Many people in the U.S. might be living with their significant other but unaware of additional benefits that they may be able to take advantage of.
So what are domestic partner benefits? They are similar to benefits that married couples might have. For example, health insurance, dental coverage, etc.
When your company offers domestic partner benefits, they allow your significant other to partake in those benefits that normally only a spouse or child would be eligible.
Most companies that offer domestic partner benefits merely require the employee to sign an affidavit attesting to the fact that they are in fact in a relationship.
Please also note that domestic partner benefits are not limited to same sex couples, they could also include male and female couples.
Insurance is so necessary in this world, you just never know what can happen. I would encourage everyone who has the option to get insurance, to do it. Insurance plans too difficult to understand? Email me betterbudgets@gmail.com. We can try to make some sense of it.
Saturday, July 31, 2010
Sunday, July 11, 2010
Taxes
Since our country's birthday just passed, I thought it would be interesting to look at taxes.
Taxes are painful and no one likes to have to pay them. Historically speaking, our taxes have dramatically increased. There is tax on just about everything you can think of.
So right now for the majority of people there are; income tax, property tax, sales tax, payroll taxes, social security taxes, etc. The list goes on and on.
So since we are all dying a slow death by taxes, let's talk about how we can be more proactive.
First thing is first, think about how much money you get for a tax refund every year. Are you getting several thousand dollars back? Stop here, getting a huge refund from the government for your overpayment of taxes is a big mistake.
Some people might say, "but I love getting a huge refund every year!" Of course you do, who wouldn't want to have a big chunk of money? The problem with this is, this money was yours to begin with.
When you overpay your taxes every year, you are giving a free loan to the government. Ideally, you want to have a refund of $0.
Why do you want a $0 refund? When you have no refund it means that you are getting your money throughout the year. If you have your money, you have the ability to make your money work for you.
Why not invest that overpayment in something that will net you interest every year, instead of waiting an entire year to get your money for the government.
Before you dramatically change how you do your taxes, always consult with your accountant or tax attorney.
Taxes are painful and no one likes to have to pay them. Historically speaking, our taxes have dramatically increased. There is tax on just about everything you can think of.
So right now for the majority of people there are; income tax, property tax, sales tax, payroll taxes, social security taxes, etc. The list goes on and on.
So since we are all dying a slow death by taxes, let's talk about how we can be more proactive.
First thing is first, think about how much money you get for a tax refund every year. Are you getting several thousand dollars back? Stop here, getting a huge refund from the government for your overpayment of taxes is a big mistake.
Some people might say, "but I love getting a huge refund every year!" Of course you do, who wouldn't want to have a big chunk of money? The problem with this is, this money was yours to begin with.
When you overpay your taxes every year, you are giving a free loan to the government. Ideally, you want to have a refund of $0.
Why do you want a $0 refund? When you have no refund it means that you are getting your money throughout the year. If you have your money, you have the ability to make your money work for you.
Why not invest that overpayment in something that will net you interest every year, instead of waiting an entire year to get your money for the government.
Before you dramatically change how you do your taxes, always consult with your accountant or tax attorney.
Tuesday, June 15, 2010
Kids cost money??
For those of you who have children, you might be shocked at how much money you will spend on them over a lifetime. It cost approximately $300,000 to raise a child to 18. That is a staggering number. So what options do you have for saving money? Here are a few suggestions:
1. Buy used- I shop at garage sales and I am proud of it. When kids are very little, there is no sense in paying $8 or $9 or more on an outfit that they might only wear twice. So scope out the high end areas in your neck of the woods, look for garage sale ads on craigslist and hit up the sales. You can get great gear for a fraction of the price. My only suggestion is to be on the hunt for stains. In my experience, I have purchased clothes from sales only to get home and see stains. Garages hide light, so when it doubt, hold it up to the light. Also make an offer on something. Many people have no desire to box up their stuff that didn't sale so make an offer if the price is too high.
2. Borrow and borrow- Is there a co-worker at work who has an older child or a relative who can give you hand me downs? Kids are not always excited about hand me downs but us parents sure are.
