### The day has finally come! 

You have probably not been looking forward to this moment, but nonetheless it's coming! Student loan repayments have been on moratorium since 2020 and will resume on October 1st (though interest will have started accruing on September 1st). 

There is still time to be able to prepare healthily for student loan repayments - here are 6 steps!

![](/images/pexels-mikhail-nilov-6963914.jpg)

### 1. Know Where You Stand

The first step to tackling any challenge is understanding it. Take a moment to gather all the details about your student loans – how many you have, the total amount owed, monthly payment amounts, and the interest rates for each loan.

### 2. Incorporate Payments into Your Budget

If you don't have a budget in place, now is the time to create one. Include your student loan payments as an essential expense, just like groceries or rent. By integrating this obligation into your budget, you'll be better equipped to manage your finances and avoid unnecessary stress.

### 3. Pause Excess Savings

While having an emergency fund is crucial, it's important to strike a balance between savings and debt repayment. We typically recommend having $1,000 in a mini emergency fund while paying off debt - having a lot more than that in cash while paying off debt can slow you down, divert your focus as well as not put your money to work harder. 

Consider temporarily pausing (**not ceasing**) excess savings and redirect that towards paying off your student loans.

### 4. Don’t Lend IRS Money For Free

Take a close look at your tax withholding. If you received a large tax refund earlier this year and your situation hasn’t changed, you might be over-withholding and effectively lending money to the IRS at 0%, while accruing interest on your student loans! 

For guidance on adjusting your tax withholding, check out this [blog](https://www.getfinhealthy.com/blog/paycheck-withholding/).

### 5. Thoughtful Repayment Plans

There are now likely more repayment options available to you than before, including income-driven plans that reduce the minimum monthly payment.

As you review your repayment options, it can be tempting to opt for the lowest monthly payment. However, keep in mind that extending the repayment period might accrue more interest over time as well as delay the day when you can be free of debt!

Evaluate each plan's impact on your budget and debt-free timeline. Embrace the challenge of tackling your debt head-on rather than delaying it further.

### 6. Seek Help and Support

You are not alone on this journey! At Hoboken Grace, we are committed to fostering a community where conversations about finances are open and healthy. Don't hesitate to ask for assistance. 

We offer resources such as [Financial Peace University](https://hobokengrace.churchcenter.com/registrations/events/1875066), a practical 9-week class that equips you with the tools for better financial health, as well as [confidential financial coaching](https://www.getfinhealthy.com/checkup/) from experienced individuals who understand the journey firsthand.


6 Steps to Prepare for Student Loan Repayments

As we head into the final stretch of 2022, December inevitably becomes a time when we start to think about fresh starts and the beginning of a new year. If financial wellness is one of your New Year’s Resolutions, there are several money moves you can make in December to set yourself up for success in 2023.   

Consider these 6 ways to make your money go further this year and beyond.

![](/images/pexels-tima-miroshnichenko-6693655.jpg)

**1. Maximize Your Charitable Giving through “Bunching”**

Nonprofits do invaluable work around the world, and there are ways to help the causes you care about in a way that also makes sense for your finances. One of those ways is through charitable gifting and “bunching.” The bunching strategy is when you make multiple years’ worth of contributions in one year to maximize deductions in a high-tax year. It allows you to itemize beyond the standard deduction in the year you bunch all your giving, and take the standard deduction in the “off-years.”

This can also be an impactful strategy for donors experiencing a high-income year or preparing for retirement, since you can maximize your tax benefits when you need it while creating a ready reserve to support charities over time.

**2. Multiply Your Charitable Giving through an Employer Match**

Do you work for a company that offers a match for charitable contributions? It is easy to find out! Charity Navigator offers a search tool on [their website](https://www.charitynavigator.org/donor-basics/giving-101/employee-match-programs/) to find out if your employer offers a charitable match. The match likely has an annual limit. Be sure to keep proof of your gift, which may require providing contact information for a receipt.

If you need a record of your Hoboken Grace giving, just [email us](mailto:giving@hobokengrace.com).

**3. Max Out Your Tax Advantaged Account Contributions**

Contributing to tax-advantaged accounts, such as a 401(k), 403(b), HSA, and 529 college savings plan, can reduce your current year’s taxable income. Take the time to check your accounts and see if you are approaching your annual contribution limits. If there is room in your budget, schedule an additional contribution to max out the full benefit for the year.

*401(k) / 403(b) Contribution Limits*

For 2022, your individual contribution limit is $20,500, or $27,000 if you’re age 50 or older. 

*HSA Contribution Limits*

Maximum contribution amounts for 2022 are $3,650 for self-only and $7,300 for families. The annual “catch-up” contribution amount for individuals age 55 or older is $1,000.

*529 Contribution Limits*

529 plans do not have annual contribution limits. However, contributions to a 529 plan are considered completed gifts for federal tax purposes, and in 2022 up to $16,000 per donor, per beneficiary qualifies for the annual gift tax exclusion.

*IRA Contribution Limits (taxable)*

For 2022, the total contributions you make each year to all of your traditional IRAs and Roth IRAs cannot be more than $6,000 ($7,000 if you're age 50 or older), or if less, your taxable compensation for the year.

**4. Utilize Your Remaining FSA Funds**

Flexible Savings Accounts (FSAs) are a tax-free way to way to pay for medical-related expenses throughout the year. The maximum contribution to an FSA account in 2022 is $2,850, with a carryover limit of $570. Unlike Health Savings Accounts (HSAs), which rollover their savings year to year, FSA funds are “use it or lose it.” You typically have until the end of the calendar year to use any remaining funds. 

There are many things you can buy with your leftover FSA dollars. Some surprising items that are FSA eligible include:

*   Sunscreen

*   Ancestry kits with health reports

*   Air quality products, including air purifiers and air filters

*   Acupuncture and chiropractic procedures

To find a full list of eligible FSA products, check out [FSAstore.com](https://fsastore.com/) or visit the [Amazon FSA and HSA Store](https://www.amazon.com/FSA-Store/b?ie=UTF8\&node=17904040011). 

Note that some employers offer a brief rollover period for FSA funds. Check with your FSA administrator for your FSA fund’s expiration dates.

**5. Apply for Property Tax Relief (Available to Eligible New Jersey Residents)**

The Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) program provides property tax relief to New Jersey residents who owned or rented their principal residence (main home) on October 1, 2019, and met the income limits outlined below.

*Who is Eligible and What is the Benefit?*

*   Homeowners with income of $150,000 or less will receive $1,500.

