Guest post from Sarah of Saving Money Never Goes Out of Style
When it comes to savings, we often spend a lot of time focusing on coupons, special sales, and the hottest deals of the week. However, some of us frugal moms know it goes much further than that! Saving money for your family isn’t just about hunting down the next deal, but about making small lifelong changes in your home.
Here are 7 simple ways to save money every day that are easy to implement into your daily life. While not all will work for every family, you’ll easily find some tips that are simple changes you won’t even notice or feel like you’re sacrificing.
1. Ditch Paper Towels
If you have kids in the house you know that paper towels can be a monthly investment. Between meals, cleaning spills, and wiping sticky hands you are throwing away a ton of money each year.
Instead of buying paper, invest in some nice cloth napkins for your kids to use at meal time. Grab some old hand towels and wash cloths and designate those for cleaning up spills.
Tip: Colorful bandanas make great color coded dinner time napkins for large families! Each person has their own color to use.
2. Turn Off & Unplug Electronics
This is a great way to save money. While the savings are small, they do add up over time. Turn off all electronics when not in use and make a habit of hitting light switches as you leave a room as well.
Go even further by unplugging in between uses, too. That toaster sitting out on your counter that is rarely used? Simply unplug it and save yourself some money.
3. Plan a Menu
Taking the time to make a menu plan will cut back on last-minute take out and wasted food. And don’t forget to utilize your slow cooker during the school year or a busy season!
By having a plan in place, you will use more of what you have on hand and cut back on extra spending. No more running to the store for that one ingredient you forgot!
4. Learn To Sew
This is a great tip for those with girls, especially. Old pillowcases, t-shirts, ladies’ dresses, or men’s shirts can all be easily revamped and tailored into dresses for little girls. Shopping the thrift shop for gently used clothes in different patterns and styles can also lead to fun new revamped ensembles with a bit of sewing.
If you’re not a seamstress, even something as simple as replacing a button instead of throwing an item out is helpful. Or, if you have a son like mine, when he blows out the knees in his jeans, you can easily make them into shorts for the next season!
5. Brown Bag It
Taking your own lunch consisting of healthy portions of leftovers or specific lunch items can really save you a lot of money over time. If you also learn to make your own snacks and gourmet coffee, you’ll significantly increase your savings.
Don’t have time to make your own snacks all the time? Buying a box of granola bars in store is far cheaper than buying a single bar from the gas station or vending machine.
Do your kids like Lunchables? Make your own! All it takes is Ritz crackers, some deli meat, and cheese singles, and you’re good to go.
6. Cook From Scratch
It may seem like it will take so much more time, but simple things like making soups and beans in a slow cooker can cost a fraction of what canned varieties do.
Grab dry beans for $1-$2 a pound and cook them in your crock pot all day. When cooked, a $1 bag of dried beans will often be the equivalent to 4-5 cans you would have purchased at $1each. Over a year’s time, that can add up to quite a bit of savings in your grocery budget.
7. Pay With Cash
Make a point of paying for things with cash. There is a lot to be said about the concept of not buying anything else for the month once you run out of cash on hand. It helps you stay within your means, and not rely on credit cards. It also gives you a chance to save that change in a piggy bank for rainy days, treats, or vacations.
No matter what your household budget is, you can easily put into place a few of these 7 simple ways to save money every day and increase the money in your pocket. These things can free up money to pay off debt, or simply help you stop living paycheck to paycheck.
What simple things do you do to save money every day?
Sarah is a stay-at-home mom of two wonderful children. From homeless to well-off, this single debt-free mom is most known for her ability to live well on $18k/year. Sarah loves encouraging others that dreams do come true if they are willing to consistently work for it. Follow her blog: Saving Money Never Goes Out of Style.
Save more, spend smarter, and make your money go further
If there’s one thing in life to always bank on, it’s to expect the unexpected. While we like to think we have everything figured out, it’s hard to predict when certain events will occur. Whether it’s an accidental fender bender in stop-and-go traffic, a crushed roof from a fallen tree branch, or an unanticipated medical emergency, having the right insurance coverage might save you time, money, and headaches.
One insurance coverage policy that may be worth investing in is renters insurance. Pew Research Center found that more people are renting today than at any point in the past 50 years. This study also found that certain demographic groups, such as those with lesser education, young adults, and non-whites, are more likely to rent than other groups. With more renters on the market than ever before, it’s important to consider the various financial protections renters can take advantage of.