3. Make your own baby food- if you have a blender, you already have the investment taken care of. I purchased the BabyPro Baby cooker. It steams and purees in one. Making your own baby food does not require any additional purchases. If you buy veggies and fruits for yourself, set aside small amounts for your baby. Freeze food in 1 oz servings and just warm up the food. Having smaller serving sizes will ensure that your baby does not waste any food.
4. Compounded interest- the sooner you start to save for your child's future, the more likely you will have a good chunck available when they are ready. You can set aside a small amount per month and take advantage of compounding interest.
Need more tips or want to share more tips? Email me betterbudgets@gmail.com
1. Buy used- I shop at garage sales and I am proud of it. When kids are very little, there is no sense in paying $8 or $9 or more on an outfit that they might only wear twice. So scope out the high end areas in your neck of the woods, look for garage sale ads on craigslist and hit up the sales. You can get great gear for a fraction of the price. My only suggestion is to be on the hunt for stains. In my experience, I have purchased clothes from sales only to get home and see stains. Garages hide light, so when it doubt, hold it up to the light. Also make an offer on something. Many people have no desire to box up their stuff that didn't sale so make an offer if the price is too high.
2. Borrow and borrow- Is there a co-worker at work who has an older child or a relative who can give you hand me downs? Kids are not always excited about hand me downs but us parents sure are.
3. Make your own baby food- if you have a blender, you already have the investment taken care of. I purchased the BabyPro Baby cooker. It steams and purees in one. Making your own baby food does not require any additional purchases. If you buy veggies and fruits for yourself, set aside small amounts for your baby. Freeze food in 1 oz servings and just warm up the food. Having smaller serving sizes will ensure that your baby does not waste any food.
4. Compounded interest- the sooner you start to save for your child's future, the more likely you will have a good chunck available when they are ready. You can set aside a small amount per month and take advantage of compounding interest.
Need more tips or want to share more tips? Email me betterbudgets@gmail.com
Wednesday, June 2, 2010
Wedding saving tips
Are you planning your wedding? Shocked by how expensive everything is? On average, most couples spend around $20,000 on their wedding. Now, unless you are going to be on the show platinum weddings anytime soon, you might need some help.
1. Perhaps the most important thing to consider is wedding size. The more people you invite, the bigger the cost. Remember that 4th grade teacher that made such an impact in your life and you haven't seen them in 20 years? You don't need to invite them to your wedding. Most couples feel obligated to invite distant relatives and old friends of their parents. Remember that this is your wedding and if you are footing the bill, you decide who comes. Check into nice local restaurants with private dining rooms. A lot of restaurants will not charge a room rental fee when you have your reception there.
2. Cake- Sheet cake, sheet cake, sheet cake. Having a tiered cake may be very important, however, you can usually pay 50% less if you do a sheet cake. Also consider having a local college culinary class do your cake for you. They can be very skilled in cake making and you can purchase a cake from them for a fraction of the cost.
3. Invitations- For those couples who work full time, check into your company's printing services area. Many bigger companies will print the invitations for you if you design them yourself. Or, send out an evite and save some trees.
4. Flowers- Purchase your flowers at your local farmers market. In the summer months you can get some really colorful flowers for cheap.
A lot of cheaper wedding tips come from you doing some of the legwork yourself. Questions or want more tips? Email me betterbudgets@gmail.com
1. Perhaps the most important thing to consider is wedding size. The more people you invite, the bigger the cost. Remember that 4th grade teacher that made such an impact in your life and you haven't seen them in 20 years? You don't need to invite them to your wedding. Most couples feel obligated to invite distant relatives and old friends of their parents. Remember that this is your wedding and if you are footing the bill, you decide who comes. Check into nice local restaurants with private dining rooms. A lot of restaurants will not charge a room rental fee when you have your reception there.
2. Cake- Sheet cake, sheet cake, sheet cake. Having a tiered cake may be very important, however, you can usually pay 50% less if you do a sheet cake. Also consider having a local college culinary class do your cake for you. They can be very skilled in cake making and you can purchase a cake from them for a fraction of the cost.
