Category: Saving Money

The act or process by an individual, a family or small business, of taking a portion or percentage of weekly or monthly income and setting it aside by placing it in a savings account or other account such as a IRA to be used at some future date. Reasons for saving might include paying for unexpected events, medical expenses, child’s education, retirement lifestyle and other future purchases.

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.