Saving money, but adding items to your wardrobe that may be slightly used or even new is possible due to consignment and thrift shops.
The word consignment comes from the French word consigner - to hand over or transmit. This type of a store allows someone to place items they no longer want with a shop to be sold. Although both consignment and thrift shops carry second hand merchandise, a thrift shop differs in the way it acquires their merchandise. The items are donated by the owner to the thrift store who becomes the new owner and most of these shops are operated to benefit a charity.
The following chart can help explain the differences between the thrift shop and a consignment store.
Consignment Thrift
Merchandise Ownership maintained by Ownership transferred to thrift shop
owner of item, store agrees to through the donation of merchandise
sell the item - fee included
in sale price
Condition Top quality name brands items Varies - some items may be very worn
in excellent condition, may while others may be new with tags on
specialize in one portion of the them
market like children's clothing
Prices Higher due to quality of items Items generally sell for a few dollar,
and includes a fee for the shop name brand or new items sell for
in the sale price $5-10 or even more
Tax Incentive None Can request a receipt for the donation
One of the things that can be seen as both a benefit to both is the turnover in the stock. You never know what you might find in these shops.
1. Before your visit, know your focus. If you know you are looking for summer dress blouses, then focus on the colors that would be good to add to your wardrobe. Set a budget so you do not go over your limit and come home with items you do not need.
2. On your first visit to a new shop, take a few minutes to look around the store to get the "lay of the land." This will help you see what merchandise they offer and know where your focus is today. It will also allow you to decide if it is a place you could come to again on a future shopping trip for other items. Look at the way items are displayed. Is it clutter-free with good lighting and wide aisles? Do they supply a shopping cart or a basket? Where are the dressing rooms and how many items may you take into the area at a time?
3. Stop by the customer service desk and ask for the store policies for acceptable forms of payment, return policy, shoppers loyalty card, and how often they restock their merchandise.
4. Locate the focus of your trip - the category of clothing you need to add to your wardrobe. Some stores may divided the clothing into sizes or display them by their color. Browse the racks and select items you may wish to add to your wardrobe. Some manufacturers styles are smaller, while others are cut larger. Look at items in the sizes close to your size, do a quick visual inspection for the possibility that they may fit.
5. After you spend time searching the racks, and made you selections, try on the clothing. Look at yourself in the mirror for the fit. Next inspect each piece for torn seams, missing buttons, and stains.
6. Review your budget with the items you have chosen and proceed to the check out with your final selections.
Part of the allure of shopping in consignment and thrift stores is in the treasurers that can be found far and wide. These shops also offer many other wonderful items and next month's blog will focus on some of the other treasures they can offer.
Tuesday, July 2, 2013
Saturday, June 1, 2013
Giving Your Wardrobe Personality
What is in style in clothing this year may be out of style next year. Watching the fashion runways show us many styles that are outlandish and impractical for the average person to wear and afford. Continue to build upon your basic wardrobe by now adding unique pieces that match your personality and are within your budget.
Last month's blog featured tips for reviewing your current wardrobe to build a basic wardrobe with some basic pieces for both men and women. This wardrobe may sound bland with basic pieces in the colors of black, brown, navy, grey, and tan. If patterns were chosen, they were simple, like a pinstripe. Now is the opportunity to add more color and pizazz to your wardrobe, allowing you to show others your own signature look.
First and foremost, have a game plan when you go shopping. Know what you are looking for - what needs to be added to your wardrobe the most. Factors to consider are the season, the type of clothing you need for your professional wardrobe, your age, and the field in which you work. You may decide to limit your shopping spree to a certain part of your wardrobe such as shirts to wear for work.
Before walking into a store, take time to check out their sale ads both from the newspaper and online. Buy on sale whenever possible. After Christmas or season’s end sales are best. But don't buy something just because it is on sale or is a great deal. It should be something you want to wear and coordinates with your style. Also, if you find something on sale that may not have a perfect fit, don't be shy about considering buying it and having it tailored. Buy comfortable clothes that make you feel confident and fit your style.
However, flexibility may be needed if you find an unexpected sale or end up at a store you did not plan on visiting. Unless you are shopping for a something like a dress to wear to a wedding, you may find something that you can use within your budget limits.
Whenever you shop, look for clothes that are constructed well and need limited care. Remember that dry cleaning bills can add up quickly for those dreaded "Dry Clean Only" items.
