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Planning for Success: Establish Automatic Transfers – Day 27

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Planning for success - Day 27

Photograph Credit: iStockphoto

Knowing that a successful year will not materialize on its own, we must plan and prepare for a prosperous 2013.

Throughout the 31 days of January, I will choose one topic each day to prepare or schedule for this year.

Without preparation, I know I will forget, miss, or overlook certain items. If you desire an organized year, then join me in this adventure of Planning for Success for a prosperous 2013.

To receive a daily e-mail around 11:00 a.m. with the new posts of each day, subscribe to my free daily newsletter. In case you miss a post in this series, I will provide the link to each day as the month progresses. 🙂

Day 27: Establish Automatic Transfers

With all the conveniences of the 21st century, my life should seem easy and relaxed, but it’s not. In saving time using modern technology (i.e. washing machine, microwave, etc.), I don’t use the “extra” time to relax. Instead, I fill those sections with more to do (i.e., cutting coupons, cleaning, organizing, etc.). These other things are necessary, but I miss those lazy days of summer where life trots at a slower pace.

Of course, I feel the crunch of my schedule more this year due to my two older children in school and on difference schedules. Spending 2 hours in the van each day eats up a chunk of my day, but on an upnote, the school year is half over. 🙂

Having resources available to ease my memory and prepare for the future, I learned the value of automatic transfers for direct deposits, savings accounts, and retirement savings. Though we are currently not using all three of these options, Paul and I have used each of these during our 14 years of marriage.

Direct Deposit

Getting our paychecks automatically deposited into our checking account saves time and money. Without picking up the check and taking it to the bank, I can quickly access our account on-line to verify the deposit. The money in the account is available for use immediately, so no waiting is needed.

Stopping by Walmart last Friday was an eye-opening experience. The customer service line was out the door. Then I realized that all these individuals were cashing their payroll checks at a cost of $3 each. Yikes! I can think of other ways to spend that $3, but that choice costs these individuals time and money.

Savings Account

By using direct deposit, our financial institution offers scheduled transfers. Similar to bill pay, the amount you designate transfers from one account to another account on the date you specify. This option is great for increasing your emergency fund and your savings account.

Suggestion: If you desire to increase your savings and need a suggestion to do so, then read  How to Save Nearly $1,400 in a Year . . . One Week at a Time, a fantastic post by Pamela from Lawrenceville, Georgia, who contributed on The Krazy Coupon Lady’s website.

She sets a goal, breaks it down into weekly segments, and shows how to execute. I love this simple concept which you can adjust to meet your needs throughout the year.

I like setting a dollar amount to transfer the day after payday from our checking to our savings account. I increase our savings without spending time or forgetting to make the transfer.

Retirement Savings

If you have a retirement account outside of your employer’s plan, you might have the option to setup automatic withdrawals from your financial institution. Vanguard has a short form for investors to authorize transfers. This system works well as you may cancel or change the parameters of the exchange at any time.

In planning for success, establish automatic transfers. With this little convenience, you can grow your accounts without spending your time making each transfer.

If you change your mind, then make adjustments as needed. In using time wisely, automatic transfers won’t take us back to the lazy days of summer, but they can increase our efficiency. Happy relaxing and establishing!

Question: What automatic transfers have you established?

Guest Post: Is a Reverse Mortgage Right for You?

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With budgets getting so tight already this year, you may consider selling unused items, refinancing your home, or getting a reverse mortgage to increase your income. Before accepting a reverse mortgage offer, please consider the pros and cons. To help us understand a reverse mortgage, I present Kay Winders of badcreditloans.org, our guest post writer today. Thank you, Kay! ~ Tracy

Guest postMany seniors find that they spend the majority of their adult, working life paying off the mortgage on their home only to struggle to maintain the taxes and upkeep on their homes once they retire and are no longer making the same income.

For many, a reverse mortgage provides the answer they need to solve their financial difficulties, either for maintaining their homes or for taking care of other obligations that become difficult on a limited income. Or, it can just provide the money needed to truly enjoy retirement.

With a reverse mortgage, the bank pays out a loan based on the amount of equity you have in your home. The money can be paid out in a lump sum, issued in monthly payments, or given as a line of credit.  You retain the title to your home (and the responsibility for taxes and repairs), and the bank is paid back when you sell your home (or your heirs pay it back when you die).

