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  • Saving Money In 2018
You are here: Home / Archives for Budgets

Budgets

Make Saving A Priority

August 5, 2018 By Twila VanLeer

Make Saving  A Priority
The answer is to find a balance that allows you to save money without hating your life to do it.

Sometimes it seems that saving part of your income is simply depriving yourself of things that would make your life better now for the benefit of an unknown future. The answer is to find a balance that allows you to save money without hating your life to do it.

To prime your “savings pump” consider these painless ways to pinch pennies without feeling the pinch:

Make your own coffee. Even if you use the best beans and the best brewing equipment, you’ll save over restaurant or coffee shop offerings.

Brown-bag it. You could easily save $25 per month taking your lunch to work . Double the benefit by using your lunch time to take a walk. Just avoid the fast food spots. It’s cheaper than joining a gym.

Stock up. When items you routinely use are on sale, buy some for storage. For instance, if your favorite apple juice, which regularly sells for $2.29 per bottle, is on sale for $1.50, you save 34 percent. Use the savings to look for other bargains. Watch for sales at the grocery where you most often shop

Spend some time in the produce aisles. The stated weight on many bagged items, such as potatoes, carrots, onions, apples, oranges, etc., cannot always be exact. It must weigh as much as the label states, but some may have a little more because of the inexact nature of packing items. You could end up with a bonus of a half pound or more if you take the time to weigh bags. Savings of 25 percent are not at all uncommon.

Install a water filter rather than paying a bundle for “designer” water. The environment will thank you. It takes 18 million barrels of oil and up to 130 billion gallons of fresh water a year to make the plastic bottles in which your water is purchased. And often there is little difference between the water you buy and the water that comes from your tap.

Herbs and spices are almost always cheaper at a health food store or drugstore than at the grocery. Compare items such cumin, coriander and curry, etc. to see where the best prices are.

Coupons are good if you use them for items you usually buy anyway and if they are cheaper with the coupon than the house brand.

Avoid pre-prepared and “convenience” foods that cost more than what you can make from scratch. What comes from your kitchen is far more likely to be healthy, as well.

Negotiate. If you can do the haggling bit, do it. You may save hundreds of dollars on big-ticket items such as cars, etc. Often, credit card companies are amenable to bargaining regarding annual fees, discounts and other breaks.

Quit eating out unless the occasion is a big one. There are big savings to be realized by eating at home. If you are stressed from a hard day at work, establish a policy that everyone helps with the cooking. Keep meals simple.

Use unit pricing to make good shopping decisions. Most stores post unit prices with their grocery items and you can use them to see if you are making the best choices. For instance, against all logic, two small boxes of baking soda may be cheaper, on a per-ounce basis, for one large one. It pays to look.

Use coupon codes whenever possible. Valuechecks.net has a selection of personal checks that are designed to save you money when you use their coupon codes. These cheap checks can save you money on every check order.

Filed Under: Grocery Shopping, Personal Finance, Saving Money, Spending Habits

Review Your Home-Insurance Risks

August 2, 2018 By Twila VanLeer

Review Your Home-Insurance Risks
Water damage is a more likely scenario than other emergencies that can cause damage.
Failure to update your home protection strategies could cost you as much as $10,000. A survey by Chubb recently found that although 90 percent of the included homeowners felt they were doing a good job of protecting their homes, some 64 percent had failed to update their home protection in the last year.

While most owners are concerned about fires, burglaries and other crises, they fail to realize that they can be damaged by water, the survey suggested. In fact, water damage is a more likely scenario than other emergencies that can cause damage.

About 20 percent of those queried said they install pipe insulation, and less than half check their appliance hoses regularly. Only 40 percent said they regularly maintain water heaters.

The best remedy is to talk with an insurance agent about the best coverage for your specific circumstances.

The average claim for water damage between 2012 and 2016 was nearly $10,000. That average includes some very devastating damage in some cases and makes it a very good
idea to assess your insurance coverage.

Most homeowner policies cover damage related to accidental overflow of water or steam from plumbing, heating and air conditioning as frozen pipes. Damage from a general flood is generally excluded unless you specifically pay for it. Knowing that your home is located in a recognized flood plain should be incentive for looking into specific protection.

To prevent water damage, be aware of where the main water valve in your home is located so if an emergency arises, you won’t waste time locating it. Turn off the main valve if you are leaving home to vacation or for other reasons.

Regular home inspections are wise and a safety check by a plumber every year could save money in the long run. Some insurance companies will give you a discount is you can show that you are taking these steps to protect your property. Technology is available to monitor plumbing for leaks.

Filed Under: Homes, Insurance, Life, Saving Money

Keep Your Emergency Fund Intact

July 22, 2018 By Twila VanLeer

Emergency Fund
Your ultimate goal should be to have three to six months of savings as a cushion against money emergencies
Smart personal finance management always includes an emergency fund to tide you over an unexpected expense. So whether you are rebuilding after just such an emergency (medical expense, car or home repairs or other sudden cash drain) or just starting a fund, there are some practical ideas to keep you on track.

