It's Time to Slim Down!

Most people make slimming down a vital part of their New Years resolution! With summer on it's way, slimming down is pretty important if you're heading to the beach or planning on sitting by the pool.

But, I'm talking about another kind of "slimming down"...the kind that allows you to sit by the pool and enjoy yourself no matter what size you are! I'm talking about slimming down your life! We all have "things" we need to drop...things that are weighing heavy on our budget or on our time.

Call your insurance companies. You probably have homeowners, renters or automobile insurance if not more. Tell your agent you want to find out if you qualify for any additional discounts. Ask your agent to help you find ways to reduce your premiums. It can be as easy as attending driver-safety classes or submitting your teenagers good school grades.

Drop your long-distance calling plan. As a matter of fact, you might even want to drop your entire land-line. With the advent of so many prepaid long distance phone cards, paying for long distance services on your home phone is ridiculous. There are often many hidden fees in addition to your long distance charges. And you probably have a great cellular plan already at work...drop the land-line and go mobile!

Investigate your Private Mortgage Insurance (PMI). If you bought your home with less than 20% down, you are probably paying a lot for PMI (which is NOT Mortgage Insurance). PMI is insurance that protects the lender in case you default on your loan. Once your equity reaches 20% of the current market value of your home, you can drop the PMI. Call your lender and find out where you stand. You may have to pay for an appraisal to prove the market value of your home but that will be worth it compared to the costly PMI premiums that are hidden in your loan.

Find a free checking account. Consider using a local credit union or internet banking. Check the fine print to make sure if they require a minimum balance.

Consider refinancing your home. Call your lender to see where the mortgage rates stand compared to the interest you're paying now. DO NOT TAKE CASH OUT. Before you make your final decision, compare the total payback not just the monthly payment.

Refinance your automobile loan. Just like your home, rates may have dropped significantly since purchasing your vehicle. Call your lender to find the details. Check with smaller, local banks or credit unions for their current rates.

Open a savings account. If you already don't have one, get one. Find a bank or credit union with low minimum requirements and storing away all that money you're saving!

Now, I can see you by the pool, enjoying a lemonade! My, you look good!

Please contact us or leave a comment if you would like some more information on this topic.