Money Mission for Monday: Start Over

As you may have figured out, I've been busy lately. And while I've been out earning a ton of money, and my balance sheet should be much better than it was, I honestly have no idea how I'm doing financially. And so I'm giving you the same mission I'm giving myself this week: wherever you are, however you're doing, take a few minutes and start over.

Take stock

Figure out how much money you have and how much debt you have. This may mean going through your files and checking several account statements. If you don't know how much money you have, there's no way you can set goals for it.

Also, take a few minutes and go over your check book register, bank statement, and credit card statement to figure out what you spent in the past month. This will give you a good idea of how much you should budget for this month, as well as giving you the chance to start to notice any leaks in your purse.

Make a plan

October starts in two days, which is a great time to start over from a budgeting perspective. Based on what you spent last month, develop a loose budget for next month. Even if you always make a budget, try starting from scratch this month. You may find a different perspective or technique helps you find new ways to cut.

Set at least one goal for what you want to do with your money this month, this year, or this decade. Start working toward it, even if it's just in little steps.


This is a much bigger mission than most, but it's also got a lot of bang for its buck. By starting over, evaluating, and making a plan you'll start to feel more in control of your own money even before you make any changes in your life.

Money Saving Mission for Monday: Raise your insurance deductibles

Ready for another money saving mission? Don't worry, this one doesn't involve giving anything up, it just involves spending less money.

Check your insurance deductibles. If you have money in emergency savings, and you should, you should be able to raise your insurance deductible.
Insurance is the transferrance of ris, and if you have enough money to "self-insure," then technically you wouldn't need any insurance at all. A totalled car or a medical emergency, however, is probably more money than most of us can afford. It makes sense then to maintain enough money in savings to cover your deductibles: if you have a $1000 car insurance deductible, you need $1000 in savings. The same for your health insurance and prescription plan. By raising your deductibles you will save money on your monthly premiums; be smart about it though, it doesn't save you money if you can't afford to cover the deductible and have to take out a loan.

While you're at it, consider how much your insurance is saving you money. Would you save more money by paying a higher premium for a plan that covers a higher percent of your medical expenses, or vice versa? Do you use your dental or prescription plans enough to make it worth what you pay for them (and can you self-insure against emergencies that would cost you a lot out of pocket)?

So, dig out your insurance statements, or log onto your company's website, and make sure that you're not paying too much. Then you can walk around grinning and telling people that you "just saved a bunch of money on your car insurance"!

Frugal Mission for Monday: Check your prescriptions

Mission for Monday is a new series I'm going to try out: every Monday I'll give you (and myself) a quick mission to help save money. These are meant to be one time things that take maybe 15 minutes. For newbies they'll probably be great advice; for veterans they might still be good reminders.

Today's mission: Check your prescriptions.

I wrote a post last year about Saving money on prescriptions, but it's been a long year since then, and my husband takes a lot of different prescriptions now, so I recently did another quick search for available discounts. Out of the four he takes monthly, one has a $20 coupon that can be printed 12 times a year, 2 have monthly $20 rebates, and the fourth mails out periodic coupons and vouchers. My savings? At least $60 every month. I'm almost embarassed that I waited this long.

Your task: go online and search for all the prescriptions you take. See if the manufacturer's website has printable coupons or rebates, or at least a mailing list you can get on.

While you're at it, talk to your doctor and pharmacist about available generics. With the $5 generic programs, which most stores will price match, it's a better time than ever to switch.