*   Homeowners with income of more than $150,000 and up to $250,000 will receive $1,000.

*   Renters with income of $150,000 or less will receive $450.

*   All payments will be issued as checks or direct deposits beginning late Spring 2023. 

*How do I apply?*

*   Homeowners can file online by visiting the [NJ Division of Taxation website](https://www.state.nj.us/treasury/taxation/anchor/index.shtml) or file by phone at

*   1-877-658-2972. Renters must file online.

*   ***\*Filing deadline is January 31, 2023.***

**6. Prepare for Upcoming 2023 Tax Changes**

The IRS [recently announced](https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2023) changes to tax year 2023’s standard deductions and tax brackets. 

*Changes to the Standard Deduction*

The standard deduction for married couples filing jointly for tax year 2023 rises to $27,700, up $1,800 from the prior year. For single taxpayers and married individuals filing separately, the standard deduction rises to $13,850 for 2023, up $900; and for heads of households, the standard deduction will be $20,800, up $1,400.

*Tax Brackets*

Marginal Rates: For tax year 2023, the top tax rate remains 37% for individual single taxpayers with incomes greater than $578,125 ($693,750 for married couples filing jointly).

The other rates are:

*   35% for incomes over $231,250 ($462,500 for married couples filing jointly)

*   32% for incomes over $182,100 ($364,200 for married couples filing jointly)

*   24% for incomes over $95,375 ($190,750 for married couples filing jointly)

*   22% for incomes over $44,725 ($89,450 for married couples filing jointly)

*   12% for incomes over $11,000 ($22,000 for married couples filing jointly)

*   The lowest rate is 10% for single individuals with incomes of $11,000 or less ($22,000 for married couples filing jointly).

\*\*Not sure how these tax changes will impact you? \*\*

See our earlier article on How to Calculate and Adjust Your Withholdings [here](https://www.getfinhealthy.com/blog/paycheck-withholding/).

No matter which tax bracket you fall into, it’s important to have a plan in place. If you feel like you could use a little extra help, consider scheduling a free 30-minute FinHealthy Check Up [here](https://www.getfinhealthy.com/checkup/). Your money is hard-earned and you should make the most of it!


6 Money Moves to Make Before Year End

### It’s Open Enrollment season!

A small number of people love nerding out during this time and optimizing their coverage. For the majority of us, however, it’s often a case of checking some boxes and hoping for the best.

I had the privilege of speaking to a member of our community who works as an actuary (the super smart people that calculate the price of insurance) and she gave us some great tips on how to take this open enrollment season to the next level!

![](/images/krakenimages-376KN_ISplE-unsplash.jpg)

### 1. Check your preferred providers are (still) in-network

For the majority of people, using doctors or other medical providers that are in-network is significantly cheaper. It goes without saying, then you should check your preferred providers are in-network, especially if you’re looking to switch to a different insurance carrier.

### 2. Use the free cost estimator tools

Most carriers or employers have cost estimators available for you to simulate and estimate the costs to help you understand the cost implications of the different options available to you.

It may be a bit tedious but 20-30 minutes spent on this could be the difference of thousands of dollars over the course of the year!

### 3. Master your reimbursement accounts

Check out this [article on the difference between FSA and HSA](https://www.nerdwallet.com/article/health/employer-offers-hsa-fsa-whats-difference)… and look to maximize them, especially if you’re in a higher tax bracket.

Remember there are often grace periods even for the “use it or lose it” FSA and if you do end up “losing it” because you over-estimated the amount, it is at least with pre-tax dollars.

### 4. Integrate the emergency fund into your strategy

When calculating the best coverage for your situation, you may calculate that a plan that has higher deductibles is the best option — however, if you don’t have the emergency funds to cover the deductible, you may end up in high interest debt; offsetting any savings you might have gained from insurance.

### 5. Make sure you get Long Term Disability Insurance

If you’ve been with or following us for any length of time, you’ll know that we strongly recommend having long term disability, which covers a portion of your income in the event you become disabled and cannot work. Your employer is almost always the best place to buy LTD insurance and, depending on your situation, you may wish to supplement it with additional coverage. Note: you should purchase coverage with after-tax dollars — this ensures that your payout is not subject to income tax!

### 6. Talk to us if you still need help

All this can still seem confusing. If you need somebody to walk through this with you, or if you don't have access to employer-based options and need help, please don’t hesitate to [reach out to us](https://www.getfinhealthy.com/checkup/) and we’ll do our best to talk through your situation and make sure you’re well-prepared for next year!


6 Tips for a Strong Open Enrollment

## Why review insurance?

Insurance coverage may not be the first thing you think of when assessing your overall financial health, but it is a crucial part of protecting the things that will make you wealthy. When was the last time you reviewed your homeowner’s or auto insurance coverage? If the answer is a year or more, it’s time to schedule your annual insurance review. 

![](/images/pexels-kindel-media-7688374.jpg)

## What is the purpose of insurance?

The purpose of insurance is simply to transfer risk that we cannot handle ourselves. It is part of a defensive game plan. Without insurance, you could be one car accident, illness or emergency away from a financial catastrophe. 

We believe there are eight types of insurance you need:

*   Term Life Insurance

*   Auto Insurance

*   Homeowners/Renters Insurance

*   Health Insurance

*   Long-Term Disability Insurance

*   Long-Term Care Insurance

*   Identity Theft Protection

*   Umbrella Policy

In this article, we will cover how to do an annual check-up of your auto insurance, homeowners/renters insurance, and umbrella policies.

## Do I have the right insurance coverage?

There are a lot of important things in your life that you want to protect: your family, your savings, your income, and your identity. Do you have the right coverage based on your individual needs?

Visit the [**Coverage Checkup Tool**](https://www.ramseysolutions.com/insurance/coverage-checkup) to learn what coverage you need or don’t need, which questions to ask, and where to go to get the best coverage. The process takes just 5 minutes!

***

### How to Review Your Auto Insurance Coverage

Reviewing your auto insurance coverage can save you money. You can start by reviewing your policy’s declaration page, which is typically the first page of your policy. Here you can find your effective and renewal dates of coverage, kinds of coverage and their limits, deductibles, and premiums for each coverage type. For full coverage on your auto insurance, you want three things: **collision**, **comprehensive**, and **liability**. 

**Liability Coverage** will pay the property damage or medical expenses of the driver and their passengers if you are found at fault in an accident. If the cost of an accident exceeds your policy limits, you are liable for the remaining expenses. If your policy provides only minimum liability limits, you may want to consider increasing your coverage to between $100,000 and $300,000.

