Whether your goal is to save money on life insurance or cut costs from your budget to afford life insurance, you realize that you need life insurance. And the sad truth is it’s truly amazing just how much money the average American household wastes each and every month.
What makes this waste all the more tragic is that it often occurs in households where little to no life insurance is in place. Are you one of those who believes they can’t afford life insurance?
Here are 10 Ways to Save money each month so you can buy that Life Insurance you keep talking about.
1. Ridiculous Interest Rates!
Now let’s face it, for many of us who aren’t independently wealthy, credit cards represent a way for us to:
- finance larger purchases,
- stretch out a paycheck
- or simply cover our daily expenses until the end of them month.
Which means that living without them simply isn’t an option! But how many of us have actually researched the credit card that we’re using. With so many options to choose from, who among us schedules time each year to shop for the best deal…?
So before you decide you can’t afford a life insurance policy, ask yourself “Self, how much interest did I pay this year on my credit card, and will those creditors be there for my family after I’m gone?” After all, even if you only owe $1,000 dollars on your credit card, you could be paying several hundred dollars in interest!
2. Bottled Water.
Not only is bottled water a ridiculous waste of money, it’s also tremendously harmful to the environment… So cut it out!!
Top 5 reasons to quit drinking bottled water.
- 17 million barrels of oil are consumed annually, simply to produce the plastic water bottles American’s use each and every year.
- This wasted energy could be used to fuel over 1.3 million cars a year or power over 190,000 homes for an entire year!
- Over 77% of the 50 Billion bottles that are produced end up in our landfills, essentially wasting over 1 Billion dollars in plastic annually.
- If one were to consume the recommended eight glasses of water a day using only bottled water the added cost would be approximately $1,400 more than simply using filtered “tap” water.
- Lastly, plastic bottles contain Antimony, which in small doses can cause dizziness and depression and in larger doses can cause nausea, vomiting and even death!
So think about it, just by giving up bottled water, and buying a filter for your tap, you could not only save over $1,400, help save the planet and be able to purchase that life insurance policy that you’ve been procrastinating spending money on.
3. Cable TV.
Don’t freak out! This doesn’t have to be an all or nothing deal. With today’s options, you may very well find yourself able to mix and match between basic cable, Netflix, Hulu, AppleTV, the Internet, etc…
The question is, have you done your research… So ask yourself, “Self, how many channels am I paying for with my cable package and how many do I actually need”?
You may find that by mixing and matching viewing options that, not only do you get more for your money, you may also free up the money that it would take to fully protect your family with a quality term or whole life insurance product.
4. Alcohol Consumption.
Now far be it from us to suggest that one should give up that bottle of beer or glass of wine after a long hard day but do consider this: In 2009, the average American household spent over $400.00 annually on beer, wine, hard liquor and mixed drinks. This is more than the amount spent on all non-alcoholic beverages combined.
And before you think that this is due to the higher prices often paid in restaurants and bars, understand that the majority of money spent on alcohol is for drinks consumed in the home, and this cost is only going to go up. In fact, right now nearly 40% of the cost of beer goes directly to the “Tax Man” (and how many of us actually thing this percentage will decrease anytime soon).
So think of it this way, by giving up two glasses of wine at a restaurant or maybe one microbrew six pack a month, you could secure your family’s financial security with a quality term or whole life insurance policy today!
5. Wasting Food.
Not only does wasting food hurt the environment by needlessly creating more waste, it also hurts your wallet by forcing you to spend more on food that you would ordinarily need.
Next time you find yourself throwing out old or expired food, make a note of it. Many families are shocked to learn how much money they waste each and every month simply because they haven’t learned how to budget their grocery expenditures so that they are spending just the right amount of money and not buying too much each week. Measuring portions and only cooking what you know can be eaten is a great way to save money.
Again, a penny here and a penny here and all of a sudden, your family is fully insured with a quality life insurance policy and you don’t even feel its expense in your budget.
6. Health Supplements.
Want to gain size and strength? Eat more calories than you burn. Now this might not lead only to muscle gain…chances are your muscles will be covered in a layer of fat. Now a good protein supplement may actually save you some money by helping you reach your daily goal of protein, but who amongst us really use these supplements as a way to reduce our overall grocery bills?
Aside from possibly using a fish oil supplement to boost the natural nutrients found in a healthy diet, eating right should be enough for most of us. So quit wasting $100’s if not $1,000’s of dollars a year by gobbling down the latest fads, mankind has been getting by for over 100,000 years without the help of fitness industry, so you should be fine without all the supplements.
7. Eating Outside of the Home.
Now until recently nearly every study you could get your hands on would agree that eating at home is much less expensive than eating out, however, things tend to get complicated when more and more “interests” begin doing the research.
For this reason, depending on where you look, it may be less expensive to dine alone in a restaurant than it would be to eat at home, but you would have to prepare yourself a 3 course meal, and only order water to drink to do it… So you do the math, does this sound like you?
So just think, give up one meal a month at your favorite restaurant and in exchange, your family could be insured with a quality term or whole life insurance policy.
Now if you don’t use tobacco, you may be saying “duh”. But believe it or not, there are still people out there that either don’t think using tobacco is bad for them or just don’t want to quit!
For these people let’s just ignore the fact that if they actually do choose to get life insurance as a smoker, the rates right off the bat will be about 2-3 times more expensive than a non-smoker. Translation: Based on the morbidity charts used by the life insurance companies, these people are 2-3 times more likely to die prematurely than a non-smoker.
Yes it’s true that we all have an uncle that ate 2 pounds of bacon every morning and smoked 4 packs of cigarettes a day for 30 years until he passed away at age 95, but do you really want to tempt fate like your Uncle did? After all, for every one “Crazy Uncle Larry”, there are hundreds of average “Joe’s” who prematurely die at an early age.
Still not convinced? Well think of it this way, the average household spends more than $380 each year on tobacco products and smoking supplies. This average is including homes where no one actually uses any tobacco products so just think what the cost per household is for an actual user!
Clearly more than it would take the average individual to insure his family with a quality term or whole life insurance policy.
9. Unused Gym Membership.
You know who you are! All you New Year’s Resolution folks. This year save yourself some money, buy a workout video instead of a membership. This way if you don’t use it, you won’t be paying for it all year long!
Use the money you saved by not joining a gym and buy some much needed life insurance. Then you can feel at peace going for an evening run outside. Just make sure to wear some reflectors!
10. Daily Coffee Trips.
Can someone please explain how paying 300 times more for something than it costs to produce suddenly became hip and trendy and cool to do?
We can’t. So if you are one of those that knows exactly what their order is at one of these fine establishments and still don’t have life insurance for your family, we would simple suggest that you re-evaluate your priorities. A life insurance policy that will provide for the one’s you love will give you a much better high than that morning shot of espresso!
About the Author: TermLife2Go is a life insurance agency dedicated to making the process of obtaining life insurance as easy as possible.