Hope for your financial life and beyond

How to Save Money on Car Insurance for Teens

In about a month, our oldest child will turn 15. In our state, that means you can apply for a learner’s permit to drive. She hasn’t expressed a big desire to do this yet but I know it’s coming. So naturally I’ve started looking into car insurance for teens to see how much another driver in the household is going to cost me.

car insurance for teensWhat I’ve found is there are many ways to save money on car insurance for teens. There are reasons why your car insurance rates will go up, chiefly because you have an inexperienced driver behind the wheel. Insurance companies are taking on a higher risk of having a payout. Your teens’ enthusiasm for being able to drive coupled with their lack of skill makes accidents more likely.

Short of holding onto the keys yourself, there is no way around paying more on your car insurance with a teen in the house. But you can take steps to lessen the amount of increase. The good news is most of these steps will require the help of your teen. Getting them engaged in the process will go along way in teaching them responsibility. They also might learn some cool financial lessons along the way.

11 Ways to Save on Car Insurance for Teens

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Should I Cosign? Here Is the Truth About What God Says

Hidden Nuggets Series #102: “Do not be one of those who shakes hands in a pledge, one of those who is surety [ cosign ] for debts.” – Proverbs 22:26

If you’ve ever had a situation where a friend or family member asked you to cosign a loan you know it’s a tough spot to be in. On the one hand you want to help. But the idea of being responsible for someone’s debt has you a little squeamish.

cosignSay “No” and it seems like you don’t care.

Say “Yes” and you are opening yourself up to financial risk.

Maybe as you thought think about what to do, you should have considered asking this question: “What does God have to say about it? Would He want me to cosign for this loan?” It may never have occurred to you to seek advice from a higher power.

The truth is God talks a lot about money in the Bible. He even has advice about cosigning which really surprised me when I found it. For anyone, but especially people of faith, His advice is worth listening to.

God’s Advice on Whether to Cosign

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How to Stop Waiting for Next Year to Get Your Finances Right

Sports fans are always waiting for next year. In any given season, only four teams out of 122 in the four major U.S. professional sports leagues win their respective championship. 118 teams and their fan bases are left hoping that next year will be different.

waiting for next yearOf course we always have hope, right? A few shrewd personnel moves from the front office management can surely turn things around. And maybe, just maybe the manager will finally figure it out next year and make all the right decisions.

Unfortunately, most of the time things don’t get better. The team doesn’t improve. There are injuries. Managers get fired. Free agents go elsewhere.

And once again we are left waiting for next year to get things right.

Many people adopt this same approach with their finances. Instead of addressing their money problems right now they take the “waiting for next year” approach. People who follow this way of thinking typically:

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The Best Home Renovation Projects That Hold Their Value

home renovation projectsIt’s the depths of winter but spring will be here before you know it. With that your thoughts might be turning to that home renovation project you’ve been waiting for. Now’s the time to get the final plans and cost in place so when the weather turns nice you can hit the ground running.

A home renovation isn’t simply painting a room or putting down new carpet. Those things are nice to do and are needed from time to time. When I say home renovation I’m referring to big projects…ones for which you might want to call in a contractor. For the most part these are projects that are going to cost thousands of dollars, maybe even reach into 6 figures.

With that much money at stake it’s important to do your research ahead of time. One of the big issues is how much return you can expect to receive on your home renovation investment. You don’t want to dump $20,000 into a project only to see it’s value dwindle to nothing.

We’ve been thinking recently about finishing our basement. We could add several additional rooms of living space there along with perhaps a bathroom. We know it would add value to our home life (giving us more personal space) and add value to the home itself. But how much money to put into it is the real question. What could we expect to get back in value if we ever sell our home?

With that in mind, check out this infographic from Contractor Quotes. It shows the typical cost of each major home renovation and what you can expect to recoup in cost when you sell your home.

Home Renovation Projects That Increase a Home’s Value

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How to Beat Any Salesman and Save Money This Year

Don’t you hate it when you leave a store thinking the salesman got the best of you…that he or she was able to talk you into something you really didn’t want? Or worse yet that the salesman literally deceived you with false information about the product? It’s frustrating to feel or learn later that the salesman didn’t help you make the best decision possible.

salesmanThis happens in all retail establishments where a salesman is engaged in selling a product. Think furniture, appliances, car lots and even insurances. These types of jobs are heavily commission driven, meaning the salesman earns money (part or all of his salary) on the sale of a product. This arrangement can put them in a tough spot – looking to make the most money possible vs. helping the consumer find the best deal.

Don’t get me wrong here – I love a good salesman. And there are some really good ones out there who have the customer’s needs in mind. Those are the ones you hope to find.

But if you run across a bad one (and you will) there is a way to beat them. It is possible to make sure you ALWAYS get the best possible deal based on your needs.

And it all starts with what you do ahead of time – before you even walk into the store. I learned this recently while shopping for a new television.

