by California Casualty | Auto Insurance Info |
Do you have a car loan? If so, welcome to the (big) club! – Americans owe a collective $1.3 trillion in auto loan debt. Yikes!
If you’re like most others, you’re probably wondering how you can pay your loan off faster. Below are some strategies, tips, and tricks to help you get to the finish line sooner rather than later. The best thing is, you can start on all the below right away!
- See if there’s a prepayment penalty – Some lenders disincentivize early payoff (because they want the interest) by including this penalty in your loan terms. If yours includes this, you’ll need to do some calculations comparing which method will be wiser: pay off early with the penalty or pay off over time as normal (with the interest).
- Consider refinancing – If your loan has a high-interest rate, shop around for other loan options. These could include your bank, a different bank, a credit union or even a credit card with a good transfer option. If your credit score has improved since your original loan, you’ll probably be able to get a better deal. Go for a shorter loan term rather than a long one – the goal is to pay it off quickly.
- Round up – This is an easy and relatively painless way to start knocking down the debt when your budget doesn’t have a ton of wiggle room. The idea is to round up your regular payments as much as you can afford. If your payments are $350, round up to $400. Over time, those extra dollars add up.
- Cancel the extras – When you first took out your loan (especially if you did so through a dealership), you may have added on some extras such as service contracts, GAP (or Guaranteed Asset Protection) waivers, extended warranties, service contracts or warranties for tires and wheels. Unless these are truly useful, consider canceling them.
- Make bi-weekly payments – If you usually pay monthly, you can play a mental trick on yourself to make a good dent on your loan. Split your normal monthly payment in half and make that payment every two weeks.
- Use a windfall – Windfalls are an excellent strategy to pay off debt, invest, make IRA contributions or enable purchases that seem out of reach. If your car loan is priority, use any unexpected influx – from a tax return, work bonus, cash gift, etc. – and put a chunk down on your loan. Check to make sure any extra payment you send will go to reducing the principal, instead of toward interest or other fees.
- Start a side hustle – This could be short-term or temporary, but earning extra income is a great way to pay off part or all of your loan balance in a fairly short amount of time. Even just a few weeks or months could do the trick.
- Consider selling your car – If you owe a lot on your vehicle or circumstances (such as financial, family or commute) have changed significantly, you may want to consider selling your vehicle and getting a more affordable one instead.
- Pare down expenses – A great rule for ongoing financial health is to do regular budget checks. If you haven’t done so in a while, check out our guide and see where you can free up cash to put towards paying off your loan.
- Snowball your payments – “Snowballing” is a debt paydown strategy that goes like this. First, rank your loans/debts from lowest to highest. Then, focus on the smallest loan, paying it off as quickly as possible while making the minimum payments on the rest. Once it’s paid off (and after you’ve done a happy dance), start the process again, using the “extra” money you would have been paying to that first loan and applying it to the next.
If you’ve read this far, congrats on taking the first step to pay your loan off faster! Your two most important tools in reaching your goal are having a plan and having the discipline to execute on it. These actions will not only get you your pink slip faster but also decrease the amount of interest you’ll pay over the life of the loan. Get started today – you can do it!
This article is furnished by California Casualty, providing auto and home insurance to educators, law enforcement officers, firefighters, and nurses. Get a quote at 1.866.704.8614 or www.calcas.com.
by California Casualty | Firefighters, Peace Officers |
Ask any first responder why they chose their profession, and the overwhelming answer is that they were called to serve and help others. Chances are, this was yours too.
The last couple of years have been like no other, with you and your fellow first responders on the frontlines of multiple crises facing our communities and nation all at the same time. It’s been rough going.
But sometimes the antidote to tough times is to reconnect with your “big why” – the reason(s) you signed up for this profession in the first place and why you and your colleagues keep showing up every day, no matter what the day brings. Here are some common “why’s” we hear from first responders – what resonates for you?
Making a Difference
This is one of the few careers where your actions, talents, and presence can make a literal life and death difference. You have a direct impact on improving communities and making them safer. In your role, you often lead by example and can positively influence others, which means you have the privilege of helping someone become their best self.
Camaraderie
There’s no feeling quite like being part of a team or unit with a higher purpose. Everyone has their role and is there to support and work with each other toward a common goal. You may go through tough, grueling situations together – some are tragic, but others offer up the best of humanity too. This is your support network that understands you and shares the emotional and mental challenges that come with the job. For many, your “work family” ends up being your closest life-long friends.
Physical Activity
First responder jobs require physical strength and stamina. The profession demands that you stay in shape and in top form – ready for whatever physical challenges the day may throw at you. Many first responders maintain their fitness by running, lifting weights, hiking, and other outdoor activities. This primes you for long days and long hours, bouts of intense activity, and sudden emergency situations.
Flexibility and Mobility
There’s no 9-to-5 here! Your profession offers flexible hours and variety in terms of different placements, shifts, and rotations. For some, this flexible schedule allows them to work a second job or pursue other interests or hobbies. Another perk: You can also work wherever you want! Your skills and training are in demand in cities and communities across the country (and globe, really), which gives you the unique advantage of being able to pick and choose.