3. Invitations- For those couples who work full time, check into your company's printing services area. Many bigger companies will print the invitations for you if you design them yourself. Or, send out an evite and save some trees.
4. Flowers- Purchase your flowers at your local farmers market. In the summer months you can get some really colorful flowers for cheap.
A lot of cheaper wedding tips come from you doing some of the legwork yourself. Questions or want more tips? Email me betterbudgets@gmail.com
Tuesday, May 4, 2010
Vacation Saving Tips
Getting ready to plan that summer vacation? Don't think you can afford it this year? I have some money saving tips that could help. First thing to consider is hotel costs.
Hotels can be expensive. One suggestion for lodging is to buy an RCI certificate. An RCI certificate is a timeshare property rental. When people own timeshares, sometimes they are not able to take their vacation that year and will look for people to pay them a small fee for use of their timeshare. You might be able to find these certificates on Ebay.com or craigslist.com. When I went on my honeymoon, my husband and I bought one for $325. It was good for 7 nights in Florida. That comes down to about $46 per night. Keep in mind you might have to hear a pitch about the value of owning a timeshare.
Attractions/Restaurants-I have two money saving tips on these. The first is to buy a Happenings Book from the area you are planning on vacationing in. For example, in you live in MN and plan on going to Orlando, buy an Orlando Happenings Book. Many times these books have buy one get one free. I purchased one of these before I went on vacation and only saved between 25-50% on things I wanted to do. The next suggestion is to visit that city's Visitor's Bureau. The Visitors Bureau is an organization that helps promote tourism in that state. By purchasing local attraction tickets at the Visitors Bureau, you can often save around $5-$10 off of each ticket you purchase.
Car Rentals- Priceline.com. On priceline.com you can name your own price. When I was on my honeymoon, my husband and I paid a small $15 per day for a mid size car. Remember the trick is to start low and gradually get higher, that way you can find where their lowest price point is.
Have any tips for saving money on vacation? Email me betterbudgets@gmail.com
Hotels can be expensive. One suggestion for lodging is to buy an RCI certificate. An RCI certificate is a timeshare property rental. When people own timeshares, sometimes they are not able to take their vacation that year and will look for people to pay them a small fee for use of their timeshare. You might be able to find these certificates on Ebay.com or craigslist.com. When I went on my honeymoon, my husband and I bought one for $325. It was good for 7 nights in Florida. That comes down to about $46 per night. Keep in mind you might have to hear a pitch about the value of owning a timeshare.
Attractions/Restaurants-I have two money saving tips on these. The first is to buy a Happenings Book from the area you are planning on vacationing in. For example, in you live in MN and plan on going to Orlando, buy an Orlando Happenings Book. Many times these books have buy one get one free. I purchased one of these before I went on vacation and only saved between 25-50% on things I wanted to do. The next suggestion is to visit that city's Visitor's Bureau. The Visitors Bureau is an organization that helps promote tourism in that state. By purchasing local attraction tickets at the Visitors Bureau, you can often save around $5-$10 off of each ticket you purchase.
Car Rentals- Priceline.com. On priceline.com you can name your own price. When I was on my honeymoon, my husband and I paid a small $15 per day for a mid size car. Remember the trick is to start low and gradually get higher, that way you can find where their lowest price point is.
Have any tips for saving money on vacation? Email me betterbudgets@gmail.com
Wednesday, April 28, 2010
Pay Yourself First
One important thing to remember when you are paying bills every month, did you pay yourself first? If you answered no, you need to consider doing this as soon as possible.
What does it mean to pay yourself first? Think about it in terms of retirement. How are you going to fund your retirement? Are you going to rely on the government (please say no)? You need to rely on yourself. Paying yourself first means investing in company offered retirement plans such as 401K. By putting pre-tax money away first, you will ensure that you are protecting yourself in the future.
