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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.

  • Spend Less Money While Not Sacrificing Enjoyment!

    Saving money: A task

    Saving Money is a task that many people find as one of the hardest to do. There are lots of things to be considered, most important of which is how to budget your available cash in a way that you would – somehow manage to have excess money left over – to be used for the exact things it should be used for. Budgeting is really a pain in the neck.

    Allocations in your budget for electric bills, water bills, phone bills, etc. is just few of the many things to be considered when planning on how best to utilize your cash. Food is no exception! Being the most important of all domestic responsibilities, we prioritize on how to budget our money and reduce the amount of money spent without sacrificing the food allocation.

    A grocery list

    We mainly buy groceries we consider to be practical and necessary. The basic necessities! It would be of great help if you make a list of those goods you have to buy together with their prices (if possible) so as to ensure that the amount you allot for food in your budget is exact, lest there be a shortage. If so, you could trim down your list or think of a better replacement the particular item(s). To avoid additional shopping shortages, here are some helpful tips.

    List goods that should always be found in the kitchen. Examples of which are coffee, milk, sugar, soy sauce, vinegar, salt, onion, garlic and such. These goods are necessary, so they are always being bought.

    Plan your weekly meals ahead of time. This would avoid you overspending on goods deemed invaluable or missing some ingredients that are needed. This would not just allay your worries but it would also save your time.

    Buy no-frills

    Don’t buy branded goods; instead choose a product that has the same quality of those expensive goods. Years ago in the Pathmark supermarkets they were known as “no-frill”, today these quality but less expensive foods are referred to as “store brand.” You’ll get the same benefit without spending more.

    Buy goods that have dual purpose. A good example of which is mayonnaise. You can use it as a sandwich spread and/or make macaroni salad both of which will serve a similar purpose of providing tasty nutrition. You could enjoy eating both types of food without spending too much.

    Buy less expensive cuts of meat. List recipes in which the cuts won’t matter. At least, you won’t be sacrificing the taste of the food while at the same time you’ll have the chance to buy a larger quantity.

    Shop with cash

    Pay in cash. You might be tempted to buy unnecessary goods if you opt for use of a credit card to pay for your groceries. This would avoid you from going over your budget allotment. Try to be inventive and creative at the same time. Some leftovers could be precooked in a way that it would look appealing again to your appetite, while others seem to taste better than the initial serving. A good number of us are familiar with great tasting left-overs. 🙂

    Bring some snacks whenever you travel. This could be a good reliever for inevitable hunger pangs you get along the way, and a deterrent to the temptation to stop in a mini store. If not be improbable, the temptation would at least be lessen. Keep a price list of your favorite goods to buy. At least, with those products you will be sure of how much you’re spending and you could expend just a small amount on other goods you wish to buy.

    Shop only once or twice a month. In that way, less time will be spent on going to a grocery store and, at the same time, chances of overspending will be minimized.

  • Tips for Conserving Gas to Save Money

    It seems the price of gasoline is always on the rise, especially at the beginning of every Summer when it is anticipated that motorists will be doing more driving. If you own a car or other kind of vehicle these price increases must be very maddening; and if you are adhering to a tight budget, this kind of gas price manipulation is even more a cause for great concern. So how can you save some money on gas?In the following paragraphs we offer few practical tips you can use to cope with the Summer gasoline price hikes.

    Carpool or commute

    The carpooling system is a great idea for employees and students alike. Since all of you will have the same destination, there is no need to bring extra vehicles if you can all fit in one car or van. If you are with your co-workers, it is a good idea to bring your cars alternately or on rotation. If you have children that you bring to school or social events, exchange driving responsibilities with your friends.

    Commuting to work is never a bad idea when you have access to a public transportation system that you can utilize when going to the office. This is also a good way to get a little relaxation while someone else, whose job it is to drive, is doing the driving. You can even take a short nap while on your way.

    Gas shopping & bike riding

    Compare different gas station prices by taking a little extra time to drive around and check the pump prices of the gas stations around your neighborhood. Keep in mind that a few cents difference can add up to a lot if you continually have your car re-filled in the same gas station all the time.

    Shedding some sweat (and perhaps pounds) is another good way to save money on gas while keeping yourself healthy at the same time. Walking or riding a bike to your destination can save time since you do not have to look for parking, and it also makes you healthier from the exercise. Utilizing these alternatives will also keep you from getting stuck in traffic which will surely waste a lot of your time and gas.

    Tune-ups & tire pressure

    Keep your car well tuned / in good running condition because it’s always important and necessary to keep your car’s engine in good running condition so that it will not consume a lot of fuel. When driving around on errands, plan out your route before you even get out of the house. This will minimize your trips going back and forth. It is also ideal to use the air condition only when absolutely necessary since it drastically increases the car’s fuel consumption.

