For every payroll worker who’s paying an additional two percent tax that came as a surprise after the recent US national election, the importance of digging deeper into what you support politically and its impact on your wallet is clear. Use the tips below to determine whether politics should be influencing your financial decisions to help you better manage your personal finances.
If you purchase your own health insurance, try to figure out how your options might be different for the upcoming year before the benefits season begins. In addition to personal changes in your health, if there are changes in your employment or family status, you should consider how health care changes are going to influence the options for you in your state.
If you are considering buying a new motor vehicle, consider changes in laws that are being proposed and in some cases passed that will negate financial benefits promised from purchasing hybrid cars. Such proposals are determined by your elected officials, some of whom will be responsible for the passage of laws such as new taxes charged to drivers who use electric cars because they avoid paying gasoline tax.
If you are a utility user, consider better understanding proposed rate increases that you’ll receive notice of periodically and determining whether you can use some of your spare time to alert others, work to prevent such increases or explore options available to you to avoid the financial impact of such rate increases.
Make sure that you understand what the person you’re voting for is really fighting for rather than voting on what you think they’re saying. Research articles and information available that will better inform your decision so that you don’t vote against your own self interest.
Make sure that you understand how your charity dollars are being spent by charity money and goods you give in order to maximize the good your dollars produce. Use charity rating systems and news reports to determine whether a particular cause is merely popular among politicians in order for them to promote themselves or whether the given cause is actually meaningful and worthy of your donations.
Understand programs and plans implemented to address specific grievances of particular groups of people, such as if you are upside down in your mortgage, where drops in property values have left you owing more than your property is worth. For widespread problems, there are frequently politically motivated programs available for which you might be eligible that will improve your personal finances.
Pay attention to developments in local politics that reflect a governmental drive to get more money to perpetuate itself rather than improve the overall situation for its residents and vote on an issue based on what you see as the anticipated outcome rather than what is promised.
Paying attention to politics and what is going on at both a federal and local level can impact your personal finance situation. Use the suggestions above to better understand some political actions that can impact your success in managing your personal finances.