Tips for Budgeting for Car Repairs for Large Families

When you have four or more people living in a home, it can get expensive to do anything. From family outings to utilities and car repairs, the list is endless. We have four ways you can plan for the cost of living and driving as a large family below.

Plan for the expected events

With several drivers in the home, it becomes more likely for an accident to occur, whether it is with another vehicle, a fallen branch, or a wayward softball. Someone may end up with a crack or hole in the windshield. 

Many car insurance companies cover auto glass replacement for broken windshields. You may only need to save back a deductible for this style of claim. Your agent can answer these questions and make sure you have the correct policy for this coverage.

Other things that fall into this category include tires, windshield wipers, and all consumable parts. The more people in the home, the more likely some vehicles will have more miles. Brakes also fit this area. You might want to take advantage of the coverage as long as it does not raise your insurance premium.

Save extra paychecks

You might be thinking there are no extra checks at my house. However, there is an average of two months each year that have three paydays, says U.S. News. 

If you can afford to put these checks in the bank, then you will have an emergency fund of several hundred dollars. You can use this money for yearly maintenance checks. Then, you fix most problems that might arise.

Join a loyal rewards program

Many companies will offer deep discounts to keep people coming back. You will need to spend some time comparing programs to find one that works for your situation. For example, one company might offer a certain amount of money off for spending $50 or $100. 

Another may have a percentage discount with a deeper cut for coming back for routine maintenance like turning rotors and rotating tires.

Save a little out of every paycheck

When you put aside even five or ten dollars a check, the money accumulates much faster than you expect. After three months of depositing five dollars a week in your bank account, you will have $60. Now, this may only pay for a small repair, but another three months, and then three more. You get the picture.

When you have several people in the home, a vehicle typically gets more wear and tear than one in a smaller family. By combining all these techniques, and others you find, you could end up with a large fund in a short time. Then, you can concentrate on a back bill, college funds, a clothing allowance, vacation, or an emergency fund for the house.

Brooke Chaplan is a freelance writer and blogger. She lives and works out of her home in Los Lunas, New Mexico. She loves the outdoors and spends most of her time hiking, biking, and gardening. For more information, contact Brooke via Facebook at facebook.com/brooke.chaplan or Twitter @BrookeChaplan

How to Financially Protect Yourself When Going Out of Business

Going out of business is often the reason that keeps entrepreneurs from starting a business. The fear of failure presents too great a risk, and thus, individuals play the safe card. For the brave and courageous, who have stepped up to the plate and accepted the challenge, there are a few safeguards you can put into place, before the doors close to your business. These measures can protect you financially—even if your business goes under.

Consult Legal Services

Before starting your business explore all options. It’s not a bad idea to speak with an attorney to find out about the risks of each type of business. Will it be a sole proprietorship, a partnership, LLC, or a C or S corporation? Each type of business offers benefits but also has its drawbacks 

 Each is taxed differently and if your business shuts down, your liability is different as well. Play devil’s advocate and consider what would happen if things went South. This can set you up for success or failure, as well as protect you from financial ruin.

Know Your Market

Research the competition! Know the going rates and watch the success, as well as the demise of other businesses. Study their patterns and what has worked and not worked. Of course, this education should happen before you launch; however, it never ends. You should constantly be reading and observing the market around you. 



Know the trends and the forecasts. Watch for patterns throughout the year and how seasons, the economy around the world and local, as well as current events affect said patterns. Keep good records and data, so that you can forecast your own company’s trends.

Adapt

This is potentially the most important part of being a business owner. Yes, your unique product is what makes your business a success. It draws customers’ attention and keeps the doors open; however, there comes a time that things change. Technology quite literally evolves every day. If you do not keep up with the times and refuse to adapt, then, the business world might leave you in the dust. 

Know when it’s time to make those changes. Know when it’s time to upgrade software systems and move forward. Don’t be so married to a product that you hinder your own progress. If customers continue to tell you that they need something more efficient or that a process no longer works, listen and act. The worst thing you can do is ignore their opinion, since they give you a paycheck. 

If your business is not succeeding in the market, pause and reflect. Blockbuster is possibly the biggest example of a business that was killing it, but grossly missed the online market and sunk quite dramatically and absolutely. Kodak, Pets.com, Sears, and Abercrombie & Fitch are among some of the other businesses that refused to adapt and paid the price dearly.

Zero-Sum Budgeting

If your ship is sinking, there is a budgeting practice that can be used both on a personal level, as well as a business level. Zero-sum budgeting is the practice of assigning a job to every dollar. Essentially, you tell your money where to go. 

It requires some homework. ou need to study the spending of previous months and know where your dollars are going. It helps if you are on this path before you get to the point of shut-down; however, it can also be one last hurrah. Zero-sum budgeting encourages you to save one full month of expenses. 

