A Financial Safety Net: The Importance Of Car Insurance

One small mistake when at the steering wheel of your car can change your life forever. One jumped stop sign; one late reaction to a changing traffic light; one reckless gear shift on an icy road, can lead to a car accident that can have financial, physical, and psychological ramifications.

In order to give yourself a financial safety net to protect you from – at the very least – the financial ramifications of a car crash, it is essential that you insure your car with the most comprehensive coverage available in your local area.

Below is a list of reasons why you should have comprehensive car insurance

It is a legal obligation

It is illegal to drive a motorcar on the roads without any form of insurance. If you are caught driving without car insurance, you are not liable to prison time; however, you will receive penalty points on your driving license and an unlimited fine. There are different minimum car insurance coverage requirements in each state or country, but it is best if you invest in the most comprehensive coverage you can acquire in your local area. This will ensure that you meet the requirements at all times; even if there are any law changes. For Canadian residents, belairdirect provides auto insurance across all principalities, and provides comprehensive coverage for all drivers.

Liability coverage

Liability coverage is an essential part of your car insurance coverage. This type of coverage provides you with a financial safety net if you accidentally cause damage to someone’s car or cause injury to another person through reckless driving. Accidentally injuring someone through careless driving will undoubtedly lead to you feeling extremely guilty. However, while you mentally beat yourself up, ensure that your bank balance does not also take a hit by covering adding the highest possible liability coverage – usually $100,000 per injured person – to your car insurance plan.

Medical expenses

Depending upon its severity, a car accident can cause untold physical trauma. Ensure that your automotive insurance policy will cover any personal medical expenses that you may encounter after a car accident. Comprehensive coverage will allow you to claim expenses for: Emergency Medical Technician and ambulance fees, hospital overnight stay, x-rays, emergency surgery, nursing and professional care, dental procedures, and even funeral costs if a car accident unfortunately results in fatal injury. Personal Injury Protection – if available in your local area – will also cover loss of earnings if you are unable to work due to car accident related injuries.

Car damage coverage

Ensure that you car insurance will cover car crash damage and also any damage caused by vandalism, theft, or natural disasters. Mechanic labor fees can be extremely excessive, and depending on their availability, new parts for a car can be so expensive that it may be worth simply buying a new car. In order to make sure you do not have to pay for the damage caused to your car, acquire automotive insurance that will pay for any mechanical damage that occurs in an accident.

5 Tips for Responsible Credit Card Use

Credit cards can be a useful financial tool in a number of ways. Aside from the purchasing power they provide, most credit cards come with beneficial rewards, and responsible credit card usage can help build and improve your credit. However, the key word in that statement is responsible, and improper credit card use can put you into a financial hole that is hard to escape.

In this way, credit cards are like fire– their usage can have a number of meaningful benefits, but irresponsible or careless use can create serious damage. According to recent research published by NerdWallet, consumers in America owe a total of $784 billion in credit card debt. The average American household with credit card debt owes balances totalling at $16,883, and this costs them approximately $1,300 per year in interest.

This is not meant to discourage responsible consumers from utilizing credit cards, but irresponsible credit card use can build excessive debt, damage your credit score and create a vicious cycle that is hard to escape.

This article is designed to help educate those who are new to credit cards, those who have already dealt with credit card debt or anyone who simply wants to learn better habits. Using these strategies and using your credit cards properly can greatly improve your credit score, reduce the stress of debt and give you more financial freedom and stability.

1. Remember they are credit cards

This means that you are essentially borrowing money every time you use your credit cards. They are not magic wands that give you free money, and everything you spend will have to be paid back with interest. Trying to think of every credit card purchase as borrowing money will help you be more cautious with your spending.

2. Only spend what you can afford

Just because your credit card has a certain limit does not mean that you have to use that much. In fact, if you use your cards responsibly, you should never have to think of your credit limit, as it will have no impact on how much you spend.

Your credit card expenditure should depend solely on how much you can afford to pay back when the bill comes, and you don’t even have to spend that much. A general rule of thumb is to keep your credit card balances less than 10% of your monthly income.

3. Use your money first

Many people make purchases using credit cards before using cash or debit cards, but this can be a mistake that creates bad habits and leads to more mistakes. Especially if you are inexperienced with credit cards, it is best to use the money you actually have before dipping into credit. A simple rule is to use cash or debit on everyday expenses and only use credit cards on large or irregular purchases.

4. Find the right card for you

Credit card rewards can be one of the most useful, beneficial aspects of the cards, and you should use them to your advantage. The first step is to find the right card– with the right rewards– for you.

If you travel a lot, use cards with hotel and airline rewards; if you are a college student, get a student card that rewards you with electronics and useful gift cards. There is a credit card for any interest, vocation and person out there, and sites like offers.creditcard can help you identify the right one for you.

5. Ignore the minimum payment amount

You should pay as much of your credit card balance as possible, and it is best to pay it in full each month. Paying the minimum may seem like it is temporarily helpful, but this will quickly rack up loads of interest. This should go without saying, but you also need to pay your bills on time.

Carefully budgeting and determining how much you can afford to spend ahead of time will greatly influence and benefit your credit card spending. Spend your cash first on regular expenses, find the right card for you, spend only what you can afford and pay your balances on time to experience all the benefits of responsible credit card use.

Why a Franchise is a Brilliant Business Decision

There are a myriad of reasons you should be considering a franchise as your next business venture. Often they can sound a little gimmicky or too good to be true, but actually, that is far from the truth. By the end of the article, you might be ready to sign on the dotted line.

The support is unrivaled. You are taking the reigns of a well-loved business that has an owner who cares about their staff, business, and branding. There is already a marketing plan in place; you will have to follow the steps and use the tools provided to get the proven success of all of the franchises before you. There will be people on call to help you should you have any questions and usually they can help you with regional marketing plans and budgets too.

All good franchise companies have continual training for their franchise owners. They will likely pride themselves on keeping their staff up to speed on all new legislation, health and safety, company policy and other things like team working, they also usually have some of the most informative networking sessions around.

The types of franchises you can purchase are endless and surprising. The senior care business is one that is currently thriving, and while it might not have been the first franchise that pops into your mind, it is one that is both lucrative and has longterm staying power. So pay attention to all sectors.

There is a power behind the name. Franchises are usually very visible and successful businesses that hold a lot of weight. You can use that to negotiate everything that goes into running your franchise, from stationery suppliers to more substantial items like uniforms, furniture and discounts elsewhere for your staff.

Risk avoidance is no small thing either. There are so many little pitfalls you don’t see coming when you open a business, most of these can be totally avoided when you opt to go with a franchise business.

Two of the big-hitting reasons to opt for a franchise are :

Track record of success

Strong brand

Any legendary franchise has developed their magic formula for doing great business, and it has a track record likely going back years. They are also required to give you a lot of information, including disclosures and access to previous franchise owners. So you can do your due diligence and talk to other people who have ultimately chosen their business to join. Any business decision is worth taking time over, and while this type comes with less risk than others, it is still worth putting the effort in to ensure you and the business are a match.

Branding. A robust and recognizable brand is no small thing. Any brand that has built either regional or national recognition is putting the hours in from the top down. They already have loyal customers who respect the brand and place some value on the service or products that it provides. Brand loyalty can be make or break for start-up businesses, and it’s rather beautiful to be in safe hands with a franchise.