Reevaluate Your Policies to Save Money

If you’re like many people nowadays, you are probably on the lookout for ways to put or keep more money in your pocket. It’s strange how that biweekly or monthly paycheck seems to disappear without a trace. Look into your insurance and medical policies, as well as tax deductions for some pennies here and there.

Our extracurricular activities get the blame for hogging all the money, but there are other explanations as well. Depending on the things you like and don’t want to give up without a fight, it could be that the things we need are also taking more money than they should. Let’s look at a few of those things.

Claim more deductions.

• Who doesn’t want to get a check from Uncle Sam? It’s even better to see that money in your paycheck each pay period throughout the year. Take a look at your refund and your W-2 deductions. Claim another deduction when possible to see more money now. Getting a refund means that the government has the use of your hard-earned cash instead of you throughout the year.

Insurance policies.

• Take a look at your life insurance policy. What type of policy do you have? Do you have more coverage than you need? It is a good idea to investigate this each year. When the kids go to school or you hit retirement your needs may change. In the meantime, you could actually be saving hundreds of dollars right now.

Bundle policies.

• Get life, auto and homeowner’s insurance from the same company. If you have separate companies for everything, you are probably spending too much. Some companies offer deals to have the chance to carry more of your business. Not sure if your company will bundle policies together, you’ll never know if you don’t ask.

Health insurance.

• What are your savings? Many employers offer health plans, but are those plans really meeting your needs? If you are in reasonably good health, you can qualify for an independent policy through providers like Blue Cross/Blue Shield for less money. If you and your spouse have the same insurance plan offered at your jobs, take advantage of that to coordinate benefits and pay next to nothing for medical services.

Car insurance.

• Financial people recommend that you reevaluate your coverage every three years or so. If you have been an excellent driver with no record of accidents, look for car insurers that reward this type of driving history with low premiums and other perks. Even if you are okay with your car insurer, see if they can offer you better premiums for being a loyal customer.

What policies do you hold? From time to time it is okay to see if you can save money on them. In fact, it is prudent to do so. The extra money you need could be in the pages of one of those policies.