Bensman Risk Management, Inc.


Insurable Interests

Bensman Risk Management, Inc.
2333 Waukegan Road Suite 275
Bannockburn, IL 60015
847-572-0800 Phone
847-572-0502 Fax

Insurable Interests may offer general financial, insurance, tax and business ideas. However, due to the ever-changing tax laws as well as the complexity of the financial industry, you should seek professional advice before implementing any of the ideas contained in this newsletter. The Bensman Group, Bensman Associates Ltd., Bensman Risk Management, Inc. or Schemata, L.L.C. assumes no liability whatsoever in connection with the use of this newsletter.

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Securities offered through Kestra Investment Services, LLC (Kestra IS), Member FINRA/SIPC. Investment Advisory Services offered through Kestra Advisory Services, LLC (Kestra AS). Kestra IS and Kestra AS are not affiliated with The Bensman Group, Bensman Associates Ltd., Bensman Risk Management, Inc. or Schemata, L.L.C.

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Insurable Interests

Vol. 12, Issue 12August 2017

FINANCIAL INTERESTS

Saving Tips That Might Not Work

Everyone agrees that most people need to save more money than they do. However, some of the traditional tips for increasing your saving may not work as well as you think. According to AOL News, those include:

Always going with the cheaper item. The thing is, the cheaper item usually is made more cheaply, with materials and workmanship that are not as good as you might find in more-expensive items. So decide how you are going to use your purchase. If you are only going to use it a few times, it probably doesn’t matter. But if you plan to hold onto it and use it for years, it might be cheaper in the long run to pay a little more to start with. However, do look for the best price on the item you ultimately decide to buy.

Getting free shipping. If you shop a lot online, you know how expensive shipping can be – which makes free shipping very appealing. But it could end up costing you more. Consider a service such as Amazon Prime, which offers free two-day shipping on some items. First, determine whether you buy enough items to justify the membership fee for Amazon Prime. Also, check whether the site offers the same item for less without the free shipping. Some sites offer free shipping if you spend more than a certain amount. However, if you are buying something you don't really need or want, is the extra money you are spending more than the cost of the shipping?

Clipping coupons. Coupons can save you money – but only if you were planning to buy the item anyway. If you have a great coupon for an item you don’t really want to buy, the likelihood is that you won’t eat it or use it, and eventually you will toss it out.

Buying in bulk. No question that warehouse stores offer some great bulk deals. But before you buy, ask yourself a couple questions. First, do you really want everything in the bulk package? For example, some warehouse stores package popular cereals or treats with less popular ones. If you are going to throw out the ones you don’t like, you probably are not saving money. Also, will you use everything in the bulk deal? If you buy a large container of fruit, for example, will you eat it all before it goes bad? If you are interested in buying in bulk, consider splitting your purchase with a friend or relative, or investing in a freezer to save some of your purchases for later.

Always paying with cash. The idea here is that you can spend only as much as you have in your wallet. However, there are some advantages to using credit or debit cards. They make it easy for you to remember and track your spending, and they often offer some protection if an item is defective.

This article was created by Osmosis Digital Marketing for use with permission by The Bensman Group.

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