So, this morning I was presented with a chance to go through some questions about my fiscal health. Getting out of debt was an extremely freeing experience that I recommend for everyone. Contrary to the image at the right, I received a 92% A from billsIQ for my financial health—but they reminded me of a few problem areas I still have.
Getting a Will
I really need to do this. I know I need to do this. I almost went so far as to get an appointment with a lawyer (and a recent radio ad almost had me checking out doing it online). In my state, if both my wife and I were to die where my kids would end up would depend on the state—definitely not what I’d want.
There are only two things that are a surety in life—you know them: death and taxes. We should be prepared for both.
Emergency Fund
Yes, we have about a month’s worth of money in an emergency fund. The truth is that we also know we’ll be replacing a vehicle within the next couple years1. It was such a long slog to getting out of debt, though, that we’ve allowed ourselves a little comfort before getting back to being disciplined.
Insurance
When we first got married both of us got whole life insurance policies with an investment angle. Both of them were for $100,000. I don’t think that’s enough any more, considering if I were to die my family wouldn’t be able to get by on that little. I think I’m going to have to look into getting a term policy of some kind. They’re fairly inexpensive, and that’ll provide more coverage.
Overall: Pretty Good
Not have had a Bankruptcy or some other financial problem on my record certainly helped my credit. My credit score (the last time I saw it) is at the high end because of some good practices taught by my family and the fact that I have no debt other than my house.
A Haiku
Staying out of debt
It can be a real chore
But it is worth it.
- If it turns out that we don’t need anything major this weekend when we get the transmission looked at! [↩]
Good post! I was lucky on the will front, DH and I got them done for free by the military lawyers before we left the service.
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Posted by Jenn @ Frugal Upstate | September 12, 2008, 7:26 am@Jenn @ Frugal Upstate: Have you had any experience with the online wills? When I was going the lawyer route it seemed like I was going to start out at $400 for one.
Posted by MInTheGap | September 12, 2008, 12:42 pmOh, we are behind on the will part. Once all this hurricane mess slows down we need to get that taken care of.
If you find a cheap alternative to a real lawyer let me know. Otherwise I might start begging and pleading our lawyer friends who live upstate to do us a favor.
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Posted by Rachel | September 12, 2008, 2:49 pm@Rachel: It’s something we know we should do, and yet…
I will let you know…
Posted by MInTheGap | September 12, 2008, 3:26 pmThanks for sharing that – I just took the test – how fun… I am with you, I guess I need to write up a will…
Posted by ChristianPF | September 15, 2008, 4:34 pm@ChristianPF: I heard on the Radio that LegalZoom lets you make a will for cheaper than getting a lawyer. Don’t know much other than that– will have to check it out.
Posted by MInTheGap | September 16, 2008, 8:28 am