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Personal Finance Blog

Tips And Stories To Help You With Managing Money

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

Spending Habits

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

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

Financial Mistakes You Make In Your 20s

June 4, 2018 By Twila VanLeer

Financial Mistakes Made in Your 20s
Trim your expenditures to match the income, being sure to pay yourself with a little savings each pay period
Humans don’t learn all there is to know about personal finances in a day. It’s commonplace for people to learn by their mistakes early in life.

Among the most common financial errors people make in their 20s are:

Ignoring your financial flow.

A first job sometimes is the shocker. You find out after a few paychecks just how much of what you have earned goes into taxes and deductions such as health insurance. If you don’t pay attention, your expectations compared to your realities may get out of sync. Learn from the experts who say, “It’s not what you make, it’s what you keep that counts.” And develop a realistic budget. Trim your expenditures to match the income, being sure to pay yourself with a little savings each pay period.

Letting friends create your financial agenda.

It may be a tough decision, but learn to say no when your friends suggest ways to spend money that you really can’t afford, such as eating out or stopping at the local watering hole for a day’s end refresher. Use public transportation if possible, and brown-bag lunch now and again.

Not realizing that time will cure some financial stresses.

It is likely you will make more in the future, but don’t wait for the future to start serious saving. If your company has a 401(k) option, hop on it. If you can’t take full advantage of the plan to begin with, keep upgrading your contribution as raises come along. It’s the beginning of a trend you should maintain throughout your working career. If you save $200 per month beginning at age 23, with a 6 percent rate of return, you will have $425,000 when you retire at 65. If you wait until you’re 33 to begin, the same savings will only total half that amount.

Work on getting student loans repaid.

Some 2.6 million student loan borrowers in the first quarter of this year opted to pause their monthly payments through forebearance, a government allowance that stops payments, but allows interest to accrue. Make such a move a very last option if you possibly can. Ask your loan servicer first for deferment, but if that can’t be managed, opt for an income-driven repayment plan. If you never get to the point where your payments can be raised, the debt may be forgiven after 20 to 25 years.

Consider more debt for grad school.

Though a higher degree is likely to provide more financial flexibility in the future, additional education should be a carefully planned option. More Americans are getting advanced degrees – about 12 percent of those 25 and older. But it is wise to plan. Go to school part time and take advantage of any tuition assistance your work may provide. Before you sign up for classes, use a student loan calculator to see what debt you will have accumulated in exchange for enhanced earning ability. It may shock you and encourage you to take baby steps toward an advanced degree rather than incur more student debt.

Filed Under: Employment, Personal Finance, Saving Money, Spending Habits, Student Loans

Maximize Your Experience at HomeGoods

May 14, 2018 By Twila VanLeer

HomeGoods
Due to high inventory turn over, an item you may be interested in may not be there the next time you visit the store.
HomeGoods is a little bit different. It’s a haven for those who love the thrill of a flea market, but with more panache. A constantly rotating inventory offers something new every few days in the home decor area. To maximize your shopping experience in this outlet, try these tips:

Week days are less hectic. You’ll avoid some of the competition for an unusually desirable item if your aren’t arm-wrestling a dozen other shoppers. Late morning and early afternoon are the times least likely to be congested.

Look clear to the back of a shelf. The store stacks items in rows several deep, so unless you have reached clear to the back of the shelf, you may be missing something that would interest you. Bathroom accessories, kitchen wares and art pieces tend to be in this category.

Keep tabs on HomeGoods stocking by viewing the app now and again. The store doesn’t sell online, but keeps its app up to date showing the latest great finds they are offering. Follow the store closest to you, where the app is updated daily.

Inventory turns over quickly. If you are interested in an item but want to think it over, it may not be there the next time you visit the store. They have a 30-day return policy, so you can try out that sofa pillow with the option of returning it before making a final decision. If you want to purchase something too large to fit in your vehicle, they will hold it for up to a week, giving you time to make arrangements. As you peruse what’s in the store, you may see items with tags marked “sold.” They are likely being held for pickup.

If the item you wanted disappears from your store before you get to it, try the other stores. Not each of them has the exact same choices as another.

If the item you are eyeing has a nick, scrape, stain or other minor damage, ask for a discount.

Red stickers on sale tags signify real deals. But they may have been manhandled in the process. Examine them closely for real damage. It’s possible the merchant is aware of the damage and has already discounted the item as much as he is going to, but it doesn’t hurt to ask.

If you’re afraid your discount purchase at HomeGoods means the item will be out of style soon, don’t be. The store’s buyers look for good deals all year regardless of “season” so they are constantly restocking with goods that may have been out for only a couple of months or so.

Filed Under: Saving Money, Shopping, Spending Habits

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