Keep Your Savings Goals Small and Frequently Measurable

As a businessperson, you probably have at least several career-oriented goals going on at the same time. They may be big, small, short-term, medium-term, long-term, you name it. When it comes to personal savings, however, it’s often best to start with small goals. Once you have the hang of them, you can make your goals bigger if you want. (You absolutely don’t have to; why fix something that isn’t broken?) Here’s a look at the strategy behind keeping savings goals small and frequently measurable.

You Are More Likely to Succeed

Success breeds more success. On the other hand, failure can cause you to abandon a plan or idea for a long time, if not forever. Small goals increase the odds of success. Frequently measuring them also helps you stay on track and gives you more chances to succeed. The effectiveness of your endeavor does not hinge on one big day a year but instead on one day a month, or perhaps even one day a week. That way, if you don’t meet a goal on occasion, you can always say, “I’ll meet it next week [or next month].”

Details Do Matter

When it comes to personal savings, one action can make a huge difference. So, a seemingly small goal such as, “I will evaluate my car insurance on the 15th of the next month,” can reap significant rewards. Through an insurance comparison tool such as www.carinsurancecheap.net, you might discover that you’ve been seriously overpaying on your insurance for years. Your car may have gotten older, your driving record could have improved along with your credit record, and you might drive your car less. All add up to good savings every month.

This seemingly small, even “boring” goal can do a lot. Apply it to other types of insurance: home or renter’s, life, health, you name it, and you could end up saving several hundred dollars a month.

You Have Room for Other Things

One reason why huge goals or projects fail is that they leave room for little else in your life. If you set a huge savings goal that requires a long time to measure (for example, “I will save $20,000 in one year”), it may overshadow other aspects of your life. You may find yourself not going out with friends, eating food you do not enjoy because it is cheaper, and forgoing pleasures because of that big amount you are working with.

Alternatively, if your goal was something such as, “I will get all of my print, audio, and ebooks from the library this month instead of purchasing them,” you still have room for many other things in your life. And you’re more likely to stick with the library the majority of the time in the months that come. You may not save, say, $20,000 in a year, but you will have saved some serious money and still be succeeding.

You Stay Flexible

Small and frequently measurable savings goals also enable you to stay flexible. For example, getting downsized from full-time to part-time may make a goal such as saving $20,000 in one year simply not possible. On the other hand, if your goals are monthly and not contingent on exact amounts, you have the ability to keep going as you always did.

Speaking of flexibility (and failure), measuring your savings goals in exact amounts may set you up for disappointment. Some examples of savings goals are:

  •  Evaluating car, home, health, and life insurance
  •  Packing lunch three times a week instead of eating out
  •  Getting haircuts every two months instead of every month
  •  Carpooling once a week
  •  Riding your bike to work three days a week instead of driving
  •  Setting up a retirement plan

In none of them is a dollar amount mentioned. In fact, it’s even feasible that costs could go up. For example, if you have minimum amounts of insurance coverage, evaluating your needs could result in you realizing that you want more protection. However, you may be more likely to succeed with these goals because they constitute realistic actions rather than an end result.

Many people are not in a position where they can save a lot of money right away. Of course, a lucky few people can sell something such as a second car and get thousands of dollars. Successful, long-term savings is often founded on starting small and actionable.

Image courtesy of jk1991 at digitalphotos.net

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Protect Your Business Vehicle in Three Easy Steps

Whether you’re a business owner looking to insure one of your company’s cars, or an employee not sure about who is responsible for crashes, it’s important to have an extensive understanding of business vehicle protection. Here’s just three easy steps to keeping that company car protected.

business vehicle

Do your research

Just like a privately owned car, company cars must be insured in standing with the insurance laws of the state. And just as if you were insuring a privately owned car, do your research. Unfortunately many insurance comparison websites do not take into consideration company cars, although there are a few that can be found with a simple Google search.

Choose your policy

If you own the business that the car belongs to, you’ll need to be responsible for them, as well as the employees that drive them. Therefore, it is your responsibility that you insure every employee to drive your vehicles during a company’s business hours. This should have a high enough liability limit to prevent legal action taken against you due to accidents or injuries. A coverage of $500,000 is ideal, but ensure that you insure to at least $100,000. This policy should include comprehensive and collision protection. In addition to covering injuries resulting from crashes, it will protect your vehicle from fire and theft, as well as crashes with property. If the vehicle is a write-off, the insurance company will pay for it completely. The final point to consider is rental and towing. When the company vehicle has a breakdown, you’ll want to have this coverage. This allows you to be reimbursed for rental charges by your insurance company for the time it takes your car to get back on the road. When the company car gets a flat tire or suffers mechanical problems, your insurance company will also cover the towing charges. It is essential you protect your investments and get your car back on the road as soon as possible.

