Beating Broke

Personal Finance from the Broke Perspective

Avoiding Major Costs

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Taking care of your finances is essential if you want to avoid major costs. Although it’s always a good idea to prepare for unexpected expenses, it’s also important to make sure that your spending habits are appropriate and within your budget. Even small costs can add up over time and can quickly become large ones. Here are some tips on how to avoid major costs.

Avoid DUI Incidents

In Alameda County, California alone, there were about 4,820 DUI arrests in 2017. Unfortunately, one DUI incident can cause extensive financial damage. A first-time offense will require you to pay a fine, which does not include the additional costs for attorney fees and court costs. Further offenses may require jail time which can have an even greater cost. To avoid major costs due to DUI incidents, always make sure you are aware of your alcohol limit and plan a safe ride home.

Be Aware of Your Credit Card Limit

Credit card companies offer convenience, but they can also be a major cost if you are not aware of your spending limit. Before making any purchase with your credit card, make sure that it does not exceed your approved credit limit. Going over the limit can lead to extra charges and an increase in interest rates. Additionally, it can hurt your credit score, which can make it difficult for you to secure loans or even rent an apartment.

Having a Savings Account

While you might not think you can afford it, having a savings account is essential to avoiding major costs. Even if you only deposit a small amount of money each month, it will add up over time. Having a savings account will help ensure that you have enough money to cover emergency expenses such as medical bills, car repair costs, and other unexpected costs. Additionally, having a savings account will give you peace of mind knowing that you have a financial cushion if something unexpected happens.

Check Insurance Coverage

Insurance can protect you from unexpected events. However, if you have inadequate coverage, it can lead to major costs for repair or replacement of items. Always review your insurance coverage and make sure that it meets your needs. It may be a good idea to add additional protection for items such as jewelry or electronics. Checking your insurance coverage is one of the easiest ways to prevent your finances from taking a major hit. For instance, if you have a car, having comprehensive auto insurance coverage can help to protect you should an accident occur.

Keep Up With Home Maintenance

Keeping up with home maintenance is one of the easiest, yet most ignored ways to avoid major costs. A small leak or broken window may seem minor and easy to ignore, but they can lead to much bigger problems if left unattended. To prevent any major costs due to home maintenance, make sure you inspect your home regularly and repair any potential damages right away. In addition, according to Reader’s Digest, flushable wipes commonly cause clogged toilets and pipes. Ensure you’re following all recommended flushing instructions and caring for your plumbing and maintenance.

Budget For Big Projects

If you’re planning on bigger renovations, it’s essential to budget ahead of time to keep your finances in order. For instance, around 35% of homeowners splurge on their kitchen countertops. However, unforeseen costs can easily add up and quickly exceed your budget. Before starting any project, make sure you plan out the entire process, including materials and labor costs, to avoid any major financial surprises. Doing so will help ensure that you have the funds available to complete the project.

By following these tips, you can ensure that your finances remain in good shape and help you avoid potential major costs. Begin budgeting today to ensure your savings have time to build before beginning the process. With a little bit of planning and preparation, you can protect your finances and keep them in check.

Tips for Finding a Nursing Home to Meet Your Budget

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Finding a nursing home to meet your budget can be a difficult process. However, it’s vital to ensure that the facility you choose is one that can meet your care needs, while also being affordable. Whether you or a loved one are in need of long-term care, here are some tips to help you find a nursing home that fits within your budget.

Research Your Options

According to data from the Payroll-Based Journal, nearly three in four nursing homes did not meet the expected registered nurse staffing levels recommended by the Centers for Medicare and Medicaid Services in 2017 and 2018. Low staffing levels are just one factor to consider when researching nursing homes. You’ll also want to look for facilities that offer activities, recreational options, and other amenities that fit your needs. Research nursing homes in your area and compare their services, pricing, and quality ratings.

To make your research easier, consider using an online database such as the Medicare Nursing Home Compare tool to access information on quality ratings, staffing levels, and other data points.

Consider Veterans Benefits

For those who are eligible, the U.S. Department of Veterans Affairs offers several benefits for veterans and their spouses who require long-term care. The VA operates several nursing home facilities nationwide and provides financial assistance in the form of pension aid payments to cover some or all of a veteran’s nursing home costs. Eligibility requirements vary based on service history, disability rating, and income.

Compare Prices

Comparing prices for your budget is an important step in the process. Nursing homes can widely differ in costs, sometimes even for facilities that are fairly close to each other. Make sure to get quotes from several different nursing homes before making a decision.

