Money Saving Tips

Spend Half of What You Earn

save half of what you earnWhen my husband and I got married I was the main wage earner. It was tight but we were able to set up a budget that worked for us. Once we both began working full time, rather than allowing our expenses to significantly increase, we decided to keep our lifestyle almost the same as before. So, even though we could have afforded a few luxuries we decided if we had been satisfied without them in the past then we didn’t really need them. We did eventually purchase a home and that increased our living expenses but outside of that our budget remained nearly identical. As a result, we have been able to live debt free (except for our mortgage) and have been able to make prepayments on our mortgage to decrease the amount of interest we have to pay.

 

With the troubled economy and the increasing possibility of job loss it’s a good idea to step back and take a serious look at what you are spending your money on and consider how you can cut back in order to build up an emergency fund. Even in the best of times, it is recommended that you have from 6 to 8 months worth of living expenses saved. It is possible that you will have to do more with less, so why not start saving now by cutting back on the things you don’t really need?

April 3, 2009
Shopping

Buy Good Quality Products

Sometimes buying the least expensive product can end up being the most expensive in the long run.  To illustrate, you need to buy a pair of work boots.  When you browse through various stores you can see that prices range from $50 to about $250.  You buy the $50 boots and think you got a bargain.  After a few months you realize that your boots are completely worn out.  If you had purchased a better quality work boot you might have been able to use them for ten years or more.  When making purchases, always consider how long you want the product to last and be sure to consider the quality of the products you are buying.  You have to use your discretion, as some products are cheaply made but still expensive.  It doesn’t hurt to shop around and compare prices.  Shopping online is a great way to compare prices and products without even stepping out of doors.  

April 2, 2009
Gifts

When Buying Flowers…

If you enjoy buying fresh-cut flowers, buy them at a grocery store rather than from a florist. buy potted plants  You will save a lot of money and the flowers last just as long!   A neat way to prolong the life of cut flowers is to add a quarter cup of soda pop to the water.  The disadvantage of any fresh cut flowers is that they eventually die, even if you use the soda pop, so, what I like to do instead, is buy a small potted plant.  Over time they often die, too, but they last a lot longer.  So, if you are thinking of doing something sweet for your friend or loved one, consider buying them a small potted plant – the gift that keeps on giving by staying beautiful for a long time. 

April 1, 2009
Credit Cards

Credit Card Tips

Choosing the Best Credit Card for You

Choose a card that gives you rewards every time you use it. Depending on your interests and goals there are a wide variety of rewards cards to choose from. Some financial institutions offer credit cards that pay out dividends based on the amount of money you spend. Don’t be afraid to shop around until you find the credit card that best suits your needs. Usually credit card companies offer bonus rewards for signing up. Note that you can usually get a rewards card without an annual fee so there is no need to pay to use your credit card. Also, be sure to take advantage of the in-store credit card offers that give you immediate discounts on your purchases. Make sure to pay off the balances before you owe any interest. Even if you never use the card again, it has saved you some money.

Once you have found the credit card that works for you, you need to know how to use it wisely and how to protect yourself from fraud. I have provided you with some tips below.

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March 31, 2009
Money Saving Tips

Beware of Vending Machines!

Are you the type of person who needs a pick me up at 2:00PM?  Well, I wouldn’t recommend getting your fix at your work’s vending machines.  First of all, the items are way overpriced, and secondly, most of the options are not exactly healthy.  The worst part about them is that now many of them accept credit cards, making it even easier to waste  your money.  Rather than using the machines, if you insist on still eating chocolate bars, chips, and drinking pop, buy them from your local grocery store instead and just bring them to work with you.  Think of it this way, if you are in the habit of buying a snack and/or beverage from the vending machines every day, you are likely spending more than $50 a month just to support your habit.  Is this what you really want to be spending your money on?  I suggest eating a healthy and nutritious lunch that will give you the energy you need until you get home and to bring some healthy snacks such as a piece of fruit, a granola bar, etc. with you each day in case you do get the urge to eat in the late afternoon.  

March 31, 2009