Welcome
Welcome to the Home Finance Section of SavingsNut.com, dedicated to providing money
saving advice, tips and ideas on how to be frugal, save money on all home finance
expenses and reduce your monthly budget. Advice and tips on banking and credit,
homeowners, life and disability insurance, property and income taxes and retirement
and passing. Start reducing your home finance costs by reviewing the tips presented
below. For hundreds more tips, advice and savings, click on the navigation buttons
on the left.
Banking & Credit - Many credit cards (and often debit cards) provide extended warranty
protection for your purchases bought with the credit card. This protection will
usually double the initial warranty on the item purchased up to an additional one
year of warranty protection. Credit cards often will also provide coverage for theft
or damage to any purchases you made with the card, for up to ninety days under certain
conditions. If covered, they will either repair or replace the item free of charge.
Most credit cards offer coverage in case a rental car you are driving (and was rented
using your credit card) is damaged or stolen. This coverage is effective if you
do not purchase the collision damage waiver from the auto rental company, and is
secondary to any other coverage you may have. There is generally no deductible,
so even if your own insurance policy covers any damage sustained, the credit card
coverage will pay for your deductible. In addition to paying claims for damage to
the vehicle, the availability of this coverage saves the cost of buying the collision
damage waiver from the auto rental company. Check with your credit card company.
Check out our banking and credit deals here.
Homeowners Insurance - Loss or damage to personal property is only covered up to
the actual cash value of the loss. Wear and tear and depreciation are deducted from
the value to determine actual cash value. In other words, if the personal property
damaged or lost is not brand new, the settlement you receive from the insurance company
may be less than it will cost to repair or replace the personal property. To avoid
this exposure, you will need to purchase a “Replacement Cost Coverage” endorsement.
With this endorsement, you will receive the full un-depreciated value of the damage
sustained, up to the limits of your coverage, less any deductible. Homeowners insurance
quotes available here.
Life & Disability Insurance - Most life insurance companies offer lower rates per
dollar of coverage as the amount of coverage purchased increases. In other words,
the per dollar cost for $250,000 of coverage may be considerably higher than the
per dollar cost of $500,000 of coverage. Make sure you check and take advantage
of these types of price breaks. Search life and disability insurance quotes here.
Property & Income Taxes - Often, property taxes can be lowered by taking advantage
of various exemptions and credits offered by tax districts. Sometimes these savings
can be significant. Applying for these exemptions and credits is generally quite
easy, so make sure you check with your appraiser’s office or tax district and get
any credits or exemptions you deserve. Some of the exemptions and credits that may
be available are homestead, senior citizen, disability, low income, widows or widowers,
certain professions and agricultural or historic site classifications.
Retirement - One of the many factors to consider is the fact that when a married
beneficiary dies, the surviving spouse can choose to receive either their own benefit,
or their deceased spouse’s benefit. If the deceased spouse commenced benefits at
age 62, the monthly payment available by choosing to receive the deceased spouse’s
payment upon their death would be less, than if the deceased spouse had commenced
payments at age 66. In this case, the deceased spouse’s decision to take a reduced
benefit at age 62 could financially impact the surviving spouse for years.
Passing - Some people purchase “funeral packages” ahead of time. This provides the
advantage of making a decision when emotions are low, as well as having more direct
input into arrangements for your own funeral. Costs can be saved by buying only
what you want, and by having more freedom to “shop around.” These plans also provide
for spreading the cost of a funeral out over a period of several payments, and eliminate
the immediate financial burden at the time of death. However, if you are interested
in this type of arrangement, be aware that sometimes many things change over time.
People move, funeral providers go out of business or their operation is less attractive,
wishes of the family may change, etc. So, if you do consider a pre-paid plan, make
sure any plan you buy has maximum flexibility.
Thanks for visiting our Home Finance Section and we hope the ideas and tips for saving
money on all your home finance needs and expenses will make life just a little bit
better for you and your family.
