Tag Archive | Insurance

Some Money Mistakes That Women Make

Let’s face it ladies, we all make mistakes at some point or another. Sometimes these mistakes are money mistakes. Here are some of the more common money mistakes women make and why they are mistakes. Hopefully if you see one that you do make you will learn how to change it.

Too many women leave the finances to their boyfriend or husband. This is such a bad idea. You have to know how to handle the finances in your family even if you are not the one who regularly deals with it. Why is this so important? No one wants to think about a relationship that they are in ending, but it happens. If you let your husband or boyfriend take care of all of the finances and suddenly the relationship is over, what are you going to do? You may not know how to take over the role as the person who handles the finances. So make sure that if you are not the one handling the finances in your home that you learn how to do it just in case. It is a skill that you will never know when you will need it.

This may sound harsh but another mistake many women make is to save for their child’s college fund before saving for retirement. Why is this bad? You may end up being able to pay for your child’s college but then you do not have enough money left for retirement. If you save for retirement first, to make sure that you will have enough money, you may not have enough to pay for all of your child’s college. That is okay though; there are scholarships and grants available to students. Many students even work full or part time to help pay for their education. Nothing else your child can get student loans.

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Ladies most of us make our children our beneficiaries for our life insurance. How much do you know about your life insurance policy though? Leaving your child as a beneficiary as a minor is a big mistake. Most of the life insurance companies out there will not pay out to minors. Instead you should have someone of age be your beneficiary with the understanding that they use that money to care for your children. Then when your children become of age, you can change the beneficiaries to be them, but not until they are eighteen years old.

Most women feel that having a will is enough. These women are wrong though, this is another money mistake that women make. If you were to get into a car accident and are incapacitated who will pay your bills? If you have a spouse you may just assume that they will. What if they are in the accident with you? What if you live longer than your spouse or your relationship ends? This is why in addition to having a will you also need a trust with an incapacitated clause so someone has access to your bank account to pay your bills.

Yet another money mistake that women make is that they have the wrong life insurance. Talk with your insurance provider. Make an appointment to talk to someone to find out what is the right policy for you. Everyone is different, and everyone’s situation is different, which means that you need to take the time to make sure that you are getting the right insurance for you.

The inability to say no is another money mistake that women make. You have to be able to say no if something is not worth the money that it costs or if you truly cannot afford it. Many times children want very expensive clothing; do they need something that costs so much? The answer should be no. Learn to say no in different situations and you will be able to save a lot of money.

There are many money mistakes that women make. There are ways to change that though. The changes do not need to be difficult though. If you need help, get it, there is nothing wrong with needing some help now and then. Take charge of your financial future and you will be glad that you did ladies.

Money Tips for Women Getting a Divorce

Getting a divorce is difficult. There are a lot of things that need to be taken into consideration. With all that to deal with sometimes women forget to think about money. This is not the time to forget about finances though; it is actually a time to work harder at them.

When getting divorced you should do everything that you can to avoid a lengthy battle in court. This may mean that you have to compromise more than you want to, but it will be worth it. Lengthy court battles are incredibly expensive. You have to pay your lawyer to be there and to do all the work leading up to the court date. This can add up quickly. Instead compromise with you husband and settle the matter as fast as possible to save money on it.

LOL Just divorced. And no, that's not my car.

Look into different mediation firms. The sole purpose of these firms is to bring the two parties together to try and settle things as fast and inexpensive as possible. They try to keep it all out of court. This will help you to save money. Look into the different firms and find the one that is right for you and your situation.

If your husband owns a small business be careful. Unfortunately it is not uncommon for sole proprietors to try to hide money so they do not have to split it with their ex. This is something that is serious and needs to be dealt with properly. If your husband owns his own business then you need to make sure that your lawyer brings in a forensic accountant to make sure all of the money is accounted for and so you get your fair share.

You need to make sure all your insurance gets updated immediately. Do not leave your ex-husband as your beneficiary. Instead have it changed to your children or another family member. All insurances should be updated to show that you are divorced and have your husband’s name taken off.

Get some advice on your taxes. Filing for taxes is different if you are single than it is when you are married. You want to make sure that you are getting the biggest return possible. Find a tax professional to help you with your taxes, do not try to do this on your own, it is okay to get help.

