Often times people believe the best way to have more money is to be as frugal as possible. In a lot of ways this is true, but unfortunately, being too stingy with your money can end up hurting you financially. Most of the time, not planning wisely can hurt you in the areas of your life that mean the most to you. Areas like family, health, and your home. There are 8 major financial help services I want to cover that most people aren’t paying for. By avoiding these up-front costs people are at risk
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Basic finance courses
It’s scary how many people don’t have basic financial knowledge under their belts. Thankfully, because I was terrible in all other areas of math, I took a consumer math course in high school that taught me to budget and do my taxes.
All those smart kids in calculus really missed out. Joke is on them.
There are a variety of financial courses that you can take. Here are my top three recommendations.
- Budget Hacking – I took all the tricks and tools our family used to free up over $1,000 liquid cash each month and get us out of debt in only 18 months and put that knowledge into a course just for you!
- Financial Peace University – This is the course Tom and I originally took to help get us a clearer picture of how to budget smarter, get out of debt and plan for our financial futures.
- Wealth Mastery Course – This course was created by the Jay Morrison Academy to teach people how to better manage their financial lives. It will walk you through how to better manage yourself, your finances and walk you through a variety of investment options.
A financial advisor
Many people don’t realize the huge benefits of a financial advisor. While it is super beneficial to take courses that teach you to better manage your finances, sometimes the smartest move you can make for your finances is to get an advisor.
Financial advisors have training and experience that only stands to benefit you. By having them take a look at your unique financial situation, they can help you create and execute a plan that will work for you.
Other Helpful Posts:
- The Smart Way to Quit Your Job When You Have No Money
- The Best Way to Manage Money as a Married Couple
- How to Stop Taking Money Out of Savings
- How to Make Money Last When You Get Paid Once a Month
A solid emergency fund
While having an emergency fund isn’t necessarily a financial help service you need to pay for , it is something you will need to set money aside for each month.
Whether it’s through major emergencies or job loss, it’s crucial that you financially protect you and your family by having a secure emergency fund in place. That is generally a savings between 3-6 months worth of living expenses.
The best place to save this money is through an online bank that will pay you in interest so your money is making more money.
The Savings Builder is the best savings accounts I have come across so far. By only contributing $100 per month, you are able to get a savings rate of 2.45%. Most banks offer around .03%!
Most people don’t have enough money to cover $1,000 emergency and even more people have savings accounts but are not making any money with them!
Refinancing your home
So many people get in way over their heads with the expense of their mortgage. Trust me, we’ve been there.
One thing that might be able to help you reduce your monthly expenses and lower your interest rate (thus, paying less in the long run), is refinancing your home.
Jumping into a refinance isn’t something everyone should do. Read this Refinancing a Home 101 guide to see if it sounds like a good option for you. If you think you are ready to make the leap, get started with LendingTree.
If you have been struggling financially for a while, your credit could be really hurting. I probably don’t have to tell you that this can drastically affect what you are capable of doing in life from personal loans to home loans. Even just a single late fee can reduce your credit score by 110 points!
Credit repair companies like Lexington Law will analyze your credit reports, address the problems and keep the process going to help you reach your credit goals. Learn more about how credit repair works.
Think you could benefit from credit repair? Grab this FREE eBook and credit consultation.
If you are at the point in your financial journey where you are ready to start investing but you have no idea where to start, I will be the first to tell you to GET HELP!
A financial advisor can be extremely beneficial when helping you plan and save in retirement funds, however, there are awesome options available to help you start playing around with stocks as well!
- Morning Star – Morning Star is one of the longest-standing investment firms and they have a great 14-day FREE trial for you to start evaluating and managing your investments.
- Motley Fool Stock Advisor – Start a yearly membership and gain access to all of the Motley Fool teams stock investor tips. It’s so successful that members have an average return of 360% — That’s huge!
Making a will
It is so important, especially if you have children and/or an estate to make a will.
If you die without having made a will all of your possessions go to the state. This could also mean that your children will not go to the people you would otherwise choose for them to go to.
If you die without a will, it means you have died “intestate.” When this happens, the intestacy laws of the state where you reside will determine how your property is distributed upon your death. This includes any bank accounts, securities, real estate, and other assets you own at the time of deathRead the full article at Estate.findlaw.com
You can find a lawyer near you to help you make a will simply by Googling, “Probate attorney near me.”
Most people are underinsured and a big part of it is the cost of insurance. Let’s walk through 4 types of insurance that it is crucial to have in order to keep you and your loved ones protected.
The best recommendation for health insurance is often to just pay for the most expensive one because it offers the best coverage.
However, with the rising cost of medical insurance, this may not be an option for everyone. What you can do is make an informed decision and do your research before signing up!
If you have children, you need life insurance. Get a free quote here.
Don’t just take into account funeral expenses either.
Half a million-dollar life insurance for a primary breadwinner is a great life insurance amount to ensure the financial safety and well-being of your family.
Don’t forget about stay at home parents either!
While they may not be bringing in an income, there is going to be major expenses required to cover the same types of services that a stay at home parent offers.
Don’t assume that you will be safe at your job no matter what. The sad truth is that 50% of bankruptcies and foreclosures are due to people not being able to pay their medical bills.
If for some reason you are rendered unable to work, disability insurance will help ensure that you and your family stay afloat.
Long term care coverage (60+)
Once you get closer to retirement age, it’s a good idea to think about long term care coverage.
You don’t want the financial burden falling on your children and/or grandchildren so take the steps necessary to make sure you are covered.
Need extra help?
Take a moment to look over some of my most-helpful financial posts in order to give you a better idea of where to go from here.
- Get Out of Debt. How We Paid Off $6,000 in 6 Months
- Create a Simple Budget with a Piece of Paper and a Smartphone
- What To Do When Your Budget Goes Wrong
- 3 Ways to Start Investing With Only $100