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!
Sunday, March 9, 2014
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.
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!
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!
Monday, February 24, 2014
Reflecting Retirement
It's never to early to start preparing for retirement. The sooner you start, the easier it is to save and prepare and be ready for any storm that may arise. Those who never start to prepare for retirement and are relying only on Social Security may be spending their Golden Years at the Golden Arches.
Some people are thinking of living abroad to stretch their retirement dollar. Although it may seem like a good idea at the time, there are things to consider. Common sense should tell you to do your homework before moving abroad. Language, culture change since you have to conform to local customs, crime, family and friends support, and the list goes on.
Saving for retirement should be a lifelong goal, but it is never too late to start. In case you can't see it, when it comes to retirement it's all about having enough money. Unfortunately, people aren't saving enough for retirement.
Saving for retirement is a must in so many ways. The longer you live, the less buying power your SSI or employer's retirement power will have. In today's ever changing world you can't rely on these means to be there. Many may be kings when they retire but become paupers over the years.
Some people are thinking of living abroad to stretch their retirement dollar. Although it may seem like a good idea at the time, there are things to consider. Common sense should tell you to do your homework before moving abroad. Language, culture change since you have to conform to local customs, crime, family and friends support, and the list goes on.
Saving for retirement should be a lifelong goal, but it is never too late to start. In case you can't see it, when it comes to retirement it's all about having enough money. Unfortunately, people aren't saving enough for retirement.
Saving for retirement is a must in so many ways. The longer you live, the less buying power your SSI or employer's retirement power will have. In today's ever changing world you can't rely on these means to be there. Many may be kings when they retire but become paupers over the years.
Sunday, February 23, 2014
Simple Savings
Most people have problems saving money because they let their wants take over their needs. Being creatures that demand immediate gratification, most of us may be living beyond their needs. Add to this those who tend to keep up with the Joneses soon learn they are doomed to a lifetime of debt. Yet it really doesn't have to be like this because anybody can save a little something, and if they don't touch it except for an actual emergency, may build a healthy financial nest egg.
I came across this 52 Week Save Money Challenge that I found rather interesting. The concept is that if you save the dollar amount of that week in a year, you will have saved a total of $1378 at the end of the year. For example, the first week you put away $1, second week $2, and your total is now $3. The third week you put away $3 and you now have $6. In the 52nd week you will put away $52 and your total is close to $1400.
Now comes the hard part. You don't touch the money or treat it as a windfall. Instead you start over. By the 52nd week of the second year, your total should be at least $2756, possibly plus interest if you put it in a savings account. I also like that during the holidays is when you are supposed to save the most. This is still a manageable amount.
Most people spend hard earned money on frivolous things. Are you really getting rich on lottos and scratch-offs. The odds are against you, and even a win is usually short-lived as we see here, here, and what to expect here and here. The problem is that most big winners don't believe in accountants or financial advisors. These are a must for anybody who has a substantial amount of money.
If you still smoke, you should give it your all to quit, because aside from the health reasons, cigarettes are anywhere from $7 to $10 a pack. The health savings may keep you from the doctor visit costs.
I went from a job where the only concessions were expensive and the food was questionable, to a job where I am surrounded by a number of fine eateries. I consider myself lucky that I always packed my own lunch at my other job. I do occasionally get some food with my co-workers from various restaurants. An average meal cost about $12. My own meal on average costs $5 and I make it myself and know what goes into it. That should be self-explanatory.
Aside from saving the extra change you have in your pocket at the end of the day, consider saving bills of a certain denomination, too. Save any $1 or $5 dollar bills in your wallet at the end of the day.
Saving money isn't hard unless we are led into temptation by ourselves. We should distinguish between our needs and wants and have a sense of priorities. Saving works as long as the savings aren't eventually considered a windfall.
Moral of the story of saving money can be summed up here!
I came across this 52 Week Save Money Challenge that I found rather interesting. The concept is that if you save the dollar amount of that week in a year, you will have saved a total of $1378 at the end of the year. For example, the first week you put away $1, second week $2, and your total is now $3. The third week you put away $3 and you now have $6. In the 52nd week you will put away $52 and your total is close to $1400.
Now comes the hard part. You don't touch the money or treat it as a windfall. Instead you start over. By the 52nd week of the second year, your total should be at least $2756, possibly plus interest if you put it in a savings account. I also like that during the holidays is when you are supposed to save the most. This is still a manageable amount.
Most people spend hard earned money on frivolous things. Are you really getting rich on lottos and scratch-offs. The odds are against you, and even a win is usually short-lived as we see here, here, and what to expect here and here. The problem is that most big winners don't believe in accountants or financial advisors. These are a must for anybody who has a substantial amount of money.
If you still smoke, you should give it your all to quit, because aside from the health reasons, cigarettes are anywhere from $7 to $10 a pack. The health savings may keep you from the doctor visit costs.
I went from a job where the only concessions were expensive and the food was questionable, to a job where I am surrounded by a number of fine eateries. I consider myself lucky that I always packed my own lunch at my other job. I do occasionally get some food with my co-workers from various restaurants. An average meal cost about $12. My own meal on average costs $5 and I make it myself and know what goes into it. That should be self-explanatory.
Aside from saving the extra change you have in your pocket at the end of the day, consider saving bills of a certain denomination, too. Save any $1 or $5 dollar bills in your wallet at the end of the day.