Keep your no-claims

If you happen to be switching your company car to a private, you’ll want to keep your no-claims. Most of the time insurers won’t let you keep your previous no-claims bonus. However, if you call, some companies may give you a special bonus if you’re switching to a private car. While the automatic online systems don’t allow discounts, an agent might be able to manually give you one. Call the top providers in your area and discuss this issue with them. Insurance companies have a tendency to hold on to your money as long as they can. That’s why it pays to have protection in case you’re in an accident and out of pocket. Motor Accident Legal Service can provide you with legal assistance in a bind. You can find them by following this URL.

Company vehicles are the lifeblood of the business. If one goes out of action, it could mean thousands in lost revenue. That’s why it’s so important that they are adequately insured and back on the road as soon as possible.

Image Credit:
Vichaya Kiatying-Angsulee – FreeDigitalPhotos.Net

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Shop Smart for Car Insurance

Do you have the right car insurance for you and your vehicle? Shopping for and selecting an insurance policy can be a complicated, time-consuming effort, so it’s easy to see why so many drivers pick an insurance company and just stick with them. But you should really take the time to explore the waters of the car insurance market, because there are most definitely savings to be had. Before making the final decision on a policy, consider the tips laid out in this article.

car insurance

First, start with family members or friends who have been involved in an accident. Ask them how their insurance company handled the claim, and if they felt that the claim was handled satisfactorily. How an insurance company stands by its customer in the event of an accident will say a lot about whether or not that insurance company is the one you should go with.

Check blogs for ratings and comparisons on car insurance. Authors may weigh in with their personal experience with auto insurance companies and individual agents, and these anecdotes can be helpful in assisting you in determining who is on the “Maybe” list, and who is getting crossed off. Plus, you may be able to see at-a-glance info on average premiums, deductibles, and how quick and efficient insurance companies are at addressing claims.

Look for articles about insurance companies that are relevant to your geographical location. Auto insurance policy info for Florida drivers won’t be of much relevance if you’re living in and/or commuting to Washington, D.C. – in this instance it’s the Washington DC auto insurance articles that you’ll want to seek out.

Take the time to fill out a quote. While quotes often require several pages worth of clicks and inputted info, the result is a detailed policy that provides coverage that’s relevant to you based on the car you drive, what type of driving you do (urban vs. rural, driving for work or for pleasure, etc.), and what type of driver you are. And remember, always be honest about traffic tickets, accidents, and other violations: most car insurance companies do credit checks, so even if you don’t report violations to them, they’ll find out anyway, and “adjust” (aka inflate) your premiums accordingly.

Image Credit:
Savit Keawtavee – FreeDigitalPhotos.Net

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How to Save on Car Insurance

The Global Financial Crisis of 2007-2012 has greatly affected every nation and household. Recovery from the said economic crisis remains fragile, that is why most people lower the cost of their living by reducing expenses to stretch their dollars. Some people even gave up their car insurance because they think of it as waste of money by paying the premiums but see nothing in return. They do not realize that without car insurance, they are risking not only their lives but other people’s lives as well.

With the economic crisis people are currently battling with, it is but wise to eliminate unnecessary expenses. They may cut down on coffee and entertainment but it is not wise to eliminate car insurance. If you spend most of your time on the road, then a car insurance is a necessity.  It  is one of those investments that may require monthly or annual premium but have a substantial pay off. Insurance protects you, and others, from financial ruin in the event of an auto accident. However, you may still reduce monthly expenses in this area without sacrificing it by getting some bids from different companies. Do a lot of insurance research online, using insurance quote sites and specific company web sites to build a list of comparative quotes. By doing so, you could save hundreds of dollars a year.

Most car insurance companies aim to provide cheaper, low cost insurance quotes. There are other companies that even tailor their car insurance policies to meet your needs. Still, the premium you need to pay depends on the coverage of your car insurance.

  • Third party only – Provides cover to a third party for injury and damage if your car is involved in an accident
  • Third party fire and theft – Includes the above plus cover for your own vehicle as a result of a fire claim or if your car is stolen
  • Comprehensive – Includes all of the above plus any accidental damage to your own car if your involved in an accident

To find the right car insurance for your budget, start by figuring out the amount of coverage you need then do your research and compare.

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watcharakun – Free Digital Photos

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Importance of Car Insurance

Every time bills arrive, people get a little annoyed. Of course no one wants to have a bill to pay. That is why getting car insurance is not a priority to most people especially young drivers because it will add up to their monthly obligations. For many, this is more a pain than a benefit. But do not underestimate the importance of car insurance. It may lose a little of your pocket strings but it is worth it.

Car insurance is your safety umbrella when you are driving a vehicle. Driving carefully does not always guarantee 100% safety. There is always a chance of unexpected and wayward incidents and the fact remains that there can be a great deal of damage to a person as well as property if these things happen. This means great liability costs or financial loss. In times like this, motor trade insurance will be your savior. They have a 24 hour claim line to make your life hassle free and even if your accident happens at night, you can file your claim right that moment. They will provide financial means to survive a liability claim.

Do not be neglectful. Be aware of the risk that you would face on the road. Get or renew your car insurance now and protect not only yourself but also others on the road.

 

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