Every year, in the United States, we have to file and pay federal, state and local taxes, and we have to do them because there is a due date and penalties if we failed to file. Filing taxes are chores that MUST be done every year regardless of whether you want to or have the time to do them.
In a household, there are other chores that we MUST do, but neglect to do because those chores don’t incur penalties nor do they have a due date. One of the many drawbacks to neglecting to do our household chores is the fact that we are losing money.
Here is a short list of the household expenses you must look at every year and reevaluate to see if everything is as it should be.
- Homeowners Insurance – Every year, your insurance company sends you the renewal papers to find out whether anything has changed. From the coverage of your home to other structures in your property, the coverage you have for the home has to make sense to you. If you have a $1,000 deductible, consider all the $1,000 additional coverage charges your insurance company is charging you every year. Your deductible comes first to pay for these losses. Why pay for them every single year if at the end you will be paying out of pocket anyway? You must have home insurance to protect your home, but you have to be vigilant about what your insurance company is charging you. If you need more information or want to find more about home insurance follow this link. https://www.usa.gov/property-
- Car Insurance – Nowadays, many insurance companies offer accident forgiveness or accident credits if you haven’t had an accident for the last twelve months. They offer a good student credit if you have teenagers in your policy, and they can offer you great rates if you bundle your home and car insurance. Give them a call and talk to their agents, they want your business and they will find very competitive rates to lure you over. Those TV advertisements are not all phony gimmicks, they do want your business, and shopping around for insurance coverage can save you money. For more information about car, homeowners, renters and flood insurance follow this link to this government site. https://www.usa.gov/property-
- Life Insurance – According to 2017 statistics, almost half of Americans do not have any life insurance coverage and the other half has only the basic group policy. If you have children under the age of eighteen living at home and do not have life insurance policy, we recommend to shop around and buy a policy right away. It is very scary to think of the consequences if something bad should happen to you, but it is very irresponsible to leave children financially unprotected. Many Americans that do not have a life insurance policy believe the price of having one is much more expensive than it is. With too much information at your disposal, it is easy to shop for insurance and find the best possible rates. Talk to your partner or spouse and decide what insurance policy makes sense for you and your loved ones.
On top of these, there are other things that go up frequently and you should shop around when they do. Utilities, mobile phone and television are just some other examples.