General

When It Comes To Money – Are You A Saver Or A Spender?

Before you can improve your financial circumstances, it’s important to understand whether you are a saver or a spender.  Some people don’t even realize that they are actually fairly decent savers, while others don’t think they overspend when they actually do.  Take this short quiz to discover whether you fall into the category of saver or spender.

If you are a spender, then you more than likely find great satisfaction in buying tangible things like cars, video game systems, and practically anything else that could be considered a gadget or gizmo.  You would far prefer to spend your money than to save it.  You like to buy products when they first come out on the market even if they are overpriced.

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March 11, 2010
General

Is it Better to Lease or Buy a Car? It Depends

Cars are among the most expensive purchases we’ll make. It’s therefore understandable that consumers want to make the right choice in deciding how to pay for a new car, whether to buy or lease.

When deciding on the best option for your unique circumstances, it really depends on your lifestyle and priorities. Car buying is just one consideration that needs to fit in a much larger picture. In reality, the perfect option for one person can be totally wrong for another.

First off, let’s consider how a lease differs from financing. When you lease a vehicle, in effect you are paying for your “use” of the car. You don’t own it. Rather, you get exclusive rights to use the car, for a predetermined period of time. Basically, you are paying for the equivalent amount of the car that you “use up”. Leasing has a number of cumbersome restrictions, not the least of which is that it is very difficult to get out of or transfer a lease. Generally, once you’re in a lease, you’re in it for the entire term.

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March 9, 2010
Debt

When It Makes Sense To Pay Off Your Mortgage Faster

If you come by some extra cash or you are frugal in your budgeting, you can pay off your mortgage faster than the lender requires and as a result you can save money in interest charges.

Focusing on paying down your mortgage debt can be beneficial, however, you need to keep a few things in mind before paying off your mortgage:

1.  First of all, if you have higher interest debt such as vehicle loans and credit cards, it makes far more sense to work towards paying down that debt first.  Generally mortgage interest rates are lower than other forms of debt, so once you have paid off more expensive debt, you can work towards paying down your mortgage.

2.  Secondly, you want to make sure that you have enough money kept liquid and accessible in the form of an emergency fund and once you have enough saved, then you can start focusing on paying off your mortgage.

3.  Third, if you are an entrepreneur at heart, you won’t want to be putting all of your excess money into your mortgage because you will probably have other plans for your money such as for funding your latest business project.

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March 7, 2010
Money Saving Tips

Top Ten Excuses For Not Saving Money

We can all come up with excuses for not doing things we find distasteful.  For some people, saving money is like a dreaded chore and they make up all kinds of excuses in order to avoid saving.  Here are the top ten excuses for not saving money:

1.  I can’t afford to save money.  Actually, instead of thinking this way, you need to understand the importance of paying yourself first.  Before the bills get paid and you buy that new gadget that is being advertised on television, tuck away a small amount each month or each paycheck towards both your retirement savings and your rainy day savings.

2.  I want to enjoy the here and now and not worry about tomorrow.  There’s nothing wrong with enjoying the present, but you don’t want to do so at the expense of your future.  You need to make sure that you are properly saving for your future and not getting yourself so deep in debt that you won’t be able to dig yourself out.

3. I’m not good with money so I just can’t seem to save it. This is a money script that is harmful.  You need to change the way you think about money.  After all, money is just a thing.  You can be in control of your own money, it should never have control over you.

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March 5, 2010
General

One Year Anniversary For Pennysaverblog!

Well, it’s been one year since I published my first post on Pennysaverblog.com.  I can’t believe how fast the time has flown by.  I am thoroughly enjoying writing articles and reading other great personal finance blogs on the Web.  I am also enjoying reading finance books of all varieties as well as doing further research and studies into the art of finance.  I am beginning to see that personal finance truly is an art as well as a science.

To those of you who have written comments or emailed me with your thoughts and ideas, thanks for your contribution to my blog.  I really appreciate you taking the time to encourage me and you are the people who motivate me to keep going.

I look forward to another great year and I hope that you find something on Pennysaverblog.com that inspires you to attain your financial goals and ultimately financial freedom.

Thanks again for your support and I wish for you to have a year full of great memories and successful achievements.

All the very best!

Pam

March 3, 2010