If you find a brand you like, consider purchasing more items in their line. Many times, the material used is the same and you can mix and match pieces from something like a suit giving you additional options in your wardrobe.
Your body type can play a role in the style of what you should wear. Many people do not find it easy to stand and stare at themselves in the mirror, but doing so can identify what your shape is and allow you to more forward in your clothing choices. Look at the fit of the garment on your body. Here is just one site with more information on body types. www.wikihow.com/Dress-for-Your-Body-Type
Also consider the pattern and the length. If you are tall, a larger and bolder print is normally a good choice. However, vertical stripes will make you look taller than you already are, so avoid them. The opposite goes for someone who is shorter with vertical stripes, but stick to a smaller pattern. If you are short, wearing something very long may drown you. Likewise, if you are tall, do not wear lengths that are too short.
Shopping is not for everyone. Go into it with a good attitude and consider rewarding yourself afterwards. When you go shopping, wear clothing and shoes that are easy to get in and out of. If you are trying to find something to match a particular piece is clothing, wear it or bring it along.
Plan to take time trying on the clothes. Not every company makes their clothing the same. If you wear a particular size in one brand, you may wear a larger or smaller size in another brand. Also, as items are made, the manufacturer may cut them differently to make quotas from a bolt of material. A good quality item would be constructed with the pattern matching at the seams.
When you pick items to try on, be prepared to try it in different sizes for the fit. Look at yourself in the mirror, turning to see yourself from all angles. If you have a trusted family member or friend, so shopping together for that second opinion.
Go outside your comfort zone and try on different styles and colors. You may be surprised to find a new color that matches your skin tone and hair color or you may be surprised to find a new favorite color or clothing manufacturer.
Each store has their own approach to how their sales people will interact with you. Some are more helpful and will offer to locate a different size for you. Since most stores have a limit for the number of items you may take into a dressing room, ask the staff to hold items you have already selected.
Good luck in your search to dress to impress, and dress for success. Next month's blog will give you other shopping options to add to your wardrobe while saving money.
Last month's blog featured tips for reviewing your current wardrobe to build a basic wardrobe with some basic pieces for both men and women. This wardrobe may sound bland with basic pieces in the colors of black, brown, navy, grey, and tan. If patterns were chosen, they were simple, like a pinstripe. Now is the opportunity to add more color and pizazz to your wardrobe, allowing you to show others your own signature look.
First and foremost, have a game plan when you go shopping. Know what you are looking for - what needs to be added to your wardrobe the most. Factors to consider are the season, the type of clothing you need for your professional wardrobe, your age, and the field in which you work. You may decide to limit your shopping spree to a certain part of your wardrobe such as shirts to wear for work.
Before walking into a store, take time to check out their sale ads both from the newspaper and online. Buy on sale whenever possible. After Christmas or season’s end sales are best. But don't buy something just because it is on sale or is a great deal. It should be something you want to wear and coordinates with your style. Also, if you find something on sale that may not have a perfect fit, don't be shy about considering buying it and having it tailored. Buy comfortable clothes that make you feel confident and fit your style.
However, flexibility may be needed if you find an unexpected sale or end up at a store you did not plan on visiting. Unless you are shopping for a something like a dress to wear to a wedding, you may find something that you can use within your budget limits.
Whenever you shop, look for clothes that are constructed well and need limited care. Remember that dry cleaning bills can add up quickly for those dreaded "Dry Clean Only" items.
If you find a brand you like, consider purchasing more items in their line. Many times, the material used is the same and you can mix and match pieces from something like a suit giving you additional options in your wardrobe.
Your body type can play a role in the style of what you should wear. Many people do not find it easy to stand and stare at themselves in the mirror, but doing so can identify what your shape is and allow you to more forward in your clothing choices. Look at the fit of the garment on your body. Here is just one site with more information on body types. www.wikihow.com/Dress-for-Your-Body-Type
Also consider the pattern and the length. If you are tall, a larger and bolder print is normally a good choice. However, vertical stripes will make you look taller than you already are, so avoid them. The opposite goes for someone who is shorter with vertical stripes, but stick to a smaller pattern. If you are short, wearing something very long may drown you. Likewise, if you are tall, do not wear lengths that are too short.
Shopping is not for everyone. Go into it with a good attitude and consider rewarding yourself afterwards. When you go shopping, wear clothing and shoes that are easy to get in and out of. If you are trying to find something to match a particular piece is clothing, wear it or bring it along.
