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Tamila McDonald is a U.S. Army veteran with 20 years of service, including five years as a military financial advisor. After retiring from the Army, she spent eight years as an AFCPE-certified personal financial advisor for wounded warriors and their families. Now she writes about personal finance and benefits programs for numerous financial websites.

10 Common Financial Habits That Annoy the Experts

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Financial Habits

Financial habits play a crucial role in shaping our economic future. While some habits, like a daily latte or occasional shopping splurge, may seem harmless, their cumulative impact on our bottom line can be significant. Even the smallest, routine purchases of $1 or $5 can add up, potentially contributing to chronic debt-related issues. Let’s explore ten common financial habits that not only annoy financial experts but can also hinder your path to financial freedom.

1. Impulse Buying

Snapping up unplanned purchases, whether on sale or not, can lead to unsound spending behaviors. Justifying poor purchasing decisions, using credit cards for impulse buys, and losing track of your budget are common pitfalls. Combat this habit by developing a mantra like “I only buy what I need” and implementing a waiting period before non-essential purchases.

2. Using Credit Cards for Points

While rewards credit cards can be beneficial, they often encourage overspending. Credit card spending activates reward centers in the brain, fostering a craving to spend more. Be wary of credit card reward schemes that may lead to increased debt. If already in credit card debt, consider transferring balances to a lower APR card.

3. Keeping Up With the Joneses

The urge to match your neighbors’ lifestyle, known as “conspicuous consumption,” can lead to overspending. The pressure to impress others often results in unnecessary purchases and compromises financial goals. Remember, appearances can be deceiving, and it’s crucial to prioritize personal financial milestones over societal expectations.

4. Shopping to Boost Your Mood

Retail therapy, or shopping to alleviate stress or boost mood, can become a harmful habit. Repetitive or compulsive shopping may lead to continued spending, irrespective of the emotional, social, and financial consequences. Consider implementing waiting periods before nonessential purchases and seek professional help if emotional spending becomes unmanageable.

5. Spending on Convenience

Overspending for the sake of convenience, such as frequent takeout meals, can hinder debt repayment. Assess your spending habits to identify areas where you can cut back on convenience purchases. Small adjustments, like preparing meals at home, can significantly contribute to reducing unnecessary expenses.

6. Excessive Lifestyle Inflation

While salary increases are expected, excessive lifestyle inflation, where every income increase leads to higher spending, can perpetuate the cycle of debt. Differentiate between needs and wants and avoid increasing spending every time income rises. Redirect additional income towards debt repayment and financial goals.

7. Ignoring Your Debt

Ignoring debt-related issues by avoiding calls from creditors or neglecting bills only exacerbates the problem. Face your financial situation head-on by opening statements, knowing your debt amount, and creating a budget that includes debt repayment plans. Ignoring debt leads to late fees, interest charges, and a deeper cycle of harmful financial behavior.

8. Not Following a Budget

Budgeting is a fundamental tool for financial management. Track your income and expenses, including fixed and variable costs, to gain a comprehensive understanding of your financial situation. Budgeting helps in allocating funds for debt repayment, essential expenses, and discretionary spending.

9. Not Saving Money at All

Even when in debt, saving is crucial. Establishing an emergency fund prevents reliance on credit for unexpected expenses, breaking the cycle of debt. Start small, contribute regularly to savings, and gradually build a financial safety net.

10. Ignoring the Future

Thinking about future goals is integral to breaking the debt cycle. While dealing with debt, envision your future, set goals, and prioritize financial decisions that align with your long-term aspirations. Regularly evaluate and adjust your goals, considering milestones like homeownership, early retirement, or starting a business.

Breaking free from the cycle of debt involves recognizing and altering harmful financial habits. Whether it’s impulse buying, ignoring debt, or succumbing to lifestyle inflation, taking charge and cultivating healthier money habits can pave the way to financial freedom. Remember, progress may be gradual, but the outcome—financial stability and peace of mind—is well worth the effort.

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Think You’re Too Old To Get Life Insurance – Think Again: 5 Places to Get Life Insurance For Seniors

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life insurance for seniors

As you get older, you typically have fewer life insurance options available. However, there are some undeniably excellent policies out there, and some can cover you for longer than you might expect. That means if you think you’re too old to get life insurance, there’s a good chance you’re wrong. If you want to find a suitable policy, here are five places to get life insurance for seniors.

1. Guardian Life

Guardian Life has some excellent policies that can work well for seniors. If you’re open to term life, you can get up to 20 years of coverage if you’re age 65 or younger. Seventy-year-olds can qualify for up to 15 years of coverage, while 75-year-olds can get 10-year term life policies. With all of these options, the value of the policy can be $100,000 or higher, which makes it easier to get ample peace of mind.

For whole life, seniors as old as 90 years of age can qualify. Coverage levels start at $25,000, making this a solid choice for lower-cost goals like covering final expenses. However, you can potentially secure more coverage. Plus, seniors as old as 85 can explore variable and universal life policies, leading to even more options.

One benefit of choosing Guardian Life is that the company has a solid reputation, with many people being fully satisfied with their policies. When it comes to challenges, the biggest is that there isn’t an online purchase option, so getting a policy may feel a little cumbersome.

2. Mass Mutual

With Mass Mutual, seniors can explore term and whole-life policies. Term life policies are available to seniors as old as 75, and coverage starts at $100,000, though going higher is an option. For whole life, the maximum age for a policy is 90, and the lowest coverage level is $25,000, which is a good amount for final expenses and some basic costs.