**Collision and Comprehensive Coverage** are types of coverage that protect your vehicle. Collision coverage  pays to repair or replace your vehicle in the event of an accident. Comprehensive coverage pays for stolen vehicles and damage from falling objects, floods, and storms. If you live in Hoboken or Jersey City, this may be important coverage to have. After Hurricane Ida, nearly 100 cars were damaged by flood waters on Jersey City roads. 

After you pay off your vehicle, you may be able to drop these coverages. But before you do so, you should have a fully funded emergency fund that could cover the cost of replacing your car if it were stolen or totaled.

\*\*Personal injury protection (PIP) \*\*helps pay the medical expenses of you and your passengers following a covered accident, including insurance co-payments and deductibles, ambulance service, hospitalization, and surgery. It can also include extra things like reimbursement for lost wages and childcare expenses. 

States with no-fault insurance laws (like New Jersey) require that you purchase a certain amount of PIP coverage. However, you can designate your health coverage provider as your primary source of medical care should you be injured in an accident. If an accident occurred, your health insurer would pay first, and your auto insurer would provide secondary coverage through Personal Injury Protection.

**Deductibles** apply to collision and comprehensive coverage. The deductible is the amount you must pay following a covered loss. Increasing your deductible will lower your insurance policy’s premium. If you have a fully funded emergency fund, you may consider electing **higher deductibles**.  

**Riders** are optional add-ons to your standard coverage. They can include rental car reimbursement, roadside assistance, and coverage for uninsured drivers.

### Ways to Save on Auto Insurance

Insurers offer many auto insurance discounts and usually allow you to stack multiple discounts if you qualify. The most common discounts include:

*   Multi-policy “bundling” (typically, auto and home/renter’s)

*   Multi-vehicle

*   Safe driver

*   Good student

*   Defensive driver training course: This can save you money and is often discounted.

*   Adjusting mileage rates: Make sure your average annual mileage is accurate.

*   Employer Discounts: Many employers offer insurance discounts

***

### How to Review Your Homeowners or Renters Insurance Coverage

Whether you own your home or are renting, it’s wise to have homeowners or renters insurance to cover you. It’s always a good idea to check with your insurance provider to know what your policy covers and what it doesn’t. 

If you are a homeowner, make sure your homeowners policy includes **extended dwelling coverage**. This coverage adds an extra layer of protection above your policy limits. With extended dwelling coverage, the insurance company will replace or rebuild your property even if the cost goes over your policy’s coverage, typically up to 20-25% above the amount you’re insured. 

An important thing for homeowners to remember is to **raise their homeowner’s insurance as their home appreciates**. The higher your home’s value, the higher the need for extended dwelling coverage.

Other coverages you may want to add include\*\* flood insurance\*\*, **hurricane insurance**, and **earthquake coverage**. These coverages often do not come with regular homeowners policies.

If you are a part of a condo, make sure your HOA has the right building coverage. It can take time for the HOA to do the research, but it’s worth the peace of mind so make sure you ask the question. In some cases, HOA may change insurance policies that lead to changes in the coverage - make sure you keep on top of those in case you need to adjust your insurance accordingly.

If you are renting,\* always\* get renter’s insurance. It's important to understand that while your landlord is required to carry insurance, that insurance does not extend to your personal belongings. Without renters insurance, you would be on the hook to replace your belongings if they’re lost in a fire, flood, burglary, or another disaster. Many landlords and apartment buildings will require that you have rentals insurance too.

### Ways to Save on Homeowners and Renters Insurance

*   Multi-policy “bundling” 

*   Employer Discounts: Many employers offer insurance discounts

*   If you have a full emergency fund in place, you can take a higher deductible and lower the premium on your policy to help you save money.

***

### What is Umbrella Insurance and Do I Need It?

An umbrella policy adds an extra layer of protection for you and your assets when you need coverage that goes above and beyond your homeowners or auto insurance. Let’s say you end up at fault for a multiple-vehicle accident. Your medical bills and property damages could quickly add up to more than your auto insurance will even cover. And if you’re sued for the difference, your savings, your home and even your future wages could be on the chopping block.

Protect yourself from a situation like that with a personal liability umbrella policy. \*\*When you have a net worth of $500,000 or more, get an umbrella liability policy. \*\*For a few hundred dollars a year, an umbrella policy can increase your liability coverage from the standard $500,000 to $1.5 million.

***

## Plan Ahead and Set An Annual Calendar Reminder

An annual insurance review is part of your overall financial wellness game plan. Set a recurring event in your calendar to review your policies and compare the latest price quotes. This doesn’t have to take a lot of time. You can leverage online insurance tools like [The Zebra](https://www.thezebra.com/) {hyperlink: <https://www.thezebra.com/>} and Policygenius (<https://www.policygenius.com/>) that help you instantly compare insurance quotes from a variety of providers.\*\* \*\*

Many insurance providers incentivize policyholders who can pay the full premium once or twice a year. If you’re currently paying monthly, you’re likely being charged an additional service fee. Instead, set up a **sinking fund** to pay these annual fees. Start by totaling up how much you owe on your insurance premiums annually and divide that by the number of pay periods. Set up automatic transfers to a separate savings account after each paycheck is deposited. Then come policy renewal time, you will have the full balance set aside. By planning ahead, you can save money on your annual premiums.


Insurance Health Checkup

## **Don't let inflation ruin your summer**

Finding ways to be social and have fun this summer doesn’t have to bust your budget! Beyond great restaurants, shopping, and entertainment, Hudson County offers many budget-friendly activities for you and your family to explore this summer and all year round. Read on to check out the exciting things to do and see for free in Hoboken and Jersey City. 

![](/images/pexels-andre-furtado-1263986.jpg)

## **Fitness & Outdoors**

### NJ State Parks, Forest, and Recreation Areas (throughout New Jersey)

From Memorial Day Weekend through Labor Day Weekend, all NJ state parks, forests, and recreation areas will be free of charge for the duration of the summer. To check out the Swimming Schedule or make a camping reservation in one of New Jersey’s State Parks, visit [here](https://nj.gov/dep/parksandforests/index.html). 

### Fitness and Yoga in the Park (Hoboken)

A free sample of classes by local fitness and yoga studios is offered Monday through Thursday at Pier A Park, 7th & Jackson Resiliency Park, Southwest Park, and Under the Viaduct. Wear sneakers and loose-fitting clothing. Bring a mat, if needed, and water. In case of inclement weather, call the fitness or yoga studio for updates. Check out the full calendar [here](https://www.hobokennj.gov/news/mayor-bhalla-invites-hoboken-community-to-free-fitness-in-the-park-concerts-in-the-park-programs). 