Like any loan, it is important to evaluate all the pros and cons to determine if a reverse mortgage is the right choice for you. Here are a few factors that you should consider when making the decision:

Your Age

Banks consider your age when deciding whether to grant you the loan and what interest rate to charge you. The older you are, the more likely you are to be approved for a loan. That’s because you are likely to have more equity built into your home and because the bank will assume that it will be responsible for the monthly payout for a shorter amount of time.

How Much You Owe

To qualify for a reverse mortgage, you must own your home or be able to pay off the amount you owe at the time of closing on the reverse mortgage. The bank can’t pay you for a home that you don’t legally own outright. If you still have many years to go before you pay off your home, just wait until you are close enough to the finish line to pay off the rest while still profiting from the reverse mortgage.

The Value of Your Home

You will have to pay back the reverse mortgage when you sell your home — or your heirs will have to pay it off when you die. It’s important to consider trends in the real-estate market before you choose a reverse mortgage. If the market tanks in the next few years, the value of your home may plummet, and you may not be able to sell your home for what the bank paid you for it. If the value of your home drops, you may pass on big debts to your heirs.

Inheritance Plans

Many people want to leave their homes behind for their children or other family members as an inheritance. If you get a reverse mortgage on your home, you won’t own it outright anymore, and you will risk not being able to leave it to your heirs. Even if you don’t sell your home and pass it on to your heirs, they will be responsible for paying off the reverse mortgage when you pass, potentially saddling them with large debts.

A reverse mortgage is a great way to get the money you need during retirement to either provide an income stream or to fund your travels or other retirement projects. However, you should carefully consider these issues before deciding if a reverse mortgage is right for you and your family.

Question: Have you secured a reverse mortgage on your home? Tell us why it was the right decision for you in the comments!

Kay Winders is presently the resident writer for badcreditloans.org, where she researches the best way for people to pay off their debts without damaging their credit. In her spare time, she enjoys freelance writing, the beach, and gardening.

Planning for Success: Prepare Your Medical Spending Record – Day 20

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Planning for success - Day 209

Photograph Credit: iStockphoto

Knowing that a successful year will not materialize on its own, we must plan and prepare for a prosperous 2013.

Throughout the 31 days of January, I will choose one topic each day to prepare or schedule for this year.

Without preparation, I know I will forget, miss, or overlook certain items. If you desire an organized year, then join me in this adventure of Planning for Success for a prosperous 2013.

To receive a daily e-mail around 11:00 a.m. with the new posts of each day, subscribe to my free daily newsletter. In case you miss a post in this series, I will provide the link to each day as the month progresses. 🙂

Day 20: Prepare Your Medical Spending Record

Keeping the paperwork under control is an ongoing battle. Between the mail and on-line statements, the documenting and checking this information continues.

One set of documents that comes monthly is our medical spending statement. Having explained in detail the benefits of a medical spending account or a health savings account, I advised Paul to enroll again for 2013 which he did. 🙂

Having determined approximately how much we plan to spend in medical expenses for 2013 at our open enrollment session, we signed up and received confirmation of the changes from 2012. Taking that information and verifying against our request, I recorded the information on my Medical Spending Record.

Free Printable

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  2013 Medical Spending Record (.pdf version)

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 2013 Medical Spending Record (.pdf version)

2013 Medical Spending Record (Microsoft Word version)

2013 Medical Spending Record

You are welcome to download, customize the Microsoft Word version, and use this free printable. To share this resource with others, please forward the link to this post rather than sending the file directly.

Thank you for protecting Using Time Wisely’s copyright.

With 5 columns, I record the dollar amount, date, transaction, date processed, and balance.

1. Dollar amount: The amount spent or deposited.

2. Date: The date of service.

3. Transaction: Description of payment (e.g., Tracy’s doctor’s visit, Paul’s prescription, Tracy’s contacts, etc.).

4. Date Processed: The date the transaction cleared your account.

5. Balance: Total amount left to spend for 2013.

By recording our medical payments to our Medical Spending Record, I can quickly verify the information when the statements arrive and know our balance left to spend.

For those of you using a Health Savings Account (HSA), your financial institution should provide a saving register for your information. With your HSA, you will have deposits, withdraws, and dividends. As you prepare for 2013, keep your account balanced.

In planning for success, prepare your medical spending record. I have used the Medical Spending Record for a number of years. The simple spreadsheet tracks our expenses and payments, so I am sure to use all these funds for our medical expenses this year.