Mass Mutual is also a company with a solid reputation and very few complaints. As a result, it’s an excellent choice for seniors who want coverage with fewer hassles. Plus, getting a policy online is an option, so that works well for anyone who prefers a purely digital experience.

One benefit of choosing Mass Mutual is that there are some no-exam policies available. That can work well for seniors who prefer a hassle-free experience, but these options usually cost more than the alternatives, so keep that in mind.

3. New York Life

At New York Life, seniors can secure term life policies, though how long the coverage lasts may vary depending on a person’s age. Seniors as old as 65 can get 15 or 20-year terms, giving them some flexibility. For seniors no older than 75, there’s a 10-year term option available instead. Coverage amounts begin at $100,000, though they can go up from there.

For whole life, the maximum age for a policy through New York Life is 90. The minimum amount of coverage is $25,000, but policyholders can potentially qualify for a higher amount if they’d like to explore that option.

A drawback to New York Life is that purchasing life insurance policies for seniors online isn’t an option. Still, the company has an excellent reputation and a high rate of customer satisfaction, so using an alternative approach to buy a policy is generally worth the effort.

4. State Farm

State Farm offers term, whole, and no-exam life insurance policies, giving seniors an array of options. Minimum coverage amounts for term life policies are set at $100,000, but you can secure more coverage if you prefer (and qualify). For seniors no older than 65 years of age, 20-year terms are available. Seniors who are as old as 75 can get a 10-year term instead.

The maximum age for whole-life policies can vary depending on the details. However, seniors can get it as long as they’re no older than 80, and the minimum coverage amount can be as low as $10,000, though securing more is potentially an option.

When it comes to customer satisfaction, State Farm consistently ranks incredibly high, and it takes the number one spot in some studies. As a result, it’s a strong choice for seniors who want a positive customer experience and fewer hassles. Just be aware that buying a policy online isn’t an option, but the effort is worthwhile if stellar customer service once the policy is in place is a priority.

5. USAA

While many USAA services are only open to military members, veterans, and their families, that isn’t the case with life insurance through USAA. As long as a senior is a US citizen or permanent resident, they can explore these life insurance options.

USAA has term life policies that seniors as old as 70 can check out, with the available coverage amount ranging from as low as $100,000 to as high as $10 million. Whole life is also an option for seniors up to the age of 85, with coverage amounts ranging from $25,000 on the low end up to $10 million.

One benefit of using USAA is that policyholders can convert term life policies into permanent ones before the initial coverage expires. That can work well for seniors who decide that lifelong coverage is a better fit down the line. USAA also has an excellent reputation when it comes to customer satisfaction and customer service. Just not that online purchasing isn’t an option, but that may not be an issue since the experience is typically positive.

Do you know of any other places to get life insurance for seniors? Have you tried any of the options above and want to tell others about your experience? Share your thoughts in the comments below.

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You Can Be Financially Free: Break The Chains of Living From Paycheck to Paycheck

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how to stop living paycheck to paycheck

Living paycheck to paycheck isn’t just financially challenging; it’s incredibly stressful. For many households, being that close to the financial edge every single pay period seems like an inescapable situation. Fortunately, there is a way to break the chains and move toward something better. If you’re trying to figure out how to stop living paycheck to paycheck, here are some tips that can help you become financially free.

Closely Examine Your Spending

The first thing you need to do if you want to figure out how to stop living paycheck to paycheck is to take a close look at all of your spending. That means going beyond your typical monthly bills and debt payments. You need to determine where every single dollar (or penny) is going each month, allowing you to identify leaks that are putting a strain on your budget.

Usually, this involves examining all of your spending from at least the past three to six months. You need to figure out where your money is going, ensuring you can see the patterns or habits that aren’t serving you well.

Additionally, spend time thinking about your spending motivations for anything that’s not related to a genuine necessity. Do you struggle with impulse purchases during routine grocery trips? Have you made exploring products online when you’re bored a habit? Do you shop in response to emotional distress?

By understanding not just where your money is going but also why you’re spending in that manner, you’re giving yourself the ability to make sounder decisions moving forward. You can set up barriers or select alternatives to help break bad habits, allowing you to adjust your spending and ensure your financial future.

Set Up a Workable Budget

While part of examining your spending focuses on identifying leaks, it also provides you with critical information about your regular expenses. One reason many people struggle to create a workable budget is they can’t accurately estimate how much money they need to dedicate to specific spending categories. After reviewing three to six months of data, it’s far easier to identify realistic targets, allowing you to create a budget that aligns with reality.

Begin by accounting for necessities like rent, mortgage payments, utilities, minimum debt payments, insurance premiums, groceries, and transportation. Determine which ones are fixed and which ones you can potentially alter, separating out the viable targets if you need to cut back.

After that, add in costs that you can potentially eliminate or significantly reduce. Entertainment, dining out, high-cost self-care, delivery services, beyond-necessity clothing, and similar expenses usually belong in this category.

Once you do that, compare the total cost of your expenses to your income. If your outgoing money is close to (or in excess of) what you bring in, then reductions are usually necessary. Determine what non-necessities are worth targeting. Maybe you could pare down on streaming services, stop dining out, or take other steps to free up cash.

Additionally, see if you can find cheaper alternatives to any necessities. For example, could you change to a lower-cost cellphone or internet plan? You could also see if you can get more affordable auto, home, or renters’ insurance by switching providers.