### Free Paddle Days at Hoboken Cove Community Boathouse (Hoboken)

At the Hoboken Cove Community Boathouse, locals can enjoy free kayaking and paddleboarding all summer long. There is no minimum age, but each minor must have an adult guardian present. \*Basic swimming ability is required.\*  No reservation is required, just show up! You can find more information [here](https://sites.google.com/hobokencoveboathouse.org/hccb/free-paddle-days). 

### Hudson Pickleball (Hoboken)

Come play and learn pickleball! Pickleball is an easier version of tennis and anyone with any athletic ability can learn and play on the first day. Located at the Southwest Park Pickleball Courts at 64 Harrison Street. Guests can expect free use of paddles during drop-in sessions on Saturdays from 10:00 AM - 11:30 AM.  For more information on the weekly schedule, follow them on [Facebook ](https://www.facebook.com/hudsonpickleball/)and Instagram ([@hudsonpickleball](https://www.instagram.com/hudsonpickleball/)).

## **Arts & Music**

### Concerts in the Park (Hoboken)

The city of Hoboken offers a concert series from June-August. Come enjoy the music of Pete Seeger, Woody Guthrie, Fleetwood Mac, and the Beatles. Click [here for the full schedule](https://www.hobokennj.gov/events/concerts-in-sinatra-park-2022). 

### Summer in the City Concert Series (Jersey City)

Jersey City is hosting the Summer in the City Concert Series in three parks throughout JC. The Berry Lane Park concert series is Thursdays from 6-8 PM. The Liberty State Park concert series is Tuesdays from 6:30-8:30 PM. The North Cove Field concert series is Sundays from 6-8 PM. For the complete schedule, click [here](https://www.jerseycityculture.org/summer-in-the-city-2022-movies-in-the-park-starting-june-10th/).

### Movies Under the Stars (Hoboken)

The city of Hoboken offers free movies every Wednesday at sundown through August. This year’s lineup includes

*   In the Heights

*   *West Side Story*

*   *Sing 2*

*   Encanto

To view the full schedule, visit [here](https://www.hobokennj.gov/news/mayor-bhalla-announces-2022-movies-under-the-stars-lineup).

### Movies in the Park (Jersey City)

Jersey City offers free movies on Tuesdays, Thursdays, and some Fridays at sundown through August. This year’s lineup includes

*   Raya and the Last Dragon

*   Encanto

*   *Space Jam 2*

    *Spiderman No Way Home*.

To view the full schedule, visit [here](https://www.jerseycityculture.org/summer-in-the-city-2022-movies-in-the-park-starting-june-10th/). 

### Jersey City Mural Tour

The Jersey City Mural Arts Program has created 200 murals with 138 participating artists in the past 9 years. Click [here to view the interactive map and plan your own walking tour](https://www.jcmap.org/our-murals)! 

### Reclining Liberty Sculpture in Liberty State Park (Jersey City)

*Reclining Liberty* is a 25-foot-long sculpture styled after the Statue of Liberty and designed by artist Zaq Landsberg. The sculpture recently relocated from Harlem to Liberty State Park. The sculpture is available for viewing until April 2023.

### Water’s Soul Sculpture (Jersey City)

*Water’s Soul* by artist Jaume Plensa stands 80 feet tall and is positioned on the Newport waterfront looking across the Hudson River.\* Water’s Soul \*is open to public viewing between dawn and dusk. The sculpture is located next to Newport Green and right off the Hudson River Waterfront Walkway. For more details about the sculpture, visit [here](https://waterssouljc.com/).

## **Museums & Culture**

### Hoboken Historical Museum (1301 Hudson Street, Hoboken)

Established in 1986, the Hoboken Historical Museum collects and displays artifacts in themed exhibitions on Hoboken history and offers educational programs, lectures, tours, and hosts films and plays. The museum welcomes visitors six days a week, Tuesdays through Sundays. Admission is $5 and free for children. To check out their upcoming events and family programs, visit [here](https://www.hobokenmuseum.org/calendar/).

### Hoboken Fire Department Museum (213 Bloomfield Street, Hoboken)

Visitors can drop by the Fire Department Museum any weekend between 11:00 AM and 4:00 PM. On display is the Ahrens Fox fire engine, circa 1932, that has been fully restored and available for photos, as well as fire gear and memorabilia documenting the evolution of tools and techniques used in battling fires in Hoboken. Admission is just $3 for adults (children under 12 are admitted free).

### Hoboken Public Library (500 Park Avenue, Hoboken)

It’s more than just books! With your library card, you can request free passes to many of the area's museums including the American Museum of Natural History, the Brooklyn Botanical Gardens, and the Guggenheim. The library also offers a variety of free classes and events including cooking classes, improv nights, crafting lessons, and writing groups. Click [here for the full calendar of events](https://bccls.libcal.com/calendar/hoboken/?cid=10293\&t=m\&d=0000-00-00\&cal=10293\&inc=0). 

### Jersey City Public Library (472 Jersey Avenue, Jersey City)

As with the Hoboken Public Library, the Jersey City Public library also offers museum passes and tickets with your library card. They also host events and workshops throughout the year. To access the full event calendar, click [here](https://jepl-cep.bc.sirsidynix.net/).

*Rather than swiping your card this summer, save up for times when it really matters. From fitness classes and watersports, to concerts and movie nights, to museums and art installations, there are plenty of wallet-friendly activities right here in your neighborhood. Save money while also giving some of these unique experiences a try. Let us know if you did - we’d love to hear from you!*


15 Free Ways to Enjoy This Summer in Hudson County!

*This is the last post of the Leaving Well Series and I will discuss the subject of leaving an inheritance. The previous posts of this series address issues of how to care for dependents that we leave behind, especially surviving spouses and children. For the purpose of this post, I will shift the focus on the topic of leaving wealth to independent adult offspring as well as grandchildren that already have their material needs met.*

*As an additional disclaimer, please note these are simply guiding principles - God has a plan for you - the only way you’re going to find out what that is, is by talking to Him!*

**![](/images/pexels-kampus-production-7854120.jpg)

### Proverbs Says…

Proverbs 13:22 says “A good man leaves an inheritance to his children’s children” - many well-meaning Christians have read that and assumed it is their duty to pass on wealth intergenerationally.

However, many of the same people don’t know there’s a second half of that verse - and if we would read it in its entirety, I believe we would walk away with a completely different understanding of it.

