Do you have enough insurance? Is there a better way to structure mortgage payments than opting for traditional monthly billing? What are the new IRA contribution limits for 2023? Is there any college scholarship money available for young adults who can’t afford to pay the full price of a four-year degree? Those questions top the list of financial concerns parents have these days. Here are the answers.
Most Parents Don’t Have Enough Life Insurance
Working adults who have children tend to be underinsured. The reasons are numerous and complex, but the remedy is simple. All it takes is a 15-minute consultation with a licensed agent who is not tied to any company or carrier.
These general consultants are the best source of unbiased information for moms and dads who want to learn about life insurance basics and simply want the best for their children. Parents should carry several kinds of protection, including policies that cover their homes, cars, life, businesses, health, and personal property not located inside the home. Ask the agent to do a full-scale coverage review based on your age, income, needs, number of children, health status, and personal preferences.
Creative Real Estate Investing Can Save Families Money
What if your only real estate investment is the house in which you currently reside? That’s okay because homeowners can save money by engaging in a creative payment method that can potentially save them thousands of dollars. Many parents who own homes choose to make biweekly mortgage payments instead of traditional monthly remittances.
For generations, most adults made once per month mortgage payments. Today, with the more flexible financial environment, many are discovering the wisdom of paying biweekly, bimonthly, or in other ways. The first step is to investigate the situation and find out which arrangement makes the most sense for your budget. Keep in mind that each approach has its own advantages and disadvantages, so it makes sense to review a guide that delineates all the relevant facts about biweekly mortgage payments.
There are New IRA Contribution Limits in Effect
The government changes IRA limits regularly. For those aged 50 and older, it’s now possible to add $7,500 per year to an IRA, traditional or Roth version. For those under 50, the per person annual limit is $6,500. For couples who file jointly, the amounts are doubled. It’s wise to add the maximum every year you can afford to do so.
Two Hacks Can Change Your Life
On your quest to achieve your financial goals you have to consider every area of your life. Join a wholesale club to save more than $1,000 per year per person on groceries. Earning back the small annual fee within a month of shopping is easy. Then, combine those savings with a top-rated coupon app you can download online. Those who use the two tactics can save about 10% per year on groceries.
College Scholarship Money is Available
Every year, millions of dollars in scholarship money go unclaimed. The only way to find out what your child can get is to use an online platform that lets users scan for opportunities and apply for multiple scholarships simultaneously. Note that most awards are for just a few hundred dollars, but winning several scholarships can add up quickly and offset the full cost of an education.