Paying yourself (first) for later also means saving for an emergency. An emergency fund should have between 6 and 12 months of your salary in a liquid account. Liquid is something that you can readily get at, for example a savings account.
So how can you accomplish saving between 6 and 12 months of your salary? First figure out how much your bills cost you each month and how much you need to set aside. Next, decide what is a realistic and feasible amount for you to put away. Start putting this amount away every month. I recommend a reoccurring transfer from checking to savings or a direct deposit from your paycheck. DO NOT TOUCH THIS MONEY, unless you have to. Finally, once you reach that amount, continue to put that amount of money into some sort of investment since you have accustomed yourself to living without that money.
Questions? Email me at betterbudgets@gmail.com
What does it mean to pay yourself first? Think about it in terms of retirement. How are you going to fund your retirement? Are you going to rely on the government (please say no)? You need to rely on yourself. Paying yourself first means investing in company offered retirement plans such as 401K. By putting pre-tax money away first, you will ensure that you are protecting yourself in the future.
Paying yourself (first) for later also means saving for an emergency. An emergency fund should have between 6 and 12 months of your salary in a liquid account. Liquid is something that you can readily get at, for example a savings account.
So how can you accomplish saving between 6 and 12 months of your salary? First figure out how much your bills cost you each month and how much you need to set aside. Next, decide what is a realistic and feasible amount for you to put away. Start putting this amount away every month. I recommend a reoccurring transfer from checking to savings or a direct deposit from your paycheck. DO NOT TOUCH THIS MONEY, unless you have to. Finally, once you reach that amount, continue to put that amount of money into some sort of investment since you have accustomed yourself to living without that money.
Questions? Email me at betterbudgets@gmail.com
Monday, April 26, 2010
Negotiating for a new car with confidence
Negotiating the sale of a new car at a dealship is a fine art. A lot of people may feel like its out of reach but it doesn't have to be.
1. Research, Research, Research- understand the details of the car you are interested in. Car dealers will throw car jargon at you (sometimes it makes no sense) just to determine if you are an informed buyer.
2. Never Ever give them the payment amount that you can afford. Of course you want to stay in your budget and you are not planning on going over that payment amount but you are negotiating on car value and cost, not your payment amount.
3. Be firm- Allow the dealer to make the first offer. Or propose the first deal. The first person to throw an offer out is the weaker negotiator.
4. Be aware of tag teaming salesmen. When they see that you will not budge on your negotiation, they will send in their next more aggressive salesman. Sometimes the salesman will have to go speak to their "manager" about your offer. This speaker to their "manager" is just another way to try to wear you down by making you wait.
5. Be prepared to walk away- this is often hard for people to abide by, because they have taken the car for a spin, stomach is empty and have been dreaming about a new car for a long time. Remember this is a major purchase, if you are not satisfied with the cost or price, do NOT buy it. Walk away. This can also be a good tool down the line if the car remains at the dealership.
Questions on car financing or have tips on negotiating? Email me at betterbudgets@gmail.com
1. Research, Research, Research- understand the details of the car you are interested in. Car dealers will throw car jargon at you (sometimes it makes no sense) just to determine if you are an informed buyer.
2. Never Ever give them the payment amount that you can afford. Of course you want to stay in your budget and you are not planning on going over that payment amount but you are negotiating on car value and cost, not your payment amount.
3. Be firm- Allow the dealer to make the first offer. Or propose the first deal. The first person to throw an offer out is the weaker negotiator.
4. Be aware of tag teaming salesmen. When they see that you will not budge on your negotiation, they will send in their next more aggressive salesman. Sometimes the salesman will have to go speak to their "manager" about your offer. This speaker to their "manager" is just another way to try to wear you down by making you wait.
5. Be prepared to walk away- this is often hard for people to abide by, because they have taken the car for a spin, stomach is empty and have been dreaming about a new car for a long time. Remember this is a major purchase, if you are not satisfied with the cost or price, do NOT buy it. Walk away. This can also be a good tool down the line if the car remains at the dealership.
Questions on car financing or have tips on negotiating? Email me at betterbudgets@gmail.com
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