Proverbs 13:22 (ESV) in its entirety says *“A good man leaves an inheritance to his children's children, but the sinner's wealth is laid up for the righteous.”*

It’s got a different meaning now, doesn’t it? I don’t believe the verse is instructional. That is, I don’t believe the writer of Proverbs is saying that you're a good man if you leave an inheritance - if that's true, logically you would be a sinner if you store your wealth for the righteous!

Instead, the verse is part of a series of generalized observations of the world from the writer of Proverbs and it's saying - if you're a sinner, your wealth will be given to the righteous; but, if you're good/righteous - you will *get to *keep your wealth (and pass it on) for generations.

So how, then, should you think about inheritances? If you have managed your finances to the extent that you have money to leave behind, then, what are some of the things to think about as you decide on how much to leave your children (and their children)?

### Principle in Action

Let’s begin by visiting first principles - God owns it all and we’re simply his managers or stewards. This is the guiding principle that we must keep in mind and evaluate against as we approach all aspects of personal finance; and I will call out some of the implications when it comes to leaving money behind intergenerationally.

First implication is we need to shift our paradigm when it comes to inheritances because for most of us, we’re thinking about our relationship with our children (and their children) - instead we ought to be primarily concerned about the relationship between God and ourselves. [We will all have to answer for how we managed His resources when this life ends](https://www.biblegateway.com/passage/?search=Matthew%2025:14-30\&version=nlt).

To digress, this is one of the primary reasons I wouldn’t advocate that everybody sell all of their possessions and give it away (unless there is clear and personal guidance from God) because to do that without prayer, counsel and confirmation would simply be abdicating our responsibilities as His manager.

Second implication is that if you have not trained your children, and/or if your children have not trained their children to be wise and faithful stewards of money - my strong recommendation is not to leave them a large amount in inheritance. Firstly because large amounts of money would likely curse them over the long term. Secondly - to the extent God has entrusted you to manage His resources well, I urge you to not let your last act of stewardship in this life be misappropriating those resources by entrusting it to a poor steward, undoing all of previous good stewardship during your life!

I understand doing that may be a lot harder because some of your children may already be financially on the edge, including living paycheck-to-paycheck and carrying large amounts of debt. You, as their parent, may feel that they are the ones that need extra help. Or you may feel guilty because you feel responsible for not teaching them to be good stewards.

But I submit to you that money will not correct a lack-of-wisdom/character issue - it will probably make it worse. And God often works through circumstances, allowing people to experience hardship so that they come back to Him. In many circumstances, giving an inheritance may actually hinder what God’s trying to do in their lives!

Instead I would encourage you to spend your time teaching them to understand and live out stewardship from a Biblical perspective. If they are already grown up and have an income, having that conversation may be more awkward and difficult - but that is all the more reason to do it! You are not alone - we, as the church, are here to help, including providing the classes & materials to help people learn this.

### So my hope for you is this…

I hope that you will develop children and grandchildren wise in stewardship, living generously, sold out for God and the people around them, because passing wealth onto them would be an excellent way to ensure that God’s resources continue to be well managed!

Even better, I hope for you that, during your estate planning conversation with those same children, they would tell you that they’re doing well and already have their plan in place because of how you’ve taught them. Instead of receiving a financial inheritance, they want you to have fun building your own legacy and give it away. And so your last act of stewardship will be to use all of it to mobilize ministries that have blessed your heart and for causes that break your heart. 

And when you finally meet God and give an account for how you’ve managed His resources, He will say to you “[well done, my good and faithful servant!](https://www.biblegateway.com/passage/?search=Matthew+25%3A21\&version=NLT)”.



Leaving Well #4 - A Good Man Leaves An Inheritance… Right?

*This is the third post as part of the Leaving Well series in which we discuss how to go about creating a plan to look after your loved ones well.*

![](/images/pexels-rodnae-productions-7821677.jpg)

Prior to attending Financial Peace University, insurance was a boring topic that I typically did everything I could to avoid. However, the insurance lesson turned out to be my favorite lesson and I continue to learn things and find takeaway items everytime I watch it.

Rather than reinventing the wheel, here is a link to [“What Is Term Life Insurance?”](https://www.ramseysolutions.com/insurance/what-is-term-life-insurance) by Ramsey Solutions.

The only thing I would add to the above article is that you can buy multiple policies to cover different life stages. For example, if your children will be living with you for the next 10 years and you calculate you need $500k for them, and you have 20 years left of your mortgage to pay off and you need $500k for that, you don’t need to buy a $1m policy for 20 years - you may well decide to buy 1 x 20 year policy for $500k and 1 x 10 year policy for $500k.

*Stick around for *[*one more post in this series as we discuss the topic of inheritance*](https://www.getfinhealthy.com/blog/leaving-well-4-good-man-leaves-an-inheritance/)*!*


Leaving Well #3 - Life Insurance

[*In the previous post*](https://www.getfinhealthy.com/blog/leaving-well-1-stuff-happens/)*, I outlined some of the reasons for ensuring you have an estate plan. In this post, I will address how to do it.*

*Full disclosure - I am not an attorney nor a licensed estate planning professional and would encourage you to find a professional to get your plan created. The notes below are some lessons learned that were helpful to my family as we went through the process of creating a plan.*

*Note we have also not taken tax into consideration. Federal Estate Taxes currently apply to estates over $12.06m (at time of writing) and so the vast majority of Americans won’t need to take it into account. New Jersey, however, is one of a few states that has an \**[*\*Inheritance Tax \**](https://www.nolo.com/legal-encyclopedia/new-jersey-inheritance-tax.html)*that you may wish to consult.*

**![](/images/pexels-pixabay-39691.jpg)

### Important Notes:

*   Laws are very state-specific - check your professional is licensed for your state and understands any nuances that might apply to your situation. If you move to another state, check whether you need to update your plans.

*   Beneficiaries on accounts matter - don’t assume your will will supersede your named beneficiaries. Quite the opposite - if you have named beneficiaries on your accounts (such as life insurance policies, 401k accounts etc), the transfer of the assets to the beneficiaries will happen BEFORE the will.

*   Your employer may offer free / subsidized legal services, including estate planning.

*   As part of your will, you will need to name an executor - this is a person responsible for executing the will. 

*   Usually this is a trustworthy and savvy person in your immediate circle; but can also be a professional. 

*   The executor is able to pay him/herself a reasonable cost of doing this so they can be compensated for the role.

