Money Savings Tips

3 Finance Tips For Families

Among health kicks and career goals, New years resolutions often reference financial matters. Especially in a time preceding holidays, which more often than not break the bank, this can be a time where those with families feel the effect of overspending. To begin again and start the year fresh, we offer 3 simple financial tips for families.

 

#1: Be Budget Wise

Though it’s not the most enjoyable experience to sit down and do the math, creating and setting budgets is one of the most effective ways to be transparent in understanding your income and spending habits. Start with simple figures like monthly earnings from all contributions, and then get an overview of lifestyle spending of groceries, utilities, activities, school costs, etc. This will give you a basic idea of whether you are living in your means, or racking up more debt.

 

#2: Stay On Top Of Debts

Whether mortgages, loans or credit cards, make a list of all debts and be sure to know your plans of repayments for each one. Categorize into short and long term debts for more clarity. To really get on top of repayments in the most effective way, consult a financial professional to advise which debts you should repay first, and how often repayments can be made.

 

#3: Plan For The Future

ESPECIALLY important for those with dependent children, be sure to be future savvy and keep a retirement fund active in your savings plan. For couples, consider consolidating retirement accounts for an ease of calculating future budgeting, as well as minimising fees. Contributing to a retirement fund also ensures that your children will not have the burden of financial responsibility for you later in life, also consider life insurance policies, which include funeral costs and insurances.

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Money Savings Tips

Grocery Savvy Savings

No matter the area of life, we are all looking to save money where and when we can. There’s nothing like the feeling of landing a discount or knowing that you got a great deal, and when it comes to grocery shopping, small savings overtime can make a big difference in our overall expenses.

Here are some of the best grocery shopping tips for you to keep in mind to enjoy future savings in the long run.

 

Make A List

Getting clear on what you need is one of the biggest ways to eliminate impulse buying and coming home with unnecessary goods. The very act of writing a list is no only helpful to refer to when shopping, but also can keep you accountable at the store when tossing up whether to get something or not – if there is no dire need, and you didn’t already list and budget for it, then don’t get it. Simple as that.

 

Scope Out Sales

Come prepared by searching the catalogues and taking note of the advertisements for sales before you go shopping, to ensure that you know what you can get that will save you money. Also, if it is something that you know you will definitely use in the future, like toilet paper or toothpaste, then stocking up on items that you would otherwise buy at a regular price later on, will be a great way to save on future grocery bills/

 

Choose Generic When You Can

For items that don’t need to be organic, or your favourite brand or of a higher quality – like sticky tape, napkins, simple canned goods – then opt for the generic brand. It’s nothing to be afraid of if there isn’t some fancy label or brand on it when you know your experience of the product won’t be affected.

 

Other money saving grocery tips include never shopping on an empty stomach, price matching from other stores, getting membership and rewards, and purchasing fresh produce from the local farmers market. Be creative, be prepared, and bask in the savings.

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Money Savings Tips

10 Simple Tasks to Begin Saving Money Today

mortgage savingsBudgeting and saving money can appear almost unrealistic when everywhere we go there is some kind of expenditure. How are people doing it? How do people remain committed enough? Well, budgeting can really be quite easy. That is, as long as you are actually dedicated.

 

These budgeting and savings tips are ones that you can start using today for a stable financial future. We are not suggesting you eat only once daily or sell all of your belongings. These are realistic and attainable saving methods that you’ll absolutely want to pledge to if you’re saving or planning a budget. 

 

  1. Sit Down With Your Money 

Update yourself every week on what you spent. Did you spend more than you budgeted for food or entertainment? Where there areas that you didn’t account for spending? Being informed on your financial standing weekly will help preserve your budget. Maintain your spending on a strategized, goal-oriented plan.

  1. Cut Out Cable 

Low-priced streaming services available, such as Netflix, Hulu, or Amazon Prime, make cable seem like an added expense you could live without. Cable prices will only continue increasing and are projected to surge to an average of $123 per month or $1,476 per year. That’s a fairly large quantity of money that can be saved for other financial purposes.

  1. Save On Food 

Food is an essential so you can’t really cut it out. However what you can cut out is your spending. There are numerous techniques to save on food that you probably haven’t thought of or dedicated to. For instance, strategize your meals for each week and cook yourself, organize a potluck with friends rather than going out, or make coffee at home. Dollars spent on a quick meal here and there can actually add up fast, so it’s all about planning. 

  1. Travel Financially Smart

Contemporary leverage lodging rental websites like Airbnb, Travelmob, or Housetrip, make it easy to locate a place to stay on vacation at a portion of hotel prices. Additionally, these places may have kitchens you can cook in (to save more money) and you can rent out your place at the same time (more money!).

  1. Work More 

This savings tip seems too apparent, but if your job allows it, be sure to do it. If not obtain a side job or freelance. Also, this leaves less time for spending. 

  1. Wait 48 Hours Before You Click “Buy” 

Don’t purchase items on an impulse. Especially in the age of online shopping, you’ll want to wait 48 hours before clicking “buy.” You’ll frequently recognize you really don’t need that extra jacket.

  1. DIY

There are endless “do it yourself” instructionals online to help you either fix things, create presents, or even make household beauty treatments. These will save you money and you can learn a lifelong skill.

  1. Impress Yourself, Not Others

Learn to be impressed with your savings development rather than trying to keep up with other people’s spending habits. Just because someone has an expensive car or purse doesn’t mean you need to get one. Impress yourself with your money saving skills.

  1. Chill With Your FOMO

The same idea pertains to the “fear of missing out” or FOMO. If your friends go out for drinks everyday, it doesn’t mean you have to. You’ll ultimately be happy with your savings triumphs and be less upset over a missed party.