Plan to take time trying on the clothes. Not every company makes their clothing the same. If you wear a particular size in one brand, you may wear a larger or smaller size in another brand. Also, as items are made, the manufacturer may cut them differently to make quotas from a bolt of material. A good quality item would be constructed with the pattern matching at the seams.
When you pick items to try on, be prepared to try it in different sizes for the fit. Look at yourself in the mirror, turning to see yourself from all angles. If you have a trusted family member or friend, so shopping together for that second opinion.
Go outside your comfort zone and try on different styles and colors. You may be surprised to find a new color that matches your skin tone and hair color or you may be surprised to find a new favorite color or clothing manufacturer.
Each store has their own approach to how their sales people will interact with you. Some are more helpful and will offer to locate a different size for you. Since most stores have a limit for the number of items you may take into a dressing room, ask the staff to hold items you have already selected.
Good luck in your search to dress to impress, and dress for success. Next month's blog will give you other shopping options to add to your wardrobe while saving money.
Wednesday, May 1, 2013
Building Your Wardrobe Basics
The workforce is ever changing, as with graduation looming for many and others job searching, the need for particular pieces of clothing can bring on a considerable expense. Most employers have a dress code for their employees. Fewer people are required to wear a uniform for their jobs today.
Pending the industry in which you work, you many have different clothing needs than some working in another industry. Maybe you are someone looking to update your wardrobe.
Before going shopping, here are some pointers to take stock in what you own and begin to create a game plan.
1. Take an inventory of what you currently own. Reorganize what is in your closet and drawers, placing like items together.
2. Look at each piece and determine what whether the condition warrants it staying in your closet or drawer. This step is time consuming, but worth the effort.
a. Repair a lose button or a seam that needs mending.
b. Attempt to clean something with a stain by using a laundry product.
c. Faded or thread bare items should be removed from your wardrobe.
3. If you have not worn a piece of clothing because you do not like it or the size is wrong, decide if it is worth the space to keep it in your collection.
4. Donate items that are still in good condition. Ask for a receipt when you do so and save it and make a list of the clothing that was donated for your income taxes next year.
5. Make a list of items you need to add to your wardrobe. It might be to replace something like that dingy white dress shirt or it could be something you do not own that you should own.
Once you have completed this, look over the list of basic wardrobe items below and see if you may have a gap that needs to be filled. These are basic lists for men and women. Your job may not require a business suit, but you may like to own at least one for special occasions.
If you do not have then money now, at least go window shopping to check out the department or specialty clothing stores. This way you will know what different stores have to offer, as well as their regular prices. When the time is right, you will know what stores have the basic pieces you wish to purchase from the list below.
Always try on the clothes for fit. Items vary from one manufacturer to another, as well as whether the item was cut from the beginning or end of the bolt of material. Consider using a tailor if an item needs to be altered unless you have the skills to do it yourself. Yes, this does add to the cost, but for a basic item listed below, it will be worth the expense.
Buying a good quality piece of clothing is important for something you will wear often. Build your wardrobe with basic items, then add specialty pieces that follow the current trends. Join store web sites to receive information about upcoming sales and coupons only offered to "members."
Men's Work Wardrobe Essentials
Suits - blue, gray, and black - classic basic colors that can be worn as separates.
Black and brown shoes and belts
Dress shirts basic colors and sleeve lengths- white, creme, pale blue, etc.
Ties - solid are best for any occasion
Blazers - blue, tan, and a nice tweed are good basics.
Khaki and other casual dress pants
Casual shirts - polo or casual button down shirts
Overcoat/Raincoat - pending where you live you may need them for different seasons.
Women's Work Wardrobe Essentials
Suits - blue, gray, and black - classic basic colors that can be worn as separates.
Simple dresses, blouses, and shirts - chose simple small patterns or solids. A simple black dress is always a classic piece.
Cardigan sweaters and/or blazers
Casual shirts like polo
Slacks - include neutral colors
Chino pants
Black, tan, and white dress heels and/or flats
Purses - look for classic styles in basic colors or small patterns
Now that your basic wardrobe is set, the column for June will continue with ways to spruce up your wardrobe with specialty pieces that can allow you to express your own style.
Pending the industry in which you work, you many have different clothing needs than some working in another industry. Maybe you are someone looking to update your wardrobe.
Before going shopping, here are some pointers to take stock in what you own and begin to create a game plan.