*   I strongly suggest that you talk to them and get their agreement to ensure they have the time and understand what they’re signing up for; and so that you can choose an alternative if your first choice is not able to do it. For example, you may want the person to focus on looking after your children (see below).

If you’re married and you die first, the process is relatively straightforward for your spouse - s/he will get access to the assets and there will be no issue in terms of guardianship for children. (If you have children from previous relationships, I would recommend you consult a professional to talk through what this means for your situation.)

With that, I will recommend you spend the bulk of the planning and discussion time planning for the scenario where you and your spouse die at the same time; leaving dependent surviving children.



### Picking a guardian

Aside from an executor, you will name guardian(s) to look after your children. Note the guardian and the executor don't have to be the same person. There may be benefits in them being the same person but there are also circumstances when you may want them to be different people.

For some of you, this will be an easy choice. I’m an only child and my wife’s brother’s family have been close to us and involved in our children’s lives since they were born. My in-laws have children of their own and we trust their values, their lifestyles and, most importantly, their faith and so it was an easy choice to leave our children to them.

For some of you, this may not be an obvious choice either because you feel like you have zero choices; while for others you have too many viable options. How to pick guardians is beyond the scope of this article - but we would be happy to [talk through the situation and pray with you ](https://www.getfinhealthy.com/checkup/)as you make it.

### How will you distribute money & assets?

There are 2 schools of thought as you think about how much of your assets to give to the guardians of your children.

The first is to pay the chosen guardians’ cost of raising your children until adulthood and leave the rest of the assets to your children when they reach a certain age (which could be 18, 21, college graduation or even older such as 25 or 30).

The second approach is to give most, or all, of the financial assets to the guardians and allow them to make the decision - understanding that your children will essentially be joining their family and so they ought to be trusted at a financial level too.

Much of this will depend on the relative amount of assets between you and the guardian(s) you’ve chosen to look after your children as well as their family situation.

On the one hand - if you’ve chosen your sister and she’s a billionaire that never had kids and wants to pay for your children - you may well be able to set aside everything for your children when they reach a certain age or life stage as a gift to them.

On the other hand, if your sister has children of her own and is living paycheck-to-paycheck, you may well set all of them up for failure if you choose the previous approach. In that scenario, your children will essentially become their cousins’ new siblings but will be considerably richer, inherit a trust fund while your sister’s family struggles financially - this does not make a healthy dynamic to an already difficult situation.

For my family, as mentioned earlier, we have planned for my in-laws to take care of our children should God decide to take us both home first. Although they are doing well with their finances, the reality is we will leave a large amount of assets, including the life insurance policies, relative to their current net worth. We don’t want our children to become clients of their uncle/auntie’s guardianship services - instead we want our children to join their family and set that family up for success and not let finances be a burden; including giving the parents the financial ability to step out of the workplace for a while to focus on the new situation. Therefore we have carved out a relatively small amount for our children to receive at the age of 25; but the rest will be entrusted to the guardians to manage.

As a separate note, don't forget parents / non-children dependents. For my family, knowing that some of our older family members are likely to need help from us, we also ensured that we would leave behind some assets to help them.

### Communicate this well ahead of time

Once your estate plan has been decided, I would encourage you to spend some time talking through the plan with all of the parties involved - this includes the individuals that are part of the plan and, just as importantly, the parties that are not part of the plan. That is, if you choose for your sister to look after the children but not your spouse’s brother - I would suggest telling both parties! During the conversation, it would also be worth explaining the financial side of the will and would be a way to demonstrate love and care for them that you have covered all the angles.

\*\*

*Much of the series so far assumes that you will have life insurance to pass on - stick around for our next post on Life Insurance.*

Need to talk? Book your [GetFinHealthy Check Up](https://www.getfinhealthy.com/checkup/).


Leaving Well #2 - Creating the Plan

My wife immigrated to the US from Korea when she was 14yrs old, along with her parents and younger brother. About a year after they arrived, and while they were still getting settled into the new country, culture and language, my wife’s father was killed in a car accident. The offending driver, who caused the accident, fled the scene and was never found.

The father-in-law I never met was the patriarch and only earner of the family and, because they were still new to the country, they had not settled enough to have bought life insurance. What was already a traumatic experience was made far worse as the surviving family members ran down their savings in a matter of months and spent the next 7yrs in poverty, always being behind on rent and utilities and only by God’s grace were they able to get out of poverty; my wife and brother-in-law having had to grow up far too early and endure wholly avoidable hardships that no children should have to endure.

Fast forward to a couple of years ago - I lost one of my closest aunts to cancer. Her fight against cancer and subsequent death were in themselves heart-breaking, but what made it significantly worse was the legal battle afterwards; as her loved ones fought in court, with each party believing they knew how to best honor her wishes. The legal battle lasted for more than a year, costing hundreds of hours of time, tens of thousands in legal fees and some relationships may never recover.

Although death and (lack of) estate planning has not impacted me directly, some of the closest people in my life have seen up close how much of a difference it can make.

![](/images/pexels-gelgas-airlangga-401213.jpg)

I understand death is not a pleasant topic to talk about. I come from an Asian culture in which discussing death is tantamount to wishing death on your family member. However, as believers of a God that defeated death - it should not scare us!

Instead, we need to get into the mindset that we live in the temporary and could be called to go home and, in the case of my wife’s late father, that can happen at any time. And if that were to happen, the best way we can love the ones that we leave behind is to get all the logistical and financial stuff in a good place so they can focus on healing, looking after each other and moving forward.

For those of you that have assets and children, I cannot be clearer or more direct - for their sake, **GET IT DONE**!

Others of you may be reading this and thinking “I’m young, healthy and have no dependents, liabilities or much in the way of assets - I don’t need this.”. If that’s you, please consider these additional factors:

*   Without a will, you will die [*intestate*](https://trustandwill.com/learn/intestate), which means the courts, according to state laws, will be responsible for distributing your assets. This process can take months and incur many fees, not to mention a lot of time - are you okay with your surviving loved ones having to navigate that process?

*   The average funeral in NJ will cost in the range $7,000 - $12,000. Who will cover your funeral costs? Can they afford it?

*   Will your loved ones be left wondering what you would want to happen?

*   Will your lack of an estate plan cause any of your loved ones to fight over anything?

*   If your parents co-signed for your private student loans, did you know they can still be on the hook for it even in the event you die under some circumstances?

Want to get a plan in place? Please check out [our next post ](https://www.getfinhealthy.com/blog/leaving-well-2-create-plan/)as we discuss things to think about as you’re crafting your estate plan!