The goal is to cut back enough to ensure your income exceeds your monthly spending. By doing so, you can get on a path that makes living paycheck to paycheck a thing of the past.

Increase Your Income

When your expenses and income are too close together, you don’t have any money left to tackle other financial goals. If you’ve cut back your expenses as far as possible and still can’t break the cycle of living paycheck to paycheck, then finding ways to earn more income is the logical next step.

If you’ve been working in your current position for a while, haven’t received a raise recently, and have a history of meeting or exceeding expectations, then asking for a raise is potentially worthwhile. Before you meet with your manager, spend time looking at your recent performance and gather examples of successes. That way, you can justify your request with greater ease and increase the odds that they’ll agree.

Another option is to look for a higher-paying position elsewhere. This is worth considering if you have in-demand skills and the average salary in your area for people with your capabilities is higher than what you’re currently receiving, particularly if your current employer isn’t willing to increase your pay rate.

If you have multiple working-age people in your household and they’re not all financially contributing, you can also see if they can pitch in to create more room in the budget. Be honest about the current situation and find out if they’d be willing to contribute.

Finally, you can also explore getting a second job or a side gig. There are many flexible options available, allowing you to continue working in your current position while also securing income through another employer.

Set Up an Emergency Fund

As soon as you’re able to set money aside in savings, make creating an emergency fund a priority. By having at least $1,000 in an account to handle the unexpected, you can avoid having to turn to debt to cover an emergency. Essentially, it allows you to build a cushion. Along with making the unexpected easier to manage, it can provide a lot of peace of mind. Plus, if you choose a high-yield savings account to hold the money, it’ll earn interest and grow faster.

You don’t need a lot of cash to start an emergency fund. Even setting aside $10 per week will allow you to build one up over time, so don’t let having to begin small prevent you from getting started.

Get Guidance from a Professional

If your financial situation is especially challenging, there are free resources available that can help you find a viable path. Certified non-profit credit counseling organizations are an excellent place to turn. They often have educational materials and workshops available that can prove valuable. In some cases, credit counselors can even help you make a budget or figure out how to get your financial footing at no cost to you.

By working with a reputable credit counseling organization, they may even be able to create a debt management plan that can reduce your costs. For example, they might be able to negotiate with your lenders on your behalf, as well as wrap up all of your debt obligations into a single, convenient monthly payment. While they may charge a small monthly fee for the service, the overall savings typically more than offset it. Just make sure you find a reputable agency, such as one that’s certified by the National Foundation for Credit Counseling (NFCC).

Use Your Why as Motivation

In many cases, breaking the cycle of living paycheck to paycheck means making some sacrifices along the way. You may need to forgo activities or spending that you enjoy, and that’s not easy.

What’s important to remember is why you’re trying to better your financial position. By keeping that in mind, you can stay motivated.

Additionally, it’s also critical to remember that sacrifices today can lead to a brighter tomorrow. As you right your financial ship, you can achieve vital goals. Plus, once your financial house is in order, you may have more room in your budget for niceties, allowing you to loosen up without having to return to paycheck-to-paycheck living.

Do you have any more tips that can help people figure out how to stop living from paycheck to paycheck? Have you tried any of the strategies above and want to tell others about your experience? Share your thoughts in the comments below.

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Can Families Still Afford A Trip to Disney?

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disney world ticket prices 2023

A trip to Disney World or Disneyland seems like a fantastic idea for a family vacation. However, once you start looking at the cost, you may wonder if a Disney vacation is actually affordable. Many families don’t realize how much they’ll have to spend until they start exploring, and a bit of sticker shock is usually part of the equation. If you’re wondering, “Can families still afford a trip to Disney?” here’s what you need to know.

What Impacts the Cost of a Trip to Disney

The price of a Disney vacation varies based on a few factors. First, whether you go to Disneyland or Disney World makes a difference, as the cost of flights and accommodations depends on distance and location. Additionally, Disneyland and Disney World ticket prices in 2023 went up by as much as 8.9 percent in October and now cost as much as $194 per day pretax. Even the cheapest tickets are spendy, usually running $104 per day pretax.

Exactly how much you’ll pay for tickets varies based on the days you plan on visiting, the type of ticket you select, and whether you choose one-day or multi-day ticket options. Further, features like park-hopping and line-skipping increase the price.

Plus, you have to figure out how much you’ll spend on food. Dining in Disney parks can get expensive fast, and while you can offset this by bringing outside food and drinks with you, you’d have to haul everything.

Finally, there’s a good chance you’ll want some souvenirs, and those aren’t usually cheap. Again, the precise price depends on what you select, but it’s wise to determine how much you’d likely want to spend on mementos.

How to Estimate the Cost of a Disney Vacation

In many cases, the only way to know for certain how much a trip to Disney will cost your family is to run the numbers. Begin by exploring park ticket prices on the days you’d want to visit. Determine how many days you want to enter the park, as well as the type of tickets you’re open to using. If you need to keep the costs down, keep the tickets as basic as possible, skipping options like park hopping to get a better deal.

Also, check out travel and accommodation costs by using various websites. Many sites are excellent for finding low-cost airplane tickets, so leverage those when possible. For accommodations, it’s usually cheaper to forgo Disney resorts and select something offsite. Check out hotels, motels, and vacation rentals near the park. Just be aware some types of accommodations may come with a shuttle to the parks, so they may help you avoid expenses like taxis, rideshares, or rental cars.

