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New City, New Life? 9 Financial Struggles You’ll Face (And How to Survive Them)

April 1, 2025 By Teri Monroe Leave a Comment

Moving to a new city comes with excitement, but also unexpected expenses. From relocation costs to housing, taxes, and a higher cost of living, your budget may take a hit. So how can you stay financially stable during the transition? Here’s how to navigate the challenges and keep your finances in check.

1. High Moving Costs

Moving costs, especially if you are moving far can be a financial burden. If you are moving for work, ask your employer about a relocation package to help offset some of these costs. Otherwise, you may want to consider doing some of the moving yourself by renting a U-Haul truck or packing up your belongings yourself. This can help you save a good amount of money.

2. Housing Costs

Housing costs are usually one of the biggest financial stressors when you move. You may be stretched thin trying to provide money for rent including a security deposit. If you’re buying a home, your down payment and mortgage payments may also have drained your savings. If you’re feeling broke, make sure to adjust your spending habits until you can get back on track.

3. Increased Cost of Living

The things you once were able to comfortably afford may be more expensive in your new city. Groceries, gas, and eating out may all be more expensive. If this is the case, make sure you adjust your budget accordingly and consider bringing in additional income if you can’t find ways to make your budget work with an increased cost of living.

4. Lifestyle Creep

Is your new city more expensive than your last? You may find that lifestyle creep becomes a financial struggle for you. The things you once were able to afford may not be within budget anymore. You also may feel a strong fear of missing out on experiences in your new city. Try and balance how you spend your money and not let your new city blow your budget.

5. New Job Hunt

If you move without a job, you may face the financial struggle of job hunting. Hopefully, you’ll be able to use your emergency fund or savings to get you by while you look for a new job.

6. Transportation Costs

You may need to get around in a different way when you move. Maybe you’re used to walking or using public transit, but that isn’t an option in your new location. You may need to invest in a car if that is the only way to get from place to place.

7. Higher Taxes

If your new area has higher taxes, make sure that you budget appropriately. You may have to pay more in income tax, sales tax, or property tax in your new city.

8. Higher Utility Bills

Changes in weather in your new city may leave you with higher utility bills than you are used to. Especially when you are unsure how much your utilities may cost, it may come as a shock. To lower your bills use energy-efficient appliances, unplug devices, and compare utility providers.

9. Healthcare Costs

When moving to a new city, make sure that your new doctors are in-network. Don’t get caught going to doctors that are out-of-network, which will cost you more out-of-pocket. Especially if you are switching healthcare plans, your premiums may also increase in a new city. Be sure to check what your insurance coverage entails.

Are you moving to a new city? What unexpected costs have surprised you?

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State Disability Insurance vs. Private Disability Insurance: Which Is Right for You?

December 20, 2024 By Teri Monroe Leave a Comment

Did you know that according to The Social Security Administration, 1 in 4 workers will become disabled during their working years? If you sustain a disability, both state or federal disability insurance and private disability insurance are viable options to lessen your economic hardship. Navigating the intricacies of disability insurance can be quite challenging so we’ll give you an overview of your options to know which is best for you.

State Disability Insurance

State disability insurance is only available in select states including California, Hawaii, New Jersey, New York, and Rhode Island. These programs are for claimants who are totally disabled claimants on a short-term basis. Each state has different requirements to be eligible for their disability insurance programs. Some typical parameters for eligibility include the length of time you have worked for your employer, how long you’ve been disabled before you can apply, and what percentage of your salary will be paid out. If your state doesn’t offer insurance, you may qualify for federal Social Security Disability Insurance.

Social Security Disability Insurance

Social Security Disability Insurance (SSDI) is only available to those who have paid into it. This means that you have contributed through payroll deductions. SSDI is available for people with both short-term and long-term disabilities. According to The Patient Advocate Foundation, “To receive SSDI, your application must show that you can no longer work in your previous occupation, you cannot adjust to a new work environment, and your disability prevents you from being able to return to work for at least a year.” There are no time limits for how long you can receive benefits.

Private Insurance

Private insurance is paid for by the employee in the form of premiums, usually collected monthly or deducted from your paycheck. Private companies sell many different types of disability insurance, so it’s important to review your plan. Most private insurance will allow for partial disability. Unlike SSDI, there usually are time limits for how long you can receive benefits for private insurance, depending on whether you have short-term disability or long-term disability insurance.

Since most private insurance is tied to your employer, see if you can take your insurance policy with you if you leave your employer. If your private insurance is portable, you’ll continue to pay the premium, even if you leave your job.

Can I Receive Multiple Benefits?

Short-term injury — Image Source: Pexels

Yes, in some cases you can receive benefits from SDI or SSDI and private insurance. The amount that you receive from SSDI or state disability insurance will not decrease. However, private insurance policies may decrease your payout of benefits based on the amount that you are receiving from state disability insurance or SSDI. So, your monthly amount of benefits may be the same. Again, every private plan is different so contact your insurance company about your plan.

Are Benefits Taxable?

SSDI are typically not taxable income. The same is true for state disability insurance. If you are receiving unemployment benefits when you apply for disability however you may be taxed. This is because unemployment benefits are taxable and your disability insurance is seen as a substitute for you unemployment benefits. Private disability insurance is also not taxable because your premiums are paid with wages that have been taxed.

Can I Transfer My Policy?

As a rule, disability insurance can’t be transferred to another person. It is possible to designate a representative who manages your care. They may need to be interviewed or go through additional steps to manage your benefits for you.

If you move, your SSDI can be transferred to a new state. Of course, state disability insurance requires you to live in eligible states. Private insurance should also be notified of a move.

Choosing The Right Disability Insurance

Choosing insurance right for you — Image Source: Pexels

Now that you have an overview of the insurance options that may be available to you, you can make an informed choice about which is best for you. You can always contact your state or social security office for more information about state and federal programs. An injury lawyer or your employer’s HR department may also be able to assist you.

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Tips to Find Cheap Home Insurance

December 17, 2024 By Teri Monroe Leave a Comment

Finding cheap home insurance — Image Source: Pexels

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 — Image Source: Pexels

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 — Image Source: Pexels

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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