Posts Tagged ‘savings’
Written on December 28th, 2011 by Samanthano shouts
This has been a year that most may want to forget. Financial woes hit Americans hard this year. Lots of things are still out of balance as we look ahead. As this year comes to a close it is a good time to think about your financial future. Here are some tips on shaping up your finances in the new year.
Savings Accounts
This has to be the simplest thing to do. However, a lot of people don’t utilize them as much as they should. Some reasons may be that it is believed that not a lot of money—as interest—may be earned. It’s true that typical bank savings account products made for the average American, with a required minimum balance of only $500 dollars, has an average interest rate of below 1 percent. Accounts that have an increased earned interest value also have an increased minimum balance rate—$3,000 dollars and up. That is a lot of money to have on hand for the average American during such difficult economic times. However, even a 1 percent earned interest rate savings account is good for something—and, it’s a start in the right direction.
Pay yourself by saving a little bit each paycheck. Most financial expert recommendations have been a steady 10 – 15 percent of each paycheck. Recently, this recommendation has been increased to 20 percent. This will make a significant difference in your savings.
Pay Less
Modern consumers have much more choices than ever before when it comes to getting more for less. There are a plethora of discount or coupon services available. For a few dollars, a person may sign up for access to coupon websites where he or she may download coupons to use for grocery shopping. There are also discount website and/or manufacturer issued discount codes flying all over the internet for other wanted items such as clothing, shoes, furniture, bedding, and more.
Another big step for modern consumers are the group discount deals being offered by quite a few different companies. These are offers on mostly lifestyle, therapeutic, or relaxation products. Some of what is being offered are discount travel and vacation destination rates, discounts on dinner at trendy metropolitan restaurants, and discounts on gym memberships or fitness classes—the choices seem to be limitless.
Get More
Pleasantness with a mix of proper manners may go a long way on bumping up amenities at certain establishments. Being courteous to the staff at a posh restaurant or hotel may amount to getting more stuff for the same amount of money you have already invested. It pays to be nice.
Frequent users of certain products may also be able to get more with regular use of particular services. Look for services that offer a freebie or full use of their offered product for free once a consumer has accumulated a certain amount of usage. This can amount to a free lunch or a few free nights at a hotel. Shop around for the best prices online as well as locally. There are a lot of deals out there for you to find.
Written on October 21st, 2011 by Samanthano shouts
A New Personal Finance Solution
This is truly an interesting endeavor. Online banking has been with us for quite some time now. Most people refer to this as being able to have full access to the brick and mortar bank they have already joined. The ability to check up on account activity, new payments, and making money transfers with the touch of a button, is very convenient. However, some banks are now exclusively online. This type of banking completely eliminates the need for standing in line, and other related bank lobby issues. Because there is a lowered need for human capital, most online banks offer double and sometimes even triple the interest rate earnings as compared to other banks. This option makes for a profitable move. However, changing rates over the years has become more comparable to brink and mortar banks. Even so, some still believe that online or Internet banks are the new age way to go. And online banks do still have a slightly higher earning rate and lower to no fees. But how are people really getting along with an all-electronic banking system? Let us weigh the pros and cons of this matter.
First of all, higher interest earned with low to zero minimums, is probably the biggest draw to exclusive online banking. Typical brick and mortar banks offer an interest rate earning of less than 1% for most accounts, and some with high minimums to even begin earning interest. At the most you may get 1.3% interest earnings on a savings account. This has led to some consumers finding that online or Internet banks may be able to offer more for less. Even comparable rates may bring out more consumers if there are other existing accommodations being made to them that brick and mortar banks will not offer.
ATM and minimum fees are virtually nonexistent in online banks. And if by chance an ATM charges you, most online banks will reimburse you. To top it all off, most online banks do not charge a debit usage fee either. Now that is really good customer service.
One drawback from online banking is opening up an account to begin with. The typical way of opening up a bank account with a brick and mortar bank is to bring your identification information to the location of your choosing. However, with an online bank this exchange is more rigorous and takes longer in order to avoid fraud concerns. Most importantly, opening up an online bank account will need for you to send in your signature. You can probably send all of this information in electronic format. However, it is best to check with the bank for more enrolling details.
A very important feature that you want to make sure of before signing up for an online banking account is making sure that the online bank is FDIC insured. Some of the online banks are not.
Another issue can be the transferring of your money from your brick and mortar bank to an online bank. This may take a much longer time because you will have to mail in your deposits on a regular basis. Some online banks do take payment via MoneyGram or UPS though. Future paycheck payments may be easier with the use of direct deposit. However, some bank consumers like face-to-face interactions with people that know he or she by name.
All of this becomes a matter of personal preference compared with functionality and pricing that one can live with. The explosive rise of banking fees lately, have consumers begging for a better banking deal. For some, online banking may be the best way for an alternative banking experience, with higher earning potential, and low to no fees attached.
Resources:
Bankrate.com: http://www.bankrate.com
Main Street: http://www.finance.yahoo.com
My Bank Tracker: http://www.mybanktracker.com
Written on September 25th, 2011 by credit2meno shouts
If you feel like you are barely getting by each month, then you aren’t alone. Many households feel this way. The cost of everything seems to be going up, so the disposable income is going fast. It can be hard to make ends meet, especially if you have a great deal of debt.
Sit down and write down all of your monthly expenses. Make two columns – one for your monthly bills that you will have for the long term. This should include your mortgage or rent, your utilities, and your car payment.
In the other column, write down debts that you have such as department store charge cards, credit cards, and personal loans. Those are debts that you can pay off to start increasing the amount of money you have left over. Contact those entities to see if you can get on a repayment plan. Don’t be shy about asking for a lower rate of interest either.
Take a good look at where you spend your money. It can help by writing it all down. Make a goal of not incurring any more debt too. If you spend tons of money eating out, make a menu and go to the grocery store to get all the times you will need. This is a very simple change you can make to cut down on your monthly expenses.
Do you spend lots of money on buying coffee each morning? That $3 you spend can add up to almost $100 a month! That is money you could use to pay off bills. Make your own coffee and you will be able to see that money adding up.
Trading off with others can really help you to cut your monthly expenses. If you pay for childcare, see if there is a friend or neighbor you trust who could do it for less. They will like the extra money, and you can save over using a traditional childcare facility. You can even consider swapping childcare services so that you don’t have to pay anything at all.
Before you purchase something new from a local retailer, see if you can get it online for less. It is amazing how much you can save by looking around for a few minutes. Just make sure you take a close look at the cost of shipping too so that you make sure you get an excellent deal.
You can also get some used items instead of buying new all the time. Go to thrift shops for items you need around your home including clothing and furnishings. You can also go to estate sales and garage sales to find amazing deals. Check out sites online too where you can get items people no longer need for a fraction of the retail price.
It may seem right now that you will never get ahead. However, if you take control of your spending you will be able to see where you can make changes. It can be a challenge, but if you stick to your plan you will find that you are saving hundreds of dollars every single month.
Written on September 17th, 2011 by credit2meno shouts
Feeding your family food that is good for them is important. Yet many of us are very stressed out when we get to the checkout line. The cart is full and we know that it is going to be a huge amount of money. Hopefully, you have a set budget for what you will spend at the store each time. If not, you need to get into the habit of doing so.
You can slash your grocery bill with coupons, and it doesn’t take long to get them ready to go. A coupon organizer can help you have them ready for your next shopping trip. The Sunday newspaper doesn’t cost much, and you can get some great coupons there. Make sure you check out printable coupons online too.
The trick is to find coupons for those items you will use. It doesn’t make sense to stock up on food items that you have a coupon for but that you will never really use. You have to be practical about it. If you use a certain brand of laundry soap, go online to see if there are coupons for it. Then you won’t be paying the full retail price. You can do this with just about any product you would buy.
Find out what the policy is for coupon use at your local stores too. Some of them will double or triple the face value of that coupon. This means if you have a coupon for $.50 off of a product, then you could save $1.00 or $1.50 on it! That is a dramatic difference and well worth looking into.
As you see coupons online or in the newspaper, pay close attention to their expiration dates. You can plan your household menu around what you have coupons for. You can go online too if you are struggling to come up with new recipes for various items. This is a great way to get your family interested in meal time again as well. They may be tired of eating the same old entrees again and again.
Many stores have coupons at the front of the store too. Stop in and see what they have available. You can take those coupons that you will use. If you have some that you clipped but don’t plan to use, leave them behind for other people to benefit from. You can even swap coupons with your friends, co-workers, or people from your church.
There is nothing you can do about the cost of food items rising, but you can still save money. It doesn’t take long to collect coupons, and the savings can really add up. Keep a tally of how much your grocery bill has dropped once you start using them. Seeing that savings will definitely encourage you to keep it up.