If you’re living in a rental property and want to ensure you, your belongings, property, and guests are covered from any unforeseen circumstances, continue reading our guide to renters insurance coverage below.
What is Renters Insurance?
Renters insurance is a form of risk management that protects you and your property, and generally provides legal defense fees and medical costs for anyone who may become injured on your rented property if you are found at fault. Renters insurance is like most insurance policies, such as home and auto insurance, where you buy a policy and make recurring payments. Then, if anything were to happen, such as a burglary, you can make a claim, and your renters insurance will provide a certain level of compensation for the stolen items.
What Does Renters Insurance Cover?
If you’re wondering, “What does renters insurance cover?” the answer is, quite a lot, depending on the coverage you select. From vandalism to explosions and everything in between, renters insurance coverage may give you peace of mind knowing your valuable items are protected.
Personal Property
You can never predict when disaster strikes. Your roof caves in after a blistering snowstorm, freezing you out of your home. You run down the street to get some groceries and return to find your apartment was ransacked. Or, a clueless driver plows right through your living room. It’s either happened to you or someone you know and while sympathy can ease some of the pain, usually money is the only way to replace valuable items like furniture and electronics. That’s where renters insurance coverage comes in handy.
Here’s a list of some events where a renters insurance policy might have tenants covered:
Theft: If someone breaks into your house and steals your personal property, such as your laptop, cash, or other items, your renters insurance may cover you once you pay your deductible. Renters insurance doesn’t only cover items in your home either. If you go on vacation and get pickpocketed, or someone breaks into your car while shopping at the mall, you can file an insurance claim for those losses as well.
Vandalism: If someone breaks into your home and decides to destroy your property with mischievous intent, you can file a claim to get reimbursed. So, if the neighborhood kids decide to drive by and smash your mailbox with a baseball bat, your renters insurance policy will have your back.
Fire, windstorms, lightning, hail, or volcanic eruptions: Basic renters insurance may cover damage inflicted by fire, windstorms, lightning, hail, and even volcanic eruptions. If a flash storm rolls through during the summer and your home gets struck by lightning, many of the damages might be covered.
Smoke: While fires are covered under renters insurance, so is smoke. Sometimes, smoke can damage your personal property without a fire even being present. For example, if you live in an apartment complex and a neighboring unit catches on fire and smoke seeps into your apartment, your renters insurance coverage can help with smoke-related damages.
An aircraft or vehicle that’s not your own: Unfortunately, if you happen to drive your car into your home, renters insurance usually won’t cover the expenses. However, if another driver or an airplane crashes into your apartment, renters insurance might come to the rescue and pay for damages that are covered within your policy.
Snow, ice, or sleet collapse: While it’s a good practice to shovel snow off of your roof, sometimes it’s extremely difficult or impossible. If heavy snow, sleet, or ice causes your roof to collapse, your renters insurance policy can help cover replacement costs for damaged items.
A short-circuit: A short-circuit is when an electrical device malfunctions or fails. A short-circuit can cause a variety of problems, such as a damaged TV or appliance. And, if your power goes out and all of your food in your fridge and freezer spoils, you can file a claim to cover the cost of your perished food.
Water or steam overflow: You never know when a pipe will burst, and when it does, it can lead to all sorts of problems. Rest assured knowing your renters insurance policy may cover damages that result from water or steam overflow.
Frozen plumbing: Sometimes, the sheer cold is strong enough to freeze the water in plumbing and HVAC systems. Then, if you try and run hot water, the frozen water can expand and may lead to a cracked piped, pouring water throughout your home. Some renters insurance plans may cover these damages. However, if you were away when the frozen pipe burst and you didn’t take necessary precautions to keep your home properly heated, you may be at fault and left with no coverage.
Water or steam-heating appliances: Additionally, any water damage from water or steam-heating appliances, such as your dishwasher or laundry machine, may be covered by your renters insurance policy.
Falling objects: Have you ever wondered what would happen if an asteroid came crashing through your home? If so, have peace of mind knowing your renters insurance coverage may take care of the destruction from falling objects such as fallen trees and space debris.
Riots: If a riot breaks out around your apartment and someone damages your personal belongings, your renters insurance coverage can help take care of the costs.
Explosions: Whether a transformer blew up or someone set off an explosive device that causes damage to the home you rent, your renters insurance policy may help pay for any of your items that were destroyed.
