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Category: Budgeting

When a family or business creates a written plan outlining amounts of available cash resources to be spent for a specific – usually in a calendar month for a family and a fiscal year for a business. A business budget is thought of as a financial blueprint of the business, while a family budget helps to control overspending.

  • Saving Money Makes College Education a Reality


    College preparation

    With the cost of college tuition climbing year after year, it is best that parents have a sound financial plan that would reduce the monetary hurdles of sending your kids to college when they reach college enrollment age. In fact, parents can start saving up for the best and highest form of education for their children as soon as their child is born.

    Aside from the cash that you have saved yourself, there are additional methods that can be employed to further your money-saving goals and we have shared, in the following paragraphs, a few sources you can look into for getting your kids through college.

    To begin with…

    1. Scholarships – Academic & Athletic
    2. Grants – Government & Private
    3. Financial Aid
    4. Part-time Jobs
    5. Work-Study Programs
    6. Student Loans

    These are some good alternative sources for your children to utilize before and during their college education; but as a parent, you would not want to be put in those long lines for financial aid or let your child work himself to death just to have money for tuition and other expenses. So you might want to get a jump start at shaving off those hard-earned bucks for your child’s college education.

    The earlier, the better

    Start investing your money as soon as your child is born. First, put the savings or investments under your name. Later on, decide whether you want to transfer the account to your child’s name by the time he or she turns 15. This way, you will have minimal taxes, if any at all.

    However, you need to be careful when transferring account names. Some states require a total turnover of funds once your child turns 18 or 21. This is also ineffective if, in the future, you apply for financial aid. Also remember that tuition fees 10 or 15 years from now may double or even triple the current rates.

    Trust fund

    Establishing a trust fund for your child is a very wise plan for a child’s parents or relatives to invest in. A trust fund is similar to a time-deposit where the money will be given to your child after a certain number of years. After the designated time, this fund may be received in one lump sum or in accordance with an installment plan.

    When building up a trust fund, check out details like interest rates, taxes and withdrawal restrictions. All in all, you need to approximate the costs of tuition and fees, dorm room expenses, meals, books, and other costs that may arise.

    Low-risk bonds

    Make sure that you invest money wisely as your child grows so that by the time that there are only two or three years before you send your son or daughter off to college, you would have “locked” sufficient enough amount funds in by investing them in low-risk bonds. This way you will ensure that you will get to have enough for them to start their college education.

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  • Smart Secure Way to Use Banks for Saving Money


    FDIC protected

    Do you think, as many people do, that putting your money in a bank is the most safe and secure way to save? If your answer is yes, then you are absolutely right if for no other reason than the $250,000 insurance policy put in place by FDIC to protect you against loss. Yes, your money is safe and secure while on deposit in a bank, but you must be wise in your interaction with the bank in order to make sure you get the most out of this relationship.

    Banks are not charitable institutions, they are profit-driven entities that charge a variety of fees and costs for all sorts of schemes to take away some of your money. That having been said, the amount savings you can derive just by utilizing some awareness in making bank transactions can really add up after a period of time and let you use your money where you want to. So included in the following paragraphs are some proven techniques you can utilize in your bank dealings and saving objectives.

    Check the opportunity cost

    Think about the factors that are affecting your money in the bank. Are there fees that the bank is asking you to pay for keeping and using your own money? How much? Are they requiring a minimum balance for holding an account? You might be interested in other alternatives which are available and simply awaiting your investment.

    You should always factor in the opportunities that you are deprived of because your money is being held in a bank. Just sitting there and doing nothing else for you! You might also be interested in taking a look into the policies and terms of other banks. Probably the bank that can best suit your needs is out there waiting for you to discover it.

    Checkbook balancing, ATM taming

    Always keep in mind that you should have your checkbooks balanced at the end of every month. Issuing bounced checks can cost you a lot. The average fee for issuing checks with insufficient funds is $35. If you are not aware of the problem, you can easily issue several bounced checks in a certain period of time and this is very costly indeed.