1. Take an inventory of what you currently own. Reorganize what is in your closet and drawers, placing like items together.
2. Look at each piece and determine what whether the condition warrants it staying in your closet or drawer. This step is time consuming, but worth the effort.
a. Repair a lose button or a seam that needs mending.
b. Attempt to clean something with a stain by using a laundry product.
c. Faded or thread bare items should be removed from your wardrobe.
3. If you have not worn a piece of clothing because you do not like it or the size is wrong, decide if it is worth the space to keep it in your collection.
4. Donate items that are still in good condition. Ask for a receipt when you do so and save it and make a list of the clothing that was donated for your income taxes next year.
5. Make a list of items you need to add to your wardrobe. It might be to replace something like that dingy white dress shirt or it could be something you do not own that you should own.
Once you have completed this, look over the list of basic wardrobe items below and see if you may have a gap that needs to be filled. These are basic lists for men and women. Your job may not require a business suit, but you may like to own at least one for special occasions.
If you do not have then money now, at least go window shopping to check out the department or specialty clothing stores. This way you will know what different stores have to offer, as well as their regular prices. When the time is right, you will know what stores have the basic pieces you wish to purchase from the list below.
Always try on the clothes for fit. Items vary from one manufacturer to another, as well as whether the item was cut from the beginning or end of the bolt of material. Consider using a tailor if an item needs to be altered unless you have the skills to do it yourself. Yes, this does add to the cost, but for a basic item listed below, it will be worth the expense.
Buying a good quality piece of clothing is important for something you will wear often. Build your wardrobe with basic items, then add specialty pieces that follow the current trends. Join store web sites to receive information about upcoming sales and coupons only offered to "members."
Men's Work Wardrobe Essentials
Suits - blue, gray, and black - classic basic colors that can be worn as separates.
Black and brown shoes and belts
Dress shirts basic colors and sleeve lengths- white, creme, pale blue, etc.
Ties - solid are best for any occasion
Blazers - blue, tan, and a nice tweed are good basics.
Khaki and other casual dress pants
Casual shirts - polo or casual button down shirts
Overcoat/Raincoat - pending where you live you may need them for different seasons.
Women's Work Wardrobe Essentials
Suits - blue, gray, and black - classic basic colors that can be worn as separates.
Simple dresses, blouses, and shirts - chose simple small patterns or solids. A simple black dress is always a classic piece.
Cardigan sweaters and/or blazers
Casual shirts like polo
Slacks - include neutral colors
Chino pants
Black, tan, and white dress heels and/or flats
Purses - look for classic styles in basic colors or small patterns
Now that your basic wardrobe is set, the column for June will continue with ways to spruce up your wardrobe with specialty pieces that can allow you to express your own style.
Monday, April 1, 2013
Charitable Donations
Studies show that people who itemize their taxes are more likely to generously give to non-profit organizations. Maintaining receipts for the monetary donations for your 2014 taxes can put more money back in your pocket.
What is acceptable for receiving the tax credit on your federal taxes when it comes to a monetary donation?
1. The organization must be a 501 (c)(3) as recognized by the IRS. They must apply to the federal government for this nonprofit status. Groups who are exempt from federal income tax can include charities and private foundations that exist for reasons including charitable, religious, educational, scientific, literary, testing for public safety, fostering amateur sports competition, and prevention of cruelty to children or animals.
2. In claiming your donation to an organization, you cannot receive something in return. That firehouse chicken barbecue, a car wash, a raffle (due to the offer of a prize), or another service like filling your pool with water do not qualify as an eligible donation. The gift must be a true donation for which you only receive a warm heart.
3. If you volunteer for the organization, the group appreciates your time and skills. However, you cannot place a monetary value on your time and service to the nonprofit.
For more information on what are acceptable donations go to the IRS web site for Publication 526.
Recently a postcard was received in the mail from a non-profit who collects clothing to give to veterans. Sounding like a good charitable cause, their organizational name was unfamiliar. Having been a librarian, I checked on several web sites for the validity of this organization, including their own site.
Knowing that many groups tend to flock to certain types of organizations (pulling at your heartstrings to get you to donate to their cause), researching their validity as a nonprofit led to the discovery that they have had some issues that needed further consideration. The compensation of the top officials showed large annual salaries. This group also donated money to the Washington Redskins several years ago and in return received sky box seats. So why would a not for profit organization looking to help veterans give money to a professional football team? Does that sound right to you?
