Posted by, Amanda Green

City living is where it’s at if you hope to find steady work in this economy. But that doesn’t mean being a city dweller comes cheap. Property tends to be more expensive and so are goods and services. In order to successfully survive urban life without going bankrupt, you need to become savvy at saving money. When it comes to the particulars of residing in a metropolis, the following are five helpful hints at going about things the most economically responsible way possible:

Buy a hardy home: As one urban Texas house flipping couple I met once said: “We buy houses Dallas Texas will never see collapse in a hundred years.” One benefit to city property priced more per square foot is that older structures tend to be built out of stronger materials. Compared to the Spackle-and-particle board assembly of newer suburban homes, buying a sturdy urban domicile is probably a smarter long-term investment, especially when you consider how easy it is to rent out city property.

Stick to public schools: Many city dwelling middle-class families opt to put their kids in private academies out of fear of sending their children to infamously hellish inner city schools. But the drawback to this strategy is of course the cost; public school is free, private school costs you. Instead, strive to get your kids into a magnet school, or vet the nearest public option before completely giving up on sending your kids to school for free.

Own as little personal property as possible: It’s probably not smart to own an expensive boat or motorcycle and keep it within city limits, as big-city personal property taxes tend to be noticeably higher than those in smaller communities. You probably can’t lose the car, but try and own as little costly property as possible if you plan on becoming a city dweller.

Drive as little as possible: Virtually all major American cities have some form of public transportation. Take advantage of it as much as possible, or walk to as many locations as you can. Don’t wear out your car by driving back and forth through a centralized area when cheaper or completely free alternatives exist.

Experience free free time: You won’t be able to find a free golf course anywhere, but just about every American city tends to have a park, playground, and tennis courts within walking distance from every neighborhood. Instead of sitting at home watching PPV, take advantage of the multitude of activities that big cities have to offer. Chances are a decent number of them are free.

City living isn’t cheap, but due to a shrinking job market and a sour overall economy it’s becoming more and more necessary. In order to survive the drastic increase in spending as well as the hustle and bustle itself, stick to city-centric ways to save. It can be the difference between you seeing big city success or suffering through urban strife.

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Posted By Laura Rossman of Longevity Alliance

If you are a baby boomer you probably know firsthand about the costs of long term care from helping your parents or friends.

And here is what you’ve found out: it’s confusing; it’s expensive and it’s emotionally exhausting. You struggle through; you figure it out because there aren’t many options.

So, here is the really big question that can change your financial future and save your children the stress you are going through…

What have you done about long term care planning for yourself?

Here are the facts:

• More than two-thirds of people over age 65 will need some level of long term care as they age.
• Your nest egg will be at risk to pay for long term care expenses.  Medicare does not cover long term care. Medicaid long term care services are only available to low income seniors.
• Long term care is expensive. A new report from Northwestern Mutual says the average cost of hourly home health aides is between $20.65 – $23.98; assisted living facility private room costs an average of $3,3372 per month; and, nursing homes cost an average of $246 per day or $89,812 per year.

So, the first thing you need to do is a plan for long term care.  Who will provide care, what kind of resources do you have available, do you have family close by who are able to help, and how do you feel about asking your children to care for you? It should be part of your retirement plan.

One option to consider is long term care insurance. It covers the costs of care when you can’t take care of yourself.  This is not health insurance.  It pays for help with activities of everyday living – getting dressed, preparing meals, moving around – referred to as custodial care.  It is flexible and pays for care at home, in a nursing facility or assisted living community.

Here are four tips to consider when shopping for long term care insurance:

1. If you plan to move in retirement, buy coverage for where you will be living.  Costs vary widely depending on the part of the country.  Don’t overbuy. Select a coverage amount for where you will reside.
2. When you need long term care your regular expenses will change.  You’ll be able to shift some funds to cover long term care on your own, so may be able to share costs with the insurance company.  A $100 a day policy can make a big difference to those who are helping care for you!
3. Buy long term care insurance when you are younger and healthy.  Most people buy in their 50s when the premiums are less.
4. Compare plans and prices from 2 to 3 companies.  Costs can vary significantly.  Ask about the financial stability of the company and its reputation for paying claims. Buy from someone experienced in long term care insurance.

Facing long term care costs now, and can save your family emotional and financial stress and strain in the years ahead.

Laura Rossman heads up marketing and communications for Longevity Alliance, an independent national insurance broker who helps seniors compare and find the best long term care insurance for their needs. Laura has been in the health and senior care services industries for over 20 years.

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Posted by Elizabeth Retton

With the endless list of expenses which pile up during the planning phase of a wedding, all brides and grooms to be search diligently for ways to save money on their nuptials. Unfortunately, the splendor and celebratory nature of this special occasion often means shelling out money in extravagant fashion. One of the wedding costs which can quickly take a bite out of your bottom line is the photography used to document the multitude of memories which will soon take place. Everybody wants to show off pristine, professional photos of their extravagant wedding day, which means exchanging quality for savings is out of the question. By taking advantage of the following five ways to save money on wedding photography, you can assure that your wedded bliss is fully captured on film without breaking the bank.

1.)    Negotiate a Lower Rate – A professional wedding photographer is always the best way to go if you want to be fully confident in the final product. However, in today’s bleak economic climate you should not feel obligated to pay premium prices for premium photography. Most workers providing their services on a freelance basis, including the majority of wedding photographers, are feeling the financial crunch and will be more than willing to negotiate a fair price to secure your contract. Be up front and ask prospective photographers if they are willing to work with you on the fee, and you will soon secure a great deal.

2.)    Practice Due Diligence – if you elect to contract the services of a professional wedding photographer, you must be prepared to scour the local marketplace for the best deals. Contact companies and compare rates, ask around the local community and find out everything you can about the competition in your area. When you are informed and prepared during the hiring process, the chances of you being ripped off or overcharged are significantly reduced.

3.)    Consider a Photography Student – A visit to your local community college or university’s photography department can yield surprisingly effective savings. Young and ambitious photographers will be hungry to gain your patronage, and their drive to succeed means you will receive dedicated service. Make sure to examine their portfolio beforehand to confirm their skill level and acumen, and then let them loose during your wedding to let their talents shine.

4.)    Approach a Photographically Minded Friend – Planning a wedding involves inviting dozens and dozens of guests, which means you may just have a photographer friend on your invite list. Ask them discretely if they might consider lending their services to your special day and you will be surprised by the generosity shown to soon-to-be newlyweds.

5.)    Take Your Own Photos – The power of Photoshop has turned us all into amateur photographers, so why not try your hand at capturing and crafting your wedding memories? You can always touch-up or refinish digital photos, so have fun with it and see how many amazing and creative shots you and your wedding party take during the night of revelry.

Elizabeth Retton is a contributing writer for EssencePV, the premier source for wedding photographer in Chicago.

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