Archive for the ‘Money Saving Tips’ Category

When Disaster Strikes

Sunday, March 7th, 2010
Stockpiling can adversely affect prices.

Stockpiling can adversely affect prices.

As Hurricane Ike took aim for the Gulf Coast, the financial markets reacted much in the way that they were expected to. Gas prices jumped to $5 a gallon along the gulf coast, and many expected the price jump to go nationwide, particularly if the hurricane caused damage to any offshore oil rigs. Since the industry in the area was still reeling from the effects of Hurricane Katrina, it comes as no shock that the worst case scenario was trotted out with the approach of Ike.

But, what does this mean for the average consumer? How badly will prices be affected by another adverse event? We’ve seen the economic damage caused by Hurricane Katrina, so we have some form of basis to go on as to what to expect, but that does not mean that panic is necessary. There are a few things the average household can do to shore up their own defenses against natural disasters, whether they hit right at home, or thousands of miles away.

Panic is an ugly thing, and as people raced to the pumps to fill up their tanks, it is apparent that fears over even higher gas prices are running rampant. It is important to stock up on necessities such as fuel, but going into a panic mode over it is certainly counterproductive. Preparation is very important but the key is remaining calm. Panic serves only to weaken economic situations, and by looking at the issues rationally, you can rise above this problem and come out on top.

If you have extra gas containers, there is nothing wrong with stocking up, but hording is not recommended. This serves only to impact the overall balance of supply versus demand and can actually make prices worse. Stocking up on other necessities is also a good idea, but again, within reason. There is no need to run and clean out the grocery store and give into that panic mentality.

Preparing for natural disasters should be done well before they strike, no matter where you live. By waiting until the last minute, consumers can end up overspending, only to find that there was no real reason for all of their upset. If you are in the path of a natural disaster, or your area is at risk, keeping a special disaster kit is the perfect response to this problem. Preparing ahead of time, while prices are low and panic is not present, will help consumers beat the common problems of panic-fueled prices.

In today’s society, there is definitely a raised awareness of how disasters, both manmade and natural can affect us all. Preparing is essential, there is no doubt about that. However, the key to getting ready is taking the time to stock up before disaster strikes, so that when it does, you have everything you need on hand. This will help you save money, reduce overall stress and keep you prepared for any eventuality, and without putting you through the paces of panic.

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Originally posted 2008-11-07 05:10:16. Republished by Blog Post Promoter

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How Much Money Do You Really Spend?

Saturday, February 6th, 2010

Overspending is an enormous problem for Americans right now and the sad truth is, many of us do not even know we are doing it. If you are finding it hard to make ends meet at the end of the month, or you are desperately waiting for that next paycheck to arrive, you may need to take a hard look at your financial situation, your budget and how much you spend every month.

Track how much money you spend on small things.

Track how much money you spend on small things.

We typically consider our rent or mortgage payments, car loans and utilities as the only items that need to be budgeted, but there are many small items that can crop up and eat away at your bank balance. These are typically unnecessary expenses, and over time, enough of them can quickly add up. Let’s take a look at how to determine how much you spend and how you can get your expenditures in line with what you make.

It’s a great idea to keep a little log book and write down everything you buy for the period of one month. Everything, no matter how small, should be noted down in your log. At the end of the month, total everything up and see just how much money you have going out the door. This is probably the easiest way to figure out what needs to be cut, since you’ll have everything right in front of you. Here are some of the most common culprits.

1. Eating Out.

Americans spend thousands, if not tens of thousands, eating out and these expenses can quickly add up. You can save quite a lot of money simply by cutting out one meal out a week, and even more if you really get serious about cutting back. Once you’ve logged how much you spend on food, you may be surprised at how much of your paycheck is missing.

2. Recurring Subscriptions.

This is a problem for many online. You sign up for something, forget to ask for a refund before the trial is over, and before you know it, you’ve got several “memberships” or recurring fees that you don’t even know about, all being taken right out of your account every month. These will add up fast, and can do a lot of damage if they are not caught in time.

3. Superfluous Items.

Even though these items are typically small, they take up a big chunk of your budget. All too often we don’t think about the little, “it’s only a dollar,” items that we see at the store. While each one may be inexpensive, when you add them all up, it can be shocking to see just how much you are spending. The log book of your monthly expenses really comes in handy to see which of these items can be cut from your budget.

By taking the time to see how much money you actually do spend, you can stop overspending before it gets out of control and starts to eat away at your paycheck.

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Originally posted 2008-10-10 05:16:41. Republished by Blog Post Promoter

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Are Your Gadgets Sucking Your Wallet Dry?

