Category: Extra Income

Prudence Says You Can Shop And Save Money Too!

The plastic lure

Can it be said that you have a casual relationship with your credit card? Is it your must-have carry-along when you go shopping, as some have opined? Can it even be said that your credit card is your best friend when you go happily shopping? If the answer to any of these questions is yes, it may be time for you to re-evaluate your relationship with that plastic temptation.

Considering the economic conditions these days, this plastic seems to be the least practical option for anyone serious about saving money. It is actually the most convenient tool used for consumption when you are out of cash. It lures you to spend, which is precisely the reason you should modify your relationship with it. You don’t have to totally break off the relationship, but be a little smarter and make it work to your advantage…

…Because there may be a few ways for your credit card to be useful in your saving endeavors. In fact, we have outlined in the following paragrsphs, a few methods that you can actually use to save money when using your credit card to shop.

Balance transfers = lower rates

If your present credit card has a high interest rate, you can transfer your balance to one with a low-interest or no-interest at all. It can offer you a 0% interest for a certain period and then a lower regular rate later on. A 15% interest rate can be transferred to one with 6%. The 9% difference means a lot, especially in the long run.

Look for one with the lowest rate of all to further maximize the use of a credit card. This definitely spells savings. If you do not have a balance yet, it is best to look for a card without annual fees. This is one way you can take extra precautions in assuring that the lowest interest rate is the best for you.

Make sure to factor in your buying habits. You may be attracted to the low rates, but the end result may not be desirable if annual fees and other hidden costs are attached to your bill.

Rewards program

Reward points system and cash back programs offered are also ways to get the most use out of your credit card for less. Simply put, these programs can save you money. Maintaining a low balance despite your frequent buys will give you at most 5% off on purchases.

There are even cash rebates up to 5% when you use the credit card at certain gas stations, convenience stores and groceries. This can be automatically applied to your bill, which results in more savings you will be realizing.

Maximizing the experience

To reap the rewards, you must avoid the drawbacks. Let prudence be your guide because the prudent person will definitely look for the best deals and grab them right away but with some caution. Thus the necessity to read the details.

Check the fees that may be charged and the penalty rates in case you delay. This may be the downside of the deal offered to you. For example, be careful of cash advance features of credit cards. Some of them can be very expensive. They can come with numerous fees and higher rates. So be wary! Spending cannot be avoided at times. Just don’t forget your goal of getting a good deal to save.

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Warming Up to a Utility Money-Saving Plan


The utilities

Saving money on utilities has be among the top priorities for most households, since utilities are “must-have” services, but are also some of the highest priced items a family must pay for. Take, for example, heating bills during the late Fall through early Spring period; and electricity (mostly for air conditioning) during the Summer months. These bills can easily fall in the range of $250 to $350 if you own a home.

Expenses on utilities really contribute to most of your household bills, after your mortgage payment and auto expenses, if you drive a car or other type of vehicle; but did you know that you could trim your utility expenses by a considerable amount? Of course, you do need a solid “home energy reduction” plan which must be adhered to. That having been said we have made a few suggestions in the following paragraphs that may help you create such a plan.

Electric & the appliances

Identify which appliances consume high electricity usage and contribute the most in making the electric bill cost that much. You can save hundreds of dollars annually by enrolling in a home management load program that offer a 100-dollar savings in a year on electric utility hourly rate programs. This will help you lower your electric payments and will teach you on home energy conservation.

It is recommended that you have improved appliance efficiency. The heating system appliances are known to consume too much electricity. The refrigerator and the water heater consume that much energy as well. Make sure to check these items regularly to ensure their efficiency. A well-maintained appliance will sustain its performance and will give you it’s accurate use of electricity.

The heating component

Always remember to give your furnace a tune up at least twice a year. You have to cover the water heater to insulate it and give your refrigerator coils a cleaning at least twice a year as well. You may also set a timer for the heater to have regular flow of electricity whenever it is in use. You may call your utility service to check if there is a low rate offered during any specific time of the day.

You may also save money by lowering your heating bills. A good rule of thumb is to set your thermostat down three degrees which would result in a savings of 3 percent off your bills. You may even save more by setting the thermostat at the bare minimum while you are at work; and keep it at a reasonably low temperature during nighttime hours when you are asleep. This can help you conserve heating fuel (oil or gas and many places) and electricity while saving more money.

Phone, water & others

You may want to lessen your long distance telephone calls to lower your telephone bills. If there is a need to call a very important person, you can call during weekends and night hours. Telephone companies offer a lower rate for long distance calls during those times of the day. In order to save money the best alternative is using the Internet to communicate with your friends and relatives instead of the telephone; and if you have access to VOIP (Voice Over Internet Protocol) services, you should use it instead of traditional landlines and slash your phone bill by 70% or more.

You may want to consider lowering your water bills in order to save money. Check if there are leaks so that you can fix them immediately. Another thing you can do is install a water saving showerhead to lessen the use of water when taking a shower. You can use a big container to stock water in the bathroom as an alternative to using the bathroom shower. This might sound a little strange, but it will save money.