8. Insurance and Tax
The hardest thing in the world to understand is the income tax. -Albert
Einstein
1) Switch to term life insurance: Repeat after me: insurance is not an investment. Switch to term insurance instead and use that difference in cost to get yourself out of debt and start building some wealth. Universal and whole policies are much more expensive and offer a sub-par investment opportunity – you’re much better off getting yourself free of a debt burden than spending extra on such things.
2) Make sure you are getting all of your tax relief benefits (if unemployed, disabled, widowed etc) and your social welfare entitlements. The web sites/departments of social/family affairs and the citizens’ information centers are helpful points of contact.
3) Make sure you are not duplicating insurance policies: For example, does your employer pay for travel or health insurance as part of your package? Does your health insurance cover some elements of travel insurance?
4) Claim your benefits and tax credits: Avail the available benefits the government has put for family budget and it's your money so make sure you're claiming it. That may include Child Benefit, Working Tax Credit, Child Tax Credit and other employee-related tax benefits.