Are You Preparing for Retirement?

by MMarquit · 0 comments

One of the best things you can do for yourself is to be ready for the future. While there is no way to predict what the future holds, or completely prepare against every eventuality, you still need to do your best to prepare your finances against what might be difficulties that could sink your finances. Creating an emergency fund is one way to do that. Another way is to prepare for retirement.

What are You Doing for Your Future?

Even though many of us expect to work past what people consider a “normal” retirement age, the fact is that at some point you are likely to stop working. When that happens, you will need money to live on. Whether you retirement early, or retire late, proper preparation is in order. And you will be better off, and have a bigger nest egg to rely on, if you start saving for retirement right now.

What you do now can have a profound impact on your ability to meet your bills and other obligations during retirement, as well as your ability to do what you want. Your first step, whether your dream is to sit on the porch all day, or whether you want to travel the world, is building up a retirement fund.

Tax-Advantaged Retirement Accounts

If you want to maximize your ability to build your nest egg, you need to take advantage of the tools offered to you. Tax-advantaged retirement accounts like IRAs and 401(k)s can help you boost your ability to save. The tax advantages allow you to put more of your money to work for you. With traditional versions of these accounts, you receive a tax deduction when you make a contribution. When you withdraw money later, though, you will have to pay taxes on your income.

However, there are also Roth versions that allow you to skip the tax deduction, paying taxes now, and then avoid paying taxes on your withdrawals. This can be a great way to avoid paying higher taxes later, and reduce your worries about how much you owe. If you qualify, a Roth IRA or a Roth 401(k) can be a great addition to your retirement arsenal.

Showing Consistency

For best results, you need to start investing in your retirement accounts as early as you can, and show consistency. Make sure that you contribute the same amount to your accounts each month. Make it automatic to ensure that it happens regularly. When you are consistent, your portfolio grows at a regular rate, and you can also take advantages of times when asset prices drop by adding more shares to your portfolio. Later, as long as prices rise, you will have received more bang for your buck.

Regular investment is key if you want to be able to retire in comfort. Figure out how much you need to invest in order to achieve the results you want, and then make a consistent plan and stick to it. You might need to make adjustments as you go along, but the key is in consistent investment, and starting early.

Six Ways to Instantly Save Money on Your Water Bill

by Jessica Sommerfield · 0 comments

If you are a city-dweller, a water bill is a non-negotiable utility expense. However, just because you will always have it doesn’t mean there aren’t ways to make it lower, just as using less electricity and heating fuel can reduce other utility bills.

Although you don’t want to go to the extreme (taking showers is a good thing, for the sake of others, if not for your own peace of mind), you can drastically reduce your water bill by simply changing a few bad habits. Not only will you be saving yourself money, you’ll be helping the environment. Here are six ways to see a difference in your next water bill:

Only run full loads of laundry. Doing small loads may seem convenient, but the amount of water you are wasting is not (up to 2,130 gallons). If you find you need just one item, consider washing it by hand in the sink. Otherwise, try to keep your loads full, and use the appropriate load-size setting instead of always defaulting to large. Also consider upgrading your washer to a high-efficiency model, preferably a front loader.

Run the dishwasher: it uses less water than hand washing. The same advise applies for dish washing as for clothes washing – run full loads only.  Again, if your dishwasher is old, you should consider upgrading to a newer model designed to use less water and electricity. If you have only a few dishes, hand-wash or wait until you have more to wash. When hand-washing dishes, wait until you have finished washing all the dishes to rinse them all at once, instead of rinsing dishes individually.

Change your shower head and take quick showers. A nice long shower is nice every once in a while, but if you change your shower head to a low-flow model and limit your showers to about ten minutes, you can save as much as 50 gallons of water each time. If you feel like enjoying the water, take a bath instead but don’t fill the tub).

Turn the faucet off while you brush your teeth. This may seem trivial, but a lot of water is wasted while we shine our pearly whites. Wait until you are done brushing your teeth to turn the faucet on and rinse your toothbrush. This simple change of habit can save you up to $240 on your water bill each year.

