There are things to understand about your insurance coverage. For instance your deductible is an important feature that requires you to pay a small amount before the insurance company will process your claim. If you are unable to pay your deductible your claim will likely be delayed. In the case of flood damage, your property may not be covered by insurance. Many do not realize that flood insurance can only be issued by the federal government. Be aware careful of insurance companies that may not be a reputable as the national carriers. Read more…

https://www.moneytalksnews.com/slideshows/15-important-things-you-probably-dont-know-about-your-insurance/ 

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Do you bring your lunch to work or buy your lunch? If you calculate your lunch expenses after a few weeks you may spend a few hundred dollars. Take lunch to work and save the money you would normally spend and place it in savings. If you are able to do this for a few months of the year you will be surprised what you can save. Try it and see!

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It doesn’t take much effort to slip into debt. Stay the course by taking a few simple measures. First, know where you stand by computing your debt to income ratio. Don’t keep up with the Joneses, use the charge card less, track your spending, and plan your purchases. Remember to adjust your spending and try to boost your income to keep a reserve for emergencies.

https://www.moneytalksnews.com/the-7-simplest-ways-sidestep-debt-trap/

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A recent article in Money Wise revealed a prison inmate learned about financial literacy and is also teaching fellow inmates how to manage money. What is so admirable about this is that when this young man was incarcerated he could not read or spell. Inspired by an older inmate to learn about the stock market, he teaches others and incorporates his life lessons. First, avoid emotional spending. Second, avoid overspending on material items. Third, you can make money in the stock market. The prison system has a work program that pays an inmate less than one dollar a day. Years after incarceration, nothing is saved or set aside and $200 may be given to begin life on the outside.  As a juvenile, Mr. Carroll will be paroled soon and has the skills to succeed and help other inmates as well.

https://moneywise.com/a/overcoming-financial-illiteracy-the-curtis-carroll-way

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Raising bail money is often a barrier for individuals that are financially vulnerable. This means if you cannot raise bail money you must remain incarcerated until your trial is scheduled, which may be months or years depending on the jurisdiction. California’s governor, Jerry Brown just signed sweeping legislation to eliminate cash bail for pretrial detention, a barrier for many Californians. This will take effect in October 2019. California (New Mexico and New Jersey have similar laws) to address the topic of mass incarceration and the bail bond industry which thrives on the most vulnerable among us. Risk assessments will gauge how persons will either remain in jail for sex crimes and other serious felonies or free for nonviolent crimes until their trial is scheduled. We will be watching closely to see if other states consider making this change for millions of Americans.

http://amp.sacbee.com/news/politics-government/capitol-alert/article217461380.html

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If you have explored ALL of Your Options and decided to file bankruptcy, you need to know your rights. Understand what you are and aren’t responsible for moving forward. Get everything in writing, search questions that you may have and understand exactly how bankruptcy affects you and your family. If you have to save or borrow (never get a pay day loan) to file Chapter 7 bankruptcy, do your do diligence in this area. Bankruptcy can be a financial relief for you, however if you are encouraged to file Chapter 13, you may be in for a surprise if you are unable to comply with payments and get in deeper financial trouble than you were at first.

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The bankruptcy system allows two choices, Chapter 7 or Chapter 13. Chapter 7 allows one to discharge debt while Chapter 13 only allows debt to be discharged after making regular payments for 2-3 years. In Memphis, Tennessee – Chapter 7 is costs $3,000 to file while Chapter 13 is free to file and allows the individual to make payments to cover the $3,000 costs. Individual believe they will get relief from debt. In most states, in the south persons can only afford to file Chapter 13 which has limited financial relief. In most instances, the bankruptcy court and attorneys benefit from the average bankruptcy. In some states, you can only file Chapter 13 and Chapter 7 is not an option. This is indeed a travesty to the persons that seek relief from their debt. For more info:

https://www.cnbc.com/2017/09/28/how-the-bankruptcy-system-is-failing-black-americans.html

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Credit unions aren’t for everyone, but they could be the place to go for better customer service, kinder loans, and better interest rates on your savings account.

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Hint: A wedding isn’t one of them. Only dip into your emergency savings account if you’ve lost your job, you have a medical emergency, your car breaks down, you have emergency home expenses (like a leaky roof), or you need to travel to a funeral. Otherwise, if you can’t afford it, just say no.

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If you keep both of your accounts at the same bank, it’s easy to transfer money to your checking account. Way too easy. So avoid the problem. Place the accounts a different banks to prevent transferring money from one account to another from week to week.

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