Need to talk? Book your [GetFinHealthy Check Up](https://www.getfinhealthy.com/checkup/).


Leaving Well #1 - Stuff Happens

*“Truly I tell you, anyone who will not receive the kingdom of God like a little child will never enter it.”” ‭‭Mark‬ ‭10:15‬*

I am the father of 2 daughters and one of the joys of parenting is occasionally having these “ah ha” moments when I realize how God designed our relationship with Him as I interact with my kids.

A couple of years ago, I got to experience one of these moments.

From a young age, we had tried to instill the value of work in our kids by giving them a ‘wage’ for their household chores and then teaching them how to handle the money by giving, saving and spending. This means that both kids usually have some money in their ‘account’ with the Bank of Mom and Dad and they’re able to spend that money when we go out.

On this occasion, I was on a father-daughter date with my youngest. The weather was hot and we were discussing something good that had happened in her life. I don’t recall exactly what the event was (but it wasn’t particularly significant). At that moment, I wanted to have a bit of fun with her and so made a dramatic announcement “Let’s celebrate - ice cream for everyone!”

She loves ice cream and so her face immediately lit up - but the follow-up surprised me.

![](https://lh3.googleusercontent.com/tB7EHgs9hXHSNJvfmIhTLUZSQCGPABUBwlnzHxJqENY15ESazfqix2vSg94qiohkUVKRhOiJXWStPxIS4xLRwpKhAd9VL6VshVkPo3ovScyQ6OOfE7kHlEmUyV2Eo2zbnd9baE7QdnpvcYo-Sw)

She asked me “Daddy, can we use my money?”

I proceeded to give her a pep talk, assuring her I had enough money to buy ice cream, explained the concept of opportunity cost and how she could save the money for something more important - like college.

She acknowledged everything I said but simply said “I know – but can we use my money?”

It took me a while to understand that she just wanted to be a bigger part of this celebration. She innately understood the joy of giving and simply wanted to participate to the fullest by giving – even though she knew I didn’t need it. Later her face beamed when the family enjoyed their ice cream because she was, in her way, part of making it happen.

At Hoboken Grace we talk about the different facets of giving – one of which is partnering with God on His mission. We also try hard to emphasize giving isn’t because we want something from you - it’s because we want something for you! Some of the most positive experiences of my faith journey have been during the act of giving and I don’t want you to miss out!

As part of God’s beautifully designed economy and church it is true that, mechanically, money flows from those that give into the church budget, which then gets used to accomplish the mission of helping people find their way back to God.

The danger of that is it is tempting to start thinking that God needs our money. Untempered, it could even feed a spirit of pride that Jesus often warned us against. But if we step back and really think about it - it’s, at best, foolish. God is the creator of the universe, the economy and owns it all already. As Dave Ramsey says “if God really needs your money, He’ll take it and there’ll be a greasy spot where you were sitting.”

Instead, I hope you will think about giving to the mission like a child that understands the joy that comes from giving. And I hope you will experience that joy as we see God honored and lives changed - knowing that you had the privilege to participate fully!


Why We Give - Dad, Can We Use My Money?

## Introduction

We are officially three weeks past Tax Day 2022. Over 63 million Americans are expected to receive a refund from the IRS this year. The average refund is $3,226, which is an 11.5% percent increase from 2021.

A refund from the IRS indicates that you have overpaid in taxes the prior year. And while a refund is better than an end of year tax bill and you might like the feeling of getting a big check from the IRS, it means that you have essentially lent money to the government at a 0% interest rate. If you are carrying debt that carries a balance, you could have been using that money to get out of debt and saving yourself significant amounts of interest. If you are already debt free, you could have been investing that money instead!

Taking the time to check your withholdings after each tax season is important for two reasons. First, it protects you against having too little tax withheld and facing an unexpected tax bill and underpayment penalty. Second, it gives you the opportunity to adjust your tax withheld up front, resulting in a bigger monthly paycheck.

***So, this month, we want to give you the tools to make these adjustments and be better prepared for next year's tax season!***

## How to Calculate your Tax Withholdings

The IRS provides a Tax Withholding Estimator to estimate the federal income tax you want your employer to withhold from your paycheck. You can access the calculator here: <https://www.irs.gov/individuals/tax-withholding-estimator>

![](/images/irs%20tax%20calculator%20screenshot.png)

### ***How Does It Work?***

The tool will project the total amount of taxes being withheld now and compare it to an estimate of your tax obligation for the year in order to determine if you are having too much or too little withheld. The tool will then help you adjust your withholding accordingly.

#### What Will You Need

*   Paystubs for all jobs (spouse too)

*   Other income info (side jobs, self-employment, investments, etc.)

*   Most recent tax return

The tool will ask for your filing status, your income & withholding, and any adjustments, deductions, or tax credits you claimed or intend to claim in 2022. After you have entered your information, the Estimator will provide your results for the year ahead to determine how to complete Form W-4 so you don't have too much or too little federal income tax withheld. The entire process can be completed in under 15 minutes!

### How to Adjust Your Withholdings

If the Tax Withholding Estimator determines that you are withholding too much or too little, you need to make adjustments to your W-4 form. The link to the 2022 Form W-4 is available here: <https://www.irs.gov/pub/irs-pdf/fw4.pdf> . However, we recommend that you contact your employer to see if they use an automated system to submit Form W-4. Submit the revised form to your employer, and be sure to check your next paycheck to ensure that the changes have been applied.

### State Income Tax Calculator

Although there isn’t an official calculator for state income taxes, there are several available on the Internet that will, based on your circumstances, estimate how much you should withhold each pay period. You can use a similar process as above to adjust your state allowances to ensure you’re withholding the right amount. Note that NJ does not allow many deductions, including charitable contributions!

Here is an example of a calculator we found on the Internet: https://investomatica.com/income-tax-calculator/united-states/new-jersey

## What to Do with Your New Monthly Income

If you identified that you were withholding too much in 2021 and adjusted your withholdings accordingly, you have increased your monthly tax home pay. So, what should you do with that additional income? Follow the Baby Steps! <https://www.ramseysolutions.com/dave-ramsey-7-baby-steps>

Baby Step 1: Save $1,000 for your starter emergency fund.

Baby Step 2: Pay off all debt (except the house) using the debt snowball.

Baby Step 3: Save 3–6 months of expenses in a fully funded emergency fund.

Baby Step 4: Invest 15% of your household income in retirement.

Baby Step 5: Save for your children’s college fund.

Baby Step 6: Pay off your home early.