Fix leaks and drippy faucets right away. Slow drips or a constantly-running toilet may not seem significant, but they are to your water bill. Taking care of leaks can save up to 10,000 gallons of water annually. If you are unable to fix the leaks yourself, call a friend or family member. Even if you have to hire a handyman, it will be well worth your savings in the long run.

Refrigerate your drinking water and use the microwave to heat water. Many of us waste water waiting for the tap to turn the desired temperature.

Taking the time to change your habits and consider that conserving resources and money is more important than convenience can make an impact on your expenses, your ability to save more money, and ultimately living a better life.

You’re Not Saving Because You’re Not Negotiating

by Vincent King · 0 comments

Are you struggling to save money every day, and on everything you buy? How much could you save if you knew how to effectively negotiate?

The bottom line isn’t always the price tag on an item. If you’re willing, and know how to do it, you can negotiate prices on everything from big tickets to everyday products.

This doesn’t mean you should stand in the grocery aisle and negotiate the price of a carton of eggs. But, you could haggle with the butcher over his price of meats, if you’re buying in bulk (maybe even if you’re not). Negotiate right and you’ll lower the bottom line on many of the items you use every day –even if you’re a woman.

Haggling, negotiating, dickering, making a deal – whatever you want to call it – works if you have the know-how to do it. Follow these five simple steps before starting your wheeling and dealing to  save every dime, every time:

1. Love it, but don’t need it. If you love something so much that you need it, you’ve lost the battle before the first shot was fired. Salespeople can read your need. They know if you’re in love with an item and they’ll use that to get their highest price. Making the sale becomes a fight for survival once they know you don’t need their product.

2. Walk the walk and talk the talk. Be confident when you talk to your salesperson, your strength means they won’t be able to strong-arm you. Speak clearly, and look them in the eye when speaking. Know what you are talking about and what you want to say.

3. Be confident, but friendly. Being nice to a salesperson can save you even more in the relationship. This technique can get you free items in a lot of places, too…not just at the negotiating table. Make it a habit to ask people how they are and how their day is going. Forget the freebies…this just makes you feel good, too.

4. Ask what they can do for you. This is part of being confident. By asking them what they can do for you, you assume the power role in the negotiating relationship. They’ll often give you a number that isn’t as low as what you wanted, then…

5. Tell them what you want to pay. When they give you an offer that isn’t what you wanted, tell them what you were looking to pay. If they say no…

Give them your card, tell them to call you if anything changes and walk away. Don’t ever take the salesperson’s card. That’s a shift of power. You want to stay in control from the moment you enter the store or showroom until the second you leave.

Using these tips, you’ll be able to get the items you want at a savings you need.

What are your best haggling tips?

Spend Your Eyeglass Dollars Wisely

by Gina Blitstein · 0 comments

Having had poor eyesight my whole life, vision care has always been an important issue to me. Because of the extent of correction my eyes needed, my frames needed to be large enough to accommodate the lenses that were required to correct my vision. I was thrilled when I could finally ditch my “coke bottle bottom” glasses and wear contact lenses. Once I graduated to contacts, I no longer had to deal with the weight of them on my face – they were always sliding down my nose. I was eager to show the world my whole face instead of it being obscured behind those thick, unattractive glasses.

Throughout decades of contact-wearing, however, my vision has changed. My new choice for vision correction is glasses – not contacts – for the first time since I was a teenager. Why did I switch back to glasses? Because, just like my vision, the technology of vision correction has changed dramatically. I was thrilled to discover how many options exist to remove my objection to wearing glasses. I learned a lot from my recent visit to the optometrist and thought I’d pass along the knowledge I gained to help you be a more informed consumer of eyeglasses.

Get the right correction for your needs

I flat-out asked my doctor which solution – contacts or glasses – would correct my vision best. He said that since I needed bifocals for the first time, (eek!) that glasses would work best.

  • Traditional bifocal lenses have a half-circle in the center, which is where you focus to see up-close, like for reading. The half-circle is visible to others, too, so is considered by some to be unattractive.
  • Progressive lenses are a newer type of “multi-focal” lens. These lenses are made differently, using a gradient of increasing power so that the “sweet spot” for up-close viewing is more spread out, not limited to the center of the lens. This makes the experience of close-to-far sight less choppy and overall vision more natural. They also don’t have the visible bifocal “line” – they look just like single-vision lenses. Progressive lenses are more costly but are considered worth it for both cosmetic and vision reasons.

