Beating Broke

Personal Finance from the Broke Perspective

Tips to Find Cheap Home Insurance

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Finding cheap home insurance
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Home insurance is essential to protect your investment against unforeseen disasters and losses. Of course, it’s not something you want to skimp on. But are you paying too much for your home insurance policy? Navigating the home insurance market can be difficult without proper guidance. There are many affordable ways to lower your rate without sacrificing coverage. Here we’ll help you explore ways to find cheap home insurance with appropriate coverage.

1. Bundle to Save

Bundling your insurance policies can help you get cheap home insurance. If you have a car, boat, ATV, or vacation home, those policies can be bundled. According to Progressive, customers can save an average of 7% on their auto policy when they bundle home and auto insurance. New customers can save over 20% on average. 

2. Don’t Ignore Discounts

Home insurance discount for first time homeowners
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Insurance companies offer discounts for many things that you may not even think of. Are you retired? You may qualify for a discount. Other discounts may be given for home improvements, being mortgage-free, or not having any recent claims. Additional discounts will usually be given for paying for the policy in full versus monthly. Other things to ask your insurance agent about include discounts for living in a gated community, having an HOA, being a non-smoker, or being a new homeowner. These small discounts can add up quickly helping you to get cheap home insurance.

3. Add a Home Security System

Typically, if you have a home security system installed, you can receive home insurance policy discounts. The amount of the discount can vary by insurance company, but some can offer up to 10% off. Other prevention measures that could get you a discount are smoke detectors and fire alarms. If you have leak alarms, make sure to disclose that as well, as it could get you additional savings.

4. Stick with One Company

With most insurance companies, the longer you have a policy with them the more loyalty discounts they will offer. If you haven’t received a rate reduction and you have been a policyholder for over a year, try and call your insurance company and see if they will lower your rate. Sometimes bringing up switching companies can also work in your favor. Ultimately, they don’t want to lose your business.

5. Determine What You Need

Being underinsured can have catastrophic consequences. But being overinsured could cost you thousands of dollars a year. First, make sure that you have enough dwelling coverage so that you can rebuild your home if needed. Make sure enough dwelling coverage is extended to any other structures like detached garages, sheds, or barns in this number.  Next, make sure that enough is allocated for your personal property and you can revise the personal property limit up or down accordingly. You should also take a look at personal liability limits within your policy. Lastly, make sure that your loss of use coverage is appropriate if you need to rent another place to live in your area. You may also want to include flood insurance or earthquake insurance depending on where you live.

6. Shop Around

Home insurance agent helping find cheap home insurance
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Don’t commit too early to a home insurance policy before weighing your options. You can use online comparison websites to find the best rates in your area. Additionally, you also can reach out to independent insurance agents that work with multiple insurance so they can offer you several rates. However, independent insurance agents are harder to come by so this may not be an option in your area.

Finding Cheap Home Insurance

Finding the most affordable home insurance will take some research. But by asking the right questions, utilizing discounts, and bundling other insurance policies, you can find cheap home insurance. There’s no reason to overpay if you can find a reasonable policy with appropriate coverage. Do you think you are paying too much for your home insurance policy? Let us know your thoughts in the comments.

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Building Your Rich Life: Escape the Cycle of Feeling Broke

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Building your rich life
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Your mindset plays a crucial role in how you manage your finances. If you constantly feel broke, you’ll likely make financial decisions based on a scarcity mindset, living constantly in fear for financial security. This can lead to feelings of anxiety surrounding money that may cloud your decisions. You might even avoid long-term planning. Instead, it may be more advantageous to adopt an abundance mindset and determine how you will build your rich life. Your rich life is completely unique to you and will help you build financial health in a way that you might not have considered before. Here we’ll discuss six ways to build your rich life.

1. Spend on The Things You Love

Your rich life not feeling guilty about shopping
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According to financial expert Ramit Sethi, building your rich life means spending on the things you love and cutting back mercilessly on things you don’t. Your rich life is yours for you to control. If buying new clothes is part of your rich life, then you should be able to fit that into your budget. This strategy is all about learning how to spend versus frugality and penny-pinching.

2. Don’t Limit Your Earnings

To break the feeling of being broke, try to stop limiting yourself. This could look like feeling as if you’ll always struggle with money. Instead, try not to limit your earnings and potential. If your money goal is to earn $25,000 more each year you could ask for a raise, search for a new job, or start a business as a side hustle. Opening up your opportunities will help change your money mindset.

3. Take Control of Your Finances

Usually, when you have a broke mindset you’re afraid of taking charge of your money. So you procrastinate opening bills? Are you afraid of making investment mistakes? Part of having a healthy relationship with money is taking action. It’s okay if you make mistakes at first. You can always consult a financial advisor to make a long-term plan.