Most nursing homes also have different payment plans and discounts available, so be sure to ask about any possible discounts or incentives you qualify for. For example, some nursing homes offer discounted rates for residents who need less care than other residents.

Check for Payment Assistance

You may be able to receive financial assistance from your state or local government, insurance companies, or other organizations to help pay for nursing home care. Medicare, Medicaid, and long-term care insurance are some of the most common options for payment. In addition, you might be able to receive Medicaid benefits even if you don’t meet the poverty guidelines. With one in nine men diagnosed with prostate cancer and some of those cases being terminal, you might want to check for any help that’s available when looking for long-term care.

Visit the Facility

Once you’ve narrowed down your options, it’s important to visit the potential nursing homes and get a feel for the atmosphere. Speak with administrators and staff members to learn more about their policies and the quality of care they provide. Ask questions about staff qualifications, medical services, and other aspects of resident care.

Finally, put yourself in the shoes of your loved one. For instance, 26% of American adults have untreated tooth decay. If your loved one were to need dental care, how easy would it be to access that care? If the answer is not very easy, you may want to look at other options.

Check Out the Quality Ratings

Reviews, ratings, and feedback from other families are important indicators of quality. The Centers for Medicare and Medicaid Services provide a star rating system to help you easily compare facilities based on their overall performance. When looking at the ratings, make sure to pay attention to the staffing level scores as well as any complaints or citations that have been lodged against the home.

By taking your time and researching all of your options, you can find a nursing home that fits both your needs and your budget. Knowing what services each facility provides and how much they cost will help ensure that you find the right place for yourself or a loved one. Ultimately, finding an affordable yet quality nursing home is possible with some diligent research and patience. If you need help finding a nursing home that fits your budget, call us today!

How to Revamp Your Living Room on a Budget

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Revamping your living room at home can be a daunting task, especially if you are on a tight budget. Whether you want to give the space an entirely new look or just change a few key elements, these tips can help you make a big impact without breaking the bank.

Find Used Furniture

Used furniture is often a great option for budget-friendly living room makeovers. Check websites such as Craigslist, OfferUp, and eBay for gently used furniture that could be incorporated into your new look. If you plan to paint the piece, look for solid wood items with minimal damage that can be easily transformed with a coat of paint and some sanding. In addition to used furniture, you can also shop for hand-crafted furniture, like 100% of Amish furniture is hand-crafted. Shopping at local antique stores, flea markets, or consignment shops is also a good option for finding furniture that fits your aesthetic and budget.

Do DIY Projects

DIY projects are another great way to revamp your living room on a budget. There are many tutorials available online to help you give old furniture, or even everyday items, a new look. You can also customize furniture with stencils or fabric to make a unique piece that fits in perfectly with your decor. Additionally, many projects are inexpensive enough that you can do them yourself without breaking the bank.

For instance, something as simple as covering one wall with a mirror will instantly make the room appear twice as deep. In addition, adding new accessories such as lamps, throw pillows, and rugs can also bring a room together and add character.

Update Lighting

Lighting is an important element in any living room, and it can often be overlooked. Installing dimmers or adding light fixtures can drastically change the mood of your space. You don’t have to invest in expensive fixtures; look for options at thrift stores or yard sales. If you’re feeling creative, create your own light fixture with items such as mason jars, branches, and twine.

Don’t forget to consider natural lighting in the room as well. Open up curtains and blinds to let more light into the room, and use sheer curtains to diffuse the sunlight.

Invest in Home Automation

While many people think adding home automation is expensive and only for the wealthy, that’s not necessarily true. There are many affordable home automation systems that can help you control your lighting, security, temperature, and more with just a few taps of your smartphone. Investing in a home automation system can save you money on electricity bills in the long run and give your living room a modern touch.

Look for modern automated devices such as automated blinds or switches that can be controlled from your smartphone or voice-activated speakers. You can also invest in Alexa, Google Home, or a similar device to automate tasks like adjusting the thermostat and controlling your lights. Home automation not only adds a layer of luxury to your home and living room but also adds convenience and functionality.

Consider New Accents

New accents can give your living room a facelift without draining your wallet. Swap out old pillows, blankets, and throws to incorporate new colors or textures into the space. Additionally, you can add artwork or wall decals to brighten up the walls and make them feel more inviting.

Keep in mind more modern accents to help decorate your home and, possibly, improve its resale value! Around half of the homes listed in the DC Metro market did not sell the first time they were listed, so it’s best to take your time to stage your home and create a unique living room that prospective buyers will be drawn to.

By following these tips, you can revamp your living room on a budget and create a space you love. With a little creativity and effort, you can transform your living room into an area that reflects your personal style.