  1. Don’t Get Discouraged

 Even if your savings don’t appear to be increasing exponentially, that doesn’t warrant you giving up. Begin by taking small steps and you’ll soon make a habit and then a lifestyle out of saving. Saving only one percent more is better than nothing, so do your best and stick it out.

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Money Tips

Clever Approaches for Faster Loan Payoff

Money WomanYou already know it: The faster you pay back debt, the less money you’ll pay your lenders and the more you can keep yourself. If you’d like to pay your mortgage off as fast as possible, you’ll need a little extra revenue and some smart strategies — but it can be done. The good thing is, we have a few financial hacks for more rapid loan payoff, which can deliver great results.

 

Alter Your Financial Balance. Two approaches can get you a little extra elbow room in your budget for debt repayment: Decrease expenditures and generate extra money. Do both for the best results.

 

On the expense side, bundle insurance policies and renegotiate. If you’ve been using your insurer for quite a while, speak with them and tell them you’re unhappy with your bill. Let them know you’re checking out other options for a better price. You may be amazed at how many new “discounts” they find.

 

Rethink cable. Do you seriously want all those top-tier channels? It’s possible to stream all sorts of entertainment absolutely free or at low cost over the internet. Also, stop outsourcing home chores. Nobody enjoys cleaning and working in the yard. But unless there’s a more profitable way to spend your time, get started washing and weeding.

 

Produce some additional income to generate cash for debt reduction. Sell things you really don’t want. Get on Ebay, and start advertising. You can now find dozens of other online selling services: ThredUp.com, shopstick.com, yerdle.com, varagesale.com and the original online classified resource, craigslist.com. Make money on the side however you can. Everyone has some ability that other folks are willing to pay for. Look into TaskRabbit.com and UpWork.com to see the simple things people are prepared to pay you to do — like becoming a personal online assistant or shopping for a holiday social gathering — and allocate those dollars toward faster loan repayment.

 

Get everyone involved. Everyone’s needs and wants helped create the problem, and you’ll be doing your family members a favor by showing them ways to take charge and defeat household debt once and for all. Have a family meeting to solicit strategies, and enlist everyone to help slash expenses by cutting electricity and water use, pitching in on household jobs and even earning some additional income. Set a target, and put aside some of the extra dollars you save or make to pay for an incentive that keeps you motivated, such as a family night out at the movies.

 

Use a biweekly loan calculator. This can be a roadmap to accelerated debt reduction. To reach a goal, you have to see exactly where you’re going and what you have to do to get there. Make use of a biweekly loan calculator [link] to easily figure out how much extra you have to apply toward your debts each and every month for faster personal loan payoff. Biweekly mortgage payments can not only get you out of debt a whole lot quicker, but also save you money on interest over the life of the loan. Experiment using the calculator to check out how different payments will help you reach your goal of rapid debt reduction.

 

AutoPayPlus can help you pay down your debt faster. Withdrawals out of your account every other week fit conveniently with paychecks and your monthly budget, while an extra half-payment twice a year added toward principal cuts down interest payments over the loan term. Check out this website to learn more about rapid loan repayment.

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Money Savings Tips

4 Ways To Get Out of Debt and Manage Your Monthly Budget

numbers-money-calculating-calculationBudgeting and staying out of debt. It’s something we can all do better. We know that there has to be some kind of change, but do we really know where to start? Lucky for you, we did all the hard work. Now all you have to do is follow through on these great ways to manage your monthly budget better.

 

Automatic Bill Payment

 

Using an auto-payment service can save you time, stress, and money in the long run. AutoPayPlus offers a service that is unique because not only does it allow you to avoid costly late fees or manage your bills in one place, but also works with each of your lenders to implement an accelerated debt reduction payment schedule. AutoPayPlus helps to get you out of debt faster and potentially help to build you valuable equity and/or reduce total interest payments.

 

Never worry again about when your bills are due or the possibility of “snowballing” into debt. Get your loans paid off quicker and tailor your budget towards a life that’s debt-free.

 

Loan Consolidation

 

A loan consolidation can be attractive to people that are up to their neck in debt. Though the appeal of a paying a single monthly payment at a low interest rate seems like a promising one, it will probably cost you more in the long haul. The odds are that you won’t want to get yourself caught up doing a loan consolidation unless you’re truly and hopelessly drowning with high interest rates and high monthly payments.

 

But if that is the case, understand what your monthly payment will be. If it’s just as much, or higher but fits into your budget, you might simply want to consider paying off your bills on your own with increased payments. Otherwise you will probably end up paying more in interest payments, since your loan will likely be over a long span of time.

 

Debt Management Plan

 

Choosing a Debt Management Plan can help you stay organized and on time with your bills through realistic budgeting. Most financial experts recommend using a DMP as the best method for debt consolidation. Through this method, you send one payment to the agency running it and then the amount will be split amongst your creditors. This might affect your credit score, but once you have paid of your debt in 3-5 years, your score should definitely improve.

 

With the help of a certified credit counselor, you can be on your way to meeting your financial goals, improving your credit, and being in control of your finances.

 

Debt Prevention

 

The best way to manage your debt and your budget is to avoid debt in the first place. Of course, it’s easier said then done. But the earlier and faster you come to terms without the idea of smart budgeting, the earlier you will be living a life with less stress.

 

First understand why many people get into debt:

  • Reduced income
  • Poor Money Management
  • Underemployment
  • Gambling
  • Medical Expenses
  • Minimal Savings

 

What you can take away from these debt causes is that you want to put yourself on a strict and realistic budget that allows you to balance your income from your expenses. When you have extra money, put it into a savings account for those unexpected expenditures. Avoid overspending on things that aren’t necessities and be sure to plan. If you’re already in debt try one of the other three methods and when you succeed, don’t ever go down that road again.

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