As you scrimp and save this year, follow your Medical Spending Record to prevent unused medical funds at the end of 2013. Remember, you will lose what you do not spend in this account. The advantage is using pre-taxed dollars for your medical care.

When not in use, file your Medical Spending Record within your insurance file under category Tax-favored Programs. Happy organizing!

Question: How do you prepare for your family’s 2013 medical expenses?

Planning for Success: Secure Doctor’s Appointments – Day 13

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Planning for success - Day 13

Photograph Credit: iStockphoto

Knowing that a successful year will not materialize on its own, we must plan and prepare for a prosperous 2013.

Throughout the 31 days of January, I will choose one topic each day to prepare or schedule for this year.

Without preparation, I know I will forget, miss, or overlook certain items. If you desire an organized year, then join me in this adventure of Planning for Success for a prosperous 2013.

To receive a daily e-mail around 11:00 a.m. with the new posts of each day, subscribe to my free daily newsletter. In case you miss a post in this series, I will provide the link to each day as the month progresses. 🙂

Day 13: Secure Doctor Appointments

I realize that most of us do not like doctor’s appointments. Other than a sick visit here and there, our family mostly sees the doctor for yearly annual exams. By getting preventative care, we address any concerns and track our health from year to year.

Knowing how blessed I am to have a healthy family, I have limited appointments to make. However, many of you could quickly fill an entire calendar with just your family’s doctor’s appointments. From routine visits to surgery, secure doctor appointments and stay organized by adding them to your calendar.

Though your list will differ, here are the doctor appointments I will make and add to our 2013 calendar:

    • Dental appointments – biannual cleanings
    • Internal Medicine – annual visits
    • OB/GYN visit – annual check
    • Pediatrician visits – annual well-checks
    • Periodontist – dental specialist, implant check
    • Vision appointments – annual visit

In planning for success, secure doctor appointments and add to your planning tool. As some of these visits have been set at the prior visit, I just transferred those dates to my calendar. For the other visits, I schedule a day to call for an appointment, and then I will add the appointment when set.

As you continue using time wisely, schedule doctor visits. I know they are not fun and that you are not sick. But preventative care can save you money, energy, and time. I know it helps our family save $500 per year. Happy scheduling!

Question: How often does your family visit doctor’s offices?

Planning for Success: Insert Credit Report Schedule – Day 6

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Planning for success - Day 6

Photograph Credit: iStockphoto

Knowing that a successful year will not materialize on its own, we must plan and prepare for a prosperous 2013.

Throughout the 31 days of January, I will choose one topic each day to prepare or schedule for this year.

Without preparation, I know I will forget, miss, or overlook certain items. If you desire an organized year, then join me in this adventure of Planning for Success for a prosperous 2013.

To receive a daily e-mail around 11:00 a.m. with the new posts of each day, subscribe to my free daily newsletter. In case you miss a post in this series, I will provide the link to each day as the month progresses. 🙂

Day 1: Select a Planning Tool

Day 2: Add Your Priorities

Day 3: Print and Display Your Menu Planner – with free printable

Day 4: Record Membership Expiration Dates 

Day 5: Mark Due Dates for Monthly Bills

Day 6: Insert Credit Report Schedule

With the rise of identity theft, everyone must carefully consider who gets her personal information. Even being careful with your information, hackers and thieves may still gain access. To protect your accounts and learn of issues promptly, request your credit reports throughout the year.

AnnualCreditReport.com provides one free credit report from each of the three credit bureaus each year. All three bureaus should report your information accurately. Therefore, if any new accounts have been opened, you would see that information on your report.

In our household, I request reports from different credit bureaus for Paul and I every 4 months. This way, we can see two different reports to be sure our accounts are still accurate.

My recommended schedule has worked for us. Just remember if you follow my schedule, to check the date of your prior year’s report. To get the free report, you need to wait one full year before getting a new one.

On our calendar, I have added notations to these months to check the following credit reports:

FEBRUARY

  • Paul – Experian
  • Tracy – TransUnion

JUNE

  • Paul – Equifax
  • Tracy – Experian

OCTOBER

  • Paul – TransUnion
  • Tracy – Equifax

In planning for success, insert a credit report schedule into your calendar. By checking your credit, you will find any discrepancies and catch any newly unauthorized activity before more damage is done.

A quick note in your calendar with the chosen credit bureau will remind you to review your credit report for free. Wishing that all your accounts remain free from identity theft as you check your reports often. Happy recording!

Question: How is your schedule similar or different from mine?