Other scenarios: Renters insurance may cover other scenarios as well. For example, Trulia explains how renters insurance can cover things such as waterbed leaks and even dog bites. Additionally, renters insurance can even cover bank or credit card forgery if a thief snatches your financial information from your home and decides to go on a spending spree.
Living expenses
The answer to the question, “What does renter’s insurance cover?” is not complete just yet. Let’s say, for example, a tree came crashing down in the winter, leaving a gaping hole in your home or apartment. You most likely won’t be able to live in your house, or you might freeze. If your place of residence becomes uninhabitable, renters insurance can help cover your living expenses while your rented home or apartment is under construction. These expenses include things such as hotel costs, groceries, and other incidental expenditures.
What Does Personal Liability Renters Insurance Cover?
A final area of expenses rental insurance covers is personal liability. Renters liability insurance may cover you if you are at fault for injuries that occur on your property. For example, if someone gets hurt on your property and decides to file a lawsuit, renters liability insurance might help pay for your legal fees, as well as medical expenses of the person who got injured.
Renters liability insurance may also cover the expenses of another person’s stolen or damaged property that happens in the home or apartment you rent. So, if you decided to borrow your brother’s laptop, and it was destroyed after a fire, a renters liability insurance might take care of the cost.
Ultimately, coverage can vary between insurance providers, so do your research and consider all of your options before selecting a renters insurance policy.
What Does Renters Insurance Not Cover?
While it may seem like renters insurance covers everything, there are a few things that are often not covered.
Personal belongings damaged from natural disasters such as earthquakes and floods: If you live in a high-risk area for natural disasters, such as Tornado Alley, along a river, or in a hurricane-prone area, you may need flood, earthquake, or other types of specialized insurance policies.
Theft or damage to your vehicle: While the valuables inside your car may be covered by renters insurance, any damage to your car, or theft of your car, is not typically covered. To insure your car, you might consider purchasing auto insurance.
Your roommate’s belongings: Unfortunately, your roommate won’t be able to freeload off your renters insurance plan. Instead, if they want their valuables covered, they will need their own renters insurance policy.
Damage caused by rodents and pests: Any damage from rodents such as bed bugs, mice, cockroaches, and other pests are often not covered by renters insurance.
High-value items like jewelry, antiques, and family heirlooms: If you have expensive items, such as antiques, high-end jewelry, or other valuable pieces, your renters insurance may not cover the cost if they’re stolen or damaged. Instead, you might consider purchasing additional coverage or buying a standalone policy.
Damages incurred from nuclear war or terrorism: This may not be your first thought, but many renters insurance policies exclude damages from nuclear war or terrorism on their plan. If you’re worried your home or apartment may be subject to destruction from war or terrorism, you might consider purchasing extra coverage.
How Much Does Renters Insurance Cost?
According to the Insurance Information Institute, the average cost of renters insurance premiums in 2016 came in at about $185 a year. Broken down monthly, the average renters insurance policy costs about $15.50 per month. When searching for renters insurance, it’s also important to know how your credit score comes into play.
The Insurance Information Institute explains how your credit score may impact your insurance score to determine if you have a history of making claims. A history of filing more claims may lead them to charge you more money. At Turbo, you can take advantage of our financial health tool and obtain a free credit report to determine where you stand so you can purchase a renters insurance policy that fits in your budget.
Key Takeaways on Renters Insurance
If you’re asking yourself, “What does renters insurance cover?” hopefully you can use this guide as a resource. Renters insurance coverage is a great way to protect some of your personal items and belongings, as well as the belongings and health of others visiting your property, so consider if this kind of policy is right for you.
Save more, spend smarter, and make your money go further
Previous Post
Clever Ways to Lower Your Electricity Bill Over the Summer
Next Post
What Is a Routing Number?
Browse Related Articles
Housing Finances
6 Nightmare Scenarios Where Renter’s Insurance Ca…
Financial Planning
Rent or Own, Here’s How to Insure Your Home
Financial Planning
Common Questions About Renters Insurance
Financial Planning
5 Different Types of Insurance Policies & Coverage…
Housing Finances
Property Detective: A Checklist for Renters (Infographi…
How to Shop for Life Insurance Using Mint.com
Rethinking Insurance: What You Really Need; What You Do…
Foolish Advice on Homeowners’ Insurance
Financial Planning
How to Choose an Insurance Plan for Your New Smartphone
Three Principles of Personal Finance: #3 Prepare for th…
Bed Bath & Beyond may be shuttering, but the vision it sold of a manicured, functional and up-to-date home, lives on.
