Monday, October 6, 2008

Saving Smart! Series: Day Six

Today's tips aren't exactly ways to save money now, but they WILL save your family money! And face it, now that we are grown ups, we need to be responsible! :) So start your week off right and if you haven't done these steps already, make plans to do so this week!

Write a will.
It's not morbid; it's necessary. It is one of the best ways you can take care of your family, especially if you have children. Don't think that if you don't have much money or many assets that you don't need one - you still do! Don't think it's something you can wait until you are 50 to do. It's simple to write a will, and relatively inexpensive considering how important it is!

Get life insurance.
Dave Ramsey recommends life insurance equal to 8-10 times your salary. Other professionals recommend six times your salary. Shop around for great rates on term life insurance & find a great rate. Even if you are a stay-at-home-mom, you should have life insurance on yourself. If your husband is the sole provider and you pass away, he will still need to take care of all of the services you take care of (and really, we're worth at least a million dollars, right?!).

~~~~~This is Part Six of my Saving Smart! series. Be sure to stop in each day from October 1st through October 10th for more money saving tips and advice. For specific money saving questions, please email me.
"For the love of money is a root of all kinds of evil. Some people, eager for money, have wandered from the faith and pierced themselves with many griefs." 1 Timothy 6:10

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