No Two Days Are the Same
For a first responder, the constant is change. Each day is different – one day could be an emergency call across town; the next, a day of paperwork in the office; and the next, patrolling a neighborhood that’s experiencing a crime wave. You never know what the day will bring, but you always bring the skills and experience to deal with whatever the situation calls for. If you thrive in these kinds of environments, you picked the right career.
A Reason to be Proud
Because you and your colleagues save lives, stand up for what’s right, and are called to serve others, you’re respected by your communities. Integrity and duty are baked into this career, so you consistently earn the loyalty and admiration of colleagues, friends, family, and community members.
Continual Self-Improvement
This line of work usually includes opportunities for professional development, continuing education, and obtaining training or new skills. If you want to pursue a specialty within your profession or even branch out to another division, there’s usually a clear path and support. Additionally, because this work is mission-driven, it invites self-reflection and personal growth.
Connection with the Community
As a first responder, you build relationships within your community and the neighborhoods you serve. You have the satisfaction of seeing your efforts pay off over the long term. And you’ll be able to team up with organizations and individuals, united in a shared goal of strengthening community bonds.
If anyone is built for resiliency during tough times, it’s you, our first responders. But on those tough days, remember your big why’s and also that your communities and neighbors are grateful for and appreciate you. Sometimes it’s not said enough, but we thank you so much for your service and commitment to keeping us safe!
And finally, if you’re someone who’s looking at pursuing this career, talk to first responders about their experience and advice. Look at enrolling in courses or joining mentoring or other programs offered by your local agencies. You’d be hard-pressed to find a more demanding, mission-driven, and rewarding career.
This article is furnished by California Casualty, providing auto and home insurance to educators, law enforcement officers, firefighters, and nurses. Get a quote at 1.866.704.8614 or www.calcas.com.
by California Casualty | Homeowners Insurance Info, Safety |
Snow build-up packs a double-punch threat to your roof – and home. As snow piles up on your roof, it creates two threats over time. One is a heavy snow weight which, if left unchecked, can pose a risk of roof collapse. The other is the formation and persistence of ice dams.
Ice dams form when warm air rises inside your house and warms the roof, melting water that then runs down the eaves. Since eaves are colder, it refreezes there and creates a solid ice block, which then backs up future run-off water behind it. The more snow you have, the more run-off will accumulate. Also, the greater the temperature difference along your roof and the more time the ice deposits have to grow, the bigger your ice dam problems will be.
Keeping both these threats at bay requires a steady habit of keeping that snow in check.
Rooftop Snow Removal
Rooftop snow is typically removed either by raking or shoveling. Your best bet as a DIYer is raking. If you live in a one-story house, you can probably do this yourself. If you live in a two-story or taller home, or you have an abundance of snow to remove, consider hiring a professional (who will most likely shovel, rather than rake). Here are some top tips for safe snow raking.
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- Get the right rake – Look for a rake that has these important features. First: small bumpers, wheels, or rollers near the blade. These keep the blade off the roof surface, protecting it from damage. Second, the handle should have a slight bend to it. This makes it more versatile and easier to use than a straight-handled rake. Third, consider plastic over metal because it’s lighter. Finally, a telescoping feature will allow you to reach more snow.
- Buy an extension or two – If your rake doesn’t have a telescoping feature, it’s a good idea to buy extra extension poles so that you can rake as high as possible on the roof. And having an extra pole or two tucked away will be good if your main one gets bent or damaged.
- Rake regularly – Making this an ongoing task throughout the winter will help prevent build-up.
- Have a plan – It’s important to rake in a particular sequence. First, knock down any hanging icicles. Then, with a rake in hand and firm footing on the ground, work your way around the house, starting with the overhangs (which are most prone to ice dams).
- When raking, start low – Start at the bottom of the roof and work your way to the top, pulling off a foot or so of snow at a time. Be warned that starting high or pulling down too much snow could bring it tumbling down on you.
- Stand back – Give yourself some room away from the roof’s edge so that if snow dislodges, it won’t fall on you.
- Watch out for power lines – Be extremely careful not to hit any overhead lines. In fact, take an inspection walk around your house before starting to rake. Overhead lines are common in older homes.
- Think twice before salting – Salting the roof can lead to discolored shingles and dead plants or grass.
Preventing Ice Dams
Ice dams can lead to roof leaks, causing structural damage inside your home, as well as water stains, bubbling paint and wallpaper, and mold/mildew formation. Besides keeping up with snow removal (the best strategy for ice dam prevention), here are some others:
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- Insulate your attic – This will minimize heat loss, keeping your roof cooler and melting less snow. It will also save on energy costs.
- Eliminate air leaks – Seal leaks in the attic, around the chimney, and at entry points for vents and pipes.