If you want to know how your money is being used, there are three good sites to check out
charitynavigator.com givewell.org bbb.org
These three sites have their own way to rate or review charities. But not every charity will appear on these sites. Some charities may be new (these web sites may be updated on an annual basis), and have only a local appeal, not being in the national scope.
Next, look for the organization's web site - what information do they provide there that can help you make that decision on whether to give or not. As a potential donor, you have the right to know why the organization exists and what they do with the financial donations they received.
When reviewing them, seek information on how much of your donation goes directly to the cause (program), to overhead including salaries (administration), and promotion of their cause (fundraising). You have the right to view their Federal Form 990, which will explain their assets, receipts, expenditures and compensation of officers.
Never feel pressured to give to someone who is asking for money. You have the right to ask to be removed for their phone and mailing lists if so inclined. If you are speaking to a someone in person or on the telephone, ask for the group's information to review it when considering a contribution.
Years ago, a friend told me they had received a telephone call asking for a donation to a local fire company. They wanted to support their fire company, but when they asked the caller to name two of the fire fighters, the caller could not. This call was made from an company hired to solicit funds from the residents. In this case, the fundraising company would be keeping a portion of the money. Some organizations may hire someone to solicit for them, but this could also be a scam. To see the funds used in the best possible way, with the money going to the organization and not the fundraiser/scammer, send the check directly to the organization or deliver it directly to their location.
With your mailbox full of requests, and receiving telephone calls from other groups, you need to decide in the end to which organization deserves your money. After all, the charity's ability to bring about long lasting and meaningful change in the lives of people and communities should be the key reason for your financial investment.
What is acceptable for receiving the tax credit on your federal taxes when it comes to a monetary donation?
1. The organization must be a 501 (c)(3) as recognized by the IRS. They must apply to the federal government for this nonprofit status. Groups who are exempt from federal income tax can include charities and private foundations that exist for reasons including charitable, religious, educational, scientific, literary, testing for public safety, fostering amateur sports competition, and prevention of cruelty to children or animals.
2. In claiming your donation to an organization, you cannot receive something in return. That firehouse chicken barbecue, a car wash, a raffle (due to the offer of a prize), or another service like filling your pool with water do not qualify as an eligible donation. The gift must be a true donation for which you only receive a warm heart.
3. If you volunteer for the organization, the group appreciates your time and skills. However, you cannot place a monetary value on your time and service to the nonprofit.
For more information on what are acceptable donations go to the IRS web site for Publication 526.
Recently a postcard was received in the mail from a non-profit who collects clothing to give to veterans. Sounding like a good charitable cause, their organizational name was unfamiliar. Having been a librarian, I checked on several web sites for the validity of this organization, including their own site.
Knowing that many groups tend to flock to certain types of organizations (pulling at your heartstrings to get you to donate to their cause), researching their validity as a nonprofit led to the discovery that they have had some issues that needed further consideration. The compensation of the top officials showed large annual salaries. This group also donated money to the Washington Redskins several years ago and in return received sky box seats. So why would a not for profit organization looking to help veterans give money to a professional football team? Does that sound right to you?
If you want to know how your money is being used, there are three good sites to check out
charitynavigator.com givewell.org bbb.org
These three sites have their own way to rate or review charities. But not every charity will appear on these sites. Some charities may be new (these web sites may be updated on an annual basis), and have only a local appeal, not being in the national scope.
Next, look for the organization's web site - what information do they provide there that can help you make that decision on whether to give or not. As a potential donor, you have the right to know why the organization exists and what they do with the financial donations they received.
When reviewing them, seek information on how much of your donation goes directly to the cause (program), to overhead including salaries (administration), and promotion of their cause (fundraising). You have the right to view their Federal Form 990, which will explain their assets, receipts, expenditures and compensation of officers.
Never feel pressured to give to someone who is asking for money. You have the right to ask to be removed for their phone and mailing lists if so inclined. If you are speaking to a someone in person or on the telephone, ask for the group's information to review it when considering a contribution.
Years ago, a friend told me they had received a telephone call asking for a donation to a local fire company. They wanted to support their fire company, but when they asked the caller to name two of the fire fighters, the caller could not. This call was made from an company hired to solicit funds from the residents. In this case, the fundraising company would be keeping a portion of the money. Some organizations may hire someone to solicit for them, but this could also be a scam. To see the funds used in the best possible way, with the money going to the organization and not the fundraiser/scammer, send the check directly to the organization or deliver it directly to their location.
