Home > Cutting Spending > My 2013 “Boring Financial Topics” Action Plan

My 2013 “Boring Financial Topics” Action Plan

Candy1

When was the last time you go jazzed about tax withholding, or talked about your liability coverage at a party.  Sometimes I tend to avoid boring topics, and since these are fairly major costs to my budget, I decided it’s time to change.  So Here’s my plan.

I decided to make a list of the topics I still need to look into in 2013.  It’s not that I’m totally clueless, it’s just that I’ve found other opportunities more fun (like getting an instant $100 signing bonus for a credit card).  Here’s what I need to learn more about so I can optimize the associated costs going forward.

1. Tax Withholding

2. Car Insurance

3. Health Insurance

So far, I’ve been a little afraid to touch these parts of my budget since making a mistake could end up costing me dearly.  But 2013 is the year to hit up the library for books on these subjects and really understand what I need.

So let me tell you what I know about these topics so far, and we can revisit this once I get my learning on!

Tax Withholding

Because I am withholding too much in taxes, I’m essentially giving the government a loan of about $4,000.  I get it back when I do my taxes, but it’s unnecessary.  That’s $4,000 I can use to invest and grow my net worth.  I think all I need to do is call up my HR department, but I haven’t gotten to it yet.

Car Insurance

Because I didn’t know what I was doing when I signed up for this straight out of collge, I think I bought the “Cadillac”.  I have been hesitant to switch just because I don’t want to gamble with such a catastrophic issue.  I need to just read up on car insurance and determine what I need.  Since I only drive about 9,000 miles/year, I can probably handle a high-deductable, lower cost insurance… but we’ll see.

Health Insurance

This is one issue I’m truly scared to touch.  I’ve had a number of major medical issues in the past, and I’ve got ongoing medical “stuff”.  I am certainly paying for the “cadillac” of health insurance, but it’s worked out really well so far.  I need to be 100% sure I know what I’m doing before I switch to a high deductible, lower cost option.

Get to it!

I know I’ll feel better about my decisions once I learn about these topics, but man, the just seem soooo boring right now.  But I firmly believe that doing the stuff that other people are unwilling to do will make you rich, so it’s time to get to it!

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Categories: Cutting Spending Tags: ,
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  1. December 12, 2012 at 4:57 AM

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