Then, factor in the cost of meals. This part is tricky, as costs can vary wildly. One way to standardize it is to check out Disney dining plans, which are prepaid options. During 2023, quick-service dining plans run between $24 and $60 per person per day, while the standard dining plan is closer to $30 to $95 per person per day. Generally, those get you two meals with drinks and one snack with a drink each day.

Finally, factor in souvenirs. Often, what’s best here is to determine the maximum amount you’d like to spend per person and use that as a limit. Once you do that, add everything together, and you should have a solid estimate.

Can Families Still Afford a Trip to Disney?

Whether a trip to Disney is affordable depends on an individual family’s financial situation. However, by using the process above, you can figure out if a Disney vacation works with your budget. For some, it may be too expensive or might require saving over a period. For others, it may be doable. But even if it’s manageable, most would agree that a trip to Disney is expensive.

Do you think that the Disneyland and Disney World ticket prices in 2023 mean most families can’t afford the trip? Do you have any tips that can help families make visiting Disney more affordable or manageable? Share your thoughts in the comments below.

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Dead and Still In Debt: Negotiating Credit Card Debt After A Loved One Has Died

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negotiating credit card debt after death

When a person passes away, their estate pays off any financial obligations, such as their debts. However, if there aren’t enough available assets, then any remaining debts could become the responsibility of a family member. As a result, learning the process of managing those obligations is helpful, particularly if it could reduce what’s owed. Here’s how to go about negotiating credit card debt after the death of a loved one.

Establish Whether Repayment Is Necessary

Before you worry about negotiating credit card debt after the death of a loved one, it’s critical to understand whether repayment is even necessary. Credit card debt is unsecured, so paying it off isn’t an automatic requirement unless specific conditions are met.

Specific situations can trigger the need for repayment. For example, if there was a co-signer on the credit card account, then the co-signer is responsible for the debt. Similarly, if it’s a joint credit card, the other person on the account assumes responsibility.

A surviving spouse typically has to repay the debt if they were in a community property state or if there’s a state law that makes them responsible for it. In some states, there are laws that could make a parent responsible for the debt. Also, if the person responsible for administering the estate fails to comply with specific state probate laws, repayment is potentially necessary.

It’s critical to note that an authorized user on the account may or may not be responsible for repayment. Typically, they only have to handle the obligation if one of the previously discussed conditions also applies to them. If that isn’t the case, they may not need to repay it, as being an authorized user doesn’t involve formally taking responsibility for the balance accrued.

Find Out the Balance Owed

Before you can negotiate with credit card issuers regarding the debt of a deceased person, you need to find out how much is owed. Typically, this can occur when the executor of the estate informs the lender of the person’s passing, which is something the executor needs to do. However, if you have access to the person’s account (and the lender already knows your loved one passed away), you may be able to look up the balance online or by other means.

If the debt is part of the probate process and you aren’t the executor, then you may need an updated balance if any of the person’s assets were directed toward that credit card debt. The reason that’s critical is the value of the assets would impact the balance, so it’s wise to wait until probate is complete if there are available assets that could reduce the debt before you worry about repayment. If you are the executor, then you may be able to negotiate with the credit card company before the completion of any asset distribution.

The reason you want to find out the remaining balance is so you know precisely how much it’ll cost to eliminate the debt. It also gives you a foundation for any upcoming negotiations, allowing you to determine a potentially reasonable offer before you begin that process.

Determine What You Can Offer

If you have to repay the credit card debt of a deceased loved one, after learning the balance, you need to determine how much you can offer as a lump sum. This can apply both to the executor of the estate and any person responsible for the debt after it’s determined whether the estate can fully address the debt.

In many cases, if you can provide a lump sum equal to half or two-thirds of the debt, you’re in a reasonable position to negotiate with the credit card company. The reason is that managing the debt comes with costs. Similarly, handing the debt to a collection agency usually results in less than full repayment for the credit card company, as the collection agency gets a cut. As a result, if you can present an offer that’s near what they’d receive if the debt went to collections – as well as eliminate the related administrative burden – the credit card issuer may consider the debt repaid even if you can’t offer the entire amount.

Learn About Your Options

Once you establish what you’re able to pay, it’s time to get details about your available options. Usually, you’ll need to speak with a debt settlement or financial hardship department, as those are typically the groups that can handle the negotiation. When you call the main line, you may be able to use the menu options to reach one of those parties. If not, when a representative answers, tell them you’re calling regarding the debt of a deceased person and ask to get transferred to the department that handles the settling of those debts.

Once you reach the right person, outline the situation and ask them to outline your options. In most cases, three potential approaches are available. Along with a hardship plan or payoff plan, a lump sum settlement should be on the table. If so, they may give you a figure that would settle the debt. If not, you can ask for a number or move ahead and present your initial offer.

If a lump sum isn’t an option, you can also explore the two repayment plans. These are potentially negotiable as well, so you can ask the creditor to outline how they work and present an initial counter if you’re comfortable. If not, you can ask for details of the plans in writing, review what’s offered, and then call back.

Present an Offer and Start Negotiating

Once a starting figure is presented, it’s time to find a point that satisfies the lender and is within your means. Since this is a negotiation, you don’t want the first figure you present to be the outright maximum of what you could handle. Instead, it’s best to start near the lower end of what’s reasonable.

For a lump sum settlement, if you could potentially pay more than 50 percent of the debt, it’s still best to make the initial offer (or first counteroffer, if they did present a figure) near the 50 percent mark. After all, the credit card issuer may accept that amount, and that allows you to put less of your money toward the debt.