With your mailbox full of requests, and receiving telephone calls from other groups, you need to decide in the end to which organization deserves your money. After all, the charity's ability to bring about long lasting and meaningful change in the lives of people and communities should be the key reason for your financial investment.
Friday, March 1, 2013
Spend Now or Pay Later
Are you a gambler? Is your vehicle or home insurance up to par? You take a risk of paying for insurance that you may never need, but are you covered in the event that a disaster or accident occurs?
In simplest terms, insurance is taking a chance against the risk of a loss. Are you willing to take that chance? The premium is money placed into a "pool" that is available if and when it is needed during an emergency. When one person has a loss, it is major to them, but minimal in the grand scheme of things. During a major disaster like Hurricane Sandy, the destruction is seen and the total amount of the loss in the billions!
Everyday commercials are on television for insurance. It is one of America's largest industries, one that is confusing to many. We all hope and pray that we never have a claim to file for a loss. In a sense, it is a necessary evil - something that we need but do not want to pay for. Many states require a minimum by law for vehicular coverage. If you rent an apartment or own a condominium, your landlord or homeowners association may require a certain amount of coverage.
Insurance is protection. Here are a few basic points to consider when shopping:
1. Discounts are given for bundling. By using one company to purchase both property and vehicle polices, money can be saved. Spend time soliciting competitive quotes. Look at the companies track record. Their rate may be great, but if their claims process is slow is it worth it? Check out insurance company ratings at www.moodys.com. Register for this free service.
2. Decide how much insurance is needed. What is the value of your residence along with your possessions? When working with an agent, have them visit your property to take measurements of your property to gather a concise picture of what you own.
3. Riders can add coverage to specialty collections such as antiques, jewelry, or collectibles. Due to their value, they may not be covered under a normal property policy.
4. Replacement cost vs. actual cash value makes a difference. Actual cash value is the value of an item today based upon the depreciation of the item. Replacement cost will allow you to replace personal items at their cost to purchase it new today.
5. In automobile insurance if you are in an accident, your ability to sue may be limited if you chose limited tort over full tort. Also consider how much coverage you want with the levels of insurance such as uninsured and underinsured motorist. Special options like towing are also available.
6. Make an inventory of your possessions. Document it with photos or a video. Store them in a location off site that can be accessed in the event of a fire or flood if your paper documents, photographs, or the computer are damaged.
7. Consider a higher deductible can lower your premium. Payment options for monthly and quarterly are good for budgeting, but can add a few extra dollars to the bill. An annual payment offers the lowest premium option.
8. Owning certain breeds of dogs, a pool, or trampoline are extra liabilities. Include these items when obtaining quotes. Paying for an injury lawsuit may cost thousands vs. a few dollars in the premium. Rightfully so, if these items are no longer in your possession, contact your agent to have your policy reevaluated.
A yearly review is good idea to make sure you have the correct amount of insurance as life situations change. Make a list of questions to ask your agent. Do not feel forced to take options you do not want. Make sure you understand what will be lost if you opt out on certain coverage.
In simplest terms, insurance is taking a chance against the risk of a loss. Are you willing to take that chance? The premium is money placed into a "pool" that is available if and when it is needed during an emergency. When one person has a loss, it is major to them, but minimal in the grand scheme of things. During a major disaster like Hurricane Sandy, the destruction is seen and the total amount of the loss in the billions!
Everyday commercials are on television for insurance. It is one of America's largest industries, one that is confusing to many. We all hope and pray that we never have a claim to file for a loss. In a sense, it is a necessary evil - something that we need but do not want to pay for. Many states require a minimum by law for vehicular coverage. If you rent an apartment or own a condominium, your landlord or homeowners association may require a certain amount of coverage.
Insurance is protection. Here are a few basic points to consider when shopping:
1. Discounts are given for bundling. By using one company to purchase both property and vehicle polices, money can be saved. Spend time soliciting competitive quotes. Look at the companies track record. Their rate may be great, but if their claims process is slow is it worth it? Check out insurance company ratings at www.moodys.com. Register for this free service.
2. Decide how much insurance is needed. What is the value of your residence along with your possessions? When working with an agent, have them visit your property to take measurements of your property to gather a concise picture of what you own.
3. Riders can add coverage to specialty collections such as antiques, jewelry, or collectibles. Due to their value, they may not be covered under a normal property policy.
