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How to Get More Financial Peace of Mind

January 18, 2021 By MelissaB Leave a Comment

 

 

Financial Peace of Mind

Money troubles kill relationships. They also cause major stresses, catalyze health problems, ruin plans, mess up sleep schedules, and so much more. We hate to admit it, but money is easy to worry about, and many of us do it a lot. What’s more, there is good reason to worry about money. Without enough of it, we can’t live where we want, eat what we want, get educated, have a fun time out of the house. Like it or not, your sense of well-being has much to do with how much money you have and how you use it. So here are a few ways to get more financial peace of mind.

Life Insurance

Perhaps the best way to get peace of mind in your financial life is to buy life insurance. If you’ve never thought about buying life insurance before, you probably don’t realize how inexpensive it can be. Many people find that life insurance quotes are much lower than they anticipated, especially for people who are young and healthy. Life insurance creates peace of mind not just for you, but for the people who depend on your for income and security.

Know Where Your Money Goes

If you’ve ever made a budget after a long period of not paying attention to your money, you know how much it hurts. You  may feel like your spending record is judging you, so some people avoid budgeting at all costs. But the only way to spend money more wisely is to take a close look at how you need to spend, and how you actually spend in practice. Often there is too much difference between these two , and you should find a way to spend your money according to better measures and goals.

Get an Emergency Fund

Financial Peace of Mind
Photo by Nathan Dumlao on Unsplash

Building an emergency fund and contributing to it regularly is one of the most important financial habits you’ll ever create. An emergency fund will help protect you in the event of an accident, a breakdown, and any number of unexpected expenses. It takes awhile to build an emergency fund large enough to cover you and your family for six months (the oft-recommended amount).  However, once you’ve managed to build it, you’ll find it’s worth it. An emergency fund provides great peace of mind because you know you have a safety net.  Plus, to create one you have to be financially responsbile and disciplined.

Final Thoughts

There are many ways to live beneath your means and acquire better financial peace of mind. We lose our cool financially when our money is out of control. Learn the basic ropes of personal finance, spend time caring for your own financial garden, and you may be surprised at the extent to which it improves your life. People don’t feel secure when their means of sustenance and shelter are constantly in upheaval. When you have financial security, you are very likely to have physical security, which can only have a positive impact on your state of mind.

Read More

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Realized Benefits of Emergency Funds

Filed Under: General Finance, Personal Finance Education Tagged With: budget, emergency fund, financial peace of mind, life insurance, Personal Finance

How Long Are Your Parents Financially Responsible for You?

January 4, 2021 By MelissaB Leave a Comment

Parents Financially Responsbile for You

From the time a baby is born until he is 17 years of age, experts estimate that parents will pay approximately $233,000 to care and provide for him (USDA).  That amount doesn’t even include the cost of college!  Parenthood is a lifelong responsibility, but the financial aspect has a definitive end according to the law.

How Long Are Parents Financially Responsible for You?

In the majority of states, parents are financially responsible for you until you reach the age of majority, which is 18.  However, if you live in Mississippi, the age of majority isn’t until 21!

Early Termination of Parental Responsibility

In rare cases, parents’ financial and legal responsibility can end early.

Termination of Legal Custody

One way this may happen is if the Department of Children and Family Services takes the children away from the parents due to neglect or abuse.  Parents are given time and classes to improve their parenting skills and regain custody of their children.  However, if they don’t change, their parental rights may be terminated.  In that case, they are no longer financially responsible for their children, but they also can no longer see their children.

Emancipation

Parents’ financial responsibility for you can also end if you become emancipated.  This can happen several different ways.

Natural Emancipation

There are two ways you can be naturally emancipated.

Marriage

You will be naturally emancipated if you marry before the age of 18.  Of course, the age in which you can marry depends on your state, but only four states—Delaware, New Jersey, Minnesota and Pennsylvania—don’t allow legal marriage before the age of 18.  The rest allow marriage at a variety of ages including as young as 13.  Once you’re married, your parents are no longer financially responsible for you.