If the initial offer is rejected, don’t be afraid of a little pay and forth. When the issuer counters, you can counter back. However, you want to be strategic with your counteroffers, as increasing what you’re willing to pay by too small of an amount could cause the negotiation to fall apart.

For other repayment plans, you may have less room to negotiate. However, that doesn’t mean it’s impossible, particularly if you’re now experiencing financial hardship due to your loved one’s passing. You can try for additional reductions in the interest rate. If that’s not possible, you can try getting the monthly payment reduced. However, with the latter, you usually need to still cover the interest and a portion of the principle, so don’t expect a reduction to the point where that can’t occur.

Get the Negotiated Deal in Writing

Once you and the credit card issuer’s representative reach an agreement, you need to get the details provided to you in writing before you take any further action, including sending any money. That allows you to review the terms to ensure they align with what you discussed. Additionally, a written agreement is a source of protection, reducing the odds that the credit card issuer will fail to follow through correctly and giving you critical documentation if they try to pull anything and you need to fight their actions.

When reviewing the agreement, make sure every detail is well covered. That should include that the lump sum (if delivered by an agreed-upon date, which should be stated in the document) settles the entire debt or the exact details of the payment plan. Additionally, make sure it says whether specific fees apply and how much they are, and for repayment plans when payments are due, the new interest rate, and the size of the ongoing monthly payment.

If anything is unclear or doesn’t align with your previous discussion, contact the credit card issuer and request the necessary updates in writing. Then, repeat the review process to ensure the agreement is accurate and complete.

Move Forward in Accordance with the Agreement

Once the agreement is in place, you need to live up to your end of the bargain. For lump sum payments, make sure they’re sent by the due date listed in the document. For payment plans, you’ll need to make the initial payment by the due date, too. Otherwise, the agreement may be void since you violated the terms.

When you make the payment, make sure you use a trackable approach. Online submissions are usually recorded directly on the account, and you may get an email confirmation, too. If you provide the funds in person, you should be able to get a receipt. By having that documentation, you have proof that you followed the agreement, and that’s helpful if issues later arise.

Follow-up with the Lender

Whether you pay a lump sum or create a new payment agreement, you’ll want to follow up to confirm that any agreed-upon actions on the part of the lender take place. That could include verifying the account is now considered paid and is correctly closed or ensuring the details of the payment arrangement are properly associated with the account.

You may be able to handle the follow-up by checking the account online. Calling the credit card issuer is also an option. But regardless of the approach, this is an important step. It allows you to take action if the lender fails to update the account properly before any related issues become unnecessarily cumbersome. So, make sure to follow up, and if anything isn’t correct, continue following up until the problem is addressed.

Do you have any other tips that can help people who are negotiating credit card debt after death? Have you had to handle a loved one’s credit card debt after they passed and want to tell others about your experience? Share your thoughts in the comments below.

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Affordable Alternatives to Traditional Divorce: A Guide to Low-Cost or No-Cost Divorce Options

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how to get a free divorce

Ending a marriage is always difficult. Regardless of whether it’s the right move, the situation is emotionally charged. Then, when you factor in the cost, the hardship seems to multiply. Fortunately, there are steps you can take to minimize the expense. By going with one of the affordable alternatives to traditional divorce, you can pay far less and may not have to spend anything at all. If you’re trying to figure out how to get a free divorce (or at least a low-cost one), here are some options to explore.

Research Divorce Fee Waivers

For civil court proceedings like divorces, counties typically have a fee waiver program available. This option targets lower-income households and aims to make civil court filings and associated fees affordable (and potentially free) for individuals who don’t have the money available to cover the cost.

Usually, whether a person qualifies for a fee waiver is based on their family size and household income. In most cases, the cutoff is a specific percentage above the Federal Poverty Standard, and the Federal Poverty Standard varies depending on the number of people within the household. If you want to see if you qualify, you can typically find information about the program on a county agency website.

Get a Settlement Agreement in Place

When it comes to divorce proceedings, uncontested divorces are generally less expensive than contested ones. If you and your soon-to-be former spouse both believe that a divorce is wise and agree on the distribution of marital assets, getting a settlement agreement in place before filing for divorce can help.

Divorce settlement agreements – also referred to as property settlement agreements or marital settlement agreements – are formal documents that outline how property, assets, and debts will be split between the two parties. In some cases, people can handle these on their own, or they may be able to use a lower-cost mediation service over a lawyer to get one in place. Doing so, can streamline the divorce filing and any subsequent processes, keeping the total cost minimal.

Do a DIY Divorce Filing

One of the least expensive options available for divorce is a do-it-yourself (DIY) divorce filing. With this, you’ll prepare the paperwork yourself instead of hiring an attorney to do it for you, and that can result in significant savings.

In many cases, the required forms are available online, so your only cost would involve printing the paperwork. Your local court clerk’s office may also have divorce packets available with the needed documents, either for free or for a very low fee.

A similar option that costs a bit more but is still far less expensive than hiring a lawyer is to use an online divorce service. Through the website, you’ll get walked through the completion of any required forms, which makes the process easier.

Check for Simplified Divorce Options

Many states and counties offer simplified divorces, and they’re often less expensive than a more traditional proceeding. These are available to couples who agree the divorce is uncontested and when there isn’t any property that needs dividing, and there are no shared dependent children.

