Sunday, March 30, 2014

Social Networking And Finances

Social networking on the internet seems to be the fad of our time. Companies promote their merchandise, people keep in touch with family and friends, and the list of social networks benefits goes on. In today's world, social networks are where most people spend most of their time.


I believe that aside from the social networks that are geared toward businesses, most networks have peaked and will see a steady decline in the next few years. Aside from taking up time with gossip, social networks may be costing you financially. I tend to agree. I very much believe that what you put on a social network can come back to haunt you.


Experts seem to believe that social network overload is already setting in. Still some can still see the positive. I still believe that it can hurt you financially.



Saturday, March 29, 2014

Preparing For Rising Food Prices

I've already given you tips on grocery shopping. Food prices can fluctuate rapidly due to ever-changing markets. Disasters, supply and demand , availability are just a few factors that can influence the overall prices. Many are already aware of the rising beef prices, but expect other grocery prices to also rise. Many are considered healthy foods like salmon, lettuce and nuts to mention a few.


We can still cut the price of our grocery bill if we follow a few grocery shopping tips. We can also save on groceries by buying in bulk, freezing, preserving, gardening, and finding alternatives. Sometimes it is better to buy foods like nuts in bulk. Alternatives to meats are chicken and tuna.


With summer coming, look for more Farmer's Markets. Start a garden and if you're resourceful, you can even garden in an apartment. More here.


You can get more from your fruits and vegetables by learning to preserve them. More here.


Find alternatives in can and frozen foods.



Wednesday, March 26, 2014

Golden Years At The Golden Arches

If your life has seen its share of miscalculations, perhaps your planned retirement needs to be recalculated. Retirement is the one time that you can't afford to be wrong, otherwise it will cost you in the long run. Retirement is about enjoying your life without having to punch a clock. Unfortunately, many retirees look for work because they can't make ends meet with their retirement funds.


Many people buy into the myths of retirement that may see them working until the grave. If it helps, take a retirement road trip. When it comes to retirement, I suggest making better decisions.


Since our lifespan is increasing we need to adjust our retirement timetables. Another bit of wisdom lies in avoiding money disasters that can wreck your retirement.


Putting something aside for retirement is an essential part of life that many don't consider until they are on its back door. If only we put something aside at a young age to go toward our retirement, we may retire at a young age. Keep in mind that your retirement more than likely must fit your lifestyle. Saving something should be automatic when it comes to retirement, and the key is to NOT touch the savings until retirement or beyond!


Small steps for saving toward retirement:


1) Put all windfalls into a savings. Raises and any extra money you come across.
2) Cut money consuming habits and pocket the savings. Smoking, addictions, etc., stop throwing money away and pocket the savings.
3) Don't live beyond your means by living on credit. If you saved the money on interest, retirement would move smoothly.
4) If you live in a bottle deposit state, put your refunds in a savings.
5) Put your government refunds in a savings. Your yearly federal and state refunds can be put to good use.
6) Stop trying to keep up with the Joneses. This will save you a lot of money.
7) Quit trying to get rich quick through scratch-offs and lottery numbers. Winnings are temporary and losses put you deeper in debt.


To play it safe, I have a formula for saving for retirement depending on when you start. If you start in your teens, you should save at least 5% of your paycheck a week for your work-life toward retirement. If you start in your 20s you should save at least 10%  a week toward your retirement. In your 30s 25% a week, in your 40s 30%, in your 50s 45%, and in your 60s 75%. If you start in your 70s you might as well work until your grave!



















Sunday, March 16, 2014

Saving On Food

Saving on food is easy but it requires a change of habits and disciplining yourself to stick with it. The first attack and change should be to go after the EXTRA spending on food we do in our daily lives, aside from grocery shopping.






Instead of buying a cup of coffee, make your own. Even if your spending $1 for traditional coffee, it costs more than if you brew your own.






Take your own lunch to work instead of eating at the eateries. I tend to bring my lunch all the time, but I do occasionally eat at a restaurant. If you plan your weekly meal and know what you're going to eat on a specific day, it will actually keep you from going out to eat.




Now when you go grocery shopping it is best to always prepare a list, this will help to avoid impulse buying and buying what you don't need. Eating healthy shouldn't have to cost an arm and a leg if you buy healthy basics. Use coupons only for food you buy regularly.






Learn how to cook cheap, quick, healthy, and convenient meals. Make a pantry of non-perishables and buy extras when they are on sale.






Drink regular faucet water. It's free and healthy. I drink seltzer and club sodas all the time. But if I put a monetary spin on it, I spend an average of $1000 a year on that. Maybe it's time to consider water!




Farmer's markets and coops are the place to buy fruits and vegetables. Some are seasonal, in which case a bit of research will come into play. Try to find alternatives to buy your produce.




