Including the power of
“Timing it Right”
By Joseph Faust
Here are four powerful ways to transform
your finances:
1. Call your insurance agent and ask
about all possible policy discounts you may qualify for!
Discover if you have the appropriate coverage
for your current situation; for example, regarding car insurance; are you currently
driving less or does your car have anti-lock brakes, etc. Benefit: your
cost of insurance coverage may go down for this year and for following
years.
Action item: I explored this option; money saved, so far:
$_________
~~~ 2. Looking for trends and making deliberate
informed decisions tends to give a winning result. Buy needed things with awareness of price trends, so your savings
average improves.
Sale cycles are predictable; some North American examples to
consider:
Annual sale cycle (estimated):
January: linens, furniture, winter coats,
cookware February: digital cameras March:
computers April: electronics May athletic apparel, small
appliances June: tools, computers July: computers
August: patio furniture, camping equipment
September: shrubs, trees December: cars
About the above strategy:
What if one spends $4,000 on some
combination of the above items each year for the next 20 years; that adds
up to a cash expense of $80,000. If you save 20% of the $80,000, because
you made your purchases during certain months, that equals $16.000. in
direct savings, direct savings which, if invested well, might become a down
payment on a house.
Action item: I explored this option; money saved, so far:
$_________
~~~
Here is a strategy for some people to save money on mortgage
payments and to lower to credit card payments!
3. Pay mortgage and credit card payments twice a month vs. once a month.
The strategy works like this; pay half of your
monthly payment twice a month totaling the same amount of payments by the
monthly due date. The result: less total interest payments, because your
principal drops faster and therefore the interest on the account balance
is less. This one change can be many thousands of dollars over the course
of a mortgage or credit card repayment plan.
It can also reduce the number of years you
have to make payments.
If you set up the twice a month payments on
your monthly online bill pay account, you save money and it does not take
any more of your time to do it. Note: Some mortgage payment
agreements will not accept double or early payments without additional
penalties socheck with your CPA or other licensed financial
professional first! The point is to increase your financial
education so you can make wiser choices!
Action item: I explored this option; money saved, so far:
$_________
~~~
4. Join a money mastermind group; ask us
about availability. Alternatively, have a conversation with a coach
about increasing your “financial fitness”. Joseph is currently working on
developing The Financial Fitness Toolkit. See complimentary samples at
www.FinancialFitnessToolkit.com
Action item: I explored this option; money saved, so far: $_________
~~~
As always, your financial actions
are your responsibility. Speaking with the appropriate professionals
on your situation is wise.