Often, getting a simplified divorce isn’t unlike working through the settlement agreement process. It results in a far more streamlined procedure as the court doesn’t have to make major decisions. In turn, the total cost is less.

Try Divorce Mediation

If you’re facing a contested divorce, divorce mediation is a lower-cost option that is worth exploring. With mediation, a trained and neutral mediator works with both spouses to negotiate solutions to any disagreements.

The goal is to ultimately create a settlement agreement in advance, but the process accommodates situations where negotiating is necessary. It’s a financially beneficial option since working with a mediator is potentially far less expensive than having the disagreements addressed in court.

Find Pro Bono or Volunteer Lawyers

Low-income households may have access to free or reduced-cost legal services through nonprofit organizations in their area. As a result, even a contested divorce is far less expensive as you don’t have to pay for an attorney.

With this approach, you can get assistance with the entire process, including any required filings and court appearances. If you want to explore this option, look for legal aid organizations in your area.

Consider an Annulment

Marriage annulments are far less expensive than traditional divorces, but they aren’t available to everyone. Generally, an annulment declares that the marriage was invalid, and since that’s the case, conditions must be met. For example, if one spouse was not in a condition or position to properly consent – such as by being intoxicated when the wedding took place – then getting an annulment may be an option.

The rules of annulments can vary by state. As a result, you’ll need to look at the requirements in your area to determine if it’s an option.

Do you know of any other options that can help people figure out how to get a free divorce or a low-cost divorce? Have you used any of the traditional divorce alternatives above and want to tell others about your experience? Share your thoughts in the comments below.

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Here’s How Much A Doctor’s Visit Is Without Insurance

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how much is a doctor's visit wtihout insurance

When you lack health insurance and need to schedule an appointment with a medical professional, you’ll have to pay for the visit out of pocket. In some cases, that idea is daunting. After all, health care is known for being expensive, particularly if you’re uninsured. By understanding how much the appointment may cost, you have a chance to financially prepare. If you’re wondering, “How much is a doctor’s visit without insurance?” here’s what you need to know.

How Much a Doctor’s Visit Is Without Insurance

Typically, the cost of a doctor’s visit if you don’t have insurance is anywhere from $150 to $600. However, there are a variety of factors that can ultimately impact how much you’ll owe. Patients can pay less or more than what’s outlined in the range above. As a result, it’s critical to understand the factors that may influence the cost, as well as how you can get a more accurate figure before you visit a medical professional.

Factors That Impact the Cost of a Doctor’s Visit

Multiple factors ultimately impact how much a visit to a doctor costs, including:

  • The type of physician you see (primary care, specialist, emergency, etc.)
  • The facility you use (clinic, hospital, emergency room, urgent care, community health, etc.)
  • The type of care sought
  • Whether in-office treatments are administered
  • Whether tests are ordered

In some cases, the price may vary depending on whether you’re a new or returning patient. If you’ve never been to that facility before or haven’t seen a specialist in a specific department previously, you may have to pay a “new patient intake” fee.

Generally, new patient fees are designed to account for the fact that seeing someone who hasn’t visited previously takes more time, as they often have to dedicate more time to learning about your medical history. If you’re a returning patient, your medical history is already on file, which can theoretically shorten the appointment.

How to Get an Accurate Estimate

If you’re scheduling an appointment and not seeking emergency care due to an urgent health matter, you can often get a reasonably accurate estimate of the cost of the visit in advance. Hospitals are required to list price ranges for common appointments, procedures, tests, and treatments online, and many smaller clinics are choosing to do the same. As a result, an online search may be enough to help you determine how much you’ll spend.

Additionally, patients can request a “Good Faith Estimate” for an upcoming appointment. With that, the healthcare provider creates an outline of the anticipated cost of the visit. While they might not be 100 percent accurate, as your appointment may end up involving something unexpected, it gives you a reasonable picture of the cost.

Ways to Reduce the Cost of a Doctor’s Visit When You’re Uninsured

If you need to see a doctor and don’t have insurance, there are ways to help minimize the costs. First, community health centers may make accessing free or low-cost services simpler. These typically work well for preventative or routine care and health screenings.

For acute medical needs, consider heading to an urgent care clinic instead of an emergency room. Urgent care clinics often accept walk-ins, and they usually cost significantly less than if you saw a physician in the emergency room.

Another option is to explore telemedicine services. This might work if your health condition is easy to explain and tests or a physical exam aren’t necessary.

If you live near a medical school, you may have access to a lower-cost clinic there. These clinics help student doctors gain experience, but they’re overseen by licensed physicians. Still, since the bulk of your appointment is handled by a student, the price is typically lower.

You can also ask about self-pay discounts, as some facilities do offer them. Additionally, you may be able to get a discount if you can pay the full cost of the appointment all at once in cash, particularly if you’re visiting a hospital instead of a smaller clinic.

Finally, consider going to public hospitals instead of private ones. Public hospitals are typically more affordable by comparison. Plus, you may be able to access a charity care program through a public hospital. Most charity care is made available to patients who have a household income level below a specific threshold. As a result, it can reduce the out-of-pocket cost of care for lower-income patients.

Are you surprised at how much a doctor’s visit is without insurance? Do you think the cost of an appointment for the uninsured is problematic, or do you think it makes sense? Share your thoughts in the comments below.

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What Strategies Will Help You Achieve Your Long-Term Career Goals?

