Some Financial Tips
Review your credit cards.
Do you have a stellar credit score? With industry competition fierce for your business, you may be able to ask for – and receive – a lower Annual Percentage Rate (APR). While the average variable APR for credit cards is 14.46%, those with super-high credit scores can actually cut that in half. If you’re among that elite crowd – and aren’t happy with your current rate or terms – try contacting customer service. You could negotiate your way to a better rate, or persuade them to waive the annual charge.
What’s your get-out-of-debt plan?
Are you worried about your debt? If you’ve ever thought about making a dent in your debt (or changing your credit habits), now’s the time! Approximately 63% of Americans who are in debt say they worry about money one to three hours a day, and 22% worry four-plus hours a day. If you’re among them, ask your NLFA Representative to show you how to create a plan to gain control of your credit for good.
Check your emergency savings.
Do you have three to six months’ salary stashed? If not, you’re not alone – a majority of Americans say they don’t have enough cash on hand to cover a $1,000 emergency expense. To find extra cash for your emergency fund, get creative: take on extra work (ask your NLFA Representative how you can earn extra money part-time by helping families with their finances) or trim some of the “extras” from your monthly bills (think entertainment costs like dining out and cable/satellite service).
Review your life insurance coverage.
If you have had a change in your life – such as the birth of a baby – this is crucial. Financial experts generally recommend about six to 10 times your annual salary. Nearly a third of all U.S. households have no life insurance, the highest percentage in more than four decades. Among households with children younger than 18, 40% said they would immediately have trouble keeping up with living expenses if a wage earner passed away. Don’t let a troubled economy put your family’s financial future at risk: Talk to your NLFA representative to make sure you’re (still) properly protected.
Re-shop your auto insurance.
If you haven’t comparison-shopped your rates lately, give it a try! For an identical six-month policy, costs can vary as much as $500 across carriers – yet only 20% of consumers actually take the time to shop around! Too busy to shop? Ask your NLFA representative about a program that shops multiple carriers for you!
Do you have a will?
Most of Americans do not have a updated will