4. Replacement cost vs. actual cash value makes a difference. Actual cash value is the value of an item today based upon the depreciation of the item. Replacement cost will allow you to replace personal items at their cost to purchase it new today.
5. In automobile insurance if you are in an accident, your ability to sue may be limited if you chose limited tort over full tort. Also consider how much coverage you want with the levels of insurance such as uninsured and underinsured motorist. Special options like towing are also available.
6. Make an inventory of your possessions. Document it with photos or a video. Store them in a location off site that can be accessed in the event of a fire or flood if your paper documents, photographs, or the computer are damaged.
7. Consider a higher deductible can lower your premium. Payment options for monthly and quarterly are good for budgeting, but can add a few extra dollars to the bill. An annual payment offers the lowest premium option.
8. Owning certain breeds of dogs, a pool, or trampoline are extra liabilities. Include these items when obtaining quotes. Paying for an injury lawsuit may cost thousands vs. a few dollars in the premium. Rightfully so, if these items are no longer in your possession, contact your agent to have your policy reevaluated.
A yearly review is good idea to make sure you have the correct amount of insurance as life situations change. Make a list of questions to ask your agent. Do not feel forced to take options you do not want. Make sure you understand what will be lost if you opt out on certain coverage.
Friday, February 1, 2013
Escape, Getting Away
In the cold days of winter, most people cannot help but think about getting away to a warmer climate. Even if your vacation is months away, it is not too soon to plan where to go.
Some people go to the same location each year, while others love to explore new places. In planning your vacation, recommendations from family and friends is useful if you are planning to go to a new locale. There are many amazing places to visit, both in here and abroad. Looking for deals is important, as saving money can allow you to have more spending money. Be cautious to make sure what you book is what you get.
Is a security deposit required? When will it be refunded (know how long they will retain it as it could be a few days or a few weeks) provided the unit is left clean and without loss or damage? Can you purchase non-refundable damage waiver insurance in lieu of a security deposit?
Yes, there are scams out there. The optional travel insurance can protect you if you fall victim. Sometimes you may need to be a detective to be protected - pay with a credit card, book through a reputable site, and use your intuition in making your final decision - look on a map for the location, asking for references, and check what other comparable units are leasing for in that area with similar amenities.
Some people go to the same location each year, while others love to explore new places. In planning your vacation, recommendations from family and friends is useful if you are planning to go to a new locale. There are many amazing places to visit, both in here and abroad. Looking for deals is important, as saving money can allow you to have more spending money. Be cautious to make sure what you book is what you get.
One of the most important decisions is where you will sleep
each night. No matter where you go there are many lodging options – camping,
hotel, bed and breakfast, and renting a condo or home.
Options for vacation rentals have increased with the
inception of web sites devoted to not a particular locale, but to assisting
people in choosing a home away from home almost anywhere. Searching the keyword
“vacation rentals” comes up with a large return. A few of the better known sites include homeaway.com,
vacationrentals.com, and vrbo.com.
A rental has many perks not available with other lodging
decisions. With some good planning, you can find a vacation rental where you
can stretch out, relax, and enjoy your vacation.
As you perform your search, take the time to carefully read
the property description on the web site, view the photos, rental rates and
fees, read the reviews from previous customers, and check the availability on
their calendar. Contact the vacation home's owner or rental agent directly from
the listing page with any questions you have about the rental. There should be
a link for "Contact Owner." Some listings may only list an email
address, while others include a phone number.
When you are ready to book a place, read the whole contract
to understand what is expected of you as a renter (liability) and what the
owner is offering for the money that will be exchanged.
Keep in mind the costs that may be added such as utilities,
Internet, phone service, cable, cleaning/housekeeping, propane/gas - if outdoor
grilling is available. If linens and towels are included for an extra fee,
considering bringing your own (verify the bed sizes).
What amount is due upon signing of
the lease? When is the remainder due?
What forms of payment are accepted - check,
PayPal, credit cards? Is there a processing fee for paying with any of the
formats? If traveling outside of the US, are the costs listed in US dollars or
the local currency?
What taxes will be charged – city,
county, state? These fees are normally added at the end after all other charges are
totaled.
Is there a broker or rental agent
fees?
Is a security deposit required? When will it be refunded (know how long they will retain it as it could be a few days or a few weeks) provided the unit is left clean and without loss or damage? Can you purchase non-refundable damage waiver insurance in lieu of a security deposit?
What is the policy about pets?
