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Asked by Anonymous

how can I do to save money?

A good way to start saving money is by creating a budget, detailing all of your income and expenses each month. It is important to remember to update your budget as your income and expenses change.

Your income is the money you bring in each month. This can be a fixed income - like a salary - or a variable income - based on commission - or a mix of both. To make a budget, first you should add up and record your monthly income.

Next, take a look at your expenses each month. Some of these will also be fixed, such as rent, car payments or other utility bills. Other expenses will vary, like groceries or transportation costs.

Once you have outlined your average monthly incomes and expenses, you will be able to see how much extra money you have left over. While some unexpected expenses may come up each month, you should be able to put a percentage of your money into a savings account.

Learn more about creating a budget and saving money.

Disputing Credit Card Charges

I admit it: I’m not the best at saving all my receipts and comparing them to my credit card statement at the end of the month. I do, however, check my credit card charges a couple times throughout the month to make sure everything looks OK.

Luck was on my side the other day, when I noticed a charge that seemed higher than what I remembered paying. I dug through my purse and found the crumpled dinner receipt at the bottom, buried beneath sunglasses, tissues and who knows what else.

When I compared the total at the bottom to what was on my statement, I realized I had been overcharged.

I’ve never had to deal with an incorrect charge on my credit card before, so I wasn’t sure exactly what I needed to do.

I went on the credit card website and there were very clear steps to follow to get the charge fixed. I called the customer service rep and she had the situation resolved in about five minutes.

I would be charged the amount on the receipt and the difference would be removed from my statement.

The moral of this story is that I need to be better about saving my receipts and reviewing my credit card statement so I can catch any future errors.

Have you ever had to dispute a charge on your credit card? Was it an easy process or did it take you a long time to get it resolved?

Disability Income Insurance

Most of us don’t really like to think about events like disabling illness or injury. Let’s face it, who wants to think about such bad things? However, we all owe it to ourselves and our families to take a little bit of time out of our busy lives to think about what we would do should a “what if” scenario occur. We all need to determine what resources we would have to keep paying our bills and maintaining our lifestyles.

Disability insurance can come in 3 forms:

  • Government-sponsored programs like workman’s compensation or Social Security Disability Insurance;
  • Private employer-sponsored group disability plans that may cover short-term, long-term, or a combination of coverage; and
  • Private individual disability income policies that guarantee income when there isn’t enough coverage from employer or government sponsored programs.

How many of us know exactly where we stand in terms of benefits should a disabling event occur? We can all look at our Social Security statements to see what monthly disability income we would get. For most of us, this amount would not cover all of our normal expenditures.

If you are employed, check with your employer to see if you have disability income coverage. If you do, find out:

  • What benefits would be available to you
  • How long after the start of a disability you would have to wait before benefits begin
  • How long payments would continue
  • If your employer’s plan takes other disability coverage (such as government programs) into account
  • If your long-term disability benefit is subject to a maximum amount you can receive

You can find most of the answers by asking for a booklet describing the disability coverage your company offers.

These resources that can help you determine how much coverage you have and whether you need additional coverage:

The other thing to keep in mind, it may take a while for disability insurance to begin. You should always have some money saved for emergencies.