5 Financial tips for the 2nd week of November 2011

Have a look at the 5 financial tips for the 2nd week of November 2011:

Tip no 1 - Buy required car insurance for used car so as to save money.

You need to purchase an auto insurance policy for a used car. Make sure you insure your used car prior to taking it into the road. Usually, you won't have to pay a high amount for the collision and comprehensive coverage on a used car. However, the insurance company may charge a high amount for the liability coverage. You may have to pay the rate at par with the liability coverage for a new car.

Get to know about the premium rates charged by different insurance companies. You may also ask your insurance agent about the types of coverage you would need for an unused car. There is no need to purchase unnecessary coverage for your old car and waste money.

Tip no 2 - Invest your savings so that they can grow.

If you have a substantial amount in your savings account, then you can invest it in various markets to increase your cash-flow. Wise investments can help you get a good return on your money in the long run. Research on the market in which you want to invest your hard earned dollars. For example, if you're planning to invest in a stock market, then get to know about the stock trading tips from a broker. The broker can tell you when and what stocks you should buy or sell. If you invest your money as per the advice of the broker, then it will help you increase your savings in the long run.

Tip no 3 - Get your house evaluated before buying and applying for home owner's insurance.

Get to know about the condition of your house before applying for homeowners insurance. This is mainly because the age of your home, condition of the wiring and roof, the structure of your house will make a huge influence on the premium rate. If your house is very old, then the insurance company is likely to charge a high premium rate upon you.

Your home location will also determine your premium rate. If your house is located in a place which often gets hit by a cyclone, then also your premium rate will be higher than that of the others.

Tip no 4 - Try to use the Internet to the optimum, when using an unlimited plan.

If you've opted for an unlimited plan, then you should use the Internet to the optimum level. It will be a total wastage of money if you don't use Internet judiciously. Use Internet to do your various works every day. You can even ask your friends and family members to use Internet in required. If you have a child, then you can ask him/her to play online games. You can also do online jobs after returning from your home, and earn extra money.

Tip no 5 - Update your will.

Many a times, people keep their will in the bank lockers after preparing it. Most of them even forget about the will. However, financial experts are of the opinion that people should update their will during various situations. For example, if you want to include a person in your will, then you need to re-evaluate your will, and make the necessary changes with the help of an attorney. You'll have to update your will if your property value increases. Your will should also be updated in the event of a marital separation.