“Frugal Recovery Strategies for Minor Emergencies” plus 1 more

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Frugal Recovery Strategies for Minor Emergencies Posted: 23 Nov 2011 04:00 AM PST When life throws you a curve ball, knowing how to catch and return can save you big bucks. Here are four frugal recovery strategies for typical minor emergencies. Vehicle Accidents When minor fender benders happen, it's helpful to have a cell phone with photo capabilities. Taking quick pictures with a time and date stamp provides accurate documentation for your insurance company, and can also snag the license plate of any involved vehicle foolish enough to flee the scene. It's a simple strategy that doesn't cost you any extra cash. Certain insurance companies, like State Farm for example, have a free pocket agent app that assists you with the submission of critical data for your accident claim right from the scene. Unexpected Expenses Nobody loves a last-minute veterinary bill or other minor emergencies like extra dental expenses, lost basketball shoes and other retail nightmares, but that doesn't change the fact that these things do in fact happen. Stocking up on pantry staples and other frugal food strategies such as preparing more international cuisines can protect you from minor blips on the budget radar by keeping you prepared for a week or two of reduced grocery outlay. Another great strategy is to develop at least a part-time freelance career. When you'd rather not dip into savings, having access to extra cash through short-term client projects can help weather the financial storm. Evacuations Even if you don't live in a war zone, the need for evacuation can arise without warning. Floods, storms, power outages and more can force the need for a frugal evacuation. If this happens on a business trip, you'll want to make sure you use your best receipt strategies to document unusual but reimbursable expenses. Unexpected evacs during vacations may require the addition of a GPS program to your list of travel apps for family road trips. Other strategies include regularly stocking emergency supplies in your car for first aid, warmth, food and hydration. Having all of your insurance information accessible from the road is also a good thing. Take it from someone who's had to do this a few times. You won't necessarily have time to grab everything, even if you've prepared to the fullest extent possible. Airport Delays There's absolutely nothing fun about these. But having a few travel tricks up your sleeve can help them seem not quite as bad. For example, Priority Pass lounges offer free Wi-Fi, snacks and comfy chairs along with business center perks and open bar to people with annual memberships. For less than the cost of a couple's bar tab or two, you can be protected for a year from long delays and unexpected flight cancellations. Pack electrical adapters and other cheap travel supplies to make the most of sparse outlets and get some work done. Minor emergencies aren't fun, but they are survivable. Having a few frugal tricks up your sleeve can help you on the financial track as you navigate unfamiliar budget terrain.

TD Finds Women have Some Key Misconceptions Affecting the Way they Invest Posted: 22 Nov 2011 09:35 AM PST TD Waterhouse recently released the results of an online survey on women and investing. The 11th annual TD Waterhouse Women Investor Poll surveyed 1,000 Canadian women aged 45 to 64 who share responsibility for household financial planning. Of the women surveyed, 43% said they have sole responsibility for household financial planning, while 57% said they share the responsibility with someone else. The survey results were collected in September 2011. [Money Psychology: Women vs. Men] The questions asked explored many aspects of investing and financial planning, including: the importance of having a financial plan, how much money you need to start investing, who women turn to for help with investment decisions, and women's unique investing needs and priorities. The survey found that Canadian women have some key misconceptions that affect the way they invest. For example, it found that many women don't believe they need a financial plan unless they're in debt or close to retirement. Of those surveyed, only 3 in 10 (31%) Canadian women said they have a financial plan. Patricia Lovett-Reed, Senior Vice President with TD Waterhouse, believes everyone can benefit from a financial plan. Having a solid plan is what allows investors to establish their long-term financial goals and figure out what needs to be done to reach those goals. In addition, 45% percent of the women surveyed believe you need to have a substantial amount of money before you can begin investing. This is another misconception, says TD Waterhouse. Sandy Cimoroni, Senior Vice President with TD Mutual Funds, says you don't need much to get started. Lovett-Reed suggests setting regular automatic deposits, no matter how large or small, and watching your money grow over time. [6 Investing Myths] The survey also asked where Canadian women turn for help with investment decisions. The results show that most turn to professionals, with 42% looking to a professional financial planner or advisor and 37% looking to their bank branch. Far fewer turn to family members (25%), financial websites and blogs (15%) and financial newspapers and magazines (13%) for advice. And when it comes to working with a financial advisor, almost half (48%) of Canadian women recognize that you don't need to be an expert to work with an advisor. Although it helps to understand financial markets and the way they work, the women surveyed seem to realize that is ultimately the advisor's role to provide the advice, education and updates they need to understand the markets. Finally, the survey found that Canadian women have different investment considerations than men, and this can affect the way they approach investing and working with an adviosr. Just over half (53%) of the women surveyed agreed that there are differences in the way women approach investing and working with an advisor. [Women Are Better At Managing Investments] These unique considerations range from living longer to taking time off work to care for children or aging parents. All of these things affect a woman's short- and long-term financial goals, which, in turn, affect the way she approaches financial planning and investing. You Might also like: A Roadmap for Women Planning for Retirement Visit the TD Waterhouse media room for more information on the TD Waterhouse Women Investor Poll.

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