Ladies, when getting divorced think twice before insisting on keeping the family home. Many women say they want to keep the house to help keep some normalcy for their children. If you want the house you need to make sure that you will have the income to take care of the home. This goes beyond the mortgage, you have to pay for maintenance, upkeep, and all that good stuff. So before you try to get the house, think hard about whether or not you can afford to keep it.

Ladies divorce is tough; do not make it harder than it has to be. Money is one thing that you do need to keep in mind when getting a divorce. Do not let everything that is going on cause you to forget about finances and how to protect you and your family financially.

Women Use Payday Loans More than Men

Payday loans are used all over the country every day. A study shows that women seem to be more likely to use a payday loan more than a man is. The Pew Charitable Trust report is the study that put forth the statement that women use payday loans more than men.

It is estimated that $7.2 billion dollars are lent as payday loans every year. New information suggests that women are out pacing men when it comes to getting a payday lender. The Pew Charitable Trust links the increase in women using payday lending to the hit women took financially due to the recession.

Another report from the Colorado state government estimates that 52.4 percent of the people who obtain payday loans in their state are women. This is consistent with the report put out by the Pew Charitable Trust. It seems as though it does not matter where in the country you are more women are getting payday loans than men are.

Why is this? There are so many different reasons that can be given it would be hard to give one answer for that question. Some say that it is because during the economic decline women were hit harder than men were, leaving more women in need of help. Some may say that there are more single mothers than there are single fathers and that could be one reason.

Another potential reason could be that more women are having financial emergencies than men do. This is hard to say for sure as there are many different scenarios that could qualify for an emergency, and because most payday loans are not used for emergencies. This could be one part of the reason more women are using payday loans than men, but not the whole reason.

Single mothers may have a part to play in this statistic as well. There are always unexpected expenses popping up with children. If you live in a one income household it may be difficult to take on these expenses when they get sprung on you, and let’s face it not all children are good about letting you know something right away. They could come to you one day and say that they need money in two days for a field trip, if it is just simply not in the budget, the mother does not have that kind of money left what should she do? A payday loan is one option. Single mothers may also be another part of the statistic but definitely not the whole reason for it.

The Pew Charitable Trust report that has been released is showing that with the statistics that they have gathered that women are more likely to use payday loans than men are. This statistic is supported by reports coming out from others such as state governments. As with many other payday loan trends this may not change any time soon. The economy may play a part in it, but only time will tell what will happen.

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    Women and Life Insurance

    There are many women out there who do not think that they need life insurance. There are also a lot of women who have never really thought about getting life insurance. Well ladies, it is time to not only think about it, but get some as well.

    The first reason is the most obvious for why every women needs to have life insurance. It helps your family pay for your final expenses when you pass on. Your life insurance will pay those final bills so that your family does not have to worry about how to pay for it. Life insurance will also help take care of your family, such as your children or spouse, when you pass on.

    Women that are single and have no children often think that is reason enough to not have life insurance. That is not a good enough excuse however. You still have family left when you die and they will be left with all of your bills that were not paid off. Your life insurance policy can help pay off those bills for your remaining family members.

    There is more than one type of life insurance policy that you can get. The first one is term life insurance. This policy provides a simple death benefit, but only for a specific period of time. If you die before the term period ends, then your beneficiary gets everything. If you live past the term period then you get nothing back.

    The next type of life insurance is whole life insurance. This is permanent or cash value insurance. What that means is that this life insurance is going to cover you for life. Universal life insurance is a type of cash value coverage. This allows you to choose how your cash value account is to be invested. There is also a variable universal life insurance which combines all the flexibility and options of the universal life insurance policy along with the investment options of a variable policy. The last type of life insurance is joint and survivor life insurance. With this type of life insurance you and your spouse have the option of buying one policy that covers both of your for the rest of your lives.

    Women need life insurance; there is no way around it. All too often those women who do realize that they need it do not get adequate coverage. Take some time to think about what it is you want from your life insurance policy. After you do that you need to take some time talking with different companies and finding out what you will have to pay. You want to get the best deal possible and the only way to achieve that is to do your homework and find out what different companies charge for the types of life insurance you are looking to purchase.

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