Four Areas of Life to Downsize and Realize Money Savings

Cards with low interest rates

Look for lower interest rates from credit card providers. Before making your selection, compare introductory APRs, introductory periods, regular APRs, annual fees (if any), if balance transfers are available, and the credit rating levels required (usually Good or Excellent).

Frequent flyer cards

Compare travel services offered by frequent flyer cards with regards to blackout dates or other restrictions, as well as points that may be redeemable for dining, entertainment, hotel, rental car, cruises, air travel, retail shopping and cash.

Gas rewards cards

Save at the pump with gas rewards. Look for discounts or cash back on gas and vehicle maintenance, drugstore and grocery shopping, dining, and cable services.

Cards for bad credit

Look for card providers that offer online support services, such as email and text reminders of upcoming payments due.

Prepaid cards

People who have bad credit or want to put a tight rein on their spending may consider the prepaid card. This card is similar to the debit card because you use actual available monies deposited in your account; but unlike credit or debit cards, the prepaid card has no overdraft protection. On the upside, prepaid cards usually have no fees—no late fees, no over-limit fees, no transaction fees, no NSF fees (for insufficient funds) because you can only be approved for available funds. A prepaid card can be safer than cash, but make sure that the card is protected by fraud liability insurance. Also, see if it includes rewards programs, email and text alerts, bill pay and other online services. Usually no credit check or employment verification is required.

Applying for senior banking programs

Ask your banking representative about bank accounts and online services designed especially for people over 50 years of age. Also, ask about savings accounts with no or low minimum balance or monthly maintenance fees. In some cases, if you maintain accounts for both checking and savings, you might earn a higher interest rate on your balances as well.

Applying for online services

Once you set up your online account, you’ll enjoy the benefit of seeing your online bank statement at any time of day or night. Online services may include transferring balances from one account to the other, paying bills, financial “tools” and information resources. Depending on the institution, you may need to make a phone call and complete an application form to initiate your online services.

Getting online assistance

Have a question about your account? Check to see if your financial institution offers a 24/7, around-the-clock “live chat” on its website where you can hold an online discussion, in real time, with a service representative, or an internal email system where you can send a comment or inquiry with a response within 24 hours. In addition, your bank’s website probably offers downloadable application forms and other documents.

Accessing “financial tools”

Some offer special services like “online financial calculators” that you can use to analyze your personal finances to calculate savings goals for your retirement, determine auto loan payments, analyze investment returns, calculate credit card payoffs, assess debt consolidation, analyze mortgage payoff, determine your tax bill, and compare options for leasing vs. buying, etc.

Browsing for other financial resources

Some sites offer a whole “library” of resources, including links to other sites. Look for information to help your grandchildren with saving, budgeting, earning, borrowing and using checks. Look for information on home buying, selling, renting and improving your house. You might also find tips on identity theft, smart shopping, and government resources. This will help you reach the goals that you set for yourself as you try to enhance your financial life.

Penny-Pinching Tips for the Fresh Faced College Grad

Obtaining your college degree is one of the most important milestones of your life. However, so is managing your money, even if you have landed that dream job. If you have just graduated college, the following tips will be very helpful to you:

Set yourself limits on what you can spend money on. It may be tempting to spend your hard-earned money on every gadget, toy, and trip you want to go on. However, you also need to consider your future-and your future credit report. Therefore, setting monthly limits on entertainment expenses is recommended.

In order to keep your credit clean you need to be careful to live within your means. You may be able to obtain credit easily as a recent college graduate. That does not mean you should respond to every credit card offer you respond to. Think about how much you can realistically pay back in a month's time before you consider tacking on yet another monthly credit payment.

Save money. When you are young, especially if you are still single, this is the best time to save money. If you already have a decent steady job you can put away money in case of a financial hardship and it will help you to get through it easier. Furthermore, if you ever want to get married or have a family you will have funds for all expenses related to those activities.

Humble yourself a little: Thrift stores and discount stores have great merchandise too! There is no need to spend more than you need to on certain durable and semi-durable items. In fact, used items and discount items are available for nearly every purchase you plan to make.

