Jul 23 2009

Stay healthy to save your kids money, and another thing


Two things:

First, if you need another reason to exercise, eat right and take care of yourself, think of your children! You want to be around to see them get older, but also your health (or lack of it) can impact them financially.

For instance, we recently bought more life insurance. One of our health classifications wasn’t in the “preferred plus” range (more expensive!). It was solely because of some bad things in the family tree.

We’re paying an additional $2,000 over the term of the policy because of it.

Second, I called to cancel one of my unused credit cards. It wasn’t my oldest and I had no intention of using it again. The customer service rep didn’t even try to convince me to keep it. Wow. What’s up with that?

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Jul 23 2009

It doesn’t always pay to go with the highest insurance deductible


A general rule of thumb states that opting for the highest insurance deductible you can afford will ultimately save you money.

As usual, it pays to run the numbers.

We’re renewing our renters insurance. Our deductible is $500. Our premium is $114 for the year.

Raising it to $1,000 would lower my annual premium by about $10.

So, I could save $10 per year if we don’t have to file a claim, but if we do (and let’s hope we never do!) it’ll cost me an extra $500.

I’d rather pay an extra $10 per year just in case.

One more thing: Our regular renters insurance policy doesn’t cover floods from rainwater or other outside causes. It does cover floods from burst pipes, though. Since we’re on the ground floor and our windows open up to, well, the ground, I think it’s worth paying an extra $130 per year for $30,000 in coverage.

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Hey! I'm Kacie, wife and mother of 3. I write about my family's finance: how we save money, improve our spending, and plan for the future.

I hope I can inspire and encourage you to improve your situation. See disclosure.

I'm adopting a much slower-paced posting schedule, and treating this as a hobby blog now.

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