Archive for August, 2008:
“Country roads, take me home, to the place I belong….”
I don’t think we’ll be back-roading it the whole way, but there is a good chance we’ll be off the beaten path (I-70) for a portion of our trip from Pittsburgh to parts of Indiana. We haven’t been there since April, and I haven’t been to my parents’ house since Christmas!
So anyways, we’re going to take to the highway on Thursday and we’ll be back sometime late Monday. Have a restful, safe and happy Labor Day weekend!
Mrs Micah has put together a useful spreadsheet to help bloggers keep track of their blog income for tax purposes. It’s easier to keep records as you go instead of waiting for tax time!
Bob at Christian Personal Finance shares his tithing experience.
Mercedes may have pushed too far and wonders if she has crossed the line between being frugal and being a tightwad.
From the Money Life Network:
Booking a hotel through an online travel site may not be worth it at Free From Broke
Pay attention when checking out at Milk Your Money
How much money do you make? At My Investing Blog
Simple storage solutions (a series) at Remodeling This Life
Dave Ramsey’s Financial Peace University: Week 13 The Great Misunderstanding at Bible Money Matters
Proof that going ‘cash only’ works at Prime Time Money
One of the more unpleasant things about being an adult with responsibilities is considering life insurance.
Even though I know where I’m going after I kick the bucket, I don’t like thinking about it at my age. Still, it’s gunna happen someday, and the least I can do for my grieving family is to make sure there’s enough money for them if I take the early train outta town.
Shane and I are evaluating our income needs if we had to assume the worst. For him, I’d need to replace his income and we’d want enough to pay for our son’s college. For me, he would need to pay for childcare, possibly a maid service (I’d want that for him–one less thing for him to worry about!), and some money for our son’s college.
After crunching some numbers and factoring in inflation, we determined that we would need more than the 7-10x income amount that’s typically recommended. Ten times his income right now simply isn’t enough to cover everything.
So anyway, when evaluating your insurance needs, think about what you would need to pay for and see how much that would cost with inflation included. It could be more or less than you think.
I created an Excel worksheet to do my math, but I also found a handy calculator on Bankrate.com. My two figures came within $3k of each other, which is pretty good.
We already have some term policies in place, thanks to a group plan with Shane’s employer.
We’ll buy additional policies to make up the rest of the amount.
I got some quotes from Zander.com (highly recommended by Dave Ramsey) and was surprised at just how cheap it would be.
For us to be fully and comfortably insured, it would cost an additional $30 per month or so. That’s it? We have enough wiggle room in our budget that we wouldn’t miss that $30 per month. Not a bad price for a bit of financial peace of mind, if the unthinkable becomes a reality.
We’ll go ahead and buy our policies as soon as possible, and then every few years or so (and when we know we’re going to have another child) we’ll reevaluate our insurance needs to make sure it still works.