Saving money can be difficult. It is so hard to save money that Bankrate.com’s June 2011 poll found that only 24% of Americans have a 6-month emergency savings cushion.
You can save money by making small changes to your spending habits, starting with a modest budget.
Get serious about your budgeting
Everyone knows you need a budget. But how do you create one that is manageable?
“The first step is look at every financial statement and income source you have,”Brian Haier, Executive vice president and head, Regional Retail Banking, and Direct Channels, TD Bank, says. “These include bank statements, recurring monthly bills, anything that you can use to figure out a monthly average of what you make and what you spend.”
There are many ways to cut expenses. For example, you can use online coupons or print coupons for products you already buy at the grocery. Online bill payment through your bank can help you save money on postage and envelopes.
Now, you can start to plan for savings. No matter how much you decide you can save, be realistic about where you can cut costs and set modest goals. You can add a little more to your savings each week and month as you adjust your spending habits.
You have now set up a budget. What’s next?
Now that you have established your budget it’s time for you to choose the type of savings account that best suits your needs. There are many accounts available, but you should consider a regular savings account to make automatic transfers.
Club accounts are best for saving money to achieve a goal or objective. TD Bank offers Holiday Club or Club Saver accounts which help you save money for holiday gifts or travel expenses throughout the year.
A Certificate of Deposit (CD) will give you a higher interest rate and guarantee. These CDs have a step rate and are extremely popular. They offer the security of a CD, but with the added benefit that your interest rate will increase over time.
Saving money is possible with so many tools at your disposal. All you need to do is be disciplined and have a budget and plan that are easy to follow.
The pace of life today is rapid. People can check their kids’ soccer scores on the phone, while also sending emails to work with the help of digital technology. With the advent of the Internet, consumers can expect the same conveniences from all services and businesses except their insurance companies. Even though 98 per cent of insurance claims are processed within 30 working days, it can be frustrating for those who have difficulty paying their medical bills.
It is no longer enough to be insured, as nearly two-thirds of American households have less income than 2002. It is vital to understand how fast your insurance carrier pays claims and how they process them. This is critical for both financial recovery and physical recovery.
According to a recent survey, 66% of workers would struggle to pay for the financial burdens associated with serious injuries and illnesses. Only 49% of workers have over $1,000 to pay out-of-pocket costs. Additionally, rising healthcare costs are forcing employers into cost-saving measures that are putting employees under greater financial pressure.
* Increasing employees’ health care insurance copayments.
* Increasing employees’ share of premium.
* Implementing high-deductible health plans with health savings accounts.
A lot of people will have to wait for up to a few months before receiving their insurance payments. Many insurance companies are able to offer fast service because they have better technology and an understanding of today’s consumer needs. This is just one example. AflacIt is almost rare for insurance companies to offer policies that include claims processing, approval, and payment in a single day.
Fast payment policies are no longer luxury items of the past. It is a necessity in today’s world. It is more important than ever that you have money available immediately for serious injuries or illnesses. Your insurance company should be able to respond quickly.
Aflac’s One Day Pay Promise can be found at aflac.com/onedaypay.
