Chill Maadi | Page 38 Of 48 | All About Managing Your Money ...

Stop Wasting and Start Saving

Do you make frequent trips to the store to replenish household items or groceries? Do you even realize how much gets wasted on a daily basis? Most of us don’t. We live in a wasteful society. Food is thrown away every day while people lie starving in parts of the world. We spend money on items we don’t even need. We waste instead of trying to conserve. Maybe we can’t change the world but we can start by trying to eliminate waste in our own lives and save a little money in the process.

Do you cook every day then end up with leftovers that never get used and eventually get thrown away? Do you find yourself purchasing a multitude of cleaning products that cost more than you intended to spend? There are a few simple ways to cut down on grocery and household expenses. If you make one large purchase of groceries when you go grocery shopping keep track of the items you use most frequently and run out of most often. When you go to the store buy only those items on your list. If leftovers rarely get eaten in your household try to make smaller portions when cooking a meal.

By eliminating unnecessary waste you also save money not to mention the obvious benefits for our planet and the environment. If you’re like most people, you probably buy one cleaner for glass, another for the bathroom, another for the floors, etc. Although we feel these items are necessary such multiple purchases can become costly. There are several products that can do the work of costly cleaners for a fraction of the price.

For instance, vinegar can perform the duties of many expensive household cleaners. Most of us are familiar with the many benefits of vinegar. It is truly a versatile product. Vinegar is great for cleaning windows and glass appliances. Use it on floors and carpet to clean pet stains or milk and other spills. It is good for flushing out drains, cleaning and deodorizing garbage cans, hampers, litter boxes and other areas around the house. It is also quite effective for removing odors caused by pets, cooking, smoking and more.

Vinegar is good for removing stains such as coffee and tea. Many people soak the glass pots of their coffee makers in a solution of vinegar and water to remove the unsightly brown film that is left by brewing coffee. A solution of vinegar and water can also be brewed through the coffee maker, just as if you were brewing a pot of coffee, to clean and deodorize it. There’s no need to worry about the strong odor of vinegar since it dissipates quickly. There are other inexpensive items such as lemon and baking soda that work effectively for multiple purposes. There are several resources online or at your local library that can provide you with information on making your own natural cleaning supplies.

Cutting down on unnecessary consumption by cooking smaller meals or purchasing fewer items can help to reduce waste and save you money in the process. We live in a society of waste that is driven by consumerism. If everyone would just take a few minutes to re-think their spending and purchasing habits, plan meals more effectively, donate used items and recycle the amount of waste could be reduced substantially. So stop wasting and start saving. Our combined efforts can make a world of difference.

Nine Tips to Save Money on Gas

While gas prices are slowly falling down to a more bearable price, the high cost of gas is still playing havoc in the pockets of the American public.

Two of the most obvious ways to cut gas consumption are to combine trips and carpool. But there are other ways consumers can save money on gas.

Use a dashboard window sun cover to help keep the sun’s rays out of your vehicle. These are fairly inexpensive (about $15). Leave your windows cracked just a tiny amount to allow some air flow in the vehicle. When you crank up on a heated summer day, the air conditioner will not have to run as hard to cool the vehicle, thus saving gas.
If you are in the market for a new car, consider purchasing a hybrid such as a Honda or a Toyota. These types of autos are more environmentally friendly and get great gas mileage. If you travel a lot, such as to work or traveling, a fuel efficient hybrid auto can save you a lot of gas money every year.
Avoid driving during rush hour. Starting and stopping uses more gas than driving at a steady speed. When on the open road, use the cruise control to allow your auto to maintain a steady speed.
If possible, don’t make trips during the hottest part of the day in the summer. Driving during the hottest part of the day causes the air conditioner to be run more, thereby causing the need for more gas usage. Make trips early in the morning or later in the evening.
Keep your vehicle’s tires properly maintained. Tires that are do not contain enough air will cause your auto to use more gas. It’s a good idea to check the air pressure on your tires about once a month, particularly if you drive daily. Check your tires before traveling, when the auto has not been driven for a few hours. Rotate your tires regularly, and be sure to have your vehicle checked for proper alignment by a mechanic.
Unload your auto! Avoid keeping items in your auto that you don’t need in it. Unnecessary weight causes more gas consumption. The heavier the vehicle is, the more it takes to move it, thus costing more in gas. Hauling items in your auto and using it for a storage container only adds to your gas bill.
Change the air filter and fuel filter regularly. Changing the oil and checking the transmission fluid are also good choices for keeping your vehicle running smoothly and helping to save money on gas.
Don’t buy gas when the gas tanker truck has freshly filled the reserve tanks. When the tanks are freshly refilled, any sediment in the tank is flushed throughout the entire tank of gas, and some of that sediment is sure to find its way into your auto tank. Use another gas store or wait a few hours to refuel, allowing time for the sediment to filter back down to the bottom of the tank.
Fill your tank before major holidays and the first of the month. Gas prices in some areas are higher during the holiday season and on the first through the third of the month.

