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Five Times It’s Okay to Spend

by admin on August 2, 2013

Anne Cadwallader,  recently published an article, 5 Financial Corners You Should Never Cut.

In our fluctuating economy even the most financially secure consumers are looking for ways to cut back on expenses but this article points out a few of the sacrifices that may not be worth the risk.

1. Insurance-  A  friend in the insurance business would always remind me, “Its better to have it and not need it, then to need it and not have it.” As Cadwallader states,  “By surrendering the money now, you will pay far less later.”

2. Medical Care- Your most valuable asset is you. If you are the only bread winner in your household, even if you share the burden with a spouse, losing your income would be a hard blow to recover from in addition to hospital bills if you don’t take care of your body. While not everything can be prevented or foreseen the survival rate for most serious illnesses increases when detected early on. So don’t hold back on routine check ups.

3. Credit Card Bills- A common mistake people make is using their credit card to keep money in their bank account. This ‘charge now pay later’ mentality is very harmful to your finances in the long run, when you charge more then you can immediately pay back you occur high interest charges making it harder to pay off.

4. Retirement Savings- While many companies offer a 401k program this may not be enough. If your goal is that boat house in Boca then you need save for it now. More and more seniors are having to return to the workforce after retirement not because they didn’t prepare but because it wasn’t enough.

5. Your Mattress-  As previously stated your most valuable asset is yourself, take care of it! If you penny pinch on this major purchase you could be subjecting yourself to sleep disorders and other health risks that can result in decreased productivity (this is a problem because more productivity normally means more income). According to the National Sleep Foundation adults need seven to nine hours of sleep a night, “approximately one-third of your life!” If  you plan to spend 33% of your time somewhere don’t you want it to be comfortable?

 

For the full article:

5 Financial Corners You Should Never Cut                                   

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