Spring is coming, everyone! It is actually in sight now, so things are looking up! Our committee is talking about the 2021 Women's Financial Conference, and it might be able to be held in-person once again. So stay tuned for details and keep your fingers crossed that the COVID situation continues to improve.
For this month, we are highlighting taxes. We know you really don't like doing this, but we promise to help make it as easy as possible. You might even find some last-minute moves you can make that will make you giggle in glee at pulling one over (legally) on the tax man. Check out some additional information on taxes on Cornell Cooperative Extension of Steuben County's Roadmap to Financial Success class series, where the March session covers everything taxes! Find out more here.
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Understanding Your Tax Return |
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Bundle Your Policies
If you have home and auto insurance, you may save money by bundling your policies. Most companies offer bundles that can save you an average of 10-25% on each policy. That’s nothing to sneeze at since AAA estimates that the average cost of car insurance is about $1,202 annually, and some people pay much more than that if they live in a high-cost area, have accidents on their driving record or have bad credit. But just because most insurance providers offer bundling discounts doesn’t mean they’ll always provide the best deal.
Bundling auto and home insurance or other types of insurance can often make sense. Here are some of the benefits you can expect if you bundle your policies:
- Lower premiums: How much you can save depends on which policies you bundle, which insurer you use, and where you live, but you can generally expect a discount when you bundle your policies. Many companies offer up to 25% in savings.
- One account: Rather than juggling bills from multiple insurers, you can access all your policies and payments in one place. That means fewer apps on your phone and fewer passwords to remember.
- One provider: If you enjoy the customer service you get with one of your insurers, it could be wise to bundle your policies with the company.
- A single deductible: Some insurance companies will only require you to meet one of your deductibles if an incident leads to a claim on both your car and your home. If you use separate insurers for each, you’d need to pay both deductibles.
Most insurers will let you bundle any insurance policies they provide. If you want to bundle your car insurance and renters insurance but your provider doesn’t offer renters insurance, you’re out of luck. That’s why it can make sense to go with a more comprehensive provider if you maintain multiple active policies. However, you should always compare the total cost to make sure you’re saving when compared to using different insurance providers. Some popular bundling options include:
- Car and home or condo insurance
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Car and renters insurance
- Car, home and life insurance
- Renters and pet insurance
- Car and other vehicle insurance (motorcycle, boat, etc.)
- Life and disability or long-term care insurance
- Health, disability, and dental insurance
The biggest savings are typically reserved for customers who have three policies or more with the same company. For example, you could potentially bundle your car, home, life and umbrella policies with the same provider.
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Biggest Credit Score Mistake |
According to money expert Clark Howard the Biggest Credit Score Mistake is Thinking You Have to Carry a Balance to Build Credit.
The truth: No, you don’t! You can build a great score without paying interest on your purchases.
This misunderstanding does a lot of damage. Here’s the responsible — and cheap — way to use credit cards:
- Have a budgeted amount that will go on your credit card each month
- Track your spending so you stay within your card’s budget
- Don’t charge more than 30% of your available credit. Keep it below 10% if you want to boost your score quickly
- Pay your bill in full every month and always by the due date
Stick to this plan and you’ll be on your way to an excellent credit score. And don’t forget to pay all of your bills on time, not just credit cards.
Your payment history makes up a whopping 35% of your FICO score, so do whatever you need to do to remind yourself when bills are due.
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Did you know the average person only wears 20% of the clothes in their closet on a regular basis? If you come across clothing that you haven’t worn in the last 6-12 months, it’s time to get rid of it! Consider donating these clothes to a local Goodwill.
Besides downsizing your wardrobe to make outfit decisions easier, you can take this time to pack up your fuzzy sweaters and bring out the shorts. As you switch to the new season, hang your clothes in backwards and as you wear an item, hang it in correctly. This will help you to see what you haven’t worn for the season and helps to let it go.
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Sign up for the 2021 Conference! |
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The 7th annual Southern Tier Women's Financial Conference scheduled for September 26, 2020 at the Corning Country Club in Corning, NY has been postponed. The event has been rescheduled to October 23, 2021 when it will again be a great way to join other women as we learn how to improve our mind, body, and checkbook!
The Southern Tier Women’s Financial Conference is coordinated by Amy Irvine CFP®, EA, MPAS℠, Rooted Planning Group; Nancy Williamson, CEO, ServU Credit Union; and Nancy Reigelsperger, Cornell Cooperative Extension of Steuben County, Financial Educator.
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Thank you to our amazing conference sponsors: |
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