4 tips to avoid a debt accident ruining your finances

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    Do you think you live in a safe area? Whether it is due to dropping your guard in familiar territory or due to the inevitable frequency, most car accidents typically happen just a few miles from home.

    You don’t have to be near your home for another accident to strike near your home. We all know how much a fender bender can ruin your day. But what do you do if you are responsible for an accident that could potentially ruin your financial stability?

    Don’t let up on your vigilance when you’re on the last stretch home. And if you are ever responsible for an accident, don’t leave the house without reading these four tips to protect your finances.

    Tip # 1: “The right size” for your car insurance

    They essentially mean the same thing, but there is a crucial difference between “responsibility” and “liability” when it comes to car accidents. It’s okay if you responsible in a car accident while there is insurance liable Therefore.

    Liability insurance is just as important as wearing seat belts while driving a car because it can help you protect your assets if you are ever responsible for property damage or personal injury.

    You need to choose adequate liability insurance to cover any damage you may suffer in an accident. However, if you pay too much for auto insurance, you may be tempted to choose low dollar liability insurance.

    When was the last time you checked car insurance prices?

    You should buy your options every six months or so – this could save you quite a bit of money. But let’s be honest. It probably isn’t the first thing you think about when you wake up. But it doesn’t have to be.

    A website called Insure.com makes it super easy to compare car insurance prices. All you have to do is enter your zip code and age and your options will be displayed.

    With Insure.com, people saved an average of $ 489 a year.

    Yup. That could be $ 500 in your pocket just to take a few minutes to consider your options.

    Tip # 2: Cover Your Life, Not Just Your Car

    Let’s just say it. Death, death, death – it’s an awkward word, and it’s an issue that many of us would rather avoid.

    While it is inevitable that our time will come some day, there are preparations we can make now to help our loved ones cope in a world without us.

    Although there are exceptions, when you die, debt usually doesn’t go away.

    Have you ever thought about how your family would do without your income in your absence? How are they going to pay the bills? Send the kids through school?

    Life insurance can help you leave money for loved ones. In many states, this money is protected from lawsuits.

    You’re probably thinking: I don’t have the time or money for life insurance. But your application can take minutes – and you could leave your family up to $ 1 million with a company called Bestow.

    Prices start at just $ 16 per month. Knowing that your family is being cared for is priceless.

    If you’re under 54 and want a quick quote on life insurance without a medical exam or even getting up from the couch, get a free quote from Bestow.

    Tip No. 3: Stock up on your emergency reserves

    If you are at fault in a car accident, it is likely unlikely that you would want to use your emergency savings to pay compensation, unless the damage owed is minor. But even temporarily without a car can be expensive. This is where your emergency savings could help.

    You’ve probably heard that the best way to grow your money is to put it in a savings account and keep it there for, well, forever. That’s bad advice, especially if you’re just trying to open an emergency fund or keep a young savings account.

    Maybe you’re just looking for somewhere to safely stow it away – and still make money. Nothing will help you under your mattress or in a safe. And a typical savings account isn’t going to do you much better. (Ahem, 0.06% is nothing these days.)

    But with a debit card called Aspiration, you can earn up to 5% cashback and up to 16 times the average interest on the money in your account.

    Not too shabby!

    Enter your email address here and link your bank account to see how much extra cash you can get with your free Aspiration account. And don’t worry. Your money is FDIC insured and is subject to military encryption. This is nerd talk for “that’s perfectly safe”.

    Tip # 4: Carpool your debt with consolidation and refinancing

    Personal loans aren’t just for bougie people who want to update every surface in their kitchen with solid granite countertops, status seekers who really shouldn’t be buying the Car on the Salary or the “all gas, no brakes” types who pile up massive credit card debt.

    Personal loans are just that – lines of credit offered for a variety of personal reasons. There aren’t many better uses for a personal loan than preventing a personal injury attorney from turning your life into a massive real estate sale.

    If you need a personal loan of up to $ 50,000, AmOne can offer you a low-interest loan that can be used to pay off every single one of your balances.

    The advantage? You have to pay an invoice every month. And since personal loans have lower interest rates (AmOne rates start at 3.49% APR), you become debt free the much faster. Plus: No credit card payment this month.

    AmOne won’t even make you stand in line or call your bank. And if you are concerned that you will not qualify, you can check it out online for free. It only takes two minutes and could help you pay off your debt years faster.


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