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We assume you have automobile insurance but you might want to look into disability insurance. This insurance may cost you no more than 1% of your gross income but could pay 80% of your net income over the life of the policy. There are two types of this insurance. They are short- and long-term. Short-term policies generally provide benefits for up to 104 weeks while a long-term policy may pay you for as many as five years or up to age 65. Of course, the longer the benefit period the higher the premium you will pay.
The fourth key to having a happy financial life is also very simple – live within your means. A simple way to do this is to set the maximum amount of money you will spend each week or each pay period and then stick to it. You may have to track your spending for a few weeks to determine what that amount should be. As noted earlier in this article there are a variety of smart phone apps available that can make doing this easy.
Do comparison shopping before buying a big-ticket item and don't let coupons or special offers woo you into buying things you don't really need. Never forget that money spent is money you will never have again. So think wisely before buying anything costing more than $40 or $50.
This is the area that gets tricky because unless you're part of the affluent 1% there will be times when you will be required to borrow money – in the form of a credit card or personal loan. When you borrow money, be sure to treat the debt sensibly, whether it's via a credit card or auto loan, it can help you build your credit and your credit score. However, credit cards can be an especially slippery slope. If you do use one make sure to pay off your entire balance at the end of the month. If you need a loan shop around for it just as you would a major appliance. Compare the terms and interest rates of several lenders and choose the one that best fits your finances.