Do you want a few ways to save MONEY!?

There are always ways to save money….Don’t be afraid to try some, and remember that every little thing adds up:

Start with the house & your bills:

Turn down the heater a couple of degrees, or for those people who live in warmer areas turn down the air conditioner a little

Make sure that your house is weatherized (you can find items at Walmart to do this)

Check around with the electric and gas companies you use, there might be a cheaper company out there

Unplug the items that aren’t getting used. Just because the lamp isn’t on doesn’t mean that you’re not wasting energy!

These are just a few ways to save money, there are other websites to assist you.

Vehicle bills:

If you drive a huge truck that sucks the gas down, think about trading it in for a more gas efficient car or smaller truck.

If you carry a lot of things in your car just remember that every pound helps the gas gauge go down. If you keep your car cleaned out it will help.

If you really don’t have to go somewhere, just think about how much more gas that will leave you for when you have to go somewhere.

Ask your friends and family members which gas station has the cheapest price or what day they do specials. (I have a local gas station that takes 4 cents off on Sundays)

Shopping:

My number one rule: 90% of shopping is unnecessary! Think about what you are buying! Just think that if you donated that money, that you could change someones life.

When it comes to Christmas shopping: put a limit on it, and STICK with it!

Have you ever shopped at Salvation Army or thrift shops? Sometimes you can find better things there. YAH! they may be used, but items are more unique, and can help churches, or local foundations.

Take that money that you wanted to spend at the mall, and put it in your retirement. Someday you will thank yourself!

Finding the Right Credit Card for Seniors

Before even considering a credit card, check your income. If your surplus cash at the end of the month is always near zero, any credit is going to be hard for you to repay. This also means that you will be tempted to buy things near the end of the month on the credit card. This will result in less cash next month when the payment comes due, and that is how a vicious cycle of unending debt begins.

For you the best card is no card. However, if you feel that you need a credit card for things like car rentals and genuine emergencies, get one card and put it away until you really need it.

Start your search for a good card by realizing that your debit card is not a credit card. If you spend beyond your checking balance, overdraft fees will kick in. You will regret it in a hurry. Not very many accounts these days return checks until you are way overdrawn, but the fees still apply.

Sort through the applications that come in the mail. Look for a card with a fixed low rate. Low introductory rates will expire within the first twelve months and a higher rate will be applied to outstanding balances. This will make for higher payments and possible financial hardship on you.

Any card that costs you more than 15% is too high. It is better if you can get it into the 10% to 12% range. Cards that offer cash back are good, but not at the expense of higher interest rates. Read the fine print.

Citibank and Bank of America tend to be two cards that are not too quick to pull the trigger on rate increases. They also work with customers to keep rates manageable if you have minor problems arise. Chase tends to have a short fuse in this area and is not flexible about fixing it, but will sometimes offer a great rate as long as you never have a late payment or a spot on your credit report.

Look for cards that offer better deals to seniors. This can sometimes keep you out of trouble by having room for a mistake or two in the fine print.

How to Wisely Use Credit Cards

A sad but true statement: more and more Americans are becoming financially dependent on credit cards for their day to day living expenses. Given the economy, rising interest rates, and fees, you can imagine where many of these folks will end up at in ten or fifteen years, if not, let me help…they will literally be up to their eyeballs in debt. What started as an account with a three hundred dollar credit limit is now a closed account, being assessed astronomical late and overlimit fees every month, with a balance of at least $600 or more. Keep in mind, that even though these people may have only purchased $200 on their card, they are still required to pay this outrageous balance due to the contract they agreed to when they filled out the original application.