After you’ve tallied everything and know what your expenses are, you save that amount of money, and then, that’s what you pay your bills with for the present month. Essentially, you are always one month ahead. This is a great way to eliminate unnecessary spending and crackdown on bad habits.

Credit Counseling

Before closing your doors, consider consulting a credit counseling business or financial institution. They can help you consolidate some of your debt, as well as find ideas to generate more income before you have to declare bankruptcy or go completely out of business.

Accept Reality

Know when it’s time to shut things down. One of the worst ways that you can inflict more pain and consequences on yourself is to deceive yourself. See the writing on the wall and give yourself a timeline. Know when enough is enough and it’s time to sever ties. Thomas Edison held over 1000 patents. He knew that not all of his ideas would succeed. It’s okay to fail. Sometimes that becomes your richest education and lesson.

Running your own business is challenging, but also rewarding and exciting. Be smart about financially protecting yourself, before you get to the point of going out of business. Start by protecting yourself from the beginning. Choose wisely on the type of business that best fits your business direction, as well as offers protection for the future. Do your homework, be pliable, trim the fat and stick to a solid budgeting system. Most importantly, consult with credit professionals, and ultimately, be real. Know when it’s time to get out. Some of the most successful businesses failed at one point or another. Learn from those lessons and move on. It’s possible to financially protect yourself all steps of the way.

How Much Money Are You Losing to Faulty Home Plumbing?

Plumbing problems will quickly bring your life to a grinding halt and cause a tremendous amount of damage before you know it. Luckily, many of the most common plumbing issues can easily be fixed as long as you address them right away.

The True Cost of Leaky and Clogged Pipes

A minor leak or slow drain might not seem like a big deal, but those issues can result in some major damage later on. Slow leaks can waste hundreds of gallons of water per year and potentially let pathogens into your water supply.

Clogged pipes are dangerous as well because the excess pressure might eventually result in a completely burst pipe that dumps water into your home. This can cost you thousands in water damage remediation, pipe replacement, and of course replacing any damaged furniture. 

While plumbing repair costs range between $45 - $150 an hour, a pipe burst can cost between $400 - $1,500 for the pipe repair itself, plus an additional $1,000 - $2,000 dollars for the water damage remediation.

Signs of Plumbing Problems

One of the easiest ways to avoid major plumbing catastrophes is to keep an eye out for any early warning signs that you might have some minor issues. If there is a clog deeper in your sewage line, then you will probably notice that all of your sinks and showers tend to drain slowly. Leaks and clogs can also result in unpleasant smells throughout your home or out in your yard.

Fixing the Damage

As long as these issues are caught early on, they are usually very easy to fix. For a single slow drain, you might be able to take care of the issue with nothing more than an inexpensive auger. 



When multiple drains are clogged, however, you will need to call in a professional plumber. That type of clog usually requires special tools that can break apart debris that is deep in a sewage line. Your plumber will also be able to take care of slow leaks so that you don’t waste any more water.

Avoiding Future Issues

The most effective way to avoid plumbing issues is to make sure that you never flush or rinse away any debris that could potentially clog the system. That includes items such as personal hygiene products, animal fats, oil, and food scraps. You might also want to have a plumber thoroughly inspect your entire plumbing system at least once every year or two.

If you feel as if you are constantly dealing with leaks and clogs, then it might be time to consider replacing your pipes entirely. Switching over to modern pipes can be a major investment, but spending that money early on could save you quite a bit down the road.

4 Long-Term Benefits of Investing in Property

If you have the capital to do it, investing in property is an excellent opportunity. A purchase today can bring substantial benefits down the road, with the value of property often rising in addition to any earnings the investment brings on a regular basis. Listed here are the four main long-term benefits of acquiring an investment property.

Increased Control

When you invest in the stock market, the decisions made regarding the investment are entirely out of your control. A board of directors can make decisions at the company that you’re completely against, and yet there’s nothing you can do about it.

This is not the case with an investment property. Once you have that title in your hands, you call all the shots. If you want to have tenants on the property, that’s your choice to make. 

You set the rent, and you decide what improvements to the property will be beneficial to you. This makes investment properties a great option for people that like to have their fate in their own hands.

Reduced Risk

Compared to many investments, properties come with very few risks. While the price of a stock can plummet without warning, a piece of property will always retain most of its value. 



Whether you purchase a house or a piece of land like those offered through Michigan White Tail Properties, your property will most likely increase its value. This is especially true in the long-term, as short-term shocks to the real estate market rarely last more than a few years.