Do they offer the option of travel insurance in the event
you need to cancel due to illness or for weather related cancellations such as
a hurricane?
When are the check-in and the
check-out times?
How you are to receive the keys upon arrival?
The rental option can allow you to stay in an apartment in a
large city like New York or rent an oceanfront home on a beautiful beach. The
leasing options are endless and can be found just about anywhere.
Yes, there are scams out there. The optional travel insurance can protect you if you fall victim. Sometimes you may need to be a detective to be protected - pay with a credit card, book through a reputable site, and use your intuition in making your final decision - look on a map for the location, asking for references, and check what other comparable units are leasing for in that area with similar amenities.
We have rented twice through two of the web sites listed above. Both stays were very nice, allowing us to stay
in luxurious places that were more than we expected. By booking this way, we were able to save money by staying an entire week, cooking most of our meals, and taking advantage of free and low cost activities we found through researching the local area. Now if it was only time for this years vacation!
Tuesday, January 1, 2013
Resolution diet
As 2013 begins, we all are continuing to look for ways to save money as we stand on the edge of the fiscal cliff. Although a deal is looming, as this is written, we do not know what all of the governmental changes will mean in our lives. There are many things we must have to survive like housing and food. We must all re-evaluate what we do to help ourselves live comfortably in 2013. Like many others, our income has dropped so re-evaluating how we live is top priority.
We already know that there is a major expense that need to be made in 2013. When one vehicle is paid off, we will be replacing the older one. We hope to keep the payment as close to or less than the payment as possible. Another major change in our financial future is the 6-fold increase in our medical deductible.
Here is what we are planning to do to adjust.
1. Create an expense spreadsheet to review income and expenses every month.
2. Review insurances and obtain quotes to look for ways to save. This should be done at least every year or two. We will always maintain Full Tort on the auto insurance and Replacement Value on the house and contents.
3. Plan more meals around what is in the pantry, fridge, and freezer. When shopping, base purchases upon the sale advertisements. Get rain checks, use coupons, and store loyalty cards.
4. Take more local day trips to low cost and free places when we want to go away for a day. We will also pack our lunch and take our own drinks. Charter Day to the state museum sites is scheduled for March 10th in Pennsylvania.
5. Use free resources whenever possible. Videos, books on CD, and books we want to read can be borrowed for FREE from the local libraries.
6. Increase garden plantings for more homegrown summer foods.
7. Reconsider purchasing items that may not be needed immediately. If something can wait, looking for it on sale would be helpful. Also doing research before making such a purchase.
8. Sell items no longer needed or used. Our local newspaper allows for free ads for items under $150. E-Bay is another consideration as a place to sell household and craft items which would bring in a larger clientele.
This list will indeed grow and change as the year progresses. All we can do is be proactive and watchful for the bottom line. Here's to a prosperous and healthy Happy New Year! Let's see if we can live a thrifty but wonderful life in 2013!
We already know that there is a major expense that need to be made in 2013. When one vehicle is paid off, we will be replacing the older one. We hope to keep the payment as close to or less than the payment as possible. Another major change in our financial future is the 6-fold increase in our medical deductible.
Here is what we are planning to do to adjust.
1. Create an expense spreadsheet to review income and expenses every month.
2. Review insurances and obtain quotes to look for ways to save. This should be done at least every year or two. We will always maintain Full Tort on the auto insurance and Replacement Value on the house and contents.
3. Plan more meals around what is in the pantry, fridge, and freezer. When shopping, base purchases upon the sale advertisements. Get rain checks, use coupons, and store loyalty cards.
4. Take more local day trips to low cost and free places when we want to go away for a day. We will also pack our lunch and take our own drinks. Charter Day to the state museum sites is scheduled for March 10th in Pennsylvania.
5. Use free resources whenever possible. Videos, books on CD, and books we want to read can be borrowed for FREE from the local libraries.
6. Increase garden plantings for more homegrown summer foods.
7. Reconsider purchasing items that may not be needed immediately. If something can wait, looking for it on sale would be helpful. Also doing research before making such a purchase.
8. Sell items no longer needed or used. Our local newspaper allows for free ads for items under $150. E-Bay is another consideration as a place to sell household and craft items which would bring in a larger clientele.
This list will indeed grow and change as the year progresses. All we can do is be proactive and watchful for the bottom line. Here's to a prosperous and healthy Happy New Year! Let's see if we can live a thrifty but wonderful life in 2013!
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