 Get the right type of lenses

  • Polycarbonate lenses are lighter than glass and shatter-resistant, making them the safe choice for children and those who participate in sports to wear.
  • Scratch-resistant coating makes your lenses less likely to get scratches which impair your vision through them.
  • Anti-reflective treatment allows light to pass through, rather than reflect off the lenses, providing clearer vision, less eyestrain when using the computer and under fluorescent light, less nighttime glare, and a clearer view of your eyes when people look at you.
  • UV protection is critical to the health of your eyes and for preventing the development of cataracts and macular degeneration. A clear UV protection is available, or you can get Transitions lenses (which change according to the amount of available light) or traditional sunglasses.

Get the right frames

Regardless of style, they should fit properly and be an appropriate size for the corrective lens you need.

  • Metal frames can be flexible, lightweight and less noticeable.
  • Plastic frames can be sturdier and have more fashionable options but are rigid and heavier.

All these options allowed me to have a pair of glasses that are not only attractive but help me see incredibly well, are lightweight, fit well and are good for my eyes. Remember to choose what’s most important and appropriate for you and you’ll spend your eye care dollars wisely.

When it comes to your vision, what are you willing to spend on?

Insurance Policies that Protect Your Assets

by MMarquit · 0 comments

Many of us grumble about paying insurance premiums. However, when an emergency strikes, or when the unexpected happens, insurance can help you protect the loss of your assets. There are some policies that can help you ensure that the value of your assets remains intact. Here are some of the most vital insurance policies:

Health Insurance

You really are your best asset. On top of that, health issues can be very expensive. When it comes to your health, you don’t want to mess around. Health insurance can prevent you from having serious financial troubles. If you are concerned about your job, and your ability to work if you are injured, another option is disability insurance.

Homeowners Insurance

Your home is a huge asset. If something happens to your home, and you don’t have the insurance to repair the damage or replace the home, you can easily go broke. When you have adequate insurance coverage, though, you can cover these costs, and you can avoid losing everything because of an unexpected event.

If you rent, don’t discount the importance of renters insurance. This type of insurance can protect the value of the items in your rental. You might be surprised at how much the stuff in your rental is worth. Renters insurance can help you replace these items if necessary.

Auto Insurance

Not only is auto insurance required by law in just about every state, but it also protects your car. Not only can auto insurance help you replace your car if it is totaled, or repair it if possible, protects you in more ways. If you rely on your car to get to work so you can earn money, and you don’t have the money to repair or replace it insurance can be a real boon.

Liability Insurance

It’s also important to consider various types of liability insurance. Your homeowners and auto policies will come with liability coverage. This coverage protects you from problems that result when others hold you responsible for injury or damage to property. Instead of being subject to a lawsuit, an insurance company can often settle matters and protect your assets.

In some cases, you might need umbrella insurance to further boost your liability. If you have a lot of assets, you do want to be able to protect them from lawsuits, and the right insurance can help.

Life Insurance

While life insurance doesn’t protect you, it does protect your family. If you die, you want to be able to provide for your family. Life insurance goes a long way toward doing this, preserving assets for your survivors. While you won’t ever benefit from the life insurance payout, you still need the policy to help protect your family.

Bottom Line

Even if you are reluctant to get insurance coverage, it shouldn’t be neglected. Insurance helps you pay for big expenses that would otherwise financially devastate you. It’s a good idea to be aware of this fact, and to prepare accordingly by getting adequate insurance coverage to protect your assets.

