – Insurance At present, my wife and I have health insurance, term life insurance, disability insurance, automobile insurance, dental insurance, and renter’s insurance.  We also have an umbrella policy that protects us from events not covered by our renter’s or automobile insurance.  In the future, we plan to purchase long-term care insurance. Ever few years, I review my policies with a qualified professional.  My wife and I believe in several ounces of prevention. Debt Reduction My wife and I really…

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Several Ounces Of Prevention

An ounce of prevention is worth a pound of cure. -Benjamin Franklin Moving beyond the day-to-day management of my personal finances, it’s important that I think about strategies which will promote long term financial stability.  Lately, I’ve been thinking about insurance, end-of-life documents, and organization.  Mundane topics, to be sure, but it pays for me to focus on these areas now, so that I do not need to worry about them in the future. End-of-Life Documents – Let’s face it, it’s never fun to think about death – especially our own – but if you have a family, you need a will.  My wife and I updated our wills, with the help of our lawyer, back in July.  In the…

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Automobiles, Insurance

My Car Has Been Repaired

A few months ago I hit a deer with my car.  After a little internal-debate about whether to have the car repaired or trade it in for something newer, I decided to keep the car and have it repaired.  I happy to report, the car has been repaired, and it looks great. I have a high deductible – $1000 – and it felt a little strange writing a check for that much money for repairs on a nine year old car.  Thankfully, I actually have a budget-category, labeled automobile repair, from which I withdrew the deductible payment. It’s so important, when creating a budget, that I remember unplanned-for expenses.  My wife and I own three automobiles, each with a $1000…

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