Think life insurance is “TOO EXPENSIVE”???  Well it’s really not.  Even if you get a 10 year term policy for $150,000 your rate is going to be between $20-$100/month depending on your age, nicotine use, driving record, and overall health. To put it bluntly your cell phone and your cable bill are easily $100/mo each if not double that.

So for the budget conscious let’s look at some options.  I use that term budget conscious loosely, because if you’re spending $200-$300/month between your cable and cell phone you should be able to spend a few dollars on YOUR FAMILY and protecting them.

1. Create a budget. Track your expenses: knowing where your money is going may help you identify areas where you can easily reduce your spending. There are many free money management tools and apps that can assist you with this.

2. Quit smoking. It benefits your health, and a pack-a-day smoker can save over $2,000 per year based on the average cost of a pack of cigarettes. Non-smokers can also expect lower life insurance rates – all other factors being equal – than smokers.

3. Bring your lunch to work. By not spending just $5 a day you are looking at saving about $1,200 a year. You don’t have to bring your lunch every day: even bringing your lunch every other day can result in savings that can help cover the cost of a life insurance policy, and possibly even more.

4. Eat out one less time per month. If it costs you about $30 on average each time you go out, reducing this number by once a month will allow you to save over $300 a year. If you eat out and have 2-3 children with you this figure will be even more staggering.

5. Bring coffee from home.  Do you spend $3 a day on coffee during the work week? If so, this can add up to $720 per year. Cutting this number in half can result in significant savings.

6. Save your loose change. It may not sound like much, but setting aside fifty cents a day over the course of a year will allow you to save more than $180.

7. Take advantage of all company benefits and discounts. Your company may offer corporate discounts on gym memberships, cell-phone data plans, hotels, concerts, etc. that can help you save.

8. Organize your closet and garage. This can have a number of advantages. You can save time in the long run knowing where everything is located, and you may find forgotten items, reducing the need to purchase new ones. Consider consignment for items you no longer want to keep.  Go ahead and donate old and unwanted/unused items and write that donation off on your taxes.  If you are the type of person to hold a garage sale, you can sell those items for cold hard cash.

9. Research major purchases. Check product reviews, price comparisons, features, and other aspects of any product you are looking to purchase. Wait for sales for additional savings and discounts. A little research and timing can save big on a purchase.

10. Start small to save big. Starting with some small steps, you can easily find the money to pay for life insurance.

The hardest part of any change is getting started. Once you do, things usually start to fall into place, the process becomes much easier, and you can begin to recognize the positive impact it has on your life.