PA State Rep. Tina Pickett details her legislation to streamline Pennsylvania’s CHIP program.
If you want to achieve long term success, then one of the most important things you can do is get your finances in order. To avoid financial disaster in middle age, financial literacy should be a top priority. In this article, we will provide you with some very important tips that can help you gain financial freedom.
If you are in debt, making payments on time needs to be a priority. Keep in mind, you can’t just hope your debts magically go away and bury your head into the sand. Late payments can have a negative effect on your credit score. When you don’t make your payments on time, you will also incur late fees as well as additional interest charges. If you continue to ignore making your payments, that hundred dollar debt of yours could eventually grow into thousands of dollars. Credit card debt is one of the main areas where this happens, particularly since credit card interest and fees tend to be quite high.
Individuals who have multiple debts need to first focus on paying off the debt that has the highest interest rate. If it is hard for you to make all of your payments on time, talk with your creditor to see if you can get a payment plan that allows you to pay your debts on time without affecting the money you need for your living expenses.
Unless you have an emergency where you are critically short on cash, do everything you can to avoid taking out a payday loan. Many people draw on their credit line to finance a lifestyle they really can’t afford. It is much better to live below your means and stay out of debt. You will sleep much better at night if you do this.
The biggest steps you can take towards achieving financial freedom is to stay away from debt as much as possible and pay all your bills on time. Learn what your emotional buying triggers are so that you can avoid unnecessary spending and practice frugal spending habits instead.
Some women have to tendency to go shopping whenever they are feeling stressed out. Other people spend hundreds of dollars by buying a double latte every day on their way to work. Once you become aware of what your spending triggers are you can start to eliminate these bad habits.
If you start to follow the advice in the tips we provided to you above, you can prosper and achieve financial freedom.
Do you have a life insurance policy? If yes, you have probable wondered whether or not you really need this expense and perhaps even considered cancelling it. It is true that the cost of life injury can be difficult to justify if you live on a limited budget and it is perfectly normal to feel that you would be better off spending your money on something else. Think about your family before you cancel your life insurance policy. What would happen to them if you became unable to support them? If you earn most of your family’s income, you need to subscribe to a comprehensive life insurance policy.
What if you got in an accident? Your unexpected death would deeply impact your family. Besides dealing with the trauma, your family would have to cover the cost of a funeral. This is not a pleasant thing to imagine but it is important to make sure your family would be financially secure in this situation. It would not be fair to your family to leave them without any financial support at a traumatic time.
The best life insurance policies usually cover funeral expenses, estate taxes and allow your family to live comfortably for a while. The amount of coverage depends on how much you can afford to spend on your policy. A comprehensive policy would allow your family to take the time to grieve and to find a new source of income.
If making your monthly payments is difficult, consider lowering the amount of coverage you are subscribing to or purchase life insurance from a more affordable company. If you are healthy and have lifestyle that would not be considered as dangerous by insurance providers, you should be able to find affordable premiums. You can easily find a policy that is affordable and corresponds to the needs of your family. The cost of life insurance is definitely worth the peace of mind of knowing your family will be well taken care of.