If you have a backyard or some land, growing your own food can save you a bundle on food.






Here are more tips to cut your food bill. Here are ways to save at the grocery store and still eat well.

Wednesday, March 12, 2014

Cancel A Service

I have not had cable since 1992. Since then prices have gone up consistently and the quality of cable h\as gone down, I don't miss it. I realize that I am a minority on this one, but cable is paying for services that are free. Hulu has many free movies and TV shows that people pay for with cable.






I was paying close to $50 a month for the internet service on my mobile device. I dropped that service and use Wi-Fi or do without it. If I were to go back to a provider, NetZero has rates that are a fraction of what I was paying.




I have to chuckle when people pay outrageous amounts for cell phones. Today most people feel that they must be connected to someone or something 24/7. Look at any person and I bet they are doing something with their multi-tasking phone. Then there are those who wait in line for days to purchase the new upgrade to their hyped overpriced phone. I can do these on my computer when I'm home or on my tablet if need be when I'm away. My phone is used for making and receiving phone calls(PERIOD) Imagine my savings since I actually use cheap plans!





Monday, March 10, 2014

Finding The Best Bank Rate

Saving money and sitting on it is like throwing money out the window. It is best to let money earn interest in a saving account. Shop around as to where you will earn the most interest and what the minimum requirements are. Many believe that the internet is the way to go.



Shop around in various banks and credit unions in your area. Money markets may be something to look at for a higher yield. If you can wait awhile, maybe CDs are the way to go.


Many may have lost faith, but I still believe in Savings Bonds.


A good resource to find the best yielding rates is Bank Rate.

Sunday, March 9, 2014

Saving on Exercise

I have been an active member of gyms since 2006. I use them religiously so I get my money's worth. Currently my membership expired at my gym, meaning I am no longer under obligation and can change and save money. I am considering some options including investing in a home gym.




Should I drop my gym for a home gym? My membership is $35 a month. I know pretty much the exercises I routinely do. Even if I vary my routines, I pretty much use the same equipment. I priced equipment that would give me the same benefits and it comes out to a little over $400, and I can get a few extras. The pros to this are that the money I save will pay for the equipment in about a year.






There are more pros such as the hygiene issue and I don't have to shower in a bacteria cesspool that are at the gym. You don't have to wait to use the equipment. Sounds like a home gym is the way to go. Not so fast. I've had equipment at home that just gathered dust. Yes, it seems getting motivated is tough when your gym is there, but you don't use it. If you can beat these and other issues, then a home gym can save you a lot of money.






Having a gym membership motivates me to go workout without excuses. I'm paying for it and this will make me want to get my money's worth. For me the gym works. On the other hand, there are those who sign up for gym membership and never use them, but are committed by a contract and are paying for absolutely nothing. Make sure you will want to exercise before you sign a membership or buy equipment, otherwise it is a WASTE of money!





So what is my alternative, if I wish to use a gym to workout? Simple, find a gym that offers a better price. I am going to join a gym that will cost me only $10 a month. The savings speak for themselves!

Monday, March 3, 2014

Creating An Emergency Fund

Oh if only life wasn't plagued with unforeseen emergencies. The reality is that unforeseen monetary emergencies can bring future plans to a halt, unless we prepare ourselves. It can be tough to recover from some emergencies that may deplete our savings, if we have any.


It actually isn't hard to build an emergency fund. It takes discipline and a bit of sacrifice. Cutting frivolous spending and putting a weekly amount from your pay into a savings account can build a nice emergency fund. Emergencies such as repairs to homes and auto, medical, etc., can happen at anytime and can be costly. Not to mention a job loss or other loss income that people may not consider or think of.


Getting started is easy once we determine our goal. We also need strategies to create an emergency fund. Information is sometimes repetitive, but knowledge is power.


People sometimes tend to think of saved money as a windfall and start spending it on non-emergency items. Bad idea. Remember that an emergency fund, in all reality, should last a lifetime.

Sunday, March 2, 2014

Personal Finance Tips

A sure sign that we are in for a financial disaster is when we live from paycheck-to-paycheck, and debt can't be easily paid off. We need to learn how to stop living paycheck-to-paycheck. One needs to become realistic of their finances and that means watching the money flow. Powerwallet is a software that makes it easy to keep track of your finances and set-up a realistic budget.


There are always ways to save money, you just need to know where to look. You can find some handy advice in a month's worth of saving tips.


If you are close to retirement, your main goal should be to make sure that nest egg will carry you through your lifetime. Sometimes it may be to your advantage to retire later. Anyone who retires at 62 loses 25% of their full retirement from Social Security. The sooner you start saving for your retirement the better, but even at 50-something, it's never too late!