Stop Burning Your Money (And Your Health)

by Jessica Sommerfield · 0 comments

If you are trying to save money, budgeting is a must. Not only does a budget help you save money by controlling spending and purposefully saving, it also shows you spending categories you need to cut back or eliminate completely. The hard thing to deal with is that these categories usually involve personal hobbies and habits we enjoy and naturally don’t want to give up. Some of these hobbies and habits are harmless and you shouldn’t have to totally eliminate them. However, some particularly bad habits such as smoking are detriments not only to your finances but also to your health. Here are a few of the most common reasons to quit:

  • It’s obvious that smoking is an expensive habit. Simply do the math or use an online savings calculator, and you’ll be amazed at how much of your money is literally going up in smoke. Cigarettes and tobacco are also heavily-taxed items. State taxes on cigarettes have continued to increase in recent years, with the highest tax rate at more than $4.00 per pack.
  • Smoking poses a major health risk, which can raise your health care costs and insurance premiums. Over the last few decades health professionals have become very vocal about the link between smoking and a host of serious health problems, particularly lung cancer. More and more businesses and public settings have converted to non-smoking due to the harmful effects of second-hand smoke. Most insurance companies consider the use of tobacco products to be a serious risk factor when calculating premiums and may require a blood test to verify your tobacco-free status.

None of this may be news to you if you are a smoker who has been trying to beat the habit for these very reasons, but it doesn’t make it any easier to break the addiction. The following are a few solutions to kicking the habit for good and saving both your pocketbook and personal health.

  • Nicotine patches. These can be expensive initially, but not as expensive as continuing to waste money on cigarettes and health care costs. There are different systems based on your level of nicotine addiction, i.e., how many packs you smoke on a daily basis. Name brand patches have been proven to be highly effective in helping many people stop smoking.
  • E-cigarettes. These are a more recent technological development which are more expensive than the patch but cater to the psychological comfort of smoking. E-cigarettes produce no harmful smoke or tar, but are designed to look like cigarettes and deliver a nicotine dose. Unlike the patches, which are designed to gradually wean smokers off of nicotine dependence, most e-cigarettes are not specifically endorsed as a quitting method. However, by changing from higher doses of nicotine to light and nicotine-free formulas, they can be used to help someone who is having a hard time giving up the act of smoking without other harmful tobacco by-products.

Whatever method you choose, you will be taking steps to improve your personal finances for the long term as well as significantly reducing your health risks, payouts which are more than worth the discomfort of giving up your smoking habit.

Common Sense Saves Money When Buying Vitamins

by Gina Blitstein · 0 comments

They say an ounce of prevention is worth a pound of cure. That’s especially true when it comes to our health. One way to maintain good health is to make certain we get the proper nutrition. Eating a healthy, balanced diet is the best ways to nourish our bodies. Vitamin and mineral supplements, while not a substitute for eating right, can serve to ensure that you reach and maintain optimal nutritional health.

But vitamins and supplements can be expensive. The good news is, if you do eat healthy, you don’t need to take a whole alphabet worth of vitamins. Unless you have a specific deficiency, which has been diagnosed by your doctor, a multi-vitamin is sufficient for supplementing your diet and ensuring all your nutritional bases are covered.

Here’s some useful information about supplements in general to help you make wise choices:

  • Talk to your doctor about vitamins. He or she can tell you if you could benefit from a specific supplement. In addition, some vitamin supplements can interfere with the effectiveness of prescription medications, so he or she needs to be aware of what you take.
  • Mega doses are unnecessary. Even though in appropriate amounts, vitamins and minerals are beneficial, it is possible to have too much of a good thing. Taking more of a particular vitamin or mineral than your body needs can cause a harmful, even toxic, buildup. Additionally, having high concentrations of certain vitamins or minerals can interfere with the absorption of others, actually leading to a deficiency where one did not exist.
  • Take the “right” calcium. When taking a calcium supplement, choose calcium citrate rather than calcium carbonate. Calcium citrate is more easily absorbed by the body, so you get more benefit from the calcium.

