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Jan 13, 2010
Many people don’t recognize the need for long term care insurance. The average cost for a semi-private room for 1 year is $68,000. The average stay in a LTC facility is 2.2 years. Most people would need to plan for that type of major expense. There is a general feeling among Americans that if they have the need for long term care that their family will take care of them in the home. Although that may be the case, at some point the level of medical assistance needed will surpass the ability of family. Home health care is much less expensive than care in a facility. The average is about $18,000 per year based on 3 visits from a healthcare professional per week. Medicare and health insurance do not pay for LTC. However if you have exhausted all of your assets you may be eligible for Medicaid assistance through your state. It is a last resort for many people as the thought of losing the majority of their assets in order to get the care they need is not something they want to think about. As with any insurance, LTC premiums are based on your age and therefore are less if you are younger when you enroll.
Jan 11, 2010
I have been a grocery coupon clipper from the time my little hands were able to hold up a pair of scissors and cut with them. Every week, my mother would religiously go through the coupon book inserts in the Sunday paper and mark the coupons she wanted me to cut for her. I would then meticulously cut the marked coupons, one by one, while we talked about our week. As I got into my teenage years, of course I had better things to do with my time so I stopped coupon clipping with her.
Jan 08, 2010
Jan 06, 2010
It is common to worry about paying the bills every month and if you are struggling to pay the bills, how would you be able to save? How do you save for your retirement or a vacation or that new flat screen TV? I want 2010 to be the year you really put down some goals for yourself financially to make the changes you need. I may not be the most eloquent writer, but I would like to share a few steps I have used in paying myself first. These steps are not rocket science, but they will make you aware of your spending habits so that you may develop an achievable savings plan. Take a look and seize the opportunity to make positive changes in your finances this new year.
Jan 06, 2010
Although some people claim that they never want to retire, the reality is that eventually health concerns will force them. A recent independent survey showed that only 43% of Americans have calculated how much they need for retirement. Of those that have a 401K available, as much as 25% do not participate. The average American spends 20 years in retirement. A major determining factor for most people is Social Security. Social Security pays you about 40% of your pre-retirement earnings. If you have had any opportunity to meet with seniors, you will see that if their only income is Social Security they are not doing very well. Some claim that Social Security will no longer exist in the near future. Many people think that they cannot afford to save for retirement. The fact is that it won’t happen for you. You must take the steps to make it happen. Even if that step is contributing 1% to your 401K, or setting aside $50 per month into an IRA or some other plan that gains interest. Even a little progress is better than none.
Jan 05, 2010
Did you know that you can save money every time you shop at Target by bringing your own recyclable/reusable bag? Target will subtract five cents off your total bill for bringing in your own reusable bag, no matter the item limit. I have four reusable bags in my car that I use for every day shopping. They fold nicely and hold quite a bit of stuff. Instead of lugging ten grocery bags to the car, I have one reusable bag that holds everything.
You can buy a reusable bag from Target for $.99 or you can use your own bag, whichever you prefer.
Not only do you help the environment with your reusable bag, but you are saving money too. Five cents may not seem like a lot but it sure does add up!
Jan 05, 2010
myMoneyPower is giving away TWO $25 Target Gift Cards to TWO lucky readers! Each reader may only win one prize for this giveaway. This is the first of many giveaways being hosted on the myMoneyPower Blog over the next few months. Some giveaways will be exclusive to the different media channels myMoneyPower offers. For instance, we have plans for a contest that would be exclusive to the Facebook fans. So make sure you become a fan on Facebook, follows us on Twitter, and subscribe to our RSS feed!
Dec 31, 2009
A lot of you probably received gift cards over the Holidays and might need some help making sure you get every penny of your gift. Here are a few tips you may want to consider to get the most out of your present.
Dec 30, 2009
Gas prices are always jumping higher and higher! This isn’t helping anyone’s wallets, especially with current state of the economy. Here are five simple tips to help you save money on gas!
Dec 30, 2009
![identity-theft-protection-why[1]](http://www.mymoneypower.com/blog/wp-content/uploads/2009/12/identity-theft-protection-why1-300x199.jpg "identity-theft-protection-why[1]")
These days people are more inclined to be more aware when it comes to their income and expenses. A recent Federal Trade Commission survey found that in 1 year, a total of 8.3 million Americans found that they were victims of Identity Theft. Not only is that lost money rarely recoverable, but there is also a dollar amount that can be attributed to the time spent re-establishing your identity with the Police, credit card companies, and other accounts. Another issue is that 56% of the victims don’t know how the information was stolen. Enrollment is some type of Identity Theft Protection program is a good way to help you. These companies monitor your credit for activity and monitor your social security number and other personal information on the Internet. It may not prevent identity theft from happening, but they can identify that it happened quickly and more important, help to re-establish your good name.
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