    Check your car’s tire pressure… in fact you should make it a habit of checking your car’s tires so each one contaiins the right amount of pressure. Having unequal pressure can greatly affect the car’s fuel economy. It is also advisable for you to refrain from accelerating too fast since this means burning a lot more fuel.

    These are some of the things you can do to save on gas. Gasoline is not a renewable resource, therefore using it wisely is very important to conserve this valuable commodity.




  • A Credit Card Spending-Reduction Savings Plan

    Avoid impulse buys

    Having a credit card is very convenient since carrying large amounts of cash creates unnecessary security risks, like the inability to trace it in case of loss or theft; and a credit card seems to have a strong enough attraction which makes it kind of difficult for you to leave yours at home. However, with the many advantages offered by credit cards also come disadvantages. Since you can always buy things without carrying cash around, you are always tempted to buy something on impulse that you may not need.

    So if you have excellent control with your finances then you are to be commended; but if you have a hard time managing how much you spend on your credit cards, then these simple pointers outlined in the following paragraphs can be of great help you.

    Get organized & evaluate

    First and foremost, obtain your credit card records to have a better idea of your spending. Be sure to double check the records for errors and ensure accuracy by comparing your records against those of the credit card company. A good example would be to find out if you have outstanding debts that should not be there, as well as the accuracy of the listing your past and present address listings.

    Evaluate your credit card

    Go over your recent credit card records and look at the interest rates. Some credit card companies have promos wherein they offer lower interest rates for a period of time and this promo may already be over yet you have no idea and are already paying at a higher interest rate. Also take note of the membership fee which some charge card companies charge annually since some membership fees can be very high. Consider cancelling such memberships if you are not a frequent user.

    Pay promptly & manage debts

    It is important to pay your bills on time since it can have a negative effect on your credit record or rating if you are a habitual late payer. You will also be able to avoid getting charged because of not paying on time. Try asking the credit card company to remove the overdue charge if you have forgotten to pay it on time for the first time, some companies will be willing to work with you, as a reliable excellent payer.

    Managing your debts is a key part of the whole equation, so that if you see that you have more debt than is comfortable for you, think ahead and plan out how you will repay it or at least reduce that debt. Devise a way to pay more than what is required of you so that you will have a reduced payment schedule. Prioritize the card that has the highest interest rate. Do not bring your credit card always when you go out for a stroll since temptations are usually in ample supply.

    Reduce your bite sizes

    As the saying goes, “don’t bite off more than you can chew”; which is translated to mean, do not spend more than you can afford. True, a beautiful gold bracelet may be enjoyable to wear but the price tag may mean paying a lot for the next several months. If you are bent on saving money when using your credit card, unnecessary items like jewelry and the like should be at the bottom of your priority list.

  • Family Budgeting Requires Focus on Goals and Priorities


    Budget tug of war

    The family budget can frequently be a source of conflict and dissatisfaction among family members. Most often a family’s financial decisions are undertaken by the person earning most of a family’s income, but whose decisions are not always acceptable to other family members.

    Understanding that money is such an intrinsic part of family life, it is important for families to reach compromise on this subject. In the following paragraphs I’ve outlined a number of steps which might be helpful in maintaining peace and harmony around when dealing with the family’s budgetary concerns.

    Set your priorities

    Priorities are different from goals. They are aspects in your family’s life that you, as a family, want to focus on – like health or a future for your children – while goals are specific targets that support priorities.

    In setting priorities, do not set too many, as it defeats the purpose. Ideally there should only be one, but because life is not ideal, 2 to 3 are reasonable.

    As the priorities are set and agreed upon, write them down. Post the paper where everybody can see them to remind them of what your family is focused on for the next few years.

    Write down your goals

    Once the family has set and agreed on priorities, the next step is to set the family goals. Goals are specific and measurable conditions that, when achieved, will support the priorities.

    In setting goals, establish a target that is both challenging yet achievable. A 10-15% of the family’s income is a good savings target for a child’s future education: stretching yet reachable.

    Make every effort to get your family into a goal-defining, priority-setting frame of mind in order to maintain focus.

    Work towards your goals

    After setting your priorities and goals, start living by them. All of the family’s activities must be geared towards working at your goals. Track progress, particularly on financial goals, by using an income and expense-tracking tool. The simplest way is to get a notebook and list down all expenses & incomes, and set a budget for future spending.

    There are those that invest in computer software or a family accountant. Whatever it is, the important thing is to have a system of monitoring the family’s performance towards achieving set goals.

    Evaluate your family life

    At a certain point during these exercises, when you feel like it’s time to evaluate your life, check how your family is doing in relation to the goals. Goals that have been achieved can be checked off the list, and new ones can be formulated.