Join the Military
Parents Financially Responsible for You
Photo by Jessica Radanavong on Unsplash

Likewise, you are eligible to join the military at 17.  If you do, your parents’ financial responsibility for you ends.

Minor Initiated Emancipation

In rare cases, a child can petition the court to be emancipated.  To successfully do so, a child must prove that he is mature enough and has the means to support himself.  While this doesn’t seem to happen frequently, there are plenty of child actors who have taken this step including Drew Barrymore who became emancipated at 14 and Macaulay Culkin who requested emancipation at 16.

Extended Parental Responsibility

In certain instances, parents’ financial responsibility for you may last longer than the age of majority.  This may happen if you have a disability and your parents petition the court to be your legal guardian.  In order for them to be your legal guardian, they will need to prove that due to a disability, you are unable to manage your affairs.  If your parents become your legal guardians, they will ultimately make financial and legal decisions for you.

Final Thoughts

In general, parents are no longer legally financially responsible for you in most states when you reach the age of 18.  However, there are several circumstances where this legal obligation may end sooner or extend longer.

Read More

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Filed Under: Children, Married Money Tagged With: children, cost of children, family finances, parenthood

5 Ways to Save on an Amazon Prime Membership

December 21, 2020 By MelissaB 1 Comment

save on an Amazon Prime membership

An Amazon Prime membership offers a number of perks such as free Amazon shipping, free movies and music, a discount at Whole Foods, and many more.  However, some people balk  at the $119 annual membership fee, which is understandable.  If you’d like to have an Amazon Prime membership but want to save money, there are a number of possibilities.

Split an Amazon Prime Membership

If there’s another adult family member that you’d like to split Amazon Prime with, you can.  And no, this isn’t like sneaking another family member into a hotel without telling the hotel staff.  Amazon has a whole page dedicated to how to split a membership, which they call Amazon Household.

how to s

Say your mother-in-law lives with you.  You’ll share a membership, each putting in a payment method to pay your portion, and you will have separate accounts.  If you can do this, you’ll automatically pay just half–$59.50 instead of the full price of $119.

Get a Student Discount

If you’re a college student with an .edu email address, you can get a discounted Amazon Prime membership by signing up for an Amazon Prime Student account.  The first 6 months are free, and then you’re charged $6.49 per month (equaling $79 per year, a $40 a year savings from traditional Prime)

EBT & Medicaid Discount

If you receive EBT benefits or Medicaid, you’re eligible for a special Amazon Prime membership for just $5.99/month.  You’ll need to verify that you actually receive benefits, and every 12 months, you’ll need to verify that you’re still eligible for this type of membership.  You are allowed this special rate for 48 months.

Credit Card with Prime as a Perk

save on Amazon Prime membership

Some credit cards offer an Amazon Prime membership, or a discount on the membership, as a perk.  For instance, the Uber Visa Card by Barclay offers $50 off an Amazon Prime membership after you spend $5,000 on the card each year.  This will take the Prime membership down to $69.

Likewise, the Amazon Business Prime American Express Card offers a $125 Amazon.com gift card when you’re approved for the card.

Amazon Prime Discount

Amazon Prime rarely offers discounts, but once a year, you can usually find them.  They may offer the deal in July during Amazon Prime Day, or when they have new shows to debut, or their shows, like Mozart in the Jungle, win awards.  You’ll just need to keep a close eye on Amazon to snag the discount when it’s available.

If none of these discounts applies to you or you just don’t want to spend the money, keep in mind, you’ll get free shipping from Amazon if your order is over $25, and you can always get a 30-day free trial membership should you want to binge watch a show or order a number of items, say around Christmas time.

Do you currently have an Amazon Prime membership?  If so, do you use one of the above strategies or another one to avoid paying full price?  Do you think Amazon Prime is worth paying the full price?

Read More

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Filed Under: Frugality, Saving Tagged With: amazon, Amazon Prime membership, discounts, subscriptions

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