What is your biggest short term financial concern?

[Ima saver]

I too, am concerning about the falling rates on savings and c.d.'s. I aso worry how much I will have to pay out in income tax this year.

[maat55]

Janh

I would not hesitate to turn in another claim. Most people never recoup the money they pay in for insurance, few ever use it more than they pay. Insurance co's show no mercy when you have to pay them, I could careless what they think when I need to make a claim.

As like most people, my financial plans are based on full pay. As a self-employed person, I'm concerned about the recession slowing me down. I'm more in the baby stage of being financially secure so a slow down is not welcome.

[disneysteve]

I would not hesitate to turn in another claim. Most people never recoup the money they pay in for insurance, few ever use it more than they pay. Insurance co's show no mercy when you have to pay them, I could careless what they think when I need to make a claim.

maat55 - In case I wasn't clear, I didn't suggest not making a claim if there is one. I advised not to make an inquiry because it can mar your record and count against you even if you never actually file a claim.

As for making a claim, it can result in you losing your coverage. If that happens, you may find it extremely difficult and costly to get new coverage. When we were dropped, I called at least ten companies before I found one willing to insure us for a reasonable price. Most wouldn't insure us at all for any price. Two claims in 5 years can make you uninsurable.

[Ima saver]

Since my husband is self employed and builds houses for a living, I am concerned about the slow down in building.

[aurielle]

Finish building up my 6 month EF. I am halfway there. I was going to go with only a 3 month EF until DH went out on temporary disability last October and had back surgery in November. Now this particular money situation has worked itself out and we have had no need to dip into the EF at all but this situation has shown me that not having an adequate EF can turn out disasterous quite quickly. I have also watched people where I work go out on disability for months at a time and after a certain point they have to pay their portion AND the employer's portion of our health insurance which together is close to $1000/month. So the amount I am saving towards has more than doubled with the added health ins cost.

I am also going to try my hardest to max out my Roth.

I also need to save for another car. My current car is very old. Its a matter of if my car will last until I can save enough money for another one.

So I have three biggest short term financial concerns and I have more of them than I have disposable income.

[sweeps]

maat55 - In case I wasn't clear, I didn't suggest not making a claim if there is one. I advised not to make an inquiry because it can mar your record and count against you even if you never actually file a claim.

As for making a claim, it can result in you losing your coverage. If that happens, you may find it extremely difficult and costly to get new coverage. When we were dropped, I called at least ten companies before I found one willing to insure us for a reasonable price. Most wouldn't insure us at all for any price. Two claims in 5 years can make you uninsurable.

I agree wholeheartedly with Steve. Think long and hard before filing a claim, or even making an inquiry about a claim.

[JanH]

DON'T DO THIS!! Do not contact your insurance company unless you are certain you will be making a claim. Some companies consider an "inquiry" to carry the same weight as a claim. That inquiry goes on your record and may affect your ability to get insurance. If you had a claim in 2005, another claim in 2008 may be enough for them to drop your coverage. Many companies have a limit of 2 claims in a 5-year period. We ran into this in 2000 and lost our coverage. After many phone calls to many insurance companies, we finally found affordable coverage, but for a while, I was sure we were going to have to go with the high-risk policy that would have cost a fortune.

Thank you, Disneysteve. I will bow to your experience. We can't afford to lose coverage in this area. Based on statements made by our insurance, it seems a lot of insurance companies are covering brand new, newer code houses, but the older homes are having more problems with coverage. I think I'll get estimates and so forth and then see what I should do from there. This might be something we need to do ourselves. Too bad the house didn't start this dance, oh say ten or fifteen years from now. Perhaps when our policy is renewed this summer, I can take it in and get clarification on portions like I did mold coverage and see what is covered for general knowledge purposes without an inquiry. Like I was say, wondering if the coverage is keeping up with cost of building, etc. I'll mull that over. But, I see that I need to be VERY careful and think this through before any move at all. Thanks!

[Snave]

We built a new house and moved in in August of 2007. So, all those needs of a new house are oyr biggest short-term goals. We have been slowly adding blinds, drapes, etc... and all of that is ridiculously expensive. We really would like a nice patio this summer, so that is the one we are trying to figure out in the budget. We set aside the money for it, but ist is tough to part with it.

[jIM_Ohio]

a few

1) staying employed
2) being able to invest close to 10% with twins on the way
3) the amount of spending needed to sustain good life for two newborns

[FrugalFish]

maat55 - In case I wasn't clear, I didn't suggest not making a claim if there is one. I advised not to make an inquiry because it can mar your record and count against you even if you never actually file a claim.

ITA. Though the reasons have already been discussed at length, is anybody familiar with CLUE? I heard a lot about it a few years back- as a central database used by insurance companies to track inquiries and claims on properties. I recall even hearing a few stories about people who bought properties and could not get coverage because previous owners had made too many inquiries and/or claims on the property.

As far as my short term goals:

#1 was upping retirement contributions, which is already done. Second to that is saving up a nice little lump sum for our annual mortgage prepayment, and then saving money for Christmas 2008.

[disneysteve]

ITA. Though the reasons have already been discussed at length, is anybody familiar with CLUE? I heard a lot about it a few years back- as a central database used by insurance companies to track inquiries and claims on properties. I recall even hearing a few stories about people who bought properties and could not get coverage because previous owners had made too many inquiries and/or claims on the property.

Yes, running a CLUE report is something folks need to do now BEFORE buying a property. Otherwise, you can end up buying a home and finding out you can't get (or can't afford) to insure it.

[maat55]

Steve

I wasn't responding to your comments, you are right on. The poster was concerned about whether to file another claim after having done so in 2005.

To me, to advoid fixing a foundation problem can lead to worse problems down the line. It reeks havic on your structure. I don't think ins. co's classify acts of nature in with fault type claims. If the home is in an area that has numerous structural claims the ins. co's charges you accordingly. Can you be denied ins. maybe, but i'm not going to pay and not use it when needed.

To add, the severity of the foundation problem is the most important factor here, if it is light you can wait till you feel you have to react. Most people don't jump at every little crack they see.

[thkgranny]

Here's mine:
1. contributing max to IRA
2. replacing the guttering on home
3. paying off another loan since CC balance is now zero (yippee!)
4. keeping my home-based business going

[cptacek]

Finding a new job so I can work (as a coder or IT person) from home at least a few days a week, if not full time.
Selling my house.
Balancing cash flow vs. loan payments vs. operating expenses vs. growing our farm.

[kilcher]

Planning on a baby for mid-2009 so right now we're focusing on building our savings. Wife is not sure she'll be able to keep her current job after having the baby (the job she's in requires a lot of travel - which she doesn't want to do).