It basically works like this- You have a job making good money, and decide you need a credit card for expenses, say booking a plane ticket, rental car, hotel, etc. You start to get offers in the mail for more cards, and not looking at the terms and fine print, you fill out those applications to, thinking it is no big deal, just another small monthly payment. You use the card up to the available credit limit, and make the minimum monthly payments on time each month. If you use the card for cash advances, keep in mind that you are going to pay a considerably higher interest rate than you would for regular purchases. Not all of a sudden, you have thousands of dollars in credit card debt, and the company you work for announces they are down-sizing, and that your job is one of the ones that will be getting the axe. You run off of your pension for a while, but that runs out and you still have been unable to find new employment. Now, you are having a hard time just making all those minimum payments, and keeping food on the table, and the creditors start calling. The debt continues to pile up, your credit score gets lower and lower, and the calls continue to come in, while the balances go up due to fees and default apr being charged on all of the cards. You find a new job, but it will take you years to dig out of this hole you have now put yourself in… and you look back, and ask yourself, could I have prevented all of this? Well, here are a few tips for the average consumer who relies on unknowingly gets into the credit card quagmire that may help get you out before it gets really bad.

First and foremost, on every application you receive in the mail, always pay special attention to the terms and conditions listed on the card. By law, this has to be enclosed somewhere within the application, but it may not necessarily be easy to spot. You want to really look at the area referring to annual fees, late fees, overlimit fees, finance charges, credit limit, and default interest rates. Unless you absolutely have to have a credit card and cannot do without one, try to never take a card that has an annual fee, and never one with an annual fee of more than $50 a year. You shouldn’t have to pay to have the card, especially if you have a decent credit history.

Almost all credit cards will charge late fees the day after your payment is due, most ranging from $29 to $35. If you pay everything by mail with money orders, it is a good idea to try to send your payment in the day you get your statement each month, that way you allow plenty of time for mail processing, payment posting, and will have a cushion in case the payment never makes it to the company. Always make certain that your full credit card account number is written on the money order, and that it is sent to the correct mailing address with the correct postage. Keep your money order receipt, because in the event that the company does not receive your payment, you can have it traced. If it comes back that the money order has not been cashed, the money order amount will usually be refunded to you within four to six weeks. The bad thing to this is that you will have to send in another payment to cover this one, probably before you get the money back for the lost money order. If this happens to you, it would probably be better for you to send your payment electronically by either Money Gram or Western Union Quick Collect, to ensure you don’t receive additional fees or a negative credit bureau reporting.

When mailing a check, it is still a good idea to give it plenty of time to post. The only difference with a check and money order is that if gets lost in the mail, you will not be out any money. You simply need to reissue a check. It is also easier to verify if a payment has been cashed or not simply by looking at your bank statement or calling your local branch, therefore eliminating the need to run a trace, as with money orders.

Your safest solution is to pay your bill electronically, either by the methods mentioned above, online banking, or check by phone. For those people who don’t have a checking account, Money Gram and Western Union are fast, quick options. Money Gram payments usually take around 2 days to be received, and usually will cost you around $9 to send, but in terms of late fees, $9 is better than $35 going on your credit card balance and possibly making you go over your credit limit, costing you an additional $35 for an overlimit fee. If you wait until the last minute, and have no checking or savings account, Western Union is really your only solution if you want to avoid the late fee. They guarantee the money to arrive the same day, and usually charge around $13, again cheaper than that late fee the credit card company will charge.

For those people who do online banking, this is probably the safest way to make your payment. You simply enter all of your account information, credit card account number, company name, billing address, and phone number, and then whenever you want to make a payment you just enter the date and amount and it is automatically sent out. Depending on the company you are paying and the bank you use, your payment will either be send electronically, posting in about two or three business days, or sent thru the mail by the bank, posting in seven to ten business days. Either way, you have proof of payment with your bank, and are covered in the event a payment doesn’t post to your account.

If you wake up one morning, and realize your payment is due today, you probably should call in a check by phone, as it will process that same day and post to your account, beating the late fee for you. The downside, however, is that most companies charge fees for the convenience of check by phone, ranging from $4.00 all the way to $15.00. But again, $15 being added to your card balance is better than $35.00.

You always want to stay away from your credit limits whenever possible, at least by $100.00 if you can. By doing this, in the event your annual fee catches you by surprise, or you get hit with a late fee, you can be sure you won’t be assessed the additional $35 overlimt fee.

Never send just the minimum payments if you can avoid it, it is a good idea to try to send you minimum required payment, plus and finance charges or any other fees that are charged to your card on a monthly basis. This will keep your interest charges low, and help you avoid additional fees.

Take advantage of balance transfer offers you receive, especially if they come with no fees, and no interest for a certain period of time. Just make sure that the interest rate after the introductory period is lower than what you currently pay, to ensure you are making a wise decision. By playing the balance transfer game, you can save the most money in finance charges, especially if you are able to pay your entire balance while you have the low introductory interest rate.