    The best practice in using ATM machines is to avoid using ATM machines at other banks, supermarkets, casinos? (definitely not those at casinos), restaurants, malls or any location other than your bank or any of its branches. Why? Because the cost of ATM fees has increased just like any other cost and can range from 1.50 to $3.50, depending on where you are. Of course it would help if to know other banks which do not charge fees.

    Embrace ebanking

    With the advent of globalization, everything is becoming electronic. This is also true in the banking world, and technology is quickly becoming a benchmark of competition. E-banking can save you some money from transportation costs and more importantly, it will save you time. The time you spend waiting at the bank can be used for some other productive activities.

    Truly, putting your money in the bank is a safe and secure method of saving money, but only if you are smart and wise enough to prevent the bank from chipping away your wealth. In saving, it is not only the benefits such as annual returns which you should consider, you should always think about the costs involved in the process.

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  • Practical Ways to Cut Your Kids Education Costs

    Back to school

    It’s that time of the year when the new school year is just around the corner and the thing that parents are thinking about most is how best to prepare their children for the school year; but along with such preparation they can’t help but fret a little about the impending costs. Yes, of utmost importance is the education of your child(ren).

    In fact education is a right every child is entitiled to and a pertinent need of all children, but it can become very costly, as most parents will tell you, if asked. So availing yourself of scholarships and educational grants for your children is the best way to help them get through schooling.

    Of course, we both know that only a small percentage of children are eligible for these scholarships, making it necessary for parents of the ineligible children to pay out of pocket and find other available sources to help.

    Organize and Save

    That having been said, there are a few simple and effective methods that parents can employ to cut the costs of schooling for their children, especially during the back-to-school season. Most often, these methods are taken for granted, but you should not make the mistake of taking anything for granted since nothing is promised or guaranteed.

    Maintain an inventory of school supplies for your children and keep it organized. If you are not organized, you will end up spending more money on replenishing your supplies. Small things like pencils and crayons may not cost too much, but if you replenish your supplies unnecessarily, you are losing valuable money.

    You should also try involving the kids when making up the inventory list. This will give them a sense of ownership for their things and would know where to take and put their things, as well as taking better care of them.

    Tax holidays & bulk buys

    Tax holidays are sometimes offered by many states during the back-to-school season. Price ceilings during these periods will usually be put on different school gears. You might want to do a little research and ask about the schedule and details of any tax holidays offered in your area.

    It’s a basic economic principle that has worked for years: “The more you buy, the more you save”. Well, this is applicable if you are buying a specific item which you will really need in the near future. In buying pencils, for example, you might want to buy a box rather than buying one for each of your kids.

    Let’s face it, you will be needing to replenish these items after some time, so you might as well avail yourself of the lower per item price by buying in bulk.

    Transportation & snacks

    You might want to consider buying your child a bicycle for him/her to bring to school. This, of course, is not always feasible. Finding a cheap and safe way to bring your children to school daily is an important thing. Car pools and school transportation services are options that you can look at if they are available in your area.

    Whenever you have the time and energy to prepare breakfast and lunch for your children, do so. You will not only be saving on the pocket money that you will give to them but you are also secured that your children are eating healthy and safe meals.

    Getting your children through school is a big job and a costly one. Saving money through practical and simple means can assist you in this endeavor. The benefits will eventually add up to bringing a brighter future to your children and, as a natural added benefit, your proud satisfaction.




  • Practical Steps to Cutting Your Medical Expenses

    Treatment isn’t free

    I begin this post by invoking a phrase that often sends a direct, and sometimes rather harsh, message to particular audiences: “there is no such thing as a free lunch.” The same thing can be said about medical attention, meaning, there is no such thing as free medical treatments or medication.

    Some time or another, all of us will need medical treatment. Whether it would be for simple colds and flus or for more serious illnesses. Whatever the circumstance, these incidents would hurt us and hit our pockets hard.