Tips for buying vitamins:

  • Do your research. Do some reading before you’re in the store. Learn what you’re looking for, why you need it and how much of it your body needs. A pharmacist may be able to steer you in the right direction as well. Bear in mind that, while salespeople may be knowledgeable, it’s their job to sell you vitamins. They’re not the most unbiased people to ask about what you should buy. If you’ve done your homework, however, you won’t fall for hype or sales pitches.
  • More is not always better (or necessary). Don’t overdo your dosage. If you need 1000mg of “Vitamin Z” don’t pay more for 2000mg capsules, thinking you’ll get twice the benefit.
  • Compare ingredients. Name brands aren’t automatically “better” but they generally are automatically more expensive. You’re likely to find the same ingredients in the same amounts in cheaper brands but do take the time to check the labels to make certain.
  • Price around. Make the effort to learn what constitutes a good price for the supplement(s) you take. Vitamins and supplements are sold at membership clubs, online drugstores, discount stores, your local drugstore and grocery stores to name a few. Take advantage of a good price but remember, they expire, so don’t stock more than you can take before their expiration date.
  • Resist the urge to self-prescribe. Vitamins and supplements are well-advertised and can lead you to believe they can do more for you than they really can. If you think a certain supplement may be beneficial to you, talk to your doctor for all the facts before purchasing.

The time to consider vitamins and supplements is before you buy them. Knowing exactly what you need will help you make the right choice for your health and your pocketbook.

How do you save on vitamins and supplements?

5 Tips for Reducing Your Bank Fees

by MMarquit · 0 comments

When it comes to your finances, every little bit can help. This includes your banking fees. When you pay bank fees, that’s a significant money leak that goes right out of your pocket. If you want to reduce your bank fees, here are some ideas that can help you save money:

1. Shop Around for the Best Banks

One of the things you can do is shop around for the best banks. Look for banks that don’t charge fees, or that have low fees. Be choosy. After all, you are the customer! Look for a bank that is likely to have good customer service and that will let you access your money without charging you.

2. Create a Financial Plan

One of the reasons many people incur fees is due to overdrawing their accounts. A spending plan can really help you avoid this state of affairs. Take a look at your monthly income, and plan your monthly spending so that you are living within your means.

Among the biggest reasons that people end up with fees is due to spending more than they earn. The bank may let the transactions go through, but your fees will add up — it’s one of the best ways for banks to make money.

3. Avoid ATMs

Avoid ATMs that charge fees. You might be able to your bank’s ATM fee-free, but other ATMs might not be as inexpensive. You can avoid ATM fees by going into the bank, or even by getting cash back at the store when you use your debit card. For better results, you can even bank with an institution that offers to reimburse you for ATM fees, or use a credit union that belongs to a co-op or network that includes free ATMs.

4. Know Your Bank’s Terms

Keep track of your bank’s terms and conditions. Carefully read bank statements that come your way. These often include notices about changes to fees. Many banks are instituting new fees, and testing out new fees. Pay attention to mail you receive from your bank, and keep track of the kinds of actions you can take to avoid fees.

Some banks will waive fees if you maintain a certain account minimum, or if you have more products, such as loans and investment accounts, with the bank. You can also receive special fee-related treatment if you engage in a certain amount of transactions each month. Make sure you understand the requirements so that you don’t end up paying fees.

5. Opt Out of Standard Overdraft Services

If you really want to reduce your ability to be charged overdraft fees, you can opt out of the standard overdraft protection services. These services allow transactions at ATMs and stores to go through — even though you may not have the money in your account. Opting out, though, means your transaction is rejected. That helps you avoid the related fees.

However, some transactions aren’t included. Many automatic payments, such as when you mortgage payment is automatically deducted from your account, still go through, even if you opt out. But opting out can prevent overdraft fees for every day spending.

Impulse Buyers Rehab is Still an Option

by Jessica Sommerfield · 0 comments

Some people just seem to have a knack for spending money, even when they don’t have money to spend. When they do have money, it seems to burn a hole through their pocket before it has the chance to make it to the bank.

Compulsive spending is like any other bad habit – easy to become entrapped in, and difficult to break free from. The compulsion to spend money plagues all of us at one time or another, but for some it is an outright addiction that can create significant debt, bad credit, and a host of other problems. Many compulsive buyers are ashamed of their behavior and may even try to hide it from family and friends.

For those who are willing to admit their problem, there is hope.  If you are compulsive buyer, don’t worry – you can choose to remain anonymous. The following are some tips for curbing your impulse buying and breaking bad spending habits once and for all.