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10 Last Minute Gift Ideas For Him This Christmas

Do you have trouble shopping for that special guy in your life? Let’s face it, men are tough to shop for. It’s not easy to crack our code and find out what we’d really like to receive as a gift.

last minute gift ideas for himWaiting until the last minute to shop of course adds even more pressure. You’ll probably panic and end up buying him some socks. Not that we wouldn’t appreciate it – we’ll love any gift we get (or at least pretend to love it). In the interests of helping my men-fellows though, here are some last minute gift ideas for him that we’d appreciate even more.

Last Minute Gift Ideas For Him

Of course you know your man best. Some of these last minute gift ideas for him may not work. Additionally, you may have financial limitations that prevent these purchases. But I’m pretty sure, if you can afford it, he’ll absolutely love these items:

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SMART Goal Examples For Your Money This Coming Year

smart goal examplesThis year is rapidly drawing to a close so what better time than to think about some financial goals for 2016. I’ve set and achieved many goals over the years. The best tool I’ve used to help me set goals is the acronym SMART. Today I’m going to outline what that means and give you some SMART goal examples for your money so you can see how it works.

There really is no debate that setting clearly defined goals will help you reach a target. Without something to shoot for how will you know if you’ve achieved anything? And what goals could you possibly set for your money? This is where the SMART acronym is useful.

What Are SMART Goals?

We often make mistakes when creating goals. This leads to frustration when we can’t complete them. Ever say you are going to save money but then never save any money? There are many factors that contribute to why that happened. One reason is that it’s not a very good goal to start with.

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5 Money Saving Questions to Ask Before Buying Christmas Gifts

My wife and I never go shopping for Christmas gifts on Black Friday. I don’t care how good the deals are the crowds are just too much for us. We are more Cyber Monday or wait until the last minute type of people.

christmas giftsBuying Christmas gifts is always fun for us though because we love to spend money on the people we care about. It’s become even better recently since we’ve learned how to save money throughout the year to spend at Christmas. Now all of our Christmas gifts are paid for in cash and we never see a credit card bill come January.

While we all get excited about spending money on the people we love, it can get seriously out of hand. What happens in December can have short and long-term financial consequences if you don’t keep your spending on Christmas gifts in check. So before you make any purchases this year here are five simple questions you should ask yourself as you buy Christmas gifts for those special people in your life.

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10 Can’t Miss Warren Buffett Quotes On Life and Money

warren buffett quotes on lifeWhere do you seek out sound advice?

Your parents?

Friends at work?

A counselor or pastor?

The Bible or other religious literature?

As I see it, the problem with a lot of advice is threefold:

  • It’s not actually helpful…
  • It’s given by someone who has a damaging, personal life issue that clouds their bias and…
  • It’s coming from a person who has an alternative agenda (i.e. they are driving you to a decision that benefits them)

This makes it extremely hard to find advice that you can run with. Put the wrong advice in your head and hands and the results could be disastrous.

When it comes to money, perhaps no businessmen and investor has achieved more in his lifetime than Warren Buffett. From humble beginnings of selling chewing gum, Coca-Cola and magazines door-to-door as a kid, he has become one of the wealthiest men in the world. People pay money to sit at his feet for a few minutes so they can pick his brain about life and money.

So when I ran across some Warren Buffett quotes on life and money awhile ago, I couldn’t help but pause and reflect on how I felt about a few of them.

Famous Warren Buffett Quotes On Life and Money

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When to Avoid Zero Percent Financing Offers On Cars

At some point we’ve all run across an advertisement on TV from a car dealer pitching some form of incentive. Manufacturer incentives are special offers designed to entice you to buy a car. Overall they have been found to be very effective in drawing consumers to car lots.

zero percent financingThese deals usually come in the form of rebates (cash back) or a low annual percentage rate (APR). The APR is the amount of interest on the loan that you will pay during the year. Of course lowering the interest rate reduces your monthly payment. The lowest APR a manufacturer could offer would be zero percent. This means you pay no interest on the car loan.

Zero percent financing on a car sounds like too good a deal to ignore. Who should pass up free money, right? However, you may want to think twice before signing on the dotted line. There are several reasons these deals could be bad for the consumer.

The Story on Zero Percent Financing

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Customer Service Training Ideas: No Comments on How Much Food I Buy

I love good customer service. When you find a store that consistently provides it for you it’s a thing of beauty. It’s obvious their employees have been through customer service training because they consistently focus on it day in and day out. I find it really makes shopping at their establishment enjoyable.

grocery cart with healthy foodOn the other hand bad customer service turns me off. What’s frustrating is when it happens at stores I frequent because of a) their location, b) their superior products or c) their prices. I intentionally go to these stores for one of those reasons and to shop elsewhere would be inconvenient. So I’m forced to endure the annoying service at times because those other reasons win out.

I took over the majority of the shopping last fall when I quit my job to be a stay at home dad. In the past year I’ve noticed some of the worst people at customer service are the ones I have the most contact with: the checkout clerks. The ones who have me riled up right now are those I find at the grocery store.

“Yes, I Know My Cart Is Full”

It’s a constant chore to manage the food budget, especially for large families. We have four kids so with six mouths to feed each week I’m buying a lot of food. It doesn’t matter how much I plan or try to cut back, my grocery cart is always full – or overflowing – by the time I roll into the checkout line.

And oh, you should see the looks I get.

But the worst part is the comments.

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