In closing, if you have to play the credit card game, you need to make sure that you always know what you are getting into, and constantly stay up to date on your balances, payments due, etc. If you start having problems, contact a credit consolidation company or your lender before it gets out of hand, to discuss possible solutions, before you ruin your credit and possibly triple your credit card debt. Credit cards can be a good thing, but you have to be smart, and know how to use them wisely to protect both your credit and your financial future.

The credit card trap.

The credit card trap is what I have come to call any credit card company looking for a new client. I have found myself in large debt because of credit cards, and have watched many friends and family fall into the same trap that I had. Credit cards have become the highest source of where people become high in debt. That isn’t a great thought for anyone who wants a credit card.

Some credit cards have started getting you to pre pay part of the credit cards balance before you even get the credit card. That is great because if you don’t have the money you can’t get the card. That is one thing that I like about credit cards now. But there is so much that is attached to credit cards that people don’t look into when they apply for that credit.

One trap that I have found to be common recently is the “no annual fees”. That is one of the favorite things that I have laughed about. With the no annual fees you find that if you had annual fees the interest rate would be lower. But as things are not read into that far and not very many people have accounting backgrounds I would expect that things just slide by.

Another trap is the introduction rate that creditors are offering to possible clients. By the time that the card has been used, responsibly or not, the interest rate has tripled or more. Paying out more money towards creditors. That introduction rate will not be the only rate that you get.

If the card is used responsibly, then what happens is that the credit limit increases and increases. The more you are allowed to use the more likely you are to drive up the balance and have to pay out more interest. That is the trap that is most likely to have people cringing.

If you do have the opportunity to look into the credit cards before you get them make sure that you specify the highest limit that you will allow yourself. The more that you use the card the more likely you’ll pay more to. There are transaction fees that they don’t count towards your balance until after you have paid minimum payments.

The best way that I can suggest is to stay away from the “easy” money and use cash. If you can’t afford it don’t buy it. The more that you want something the more popular that it is the more likely you are to use the credit card to get what you want without thinking about how long and at what price you are going to be paying the creditor.

Where Did All Our Money Go?

When it’s payday time and we realize that we don’t have enough money to pay for our expenses, we normally blame the rising prices of commodities and the monthly income that we think are not always commensurate to our hardwork.

But, the truth is, we should all find ways to cut corners and reduce expenses to make sure that we live comfortably and well.

Record, record, record!

For a month, record all your expenses in a small notebook, everything, from gasoline expenses, transportation expenses, meals in the office, toll tickets, cups of coffee during breaktime, expenses for the school projects of your kids, and a lot of expenses which you thought are negligible. This way, you can track down where exactly your money is going.

Create a Budget

It is always said that in creating a budget, you should pay yourself first. But for me, I believe, you should give back to God first part of what He has given to you, after which, you can then save some part of your income for yourself.

I use the envelope method in budgeting. I allocate all the expenses and put each of them in their own envelopes. This system is effective although sometimes some envelopes are short, but I know that if I stick to my budget, I will be able to fill this up from other expenses that I am able to save from.

Ways to Save Money

Don’t bring your car to the office everyday. With the rising cost of gasoline, it’s really a good idea to just commute. Aside from saving on gasoline expenses, you will also save on parking fee. Of course, there are exemptions to this, like, when the weather is really bad, it’s better to bring a car than to get soaked and waddle your way through floods.
Bring a packed lunch to the office. Eating out is very expensive. Save this for a once a month bonding with your office-mates.
Reduce your dining out expenses. When my family goes to the Mall, we eat our lunch first at home, this way, we reduce our entertainment expenses. A family of five these days spend a bit when eating in a restaurant or fast food joint.
Make a list of the things that you need to buy before going to the grocery. Better yet, ask your husband to do the grocery. Weird? According to some studies, men are fast shoppers and only buy the things they had set out to buy, while women, on the other hand, take a longer time in groceries or shopping malls and practically stop at every aisle. This is the reason why women end up with more products in their cart instead of just leaving with the items on their grocery list. I’ve proven this in the case of my husband. When I ask him to do the grocery, he really strictly follow what’s on our list, and his expenses are always within the budget.
Identify and reduce non-essential expenses. I really love to read books. So, to reduce expenses here, I got a membership in the Book Club in our office. For a very minimal fee a year, I get to read as much number of books as I can. But what I cannot sacrifice is my monthly expenses on Good Housekeeping and Working Mom magazines. I feel justified in having these extra expenses because I really get a lot of ideas and inspirations from these magazines.
There are many unnecessary expenses that total to a fairly large amount of money. For example, in our office, we have a coffee boy who brings us coffee and snacks during break-time in the morning and afternoon. But since this is a special service to staff, the cost is also slightly more expensive than when we go to the cafeteria by ourselves. So, what I do is, I just buy my biscuits and chocolate drink from the supermarket and just bring my own snacks in the office.
The key to reducing our expenses is really within us. Everything really depends on self-discipline. This is what’s important and this is what we can very much apply in our everyday struggle to stick to our family budget.

