No one can afford not to have life insurance. It’s too valuable, too helpful and too important to go without. What we hear a lot is that people have so many different – misinformed – opinions regarding life insurance. Some people assume they don’t need it because they don’t work. Some people assume they don’t need it because it’s not a necessity and therefore it is not something they should add to their monthly expenses. Some people feel they don’t need it because they don’t have any reason to have it. The real issue is that you do need life insurance. You need it for so many different reasons, and so many different circumstances.
So you’re a stay-at-home mom who hasn’t worked in more than 5 years with a couple of small kids at home. You don’t need life insurance, right? You don’t work a job that brings home an income (you do work…I’m a mom, I know this), so you don’t need insurance to make up for lost wages. Well, you do take care of the kids all day, every day. Your husband’s income does not have to go toward daycare, or before and after school care. His income does not pay for a house keeper or someone to cook for the family. You do provide more monetary value to your household than you might imagine, and it’s imperative that you make sure you can help provide for your family if anything should ever happen to you.
So you’re a person with no debt. That’s great! You have nothing to pay off if you pass so you don’t need life insurance. Well, you do. You have a funeral to pay for. You might not consider your mortgage something you have to worry about because ‘everyone has one,’ and you might not think about things like retirement or your kids’ college funds. You do need a life insurance policy.
So you are on a tight budget and you cannot afford to add another payment to that big or small. You need life insurance more than anyone if this is the situation in which you find yourself. What happens to your family if you pass and they don’t have your income to help them make ends meet if you can barely make them meet with your income? This is where we are right now; helping you find a way to pay for life insurance so that your family is always protected.
Stop Going to the Movies
I cannot remember the last time I went to a movie theater. It’s gross. Sticky floors and chairs, loud people, expensive popcorn and stale nachos. I’d rather wait two months, rent the movie at home OnDemand and pour myself a glass of wine and maybe enjoy some homemade popcorn covered in butter with my husband. It’s far cheaper than it is to go to the movies. My husband took our two oldest girls to see a movie a few months ago and he spent more than $75 on three tickets and snacks – for kids who were 4 and 7 at the time. It’s a lot of savings that can be applied toward your life insurance policy.
Cut Your Fees
If I had to consider what I spend the most wasted money on, it’s fees. It’s also a little bit sad and pathetic considering the fact that my husband is my banker and is at the bank every single day. I still hit the ATM near my house – not at my bank – at least twice a week and I pay a $3.75 fee to do that. Think of it this way; I’m spending $7.50 per week on ATM fees (at least) 26 weeks out of the year. That’s a total of $195 per year on ATM fees. That’s a huge waste, but it’s an amount that would be greatly exchanged for life insurance.
Write Checks or Stop Writing Checks
Did you know that you pay ‘convenience’ fees to pay your bills online? The mortgage company we have for our rental house charges us $12.50 per month anytime we pay the mortgage online! We can pay by mail and spend only the cost of a stamp. My utility company charges me $2.75 per month to pay my bill online. My water bill is $14 per month and the company charges a $2.25 fee to pay online. It’s cheaper for me to write checks (since my husband works for the bank and ours are free) and buy a couple books of stamps every year. If I paid all three of those bills online each month, I’d pay $17.50 per month on fees. That’s $210 per year.
Do you have a soda habit or a tea habit? I know my mom stops every single morning at McDonald’s for an unsweet tea and she spends something like $1.06 every morning. That dollar could turn into $30 in savings every single month if she stopped getting that and consumed more water. That’s a life insurance policy in and of itself if you go with a term policy. It’s not that much to ask you to stop drinking something that costs more than water; in fact, your health absolutely depends on you drinking more water more regularly as it is. Go for a two-for-one; drink more water and save more money. Health and finances are positively affected using this manner.
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