Saving money isn't hard unless we are led into temptation by ourselves. We should distinguish between our needs and wants and have a sense of priorities. Saving works as long as the savings aren't eventually considered a windfall.
Moral of the story of saving money can be summed up here!
Thursday, January 2, 2014
Money Rules
Money isn't hard to budget as long as we master a few rules. Once we do that, we can seek more money rules that will expand our knowledge in the monetary field. Sometimes things are tough to understand when it comes to money, such as the give and receive principle, but it does work. Still when it comes to money, knowledge is power!
My goal for this year is to save and invest more and spend less. I will be talking about retirement more often since I am close to that time in my life. This is why everyone should educate themselves in as many money rules as they possibly can.
When you get your finances in order, regardless what your earning potential is, you gain confidence in the monetary field and will no longer live paycheck-to-paycheck.
My goal for this year is to save and invest more and spend less. I will be talking about retirement more often since I am close to that time in my life. This is why everyone should educate themselves in as many money rules as they possibly can.
When you get your finances in order, regardless what your earning potential is, you gain confidence in the monetary field and will no longer live paycheck-to-paycheck.
Wednesday, January 1, 2014
2014-The Year To Be Money Wise
With the start of the new year, we would benefit by reviewing all our finances and strive to save more, invest more, and make more money. At the same time we should be looking for ways we can cut frivolous spending and areas where we can put an end to wasting money. Over the years, it has been a trial-and-error when it came to money, and I have sustained losses, but through some sacrifices, I believe anyone can get their finances in order.
In The Beginning...
Since everyone is different in their financial goals and where they are financially, we need to get a grip on reality. Debt is not a good thing and "Keeping Up With The Joneses" will lead to financial disasters if you don't make as much as the Joneses!
The Rolling Stones summarized it best when they sang, "You can't always get what you want..." "...but if you try, sometimes you get what you need!" Your financial goals should focus on your needs first, and your wants should be put on hold until you can afford them without going into debt. We need to learn to live within our means, otherwise we will be forever in debt. Retirement may lead some directly to the grave, if you have to continue to work to meet your needs, because you went overboard on your wants in your younger years.
Yesterday, Today and Tomorrow
Times have changed, yet history continues to repeat itself. We don't save and invest enough to build a nest and get struck by unforeseen bills and higher prices on goods that lead us to live from paycheck-to-paycheck. And therein lies the secret to the poor bloke who has to work forever because of unwise choices that depleted from any savings. Hoping to retire on Social Security won't cut it if you live much longer and the value of your payout has less buying power in the coming years.
Your payout may be for the rest of your life, but a dollar had more buying power in the 1990s than it does in 2014. Think about that. If you live even 10 years after retiring, you may not be able to buy or afford as many goods, and your NEEDS may be compromised.
The Kleptomaniac Buyer
If you can't grasp the old adage that claims that A fool and his money are soon departed, then go ahead and keep up with the Joneses. A kleptomaniac is known for stealing items that he has no need for. What's worse is a person who buys items that he has no need for. A must for some in 2014 is to put some purchases on hold, especially those that seem like an impulse buying item.
Skeletons
We all have vices and lusts and are often led into temptations. Addictions are a big money draining problem. The prime evils are alcohol, cigarettes, drugs and gambling. I am not here to judge, I only want to point out the money being wasted on things that could even affect your health. Just a thought.
2014
Happy New Year!
May yours be profitable. Remember that some sacrifice is needed, but you might still be able to trick yourself into saving money. Starting a financial journal isn't a bad idea!
In The Beginning...
Since everyone is different in their financial goals and where they are financially, we need to get a grip on reality. Debt is not a good thing and "Keeping Up With The Joneses" will lead to financial disasters if you don't make as much as the Joneses!
The Rolling Stones summarized it best when they sang, "You can't always get what you want..." "...but if you try, sometimes you get what you need!" Your financial goals should focus on your needs first, and your wants should be put on hold until you can afford them without going into debt. We need to learn to live within our means, otherwise we will be forever in debt. Retirement may lead some directly to the grave, if you have to continue to work to meet your needs, because you went overboard on your wants in your younger years.
Yesterday, Today and Tomorrow
Times have changed, yet history continues to repeat itself. We don't save and invest enough to build a nest and get struck by unforeseen bills and higher prices on goods that lead us to live from paycheck-to-paycheck. And therein lies the secret to the poor bloke who has to work forever because of unwise choices that depleted from any savings. Hoping to retire on Social Security won't cut it if you live much longer and the value of your payout has less buying power in the coming years.
Your payout may be for the rest of your life, but a dollar had more buying power in the 1990s than it does in 2014. Think about that. If you live even 10 years after retiring, you may not be able to buy or afford as many goods, and your NEEDS may be compromised.
The Kleptomaniac Buyer
If you can't grasp the old adage that claims that A fool and his money are soon departed, then go ahead and keep up with the Joneses. A kleptomaniac is known for stealing items that he has no need for. What's worse is a person who buys items that he has no need for. A must for some in 2014 is to put some purchases on hold, especially those that seem like an impulse buying item.
Skeletons
We all have vices and lusts and are often led into temptations. Addictions are a big money draining problem. The prime evils are alcohol, cigarettes, drugs and gambling. I am not here to judge, I only want to point out the money being wasted on things that could even affect your health. Just a thought.
2014
Happy New Year!
May yours be profitable. Remember that some sacrifice is needed, but you might still be able to trick yourself into saving money. Starting a financial journal isn't a bad idea!
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