Pennysaverblog – Page 137 – Smart Finance and Money Saving Tips

Household

4 Mind Blowing Ways You Can Save Money On Energy Bills

Want to save money on energy bills? Check out these four tips below!

Be Eco-Friendly

A good way to save on energy bills is to be more eco-friendly. Instead of using normal light bulbs, switch to eco-friendly ones. These bulbs will require less power, so you’ll be using a lot less energy. Also, think about getting solar panels for your house. If you have these, then you can not only save money but make a bit back too! Solar panels generate energy from the sun – which is free. So, you won’t need to pay for any solar energy you’re creating. This means you won’t be paying as much on your energy bills. But, you can actually sell electricity back to the National Grid too!

September 16, 2015

Shopping

Easy Ways To Save Money On Sporting Goods

Any sportsperson knows that it takes a lot of physical, emotional and financial investment to carry forward their passion in life. Most of the athletes come from a middle class background and they know it costs a lot of money when it comes to sports goods. So here are some tips which if you follow you no longer have to worry about your expenditure in sport equipments anymore!

Purchase second hand equipment

It is inevitable that youth athletes develop physically faster and thus using pre-owned equipments would prove to be cost effective for you. Make sure that you do your homework well before buying. You can ask other sports fanatics about their purchases and then search for such stuff from yard sales, the neighborhood school or any market which specializes in selling used items.

Leave the brand fascination

People usually have this misconception that branded products are the best in terms of durability and features. Just because someone spends plenty of money on a particular sports brand doesn’t give guarantee that it wouldn’t wear out. Besides if you are getting the same thing at a cheaper price minus the so called big brand label then why not be clever and go for the latter?

Get your things during the off season

Many sports stores give huge discounts during the off season. So why not use that opportunity by planning ahead of time and landing up at the store when it is about to give away sports goods at a lower price? Be it football gear or brand new hockey balls, you can get all of them without spending oodles of money.

September 13, 2015

Credit Cards

Credit Cards Can Be An Enemy To Credit Scores

The level of credit card debt in the USA is disturbing. Those who appear to have debt that is out of control have an average of over $15,000 of debt all of which will have a high level of interest applied at the end of each month. Even if users are able to pay the minimum that the card companies require at the end of each month their balances will hardly come down; it is core debt. It seems that the lessons of the recession have not been learned. While a full blown recession is unlikely to return there is little doubt that there are many households that are ill-prepared for any financial problem that might occur.

Emergencies

A minority of families have any provision for a financial emergency and even though unemployment figures show that there is definite growth in the economy and in job opportunity, there are no guarantees in life. It is important to prepare a budget and follow it. Why not ask yourself what you would do if you lost your job? That will bring home the reality of your situation and the need to act.

It is easy to see that during the recession some had to turn to their credit cards simply to meet their everyday expenses. It appears that not a lot has changed with a significant number of people. They should all look at their spending and adjust things to reduce their outgoings and as a consequence their problems. Credit cards are an expensive way to fund your lifestyle.

September 12, 2015

Travel & Entertainment

5 Reasons Why You Should Book A Cruise This Year

Many people are deterred from trying a holiday afloat because of outdated stereotypes and ill-founded notions of what it’s going to be like. But cruises are growing in popularity and are quickly becoming the perfect budget family holiday. So, why not try looking for last minute cruises next time you and your family want an adventure? Here are five reasons why going on a cruise will make your year:

1) You can go almost anywhere in the world

Access is a major factor contributing to the growing popularity of cruises. Stick a pin into any blue area on a world map, or locate any river and the chances are you can get there by cruise ship. So, instead of being deterred from visiting all of those places you’ve longed after due to extortionate flight prices, why not hop on a cruise and travel in true comfort.

2) The entertainment

You might be under the illusion that a cruise will leave you and your family feeling bored. You couldn’t be more wrong! If anything, cruises will take the stress out of a family holiday, with a diverse range of itineraries to keep the whole family entertained, and almost all of it covered within the price of the holiday, having fun has never been so relaxing. With everything from wine tastings, kids clubs, yoga, thermal pools and scuba diving, there will be something for everyone.

September 11, 2015

Retirement

Reasons Why A TFSA May Be Better Than An RRSP

Traditionally, most Canadians thought that taking advantage of the immediate tax savings of a Registered Retirement Savings Plan (RRSP) for their retirement savings was the smartest choice when it came to saving for their retirement. But now that the Tax Free Savings Account (TFSA) has been around for a while, some people, including tax specialists and personal finance planners beg to differ. Why? Here are some reasons:

1) The TFSA has perks that the RRSP just doesn’t have. For one, the funds you contribute to a TFSA have already been taxed, and because any earnings you get from your investments are not taxable ever, this is a great vehicle for retirees who want to access funds from their investments with absolutely no tax consequences. Although the RRSP allows you to reduce your income tax payable right now, you have to also consider the future – when you are older and ready to retire – do you want to be paying a lot of tax at that time? Just because you may be retired, it doesn’t necessarily mean that your income will be really low, and it’s likely that the tax rates will continue to increase in the future, so you may end up paying just as much or more tax later. So, when deciding how to save for your retirement, you want to consider not only the present, but also the future consequences.

2) The TFSA won’t likely be around forever. As many other government initiatives have come and gone over the years, it is very likely that the TFSA won’t be here forever, so it’s a good idea to take advantage of this account while it’s still around. If you are in the position to max out your contributions, then by all means, consider it. You also have to understand that you should be treating this account as an investment and not a simple savings account – meaning in order to maximize your potential earnings, and therefore benefit from the tax savings, you should be investing in something that can earn you more than the 1 or 2% interest rate on the regular savings accounts.

September 10, 2015

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