Baby Step 7: Use your increasing wealth for radical generosity!


## Need More Help?

If you are looking for more guidance with a specific situation, we are here to help. Schedule a FinHealth Checkup here: <https://www.getfinhealthy.com/checkup/>


Boost Your Paycheck in 15min!

## Try Something Different

18 months ago, both my wife and I were looking for new cell phones and plans. I think we were pretty typical cell phone users - she was on a 2yr device payment plan for a phone she had bought in-store and we were on a family plan.

Had we continued on that path, buying the latest phones with the basic unlimited plan we would have ended up paying about $180/month for 2 lines and 2 new phones (paid over 2yrs) - a total cost of $4,320 for 2 people for 2 years.

However, instead, we made some tweaks to our approach and have been able to save about 50% and pay ~$2,200 over 2yrs instead!

Here are some tips and tweaks that we decided to make to help save more than $1,000/yr! *Disclaimer: this is not an exhaustive review/discussion of the topic covered below; merely my own personal experience!*

\*\*![](https://preview--getfinhealthy2-1d5a8.stackbit.dev/images/pexels-pixabay-163069.jpg)

## 1 - You might not need the best new phone!

The iPhone debuted 15 years ago in 2007 and has, since then, gone through more than a dozen upgrade cycles. As is typical with technology devices as they mature, newer generations of phones aren’t always worth the premium - so pay attention to what is better and assess whether you’re willing to pay the extra for that.

And if you decide you’re willing to live with 1 or 2 generations old technology, you could save hundreds of dollars. Here are some examples, at the time of writing:

*   iPhone 13 (the latest): $799

*   iPhone 12 (slower CPU, same screen): $600 for a ‘mint’ condition used model

*   iPhone SE3 (same CPU as iPhone 13, worse camera, smaller screen): $429

*   iPhone 11 (slower CPU, worse camera, no 5G): $400 for a ‘mint’ condition used model

## 2 - A lightly used phone can be just as good

As hinted in the previous tip, you can save money by purchasing a lightly used phone. My friends and I have consistently purchased lightly used devices on eBay.com as well as Swappa.com and had positive experiences each time.

If you choose this option, especially with Apple devices, we suggest paying strong attention to the battery health (ensuring it’s over 95%) as well as the pictures of the actual device you’re purchasing so that you’re aware of any nicks & scratches before you buy.

## 3 - Look at how much data you actually need

Spend some time to dig into how much data you’re really using. If you’re like me and spend most of your time at home or in the office where there is wifi access, you may find that you don’t need unlimited data plans. I have discovered that I only ever use 3-5GB/month.

If, after research, you discover that your teenagers are the biggest data users - good for you! You will have a fantastic parenting opportunity - because managing a data cap is a great opportunity to teach and give them a way to learn to budget and how to live within their means!

## 4 - Use an MVNO / Switch to prepaid

Cellular coverage and quality has dramatically improved over the last 15yrs, especially in places like the NY metro area. In more rural areas, you may well need to be with a specific carrier that has coverage, but for the majority of us that live and spend the majority of the time here in Hoboken, my experience has been that the carriers do not differ all that much.

Traditional cell phone providers in the US now consist of Verizon, AT\&T and T-Mobile (which merged with Sprint in 2020).

MVNO stands for “Mobile Virtual Network Operator” and are providers that rent the use of the traditional carriers’ infrastructure to provide cell phone service. This is analogous to living in Hoboken and choosing to purchase electricity from a provider different to PSEG.

Examples of MVNO include Cricket, Boost, Metro by T-Mobile (formerly MetroPCS), Straight Talk, Mint etc..

It is often possible to make significant savings by switching to an MVNO. For the last 18 months, I have personally used a combination of Red Pocket and Mint Mobile and have been generally happy with their services. 

My old plan: Verizon (not including monthly payment for device): $60/month

Tried: Red Pocket 22GB plan (using T-Mobile network): $40/month

Tried: Mint Mobile 10GB plan (using T-Mobile network): $20/month (prepaid 12months in advance)

If you don’t wish to make such a drastic change, you can often find savings by switching to the prepaid plans on your existing carrier. For example, a close family friend switched to an AT\&T Prepaid Plan that includes 8GB/month for $300/yr; instead of paying $60+/month for an unlimited plan.

#### Some caveats / further notes on MVNOs:

International roaming does not typically work with MVNOs (I have been lucky when I’ve traveled abroad that my friends have had roaming!) When my wife, who had also switched to an MVNO, went to London for a week for work and needed cell coverage, she simply purchased a prepaid SIM when she landed and was online for a week for only $20.

MVNOs do not typically have friendly device unlock policies - even if you pay sticker price for a phone upfront! Unless there is a very compelling deal, I would suggest buying an unlocked phone from the manufacturer (Apple/Google/Samsung etc) rather than an MVNO.

Many cable providers have gone into the MVNO business, promising discounts on bundling TV/Cable/Internet/Home Phone. I looked at the Optimum deal and was tempted but in the end, even after the discount, it wasn’t as good a deal as the one I found (Mint) and signing on with them would have meant committing to the cable company and hindering my ability to negotiate my Internet bill (which will be a future GetFinHealthy challenge)!

## 5 - Do the math on trade-in offers

Phones, after a couple of years, tend not to be worth very much. For example, I discovered that Apple valued our 2yr old phone at $20; which had cost $700 when bought new.

Carrier trade-in offers can sometimes make a good deal during promotion season or when you’re willing to switch providers. Check the fine print and make sure that your old device qualifies for a good trade-in and make sure you actually want to buy the phone that’s on offer - as I mentioned before, don’t pay extra for a model that you don’t need just because it’s got an extra discount because you’d still pay more than you wanted!

Also trade-in offers tend to only come from the traditional cellular providers - so factor in the premium you would be paying when you do the math. After crunching the numbers, I almost always found that buying an unlocked device and using an MVNO was cheaper - however, if you want to stick with a traditional carrier and want the latest phone, the trade-in option might be great!

## 6 - Employer discounts

If you work for a large corporation you may well be eligible for a discount. My wife’s former employer gave us a 15% discount on the line rental for our previous provider (Verizon). It wasn’t a large enough discount for us to stay, but had we stayed there was no reason not to take advantage of it!

## 7 - Talk to GetFinHealthy

If you want help with your specific situation or want to discuss your ideas on making this blog better - contact us!





7 Ways to Save $2000 on Cell Phone Bills

GetFinHealthy Blog

Read more from our team about some practical GetFinHealthy tips!