Savings is, like any other use of your income, a state of mind. The rule here is to pay yourself first. Don’t resolve to put whatever is left after expenses are met into a savings account. Make it the top priority. Developing that habit goes a long way toward helping you to resist the temptation to delay starting and maintaining a savings cache.

The amount you commit to an emergency fund is not as important as your commitment to do it faithfully. Include savings as an integral part of your family budget. Set up an automatic deposit that will put savings into your account a few days after your paycheck is deposited.

Whenever you have a little windfall – tax refund, gift, overtime pay, etc. – put it into savings. Each time you pay off a debt or receive a raise, think of savings first.

When you are job hunting, give preference to employers who can offer the best benefits such as health insurance, matching retirement savings plans or travel reimbursement. Each perk that comes with the job saves you the money it would have cost you and helps build your savings.

Put your emergency savings into a separate account. Look for an account that offers interest, if possible.

If you experience a financial emergency, of course use the money you have set aside for these occasions. Just don’t delay to begin building it again as soon as possible.

Your ultimate goal should be to have three to six months of savings as a cushion against money emergencies, including the loss of your job.

Filed Under: Emergency Fund, Money Management, Personal Finance, Saving Money

Save Money On Travel

July 16, 2018 By Twila VanLeer

Save Money on Travel
Take advantage of frequent flyer programs. There is no cost to join and you can start collecting miles on your first flight after joining.
Whether you are a regular traveler or just an occasional vacationer, there are ways to cut your costs, Follow these tips to save money so you can travel more:

Plan trips for the off-season. Many destinations have their heaviest demand for the summer months. National parks, Europe and Canada fall into this category. Aim for spring, fall or winter to book a vacation. Ski resorts and Caribbean cruises work well with this approach.

Look at a package. Smart travelers book airfare with a hotel or car rental added on. Airlines offer deep discounts on unbooked seats by rolling the fare into a package. Shop online for deals.

Vacation closer to home. Vacation sites you can drive to save big bucks compared with airfare. Have you heard friends talk about the wonderful things you can see and do in your own state? A tour guide book for your own city might surprise you, so latch onto your camera and get to know your own area better.

Be willing to dicker. Independent and regional chain hotels that lack the advertising power of the larger chains may tack on an extra day’s stay or be willing to give a discount to those who ask. Doesn’t hurt to make the request.

A few nights of camping out can give you more money to spend on sightseeing and other activities. Many camps offer setups for under $20 per night. Opting for less than the Ritz makes it possible to make more forays to the mountains or beaches.

Hostels are cheaper than hotels or motels. A dorm-style room may be available for $15 to $35 per night. Some offer amenities such as internet access, game and TV rooms, hot tubs and organized activities. Another option is a private home. Many families leave their homes empty as they spend vacations elsewhere and they offer their accommodations for much less than a regular hotel. Trading homes is a money-saving option. The advantage of being able to cook meals instead of eating out is another way to cut vacation expenses.

National, state and local parks, beaches and forests have miles of hiking and biking trails, beautiful landscapes and good fishing and usually are less crowded than the high-priced resorts.

Cruise ships often make good deals on cabins when people who have booked fail to show up. Check on last-minute bargains.

Take advantage of frequent flyer programs. There is no cost to join and you can start collecting miles on your first flight after joining. Over time, you’ll accumulate points for free flights, hotel stays, merchandise and other perks.

Filed Under: Personal Finance, Saving Money, Spending Habits, Travel

Americans Are In A Spending Mode

June 24, 2018 By Twila VanLeer

Americans Spending Mode
Government figures show that retail sales in May were up by 5.9 percent over the same month last year
If you’ve been on a shopping spree recently, you have lots of company. Government figures show that retail sales in May were up by 5.9 percent over the same month last year. That’s a 0.8 percent increase for this year.

Americans are flocking to clothing stores, restaurants and home-improvement stores at a higher rate, the economists report. The increase at “physical stores” outpaced that in “nonstore retailers” such as Amazon, the figures show.

A strong economy and a booming job market, with unemployment at its lowest rate since 2000, are credited with the surge in spending. Tax cuts enacted last year also put some discretionary money into many purses. Spenders watched to see what would happen with taxes and the cuts were an all-clear signal for a shopping bonanza.

At the beginning of this year, economists predicted a 3 percent expansion of the economy. Now they are looking at 3.5 percent.
But, it is not likely that the spending spree will go on indefinitely.

Savings have suffered as the household money went into purchasing. The rate dipped to 2.8 percent in April, one of only three times since the 2008 recession that the figure has been below 3 percent.

Responding to the current spending climate, the Federal Reserve has upped the prime interest rate, and is expected to make additional increases this year. Another factor that could cool the heated economy is the tariff wars going on between the United States and other countries. Combined these market effects could put an end to big spending.

Auto sales are expected to jump sharply if the Trump Administration carries through with threats to put tariffs on cars from Europe and Japan. That would put a damper on car sales, which have shown a 4 percent increase over a year ago. Gas prices also are a factor, with a 17.7 percent increase in gas prices over last year. Fewer car sales and higher gas prices may be the deciding factors for people anticipating a car purchase.

Filed Under: Government, Personal Finance, Spending Habits

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