    According to various studies, Americans spend more money on medical expenses than any other nationality in the world. As prices get higher and life gets harder, saving some money off your medical expenses will definitely be beneficial to you. In view of that reality there are some pointers discussed in the following paragraphs that could prove helpful, so read on.

    Take care of your health

    Prevention is always better than treatment. Being fit and healthy might seem to be a 21st century fad but it wouldn’t hurt us to jump on that bandwagon. An analysis of the 1987 National Medical Expenditures Survey revealed that people who are more active spend less on medical expenses than those who live lethargic lives. This analysis equated the benefit of being physically active to $330 (1987 dollar value) per person.

    For smokers and drinkers, reducing cigarette and alcohol consumption is an option which you may find feasible. You will not only reduce future medical costs but also reduce direct costs from purchasing these products. This about this simple calculation: At $5.00 per pack of cigarettes per day, your cost per month just for cigarettes is, $140.00 which is enough to pay at least one utility bill and perhaps two.

    Buy generic

    These days generic drugs are just as effective as the brand names; so true is this that major supermarket chains and Chain Drug Stores like, Rite Aid and Walgreens are producing their own brands and competing with the traditional brand name manufacturers. Patents have been used by manufacturers to to set a price so as to recover their costs in developing their products.

    However, these patents don’t last forever and generic versions of the drugs have been made available in more varieties. Fact of the matter is, generic drugs are basically the same as the brand name drugs in the sense that ingredients and quality are very much the same.

    Going generic can save you a lot of money. According to the Association of Chain Drug Stores, the generic drugs are priced at $24 on the average in 2004, while the average price of the branded ones is $96 dollars. That’s a significant difference for any consumer, but especially to those who are on fixed incomes or others trying to adhere to a budget.

    Heed your doctor’s advise

    Take time out to discuss things with your doctor, since exercise this can also save you a lot of cash. Don’t be shy to ask your doctor about possible alternative drugs you can ingest. Ask if there is a generic drug that you can take if s/he prescribes a branded drug for you. If you are going to have surgery, try to schedule wisely, so as to prevent overstaying in the hospital.

    And most importantly, do as you are told by your medical expert. If s/he asks you to quit your vice, quit it. If s/he tells you to be active, then you’d better be! Medical expenses can really dig a hole in your pocket. Try to be wise in your medical transactions and more importantly, take care of your health.




  • Savvy Money-Saving Gift Ideas

    Are you a spendthrift?

    Giving gifts does not necessarily make you a spendthrift. Most of us are familiar with the old adage, “It’s the thought that counts”. This saying can be interpreted a number of ways, but the most practical interpretation is, “don’t worry about getting me anything (special), I thank you for being so considerate as to think of getting me something.”

    If this interpretation is adopted by a majority of gift givers more people can start cutting back on gifts that would cost them hundreds of dollars. That having been said, it really is best to choose items that may not be that expensive but would definitely bring joy and amusement to the one who will receive your gift.

    The gift card

    So, if you want to give gifts but you have a tight budget, don’t worry too much because there are many ways to cut back on the prices but still be able to give gifts that will be deeply appreciated. Here are a few ideas that might help you bring smile to someone’s face during the holidays without having to break your bank.

    Consider for a moment that, the trade-off between a gift certificate with which the recipient can buy exactly what s/he wants and a more expensive item that is really not the ideal gift may just be a more acceptable exchange and as well as a appreciated gift.

    What not a gift closet?

    Gift Closet is a really cool idea…Start one! If you have not done this before, try to do it now. Shop for gifts the whole year-round. This would mean less hassle and less expense, a definite money-saver. The point here is that if you do not plan in advance, you will end up spending more.

    You could try buying gifts at bazaars, special sales, and out-of-town trips, which you can deposit in your gift closet. In this way, you can buy the items at a much lower price than it would be sold for during the holidays.