Find an economical cell phone deal. There are actually plans out there that cost only about $50.00 or less. In fact, there is no shame in prepaid phones either, and the rates on those are actually becoming more and more reasonable. Make an overall budget and stick to it. Generally speaking, the amount of money you spend on housing should be about a third of your income. The amount recommended you save monthly is about 10% of your income, and you should try to keep your transportation expenses at about 15% for clothing, entertainment, and other miscellaneous expenses you would set aside between five to ten percent of your total monthly earnings. Remember also that you are only young once. When you are young it may be hard to think in the future. However, if you take the advice provided in this article to heart you will be less likely to say to yourself 10 to 20 years from now "I wish I would have saved more money" or "I wish I would have invested my money instead of squandering it" or similar statement.

On the flip side, there is no need for you to be so rigid with your money that you can never have any fun. Furthermore, once in awhile it would do you good to help others, as long as you know you can help yourself first. Aside from that, just continue to make choices over the years that you know you will reap rewards from and refrain from choices that have bad consequences.

Invest a portion of your money. Over and above your savings, it is advisable that you invest a minimum of two to five percent of your monthly earnings while you can at this time. If you procrastinate, you may not be able to in the future. So do it now while you can. If you have questions on what types of investments would be best contact a professional or conduct your own research online.

Going Green and Still Living within your Means

Going green may be good for the health of the planet, but it is often very unhealthy for the health of your savings. However, going green does not only mean shopping at chic eco-friendly boutiques or buying expensive organic produce. Here are some tips for going green and still living within your means.

Go green in your garden

One of the easiest ways to go green is in your garden. If you are an avid gardener or you’re just getting started in this rewarding practice, you’ll find that it’s one of the best ways to go green without spending a lot of money. Why pay a lot of money for fresh organic produce when you can grow it yourself? There are many pros to starting your own organic garden. First, you choose what you want to grow and eat. You control exactly what goes into growing your fruits and vegetables. Finally, you save a lot of money by growing your own fresh produce. You don’t need a farm to grow your own vegetables. Even if you live in a cramped apartment, chances are you can still grow some staple produce items. For instance, tomatoes grow just about everywhere. With a little care and patience, you will experience the unique pleasure of growing your own dinner, and saving a lot of money in the process. If you have a small space or corner in your yard, make your own fertilizer by composting your fruit and vegetable scr aps. Banana peels, melon rinds, apple cores and used tea bags can all become valuable fuel for a great compost pile.

Shop at your local farmer’s market

Chances are you won’t be able to grow all of your own fruits and vegetables. When you need to stock up on your favorite produce, head to your local farmers market. Buying locally is a great way to shop green since it uses less fuel for your produce to get to the market. It can also be easier to find deals on local produce, especially if you live in an area where certain fruits or vegetables grow in abundance.

Going green in your work life

Chances are that you can save a lot of money by going green in your everyday work life. For example, if you commute to work each day, you are probably spending a hefty price just on gas and car maintenance. Save money and help the environment by carpooling, taking the train or bus into work or by walking or biking. There are now many helpful services online that help match commuters. There may be someone in your neighborhood with a similar commuter route that you can carpool with. If possible, you should also look into teleconferencing and telecommuting if your job permits. Air travel has never been costlier or more hectic. Avoid the stress of traveling by car and air by teleconferencing instead.

Going green around the house

Your house is a place of comfort and rest. But it is also probably a place that costs a lot to maintain. Cut down on home maintenance costs by going green whenever possible. Make sure you have adequate insulation to keep your house cool in summer and warmer in winter. Change the filters on your air conditioning unit regularly to keep it working long and more efficiently. If possible, upgrade to Energy Star appliances to save money on refrigeration and washing and dryer units. If you haven’t already, upgrade to eco-friendly fluorescent bulbs. They may cost a bit more, but you will save money on your utility bill in the long run, and save yourself the trouble of changing your bulbs often.

Ways to Find Money for those "Extras" without Dipping into your Savings

Every once in a while, no matter how hard we struggle to save money and resist the temptation of buying everything in sight, we have to come up with extra money for an important (or sometimes not so important) purchase. How can you find money for those “extras” without succumbing to the temptation of dipping into your savings? There are many small tips and tricks that can help you find money for those extras without having to dip into your savings. Here are some of those tips and hints.

Trick yourself into saving money

In today’s material-driven economy and society, it can be nearly impossible to go very long without having to dip into your savings. Even if you are a disciplined spender who is capable of resisting the call of the shopping mall, chances are that you too have emergency extras. Your car breaks down. Your child needs braces. You find yourself having to take an emergency trip out of town. Whatever the case may be, there may be instances in which even the disciplined spender has to scrounge up some extra money. The secret is to do so without having to go heavily into debt or dip into your savings. Here is a trick that can help you be prepared for life