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long term career goals

Most professionals have long-term career goals they’d like to achieve. The tricky part is figuring out how to make those dreams a reality. Fortunately, there are several techniques that typically work well, allowing professionals to move toward their target with greater ease. If you’re not sure where to begin, here are some strategies that will help you achieve your long-term career goals.

Make Your Goals SMART

Before you focus on pursuing your goals, it’s best to ensure you’re setting yourself up for success from the beginning. SMART (Specific, Measurable, Achievable, Relevant, Time-bound) is a framework that helps you refine your goals to make them easier to accomplish.

You want your target to be as specific as possible. For example, if you need to enhance your capabilities to qualify for a higher-level role, don’t make just building skills your goal. Instead, identify an exact skill you’ll need and make that the target.

For measurability, you essentially want to ensure that there’s an associated point or metric that lets you know when success is achieved. When it comes to achievability, that involves choosing attainable targets, as goals that are too lofty become demotivating if you feel you’ll never reach them.

Finally, time-bound means giving yourself a deadline to accomplish the goal. By doing so, it’s easier to keep yourself focused, increasing the odds you’ll take the necessary steps in the proper timeframe.

Break Goals Down into Steps

Many long-term career goals relate to significant forward movement. For example, wanting to reach a management position when you’re currently an entry-level professional means embarking on a substantial journey.

If you want to hit a target like that, break the goal down into a series of milestones. Each step should reflect a specific task or accomplishment you need to hit along the way to reach the ultimate destination, resulting in a roadmap for success.

In some cases, the easiest way to identify the steps is to work backward. Start at the goal and determine what needs to happen immediately before it allows you to hit the target. Then, consider what must occur right before that, continuing backward until you’re where you are currently.

Really drill down and identify single actions you’ll need to take, as that gives you enough detail to make planning for the journey simpler. For instance, if you need to acquire a specific skill, determine how you want to build it. Are you going to take a formal class, use a self-study approach, or learn on the job? If a course is the best option, then you’ll need to take a series of steps to make it happen, including finding a suitable class, enrolling, completing coursework, studying, and passing exams.

Take Advantage of Your Calendar

Once you have a list of steps you’ll need to complete, use your calendar to keep yourself on target. Schedule when you’ll take specific actions. Using the formal class example above, designate time in your calendar for researching your class options. Once you find a course, block out time for enrolling. Then, carve out what you need to handle the course-related responsibilities, such as attending live sessions and studying.

The benefit of using a digital calendar is that you’re not only tracking what needs to happen and ensuring you designate enough time; you can also set reminders to keep you on target. Essentially, you can use notifications to remind yourself about what’s coming next and when steps will occur, making it far easier to remain on the right path.

Celebrate Your Progress

With short-term goals, you get the reward of achieving your objective relatively quickly, which is often enough to keep you motivated during the process. Long-term goals don’t have that going for them. As a result, you need to use another technique to ensure you remain committed and focused.

Often, the easiest strategy is to plan celebrations as you hit milestones along your journey. For example, if you acquire a new skill that moves you closer to your dream job, give yourself a reward. The size and type of reward should vary depending on the significance of the progress and how challenging the step was to tackle, so choose things that give you enough of a boost based on the effort expended to make continuing feel good.

Revisit Your Goals Regularly

While you’ll likely remain highly aware of your long-term goals since you’re actively working to achieve them, that doesn’t mean you shouldn’t pause and review your target regularly. During your career, you may find that your original dream isn’t the fit you initially envisioned. If that occurs, then it’s okay to change course, allowing you to select a target that’s more suitable based on where you are now.

Plan to reflect on your goal at least twice a year. Assess your progress toward it and decide whether moving forward still feels right. If so, review your upcoming milestones and make sure they still help you go in the right direction, making adjustments if they’re necessary. If not, take what you’ve learned and see whether a new goal is a better fit, and if it is, create a new plan that propels you toward success.

Do you have any other tips that can help people achieve their long-term career goals? Have you tried any of the strategies above and want to tell others whether they worked for you? Share your thoughts in the comments below.

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How Should I Invest for Retirement At Age 50?

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retirement at age 50

If you want to retire at age 50, then you have to use a non-traditional strategy. While you can certainly invest using traditional retirement account approaches – like a 401(k) or IRA – that alone isn’t going to work. Removing money from those accounts before you reach age 59 ½ could lead to monetary penalties, which isn’t ideal. As a result, you need to invest a bit differently, ensuring you have access to the cash you need. If you want to make sure you are ready for retirement at age 50, here are some tips that can help.

Start with Traditional Retirement Accounts

Traditional retirement accounts like IRAs and 401(k)s do come with some benefits, usually when it comes to taxes. You may be able to deduct your contributions or, if you go with a Roth, won’t have to pay taxes on withdrawals. Those can both be very big deals financially.

While you can’t pull the money out penalty-free until your at least 59 ½ in most cases, that doesn’t mean these shouldn’t factor into your investment plan. You can simply let these accounts grow until you do reach full eligibility age, allowing them to become a source of income later down the road.

It is important to note that there are also some exceptions that allow you to avoid the early withdrawal penalty. For example, if you do go with a Roth IRA, you do have the option of tapping into your contributions early. Since you paid taxes on that money, you can withdraw those contributions at any time. However, if you tap into the earnings, you will get stuck with the penalty.

There’s also the substantially equal periodic payments (SEPP) exception. With that, if you make early withdrawals from a qualifying plan, including an IRA or 401(k), in equal amounts over the course of five years (or until you turn 59 1.2), you won’t have to pay a penalty. However, if any of those withdrawals deviate from the others, you might end up triggering the penalty.