- Vent out the hot air – Proper ventilation will help keep heat from getting trapped and warming concentrated spots on your roof. Consider installing two motor-driven fan vents – one that draws in cold air and one that exhausts hot air.
- Turn down the heat – Dialing down your home temperature will not only help prevent snowmelt and ice dams, but also save on your heating bill. Check out our easy tips here.
- If you already have ice dams – Ice dams can do serious and expensive damage to your home – so if you have them, get them removed by a professional asap.
Preventing wintertime damage to your home saves money and headaches over time. In the case of your roof, keeping it maintained and damage-free will extend its life and protect your home’s value. Follow the strategies above and also remember – if the snow is wet, heavy, voluminous, or hardened you should hire a professional snow shoveling service. Finally, getting a pre-winter roof inspection is always a good idea, as it will surface any structural vulnerabilities or problems with your roof.
For more winter home maintenance tips, click here.
This article is furnished by California Casualty, providing auto and home insurance to educators, law enforcement officers, firefighters, and nurses. Get a quote at 1.866.704.8614 or www.calcas.com.
by California Casualty | Homeowners Insurance Info, Safety |
With cold weather comes extra hazards. Be on the lookout for these six common ones, so you can avoid injury, accidents, and damage to your home.
1. Unsafe Heaters and Furnaces
Make sure your heating system has been inspected by a professional (ideally well before winter arrives). This will ensure that it’s prepped for the hard work of heating your home through frigid temps and doesn’t break mid-season, leaving you scrambling for repairs. Here’s how you can keep it in working order:
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- Wipe it down regularly to get rid of dust and debris; you can also gently vacuum it with a nozzle/brush attachment.
- Clean vents and adjust dampers in all rooms.
- Replace dirty filters as needed.
- Listen and watch for strange sounds or behavior. Do a visual check from time to time for frayed wires or other damage (pests can attack without your knowledge!).
- If you have a furnace, be sure to check the pilot light regularly (follow manufacturer’s instructions).
2. Fireplace Hazards
Like your heating system, your chimney, flue, and supporting structures need an annual inspection (and possible cleaning). Schedule inspections at the same time for an easy maintenance routine. Besides inspections, be sure to:
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- Clean out ash after every fire – excess ash can reduce airflow and make your next fire dangerous.
- Never leave a fire unattended, and always make sure it’s completely extinguished before leaving it for the night.
- Use a fire screen for extra protection and consider fireplace doors if appropriate.
- Check your smoke and carbon monoxide alarms to make sure they’re working properly.
- For more indoor fire safety tips, check out our blog post.
3. Porch and Deck Safety
The areas immediately surrounding your home and entrances pose a special risk for slips, falls, and other injuries resulting from ice. Protect yourself, your family, and any visitors with these precautions.
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- Remove snow from decks, walkways, porches, and your driveway as soon as possible to prevent a melt-and-refreeze cycle (i.e. black ice).
- Consider slip-resistant finishes and coatings, deck strips, or even mats in high-traffic areas.
- Make sure handrails are secure and in good working order to provide stability when stairs are slick.
4. Gutters and Roofs
Following a theme from earlier on, it’s imperative to get your roof inspected annually so that you become aware of any problems and can get repairs done before winter sets in. Then, throughout the season:
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- Keep gutters cleared out so that water goes down the spout where it’s supposed to, rather than finding other cracks or crannies to get into.
- If you live in a snowy area, clean gutters can also help prevent ice dams from forming and causing costly damage.
- Remove snow from your roof regularly with a roof rake.
- Use that same rake to remove any icicles that have formed.
5. Power Outage Prep
Snowstorms and freezes can easily take out power lines, leaving you in the cold and dark. Have your emergency plan and power back-up ready in case you need it. Additionally:
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- Have a two-way radio for news concerning the outage (make sure it’s solar-powered, uses batteries, or is hand-crank).
- Have a hand-crank or solar-powered cellphone charger so you can keep in touch with family, neighbors, and friends.
- Invest in a generator, and always have flashlights, lanterns, and extra batteries on hand.
- If you don’t have an emergency kit or plan for your family, make one today.
6. Germ Safety
Illnesses, including the flu, coronavirus, and others surge during winter months because we’re usually indoors and in close proximity to others. Be sure to stick to the routine precautions for COVID-19 prevention – including mask-wearing, frequent handwashing, and social distancing – to keep yourself and your family safe. Pandemic fatigue is real, but sticking to the guidelines will keep us all – including our nurses, doctors, and other health care workers – healthy until a vaccine is available.
Many times, making sure your home is prepped for winter hazards means thinking ahead in summer and fall. Keeping up with your yearly inspections can uncover problems with chimneys, heating systems, and your roof that could cause major headaches and damage right when the thermometer is plunging. Taking actions early – and keeping an eye out year-round – will give you peace of mind during the winter so you and your family can enjoy a cozy, serene and safe home.
This article is furnished by California Casualty, providing auto and home insurance to educators, law enforcement officers, firefighters, and nurses. Get a quote at 1.866.704.8614 or www.calcas.com.