Over its five-decade history, the retailer was a big contributor to the societal meme that a considerable portion of our paycheck ought to be devoted to the continuous improvement of our living spaces. Its shelves and catalogs were a testament to the notion that every household item — from toilet roll holder to mattress cover — was worthy of rigorous comparison shopping.
These days, much of that decor- and gadget-centric shopaholism has shifted to more competitive online offerings. But the core consumer appetites the retailer helped stoke — for things like smart garbage bins, movement-adapting mattresses, and bean-to-cup automated espresso machines — remains vigorous as always.
Search less. Close more.
Grow your revenue with all-in-one prospecting solutions powered by the leader in private-company data.
Startup founders continue to take these wants quite seriously. And while home decor and gadgetry has never been a mainstay of the venture capital business, there are always a few companies in the space that score some funding.
Household names
Arguably, modern life would look rather different had some of these ventures never managed to scale. iRobot, maker of the Roomba robot vacuums that are the scourge of dust mites and house pets, sucked up $30 million in venture funding in the late 1990s and early 2000s. And Keurig, a startup inspired by its founder’s distaste of old, stale office coffee, owed some of its early development to seed funding secured in the 1990s.
In recent years, startup investors have been shying away from big rounds for consumer products and electronics companies. They’ve also sustained some major losses on prior deals. This includes the oft-mocked Juicero, a startup that raised $118 million but went bust following reports that its $400 juicing machines performed no better than a person mushing its fruit and veggie packets by hand.
Today, startups should probably expect more rigorous diligence. That may be one reason we aren’t seeing a lot of deals getting done.
Even so, an analysis of Crunchbase data unearthed a decent cohort of recently funded startups with housewares and kitchen gadgetry. Below, we put together a sample list of 10 funded in the past couple years that have collectively raised over $377 million.
If I were to pick a rising star on this list, it would be Mill, a startup selling a $33 monthly subscription for a “food-shrinking, de-stinking” kitchen bin and food waste pick-up service. The San Bruno, California-based company has reportedly raised more than $100 million from backers including Breakthrough Energy Ventures and Energy Impact Partners.
Not just a cup of Joe
Coffee drinkers also have a few emerging names to follow. Spinn, which has raised over $44 million to date, employs “centrifugal brewing” and precision grinding in its $800 machines, which churn out custom-crafted espressos, filter coffees and cold brews. Terra Kaffe, meanwhile, has secured $15 million for its automatic bean-to-cup espresso maker.
Others are eyeing the bedroom. This included Brooklinen, maker of upscale bedding and towels, and Bryte, a developer of smart mattresses aimed at providing more restorative sleep.
Then there’s Aura Frames, maker of smart picture frames whose product could go in any room. The New York startup has raised over $40 million in equity funding to date.
The nice thing about the business of marketing a functional and beautiful home is that the minute you sell something, it opens up fresh demand for something else. Every gadget needs a place to put it, creating a potential customer for new, smart storage. Buying a new mattress invariably means also buying sheets and pillows too.
Seems we’re never really done spending. Or shopping. For home goods retailers, that’s just the way they like it.
Photo by Fabio Bracht on Unsplash
Stay up to date with recent funding rounds, acquisitions, and more with the
Crunchbase Daily.
Personal loans are a versatile, flexible way to acquire credit and can be used for lots of different reasons, from emergency bills to home improvements.
The post Top 10 Reasons to Apply for a Personal Loan appeared first on The Simple Dollar.
What are you spending all that money on? After reading this blog for a while, you already know what’s good for you, but there is still the odd slip-up. A few hundred disappear here and there for the odd fancypants luxury, or a few thousand on trips or keeping the BMW X5 around because hey, […]
You can feel it, can’t you? The burst of energy? The desire to get outside. The need to just do something. The whole spring renewal thing is legit. Hence why it really is wise to harness some of that new-found energy and put it toward…spring cleaning! It is a thing…
The post How to Tackle Spring Cleaning Like a Pro appeared first on Apartment34.
Ready to start making more easy money? Here you go. Whether you are looking to start your own business, or whether you just want some fast cash to pay down debt, or buy a little something extra, more income rarely hurts. Earning more than you spend is about finding an active way to improve your […]
The post Make Some Money: 35+ Easy Ways to Earn Extra Income appeared first on Good Financial Cents®.