6 Simple Ways to Save Money at Home

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  With the economy being what it is, people are more conscious about their expenses. The last thing you want to be doing is spending money on things that are not essential. There are simple ways to save money at home, which can cut down your bills significantly. Use energy-efficient appliances If possible, buy energy-efficient appliances such as washing machines and dryers that have lower water and energy consumption levels. These will help save energy and thus money over time because they consume less electricity than their non-efficient counterparts do. Consider replacing your old refrigerator with an energy-efficient refrigerator. You may not be aware of the fact that your fridge is one of the biggest consumers of power in your home. An inefficient refrigerator can use up to 300 kWh per year, which is more than 10% of the total household energy bill. So, it is important to get an efficient one that uses less electricity and saves you money on your electricity bill. Use en

Planning for your loved ones’ future


Later on in life, you’ll want to make sure that both you and your loved ones are financially secure. You want to make sure that, at the very least, you can afford the basics, and, when you eventually pass away, your family is well looked after. Buying an annuity helps enormously with that, although there are a few pitfalls worth avoiding when it comes to choosing death benefits, especially when it comes to payments made to the taxman.  


According to my pension expert, annuities are designed to help provide regular pension payments for anyone who’s saving money from an early age for retirement. Second to buying a first home, it’s one of the most important purchases that a person can make in their lifetime. This is why it’s important to take your time when purchasing one, especially when it comes to choosing one that offers favourable rates and ensures that, if you pass away, the money left goes to the ones you love rather than the exchequer.

To ensure that your annuity is protected from any lowering of rates or any income being unfairly taken in the form of tax, you should think about death benefits. Death benefits mean that any income from your annuity can stay from the moment it’s taken out until you pass away, and even beyond that point.

Funds left in an annuity after death are either vested, where 55% of it will go directly to the taxman. Meanwhile, unvested funds go to the spouse/beneficiary tax-free. When taking out an annuity, make sure that any money remaining post-death is unvested. This will help your loved ones to live more comfortably after you’ve gone and pay for funeral costs and other expenses.

Comments

  1. When it comes to pension plans, it's important that you get  the best deals and ensuring that you and your beneficiaries can endure the most out of it.

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  2. I came from a pre-need company offering pension, educational and investment plans.  The holders are insured so whatever happens to him/her, the plan is fully paid. Acquiring plans like these depends on the stability of the company so that benefits will be enjoyed and availed.

    ReplyDelete
  3. This hasn't really sunk in my mind yet. I still haven't planned anything financially except to save up for my future. Thank you so much for sharing about this. I somehow got enlightened, and will consider getting a pension plan in the future :)

    ReplyDelete
  4. My husband is sure to have a pension later on...I on the other hand, don't I haven't worked regularly with a company, I might as well do it as a contribution from my earnings. :/

    ReplyDelete

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