    At times, in major changes like a career move, or when a family member goes away, it might be a good time to re-evaluate priorities. When such a time comes, it is reasonable to assume that a new cycle begins; just like the overall reason we all try to get the most out of our available resources. That’s life!

     

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  • Practical Tips and Techniques for Saving Money

    Saving money is not as hard as it seems. Here are ten practical tips and techniques that you can use to create a robust money-saving regimen without changing your lifestyle.

    1. Replace incandescent bulbs with CFL (compact fluorescent) bulbs – CFL bulbs consume 80% less energy than incandescent bulbs, but give the same illumination. Make sure to buy only lamps and bulbs that have the Energy Star rating to ensure quality compliance.

    2. Make a list when going to the supermarket and stick to it – Anything that is not on the list is not a “need”, but merely a “want” so avoid busting your budget for unnecessary items. Buy non-perishable consumables in bulk to benefit from the bulk discounts.

    3. Use coupons when available – Take the time and have the patience to clip and organize grocery coupons. When added together, savings from using all coupons in one grocery trip can be as much as $20-$30. Purchase dining and shopping coupons online and print them at home. Doing so can save you at least 50% on the face value of the coupons.

    4. Buy online, whenever possible – Online stores pass their savings from rental costs and warehousing to the online consumer, thus they can afford as much as 70% off their rack price. When buying items online, Google it first together with the word, “discount code”. This can give you further reductions on the item you want to purchase.

    Try also online bidding: they offer at least 75 percent off the original purchase price, for practically new (slightly used!) items.

    5. Take lunch to work – Buy potato chips and soda from the grocery and make a homemade sandwich and pack them in a brown bag.

    6. Eat homemade dinners as often as possible – Plan menus that are practical and easy-to-cook to encourage eating at home. Save money by dining out only on special occasions.

    7. Use everyday pantry items for skin and body care – Cucumbers, honey, milk, lemon, salt and baking soda are some items in your home that can also be used to take care of your skin.

    8. Avoid shopping to de-stress – Try walking around the park or watching a movie instead.

    9. Bring your own sodas and snacks when watching a movie – The cost of sodas and snacks are at least 25% higher in movie houses. Plus, homemade popcorn tastes much better: you can put on all the salt and butter you want!

    10. Pay off your credit card balances each month and avoid finance charges – Better yet, use cash as much as possible, unless using plastic will give you a better deal (0% interest on appliance purchases, or cash rebates).

  • Patience – A Money-Saving Virtue in Fast-Paced Society


     

    Chances are you have heard it said that ‘patience is a virtue’, the old adage that suggests you wait, bide your time and things will work out for the best. It’s an adage which may be lost on today’s technological generation where instant gratification is craved by most. That having been said there is still a place for patience in today’s society – notwithstanding all the past-paced life styles – because patience often create its own rewards.

    It does however, take some character to exhibit such levels of moral excellence, but did you know that by doing so, you could save money at the same time? Read on to find out how you can economize by embracing the virtue of patience. Have the patience to walk instead of drive. It saves you money on gas, auto insurance, maintenance costs, parking and the many stresses of driving. Walking improves your health and well being while simultaneously saving a lot of money.

    Patience suggests you to compare before you buy – From personal clothing to health club memberships; from plumbing services to insurance plans; from car accessories to a new home. Compare the offers of 3 to 5 suppliers or service providers before finally settling with one. Let them know that you are taking the time to search the market and they may just be able to offer you the most savings. Truly, the patient consumer is a winner!

    Use coupons as much as possible – Be patient in cutting them out and going through them before making any purchase. Pack them together with your grocery bag or in the car so you can use the discount voucher at every opportunity. A patient shopper often ends up being the smartest shopper who reap the rewards in savings of $20 to $50 just by using coupons.

    Track your expenses – Have the patience to keep your receipts and record all your expenses, no matter how small or frequently they occur. By doing so, you are made aware of where every single penny goes. Furthermore, you will know when you have spent too much on clothing, when in fact you still need to settle your credit card balance, or pay the mortgage. You will have better control of your financial health, by patiently tracking your finances.

    Hold-off and sleep on it – If you are about to purchase a $100 item, hold off the purchase until you’ve given it ample thought. Sleep on it for about one to two nights (or days). If after such time, you decide that you absolutely need and can afford the purchase, then go ahead. Nevertheless, you’ll be surprised at how much you can save by just sleeping on, and thinking things over.

    Devote money in long-term investments – Understand that when you are considering a long-term investment, you do not need the money immediately, and it is not considered as part of your daily bidget. However, such money when set-aside will reap great rewards in the future. Exude moral excellence by patiently saving for years to come, starting today.