Invest in Brokerage Accounts

After you’ve covered your basic retirement contributions, it’s time to move onto a brokerage account. Here, you can invest freely. You can add as much money as you’d like and make withdrawals whenever you want. As a result, they can be a solid choice for funding the starting years of your early retirement, essentially covering the gap until you can tap into your retirement fund.

When you choose investments, there are two points you need to cover. First, as with all investing, diversification is your ally. It provides you with some protection against the unexpected, including financial downturns or company or sector struggles.

Second, you need to be as aggressive as you can tolerate. You are investing for a shorter period than if you were aiming to retire at a traditional age. As a result, growth needs to be a core focus.

Now, this doesn’t mean investing to the point that makes you uncomfortable. If the idea of going beyond an 80-20 stock-to-bond portfolio split keeps you awake at night, then it isn’t a good move for you.

However, if your comfortable with taking on some risk, then push it a bit. If 80-20 doesn’t work for you, then maybe 70-30 does. Just understand that growth needs to be a focus if you want to retire early.

Additionally, understand that being aggressive doesn’t mean being irresponsible. Do your research before you choose an investment. Focus on diversification and rebalance your portfolio when the need arises. The goal is to be bold but smart about your approach. If you need to adjust your ratio as you get older to remain comfortable, then explore that option.

Add a Health Savings Account For Retirement At Age 50

As people age, their medical expenses tend to rise. As a result, it can be wise to plan for this eventuality, and a health savings account (HSA) can help you do that.

With a health savings account, withdrawals for medical expenses can be made as needed. What you don’t spend in a given year rolls over, so you can stash cash while you’re working, leaving it available for your post-retirement years. Plus, there are potential tax benefits, including deductible contributions and tax-free growth.

Additionally, if you have money in an HSA and turn 65, you’re free to treat it like a regular retirement account. You don’t have to worry about how you use the funds, as the account essentially starts to work like an IRA at that point.

Now, you can only open an HSA if you have a high deductible health plan. But if you’re in that boat, you might as well make the most of it and use it to plan for your future.

Do you have any other tips that can help someone invest for retirement at age 50? Share your thoughts in the comments below.

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Here’s What The New 2024 Military Pay Raise Will Look Like

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military pay raise

Each year, servicemembers wait to see if they’re getting a pay raise. Whether one occurs depends on Congressional and Presidential action, as the increases are tied to defense spending bills that are created and approved on an annual basis. Currently, a significant military pay raise seems to be in the works. Additionally, there are other potential pay bumps that could impact specific servicemembers. Here’s what military pay make look like in 2024.

Proposed Military Pay Raise for 2024

Currently, proposals outlining potential pay increases for military service members contain a 5.2 percent pay bump. Versions created by the House and Senate both include the raise. If approved, that rate would go into effect in 2024, officially becoming the largest pay increase for servicemembers since 2002.

Is the Pay Raise Guaranteed?

While a pay raise is highly likely to materialize for military members in 2024, the above rate is simply proposed; it’s not formalized yet. As a result, there’s the possibility that it would change before anything is officially approved.

Still, the proposal is receiving significant and broad support. Both the House and Senate proposals contain the same 5.2 percent pay raise, and President Biden has also shown support for that figure. As a result, there’s a good chance it will become part of any formally approved defense spending bill.

Utilizing a BAH Calculator for Informed Financial Planning

In light of the proposed military pay changes for 2024, understanding the intricacies of your compensation is essential. One crucial aspect that service members should consider is the Basic Allowance for Housing (BAH), which plays a significant role in their overall financial well-being. By using a BAH calculator, military personnel can estimate their housing allowance based on their rank, location, and dependents, helping them make informed financial decisions and ensure their housing needs are met effectively. This tool becomes especially valuable in times of proposed pay adjustments, as it allows service members to plan their finances more accurately. For example, BAH income can be used to help qualify for a va loan and va construction loan or other important financial milestones.

Other Potential Pay Changes

Another proposal by the House outlines potential pay increases for enlisted service members with a rank of E-6 or below. Essentially, the pay scale for servicemembers of those ranks would get reworked, leading to a notable bump in base pay.

Based on the bill, an E-1 with a minimum of four months of service would see their base pay go up to $2,600.60 per month. An E-2 would receive $2,799.20, while E-3s would get between $2,900.90 and $3,050.60, with variances based on years of service.

The ranges for E-4s and E-5s (also based on years of service) would become $3,010.50 to $3,250.30 and $3,100.30 to $3,250.20, respectively. Finally, an E-6 who has less than two years of service would get $3,210.

The reason for this proposed change is largely based on concerns that junior enlisted aren’t receiving enough pay to afford food, housing, and similar necessities. These worries were more pronounced once inflation began skyrocketing in 2022.

Additionally, fears that military pay rates weren’t competitive when compared to the private sector played a role. If the salaries aren’t competitive, recruitment and retention become challenging, making it hard to maintain proper personnel levels.

However, it’s critical to note that this is merely a proposal at this point, and there’s no guarantee of approval. Still, the likelihood that changes are on the horizon remains reasonably high, as there’s broad support for ensuring military servicemember pay is reworked to increase its competitiveness.

Do you think the 2024 military pay raise makes sense based on the state of the economy? Do you believe that servicemembers deserve more? Share your thoughts in the comments below.

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