Steady Cash Flow

Many investment properties bring a steady flow of cash to the owner in the form of rent payments from tenants. Whether you own a house, condo, or retail space, the tenants will be writing you monthly checks. These can be used to pay the mortgage on the property and supplement your regular income.

Tax Write-Offs

Much of the money you spend on your investment property can be written off on your tax forms. Property owners typically receive significant deductions, not just for the interest on the mortgage but for many other aspects of the operation as well. 

If you use a credit card for any purchases related to the property, the interest on the credit card can be written off. You can also write-off your travel expenses when you visit your property, any money you spend on maintenance or repairs, home insurance, and legal fees involved with the property.

4 Catastrophic Life Events That Make You Wish You Had Home Insurance

Life is unpredictable, especially when it comes to nature. You never know when disaster may strike your home. The last thing you want is to be left unprotected because you failed to have home insurance. 

Whether you rent or own your home, you want to be prepared for anything. Make sure your insurance policy is up to par in case four catastrophic life events hit you out of the blue.

A Fire Could Destroy Everything

A fire is a dreaded word for any homeowner. There's no way of knowing when your home may be the victim of this catastrophe. Whether there is a problem with your wiring, a malfunction of an appliance, or a terrible accident, flames can rip through your house with frightening speed. 

If the fire department can't get there fast enough, you could lose everything you own. While homeowner's insurance can't bring back your home, it can give you the money you need to replace items and rebuild.

Storm Damage Can Wreak Havoc on Your Home

Severe storms can hit at any time of year. They can bring fierce winds, heavy rain, hail, ice, and snow. You may be faced with roof damage, a fallen tree on your home, loose siding, broken windows, and more. If you have the necessary coverage, your home insurance agent will send an adjuster to estimate a check for repairs.

Flooding is a Problem at Any Time

When it comes to flooding, it can be brought on by heavy rains, a snow meltdown, or a broken water line. Excess water may be confined to your basement or reach the upper floors of your home. You should always make sure your policy includes flood insurance if you are in a high risk zone.

Lightning Strike When You Least Expect It

Whether it's a summer storm or in the middle of winter, lightning may hit your home. It can damage your roof and ruin electronics. Your homeowner's insurance can help you to make any necessary repairs. You can also be reimbursed for any electronics that need to be replaced.

Understanding Accident Protocol Involving Your Home

While homeowner's insurance agencies like Bear River Insurance can help you in times of trouble, you need to know what steps to take to have the best outcome. The first step is to have a clear understanding about what your policy covers. 

The next step is to notify your agent as soon as possible after an incident. Take pictures for your provider. Get several estimates for repairs. Your goal is to have as few out-of-pocket expenses as possible.

You may not be able to avoid disasters, but you can have the peace of mind that comes with a good insurance policy. Talk to your insurance agent to discuss what kind of coverage you need and the value of your home. Discuss premiums and deductibles to avoid any surprises.

4 Fun Luxuries You Should Budget for in Your Retirement

Just because you're retired doesn't mean your life has to be boring. In fact, with no job to report to, your retirement can be one of the most fun stages of your life.

Of course, to take part in these fun activities, it's important to budget for them while you're still saving for retirement. To help give you an idea of how much you'll need to save, here are four fun luxuries you should budget for in your retirement.

Travel

If you've always wanted to see the world but never had the time to do so, retirement is your perfect opportunity. Whether you choose to travel the country in an RV, fly off to faraway places, or take things slow on cruises, travel should definitely be something you budget for. By prioritizing which destinations you'd like to visit most, you can be more accurate in your budgeting for these indulgences.

Experiences

Even if you don't feel like traveling far from home, you can still budget for experiences that are right in your own backyard. Whether it's season tickets to the local orchestra, some front row seats to a show by your favorite band, or a membership at your local zoo, experiences can add so much richness to your life. If you can include others in on your experiences, you'll likely find that your enjoyment increases that much more.

Sports

While you probably shouldn't use your retirement years to take up tackle football, retirement can be a great time to try your hand at calmer sports, such as golf. You may find a hidden talent for a sport that you never got to try during your working years. 

You could even find yourself becoming so passionate about a sport that you spend some money to buy country club properties for sale so that you can always be ready to play.

Hobbies

During your working years, your hobbies are what you do with your leftover time and money after the essentials are taken care of. With the right budgeting, though, your hobbies can take a much more central role in your retirement. 

You can use extra disposable income to upgrade to better equipment that's required for your hobby and use your extra time to perfect certain skills within the hobby.

With so many activities to do during your retirement, you may encounter a "fear of missing out." In other words, you may see retired friends doing things that you wish you could do, putting stress on you to find the money and the time to do the same things they do. However, as long as you're enjoying what's right in front of you, you can relax and know that you're making the most of your retirement.