  1. If you are a compulsive spender, don’t go shopping ‘just to look.’ Why? Because you know you won’t ‘just look.’ You will see something you like and will feel compelled to buy it. As much as you may enjoy shopping, until you can get your spending habits under control, shopping is your proverbial kryptonite. Get in the habit of shopping only for what you need and/or have carefully decided to purchase before you enter the store.
  2. Shop with cash, not with plastic. It’s much easier to visually keep track of how much you are spending when you are using cash than it is when you are using a debit or credit card. As a further precaution, take only money designated for shopping with you so you don’t blow money budgeted for other areas. When the money is gone, you’re done shopping. It’s that simple.
  3. If necessary, close credit card accounts and shred cards to keep yourself from giving in to a spending spree. If you don’t have a credit card to use, you won’t have to fight the temptation to not use it.
  4. Study yourself: when are you most likely to spend on impulse? Is it when you’re with friends? Is it when you’re alone? Is it when you’re sad, angry, happy, or bored?  Identifying the trigger emotions and settings is the key to changing your response to them.
  5. If you see something you want, write it down and wait a few hours, a few days, or up to a month before re-assessing your need for it. For smaller purchases, you may only need to leave the store and wait a few hours or days to let the ‘buzz’ get out of your system so you can make a clear-headed decision. For more expensive purchases, it’s wise to wait several weeks and then re-assess your need for it. You may frequently find that your ‘need’ for something is only a fleeting perception.

Changing bad habits is hard for all of us, but important, nonetheless. Getting your spending under control will not only contribute to your financial health and future, but your emotional and physical well-being as well.

The Top 5 Apps for Your SmartPhone

by Tania Dakka · 5 comments

Smartphones were once a luxury. Since their evolution, they’ve become in-disposable tools with so many uses. Not the least of which is saving money.

Apps abound that propose to save you time and money. With this list, you’ll have 5 top programs for your phone putting saving money at your fingertips. Use them wisely and you’ll feel the difference in your wallet.

Without further ado, your top 5 Smart Saving Apps for Smartphones:

1. GasBuddy puts an end to circling around searching for the cheapest gas. With this app you’ll find the gas closest to you and at the cheapest prices. It is a community of users that updates the prices and you can earn rewards toward their giveaways every time you report them in your area. They’ve earned a 5 star rating on iTunes with over 9,000 reviews. Don’t drive around guessing anymore. Use GasBuddy to save time and money.

2. Mint, named Best Mobile Personal Finance Tool by LifeHacker, helps you keep track of your balance. No more guessing. No more waiting for to get home to check online. Check your balance before you decide to spend on that beautiful cashmere sweater and save yourself the heartache of overdraft charges. So useful, it’s received 4.5 stars; the biggest complaints being there’s no sync with the desktop app. Use Mint to stay on top of YOUR mint.

3. Skype is a free app that allows you to talk overseas for free. Yes, for free. Download Skype and make free video calls from anywhere. You’ll no longer be chained to your desk when you call friends and family across the waters. The ratings on this last version, however, aren’t up to par with the earlier ones. But as an experienced user, I can say that I haven’t had any problems (outside of an occasional connection issue. that are existent no matter what service you use to call overseas anyway).

4. KiK Messenger let’s you say good bye to overseas text charges. Tired of being charged up to $1.25 for a text message any time you’ve wanted to just say hello. How many times have you opted NOT to say anything because of the international text fees? With KiK Messenger, you can text and never sweat another international fee. Go ahead! Text your cousin Jo in UK and tell her how much you miss her! Keep in touch with your friends and family with this 4.5 star rated app that even lets you send and share pics!

5. GeoQPons let’s you find and use coupons via your smartphone. You can now keep that $2.00 off coupon for diapers instead of having to remember to haul it around! This app has a 4.5 star rating and even includes local stores. They, too, have a rewards program that will allow you to earn a $10 Amazon gift card if you recruit a local store to start advertising on their site. Never sweat another lost clipping again.

That’s the top 5! With these apps, you’ll save in the places that matter most to you.

What apps do you know and love and can’t live without?

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