Thursday, February 4th, 2010
Your appliances use a lot of energy. Turn them off!

Your appliances are adding to your energy bill.

We live in a digital age and the vast majority of us rely heavily on numerous technological devices to get us through our days. What we may not realize however is just how much these gadgets cost to run. Companies throughout the United States are finding out that they are wasting millions if not billions of dollars overnight in their companies and consumers face the same problem, even if the cost isn’t quite that high.

The energy drain caused by our gadgets is quite significant and can greatly affect a monthly power bill. Here are some tips to help you reduce your power bills, and keep your gadgets from sucking the life out of your wallet.

1. Turn off your computer at night.

Even though it is convenient to let the computer go into sleep mode, it is still using power, even if it doesn’t look like it. Simply turning off your computer can result in big energy savings, since it is one of the biggest culprits when it comes to energy drain.

2. Turn off your monitor.

In addition to shutting down your computer, it is also very important to turn off your monitor. Once again, we’re dealing with a sleeping issue, but in reality, that monitor is pulling quite a bit of juice throughout the night. Many consider monitors, especially CRT’s to be one of the biggest energy drainers in existence and they can greatly impact how much you spend on your power bill every month.

3. Unplug unnecessary items.

Just because a gadget is off doesn’t mean that it is not using power. It is best to unplug any unnecessary items throughout the night, especially if you have several throughout the house. Take a quick inventory of your home and see just how many different things you have plugged in. The amount may surprise you. Try unplugging a few at first and see just how much money you can save. Chances are you’ll be inspired to unplug the rest.

4. Consider rechargeable batteries.

They may not be on your power bill each month, but many of our devices rely on batteries and it doesn’t take long for the costs to mount up. You may want to consider purchasing a battery recharger to help you lower your reliance on new batteries. The initial cost can easily be paid off in a short time with the money you save on your batteries. For Wii owners, the rechargeable remote stations are a big money saver!

5. Less is more.

If you have a copier, fax machine and printer all plugged in, you’re increasing the amount of energy you’re using without doing a thing. Consider getting an all in one machine that will be more efficient. In addition to saving money on your power bill, you’ll also be able to save some space.

We need our gadgets, and as a result, there is a price to pay. How high that price is will depend on how well you implement energy saving techniques throughout your home.

Photo Credits: 1

Originally posted 2008-10-08 05:10:03. Republished by Blog Post Promoter

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Great Budgeting Examples

Sunday, December 6th, 2009
Need some budgeting examples?

Need some budgeting examples?

When you are looking at ways to implement a family or individual budget into your household, one of the most proactive steps that you can take is to look at great budgeting examples from other sources. Because everyone has unique financial and budgetary needs, there is no real one size fits all, cookie cutter solution to budgeting. However, by exploring what great budgeting examples are out there, you can source information, techniques, tactics and resources from what other people are doing, and bring them together to create a fully customized, completely unique solution to your own budget planning system.

There are numerous different great budgeting examples out there for different purposes. Who you are and what you hope to achieve in budgeting are both vital considerations to make when creating your own budget based on great budgeting examples that you find elsewhere. The Excel method of budgeting comes highly recommended by a variety of different people, including college students that have a primary staple food of Ramen noodles filling up their cupboards and busy moms that have to track a lot of different variables as seamlessly as possible.

The first consideration that you need to make when looking at great budgeting examples and drawing from them to create your own fluid, seamless budget, is what your main intention is. Are you trying to save up some extra money for a new car, or are you just trying to have enough money to get all of the bills paid at the end of every month? If your intention is simply to “save money” with no real goal in sight, then obviously your budget is going to be a lot more lax than someone who needs to pinch every penny for a new apartment, a better car or a big cross country move. College students, new moms and other certain individuals get hit harder, because every penny really matters and this requires for them to create much stricter budgets, which you can draw resources from if you are looking for something tight.

When exploring great budget examples, keep in mind a basic idea of how strict or how lax you want your budget to be. Some budgets account for every dollar you take in and every dollar that you spend, while others only place basic requirements on you to develop spending habits for better spending. Both of these great budget examples have merit, so it is really up to you to decide which is going to best meet your individual needs, whatever they may be. If you are serious about implementing your own budget system into your life in order to save money, looking at great budgeting examples and drawing from them to create your own custom plan is a really smart idea. This way, you will have a budget that is going to work for you based on your needs, rather than forcing you to struggle with a budgeting plan that doesn’t suit your lifestyle or your individual goals.

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Originally posted 2008-12-08 05:03:40. Republished by Blog Post Promoter

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