The Insurance Doctor

Month: November 2019

  • 6 Tips to save $$$ on Holiday Shopping

    6 Tips to save $$$ on Holiday Shopping

    Last year people spent on average $1,000 per child for the holidays.  Heed these tips to avoid out of control spending:

    1. JoinHoney.com: On your iPad, desktop or laptop click www.JoinHoney.com and add the extension.  This extension (not for phones) automatically searches for the best price and attaches coupons, often cheaper than Amazon when you are checking out!
    2. Make a budget: Budget X dollars per person and keep the list with you while shopping.
    3. Points, Points, Points Credit cards, Verizon, AAR, and many other companies offer points to discount prices.
    4. Buy Toys early others late: Statistics show prices are best on Toys early so buy those first and wait on other goods and services.
    5. Search out Free Shipping: This can add up over multiple purchases.
    6. Secret Santa: For Christmas celebrants consider a “secret Santa” where each person is assigned 1 person to buy for instead of buying for everyone. Set a price max and watch your stress levels go down.  My family adopted this strategy years ago after my Mother calculated she was buying 80% of all family gifts.
  • 5 Last Minute Year-End Tax Tips

    5 Last Minute Year-End Tax Tips

    Whether you are an individual and/or business owner, the following 5 tips can save you money in 2019!

    1. Maximize 401K deductions for 2019: Unlike IRA’s and SEP’s, 401K contributions can only be deducted in the tax year they are deposited.  Taxpayers should check their pay stubs to make sure they are maximizing their 401k limit which is $19,000 for 2019. (higher if they are over age 50).
    2. Prepayment of State Taxes: Individuals can deduct taxes paid to state and local agencies on their Schedule A.  By paying before year-end they can claim the deduction for 2019 instead of waiting for next year.
    3. Donation to Charity: Any donations to charity must be made by December 31st, 2019 to be considered a completed gift for the 2019 tax year.
    4. Deferral of Income until 2020: Individuals can request bonuses be deferred until January.  Cash basis service businesses may consider delaying their November and/or December billings until January to minimize 4th quarter income and defer taxes on that income until 2020.
    5. Prepayment of personal/business expenses: Individuals and business owners may look to prepay expenses for supplies, materials and/or services to accelerate deductions for 2019 instead of 2020.
  • 10 Tips to avoid gaining weight this winter

    10 Tips to avoid gaining weight this winter

    The winter is a time when many folks (especially in cold weather states) hibernate and gain weight.  Diet fads and quick weight loss schemes rarely work.  Changing habits and lifestyle choices are a better way to approach the issue.

    1. Be realistic: Setting unrealistic goals that won’t be achieved is a good way to get depressed and gain weight. Set modest short-term goals to lose weight safely.
    2. Don’t skip meals: Skipping meals will cause your blood sugar to drop, often causing irritability and less efficient burning of calories.
    3. Eat light snacks before going out: Having a small piece of fruit, yogurt, cheese or almond butter on an apple or banana will make you less likely to binge on fatty food late night.
    4. Eat slowly: Chew your food slowly and thoroughly so you can taste and enjoy it. Chewing aids the digestion process.
    5. Be selective: Eat small portions of your favorite foods including protein, high-fiber options and veggies. Try to avoid eating sweets or carbs without proteins.
    6. Take a 5 minute time out mid-meal: Taking a time out starts digestion and can curb your appetite for seconds.
    7. Choose beverages wisely: Try to avoid sugary drinks. Alcohol is also high in calories, about 7 per gram. Liquors, sweet wine and sweet mixed drinks contain between 150-450 calories per glass.
    8. Exercise: Classes and group activities can work and folks can be supportive.  Other options are stationery bikes or just get the dog out for a long walk and/or jog.
    9. Eat omega 3 fats: Fish oil is important year-round for it’s proven ability to reduce heart disease, decrease pain while supporting blood sugar balance.
    10. Celebrate life!: Make a list of everything that makes you happy and try and do one of those things every day.To trim the ‘fat’ from your finances contact the Robert here.