    However, to make sure that you do not give the same gift twice, you should make an inventory of all your gifts. This will also allow you to keep tabs on what you have in your stock.

    Alternatively, and in addition to stockpiling gifts, collect wrapping paper, ribbons, and other trimmings, adornments and other supporting items as well. A gift is better appreciated when it is beautifully wrapped.

    Creativity & organization

    Let the creative juices flow because nothing could be more amusing than a gift that was specially made by the person who gave the gift. Personalizing you gifts is far better than commercially made items. In this way, you do not only create a smile to the one who will receive the gift but you would also cut your gift-giving expenses by a large amount.

    One of the best ways of saving money on gifts is to be organized with the process. That is, before going to the store or mall to shop for gifts, always bring with you a shopping list. It should be stated there, the names of persons to whom you will give gifts and the budget for each person.

    The bottom line is that gifts should not be expensive. What matters most is that you have thought of the person on that very special day and that’s usually enough to make them feel they are special to you. However, this does not mean that you shouldn’t get a modestly priced item for that person.

  • Efficient Appliances Slash Utility Costs


    An electrical appliance that does not work at maximum capacity results in less than ideal performance and higher electricity bills. That is why it is best to make sure all your electrical appliances are in reasonably good working order, or top working condition – when possible – in order to save on electricity and save more money. In view of this observation I thought the following ideas could be helpful to you in your efforts to save money on utilities.

    1. Keep your appliances clean and well maintained – Regular cleaning and maintenance will keep your appliances in top shape, this according to most manufacturers, to make sure they perform better and consume less energy. Energy saved is money saved.

    2. Have an annual checkup by qualified service technicians – This can reduce the appliance’s operating costs by as much as 20%, extend the life of the system, and improve its safety and air quality. The long term savings of this annual inspection far outweighs the cost.

    3. Setting a comfortable room temperature – When using air conditioners, it is best to establish your comfort temperature, and then set your thermostat at that level permanently. This will definitely save on electric bills because it has been shown that air conditioning units take less energy to cool air four to five degrees than it does to cool it eight to ten degrees.

    4. Replace any items that have already been in use for 10 years or longer – Old appliances are most likely not at their peak performance, and this in turn prevent them from performing at optimum efficiency. By replacing them, your electric bills can be reduced by as much as fifty percent.

    5. Dealing with power outages – If you experience a power outage, make sure you turn off the switch on your appliances and allow time to pass before turning the appliances on again when the power returns.

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    6. Best use of your refrigerator(s) – Recommended use of refrigerators suggests that you should not over-stuff compartments with bottles and plastic containers. Keep in mind that cool air must circulate freely to avoid overworking the condenser. This in turn enhances efficiency and saves money. Also, try not to leave the door of your refrigerator opened longer than it takes to take the item(s) out. Doing so will have the unneeded result of allowing cool air to escape and defeat the purpose.

    7. Energy-saving logos and notes – Always try to look for the “energy saving” logo or notes whenever you buy your new appliances. Buying an appliance with a logo that states it consumes lower energy will definitely allow you save more money on your electricity.

    8. Using energy saving lights or light bulbs – These energy saving lights or light bulbs usually last up to 12 times longer than the usual highe wattage bulbs. Plus, energy saving light bulbs consume less energy. Hence, you will be able to save more money just by saving on the lesser amount of electricity used by these bulbs.

    9. Energy-saving windows and screens – Use energy-saving facilities at home like energy-saving windows or energy-saving appliances. This will lessen the consumption of energy and, thus allow you to save money on electricity. For instance, use a “double-glazed” window instead of the ordinary window.

    10. Use home insulators and insulation – The best case for insulating your home, including siding, attic, basement and other areas of your home that might otherwise allow heat and cool air to escape is the huge difference in your heating bill during Winter months and your electric bill during Summer months.

    However, this may be difficult to ascertain if you have not yet insulated, so you could simply ask a neighbor, friend or relative who has insulated. Indeed, saving on utilities will definitely save more money!

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