4. Reframe Your Thinking

There are many ways to reframe your thinking and live your rich life. For instance, you may tie your self-worth to how much money you have. This won’t help you break the “broke” mindset. If your relationship with money is toxic, you may want to consult a financial therapist to help you reframe your thinking. You can break the cycle of limiting beliefs in regard to your finances.

5. Educate Yourself

Child learning about money
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Information is power. If you have an unhealthy money mindset, it may be because you feel out of your depth. By listening to podcasts, reading books, or taking online courses you can feel more in control and start to build your rich life. Make sure that the information you choose to consume aligns with your goals of creating a rich life. If you pick up a book, for example about cutting expenses, it may actually harm your money mindset.

6. Be Patient with Yourself

Our views about money don’t change overnight. Plus, financial health takes real work and dedication. Give yourself some grace in this process. If you’re struggling during the process, you can try positive affirmations like, “I deserve a rich life” or “I trust myself to take control of my finances.” According to research, self-affirmations can restore your self-competence by allowing you to reflect on sources of self-worth, like your core values.

Building Your Rich Life

The beauty of building your rich life is that there are no right answers. This approach to money is completely unique to you and you’re in the driver’s seat. Changing your relationship with money can change your life dramatically and can help you find financial freedom. What are some of your financial goals and how are you working to achieve them?

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Create A Beautiful Christmas Setting While Saving Money With These Ideas

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Christmas decorating
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Have you been scrolling through Instagram looking with envy at everyone’s gorgeous Christmas settings? While you may think that this kind of decorating is simply out of your budget, it doesn’t have to be. Creating a beautiful Christmas setting doesn’t have to cost you a fortune. With a little creativity and deal hunting, you can create the Christmas setting of your dreams. Here we’ll discuss seven cheap Christmas decorating ideas to utilize this season.

1. Look to Nature

DIY Christmas wreath
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The best part about finding decorations in nature is that it’s free! You can collect birch branches, pine for centerpiece fillers or wreaths, holly branches, and pinecones. All of these items make stunning natural additions to your Christmas setting and cost you nothing. If you live in a coastal area, driftwood makes lovely decor, and oyster shells when polished and painted make elegant ornaments. For cheap Christmas decorating ideas, look at what is available to you first.

2. Swap Decor with a Friend

Decoration swap cheap holiday decorating ideas
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If you’re tired of your Christmas decorations, why not host a decorations swap with your friends? This is one of the best cheap Christmas decorating ideas to implement this year. We often hear about clothing swaps, but a decoration swap could be a fun way to ring in the holidays with friends or family. You could find the perfect decor to elevate the decorations you already have. To make the event extra fun, have everyone bring Christmas cookies and have a cookie exchange too!

3. Use Non-Christmas Items

Non-traditional Christmas items for decorations
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Sometimes Christmas settings are a little too on-the-nose. If your goal is to create elegant and timeless decor, add some non-traditional items. Items like baskets, cozy throws, sleds, ice skates, and milk jugs can often be found at thrift stores or garage sales. Because they aren’t traditional Christmas decorations, you probably won’t see the price markup that is typical with decorations before the holidays.

4. Decorate with Printable Art

Cheap Christmas Decorating Ideas Printable Art
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Have you thought about changing out your artwork for the holidays? This is a great affordable way to create a Christmas setting. If you aren’t artsy, digital downloads are very affordable. You can find themed digital prints on Etsy or Zazzle. Then, with a thrifted frame, you can have a one-of-a-kind piece of holiday art. If you have kids or are artistic, you can create your own holiday art with watercolors.

5. Focus on Cozy Lighting

Sometimes creating the perfect holiday setting isn’t about decorations at all. Just making your lighting warm and cozy can change the whole mood of your space. Simple twinkle lights are a good addition. Adding in winter-scented candles is always a nice touch as well. You can even repurpose candles you already have with some DIY hacks. Take a look at this video for some ideas.

6. Wrap Gifts and Use Them as Decor

If you are already wrapping presents, why not use extra boxes as decorations? Wrapped presents don’t just look beautiful under the tree. Use them to fill baskets and sleighs, or add them to your tablescape. The same is true for any extra ornaments. Add them to a glass cylinder and you have a sophisticated centerpiece.

7. Utilize Sales

The best sales on Christmas decorations are usually after the holiday. However, you still can find incredible deals leading up to Christmas. Stores like Lowes, Target, and Michael’s usually have Christmas clearance sales as the holiday gets closer. Make sure to utilize coupons too for added discounts. There’s no need to pay full price to create beautiful Christmas decor.

Cheap Christmas Decorating Ideas That Look Expensive

Hopefully, with these cheap Christmas decorating ideas, you are inspired to create a beautiful Christmas setting that looks anything but cheap. From DIY hacks to shopping tips, decorating for the holidays doesn’t have to break your budget.

What are your favorite inexpensive holiday decorations? How do you stay on budget during the holidays?

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