Reduce Your Expenses for Maximum Savings

Save at the Grocery Store

There are many ways to save money at the grocery store. You should always get the sales circulars and make a list before going to the store. That way, you will be less likely to purchase an item on impulse. Use generic brand items or coupons on those items you just have to have. The best way to reduce your grocery expenses is by combining coupons with sales for maximum savings.

Save on Heat and Electricity

The best ways to save on heat and electricity bills is to use less of it. Make sure your home is well insulated and you do extra by using heavy draperies or window shades, keeping doors to unused rooms closed, and filling all cracks around windows and doors.

Besides insulating to reduce your heat expense, you should be sure to keep your temperature low in the winter and higher in the warm months. A sweater is a lot cheaper than running your thermostat higher all season.

Also, be sure to turn off lights, appliances, and other electronic devices when not in use. And only use them when necessary.

Save on Phone, TV, and Internet

You can reduce your expenses a lot on phone, television, and internet services. Make sure that you are only getting the service that you need. If you never watch the 500 channels on the cable network, you should look into reducing your plan. DSL internet is a lot cheaper than modem speeds, and dial up, though annoying, is cheaper still. Make sure you are not paying unnecessary phone charges.

Save on Entertainment

If you are looking to get maximum savings from your expense reduction techniques, this is the category to do it in. Entertainment is, after all, not necessary to pay for at all. You can always go out less, go to less expensive establishments, or share costs with a group of friends. Purchasing video games, movies, and books can all be done very inexpensively on the internet or at clearance sales.

Save on Clothing

You can easily reduce your clothing expenses by not shopping for brand names and maintaining a flexible wardrobe. Many pieces of clothing can be used in both warm and cool months. Buy neutral colored clothing and just change less expensive accessories to update your wardrobe.

If you can reduce your expenses in all of the above categories, you should be able to maximize your savings easily. Whether you are saving for potential emergencies, a new car, vacation, or home, the end result will be much better than the slight inconveniences experienced when reducing your expenses for maximum savings.

Credit Cards – The Real Cost

They can be a life saver or a curse depending on how you use them. They do cost you money however if you let them get out of control and don’t manage them effectively; you could find yourself in trouble and in debt.

Self control and understanding that you are responsible for the debt that you incur is the first thing that you need to be aware of and that you will have to repay any money owing. The effect this has on your long term goals could be astonishing. It affects your credit rating and your credit rating has an effect on your lifestyle. It has an impact on your eligibility to get a loan to purchase a house or a car or any other major item. Store cards also show up on this report so if you think you can move to another location and start again, you need to know that that isn’t always the case and you may have to face the music at some later stage in your life.

On the other side of having a credit card, it can get through a rough financial patch and tide you over until the finances improve. It can get you that bargain now and as long you are aware of what you can afford to pay, it can be a lifeline. It is good to have a credit card when you don’t want to be carrying cash or when you are traveling overseas.

When applying for a card, shop around as there are all sorts of benefits that you could get such as low or no interest for a period of time, loyalty rewards and free travel insurance etc. Do the groundwork and find one that suits your needs. Make it work for you because it your money that you are spending.

How to stick to a saving plan

The easiest way to stick to a savings plan is to do it automatically.

Have a percentage or set amount (say $100) automatically deducted (and invested) from your check before you even receive it.
Set up an investment account (like a mutual) that keeps your money reasonably liquid but requires you to sign papers at the bank and then a few days to liquidate. This should curb spontaneous spending of large amounts of money.
Put an upper limit on your bank account (say $10,000) and anything over that limit move to an investment account.
Sign up to have bills automatically withdrawn from your account to avoid late charges.
Have the bank automatically withdraw a set amount every month from your account and deposit it into your investment account.

It’s easiest to save when you don’t have to handle the money. By having someone else handle your money you won’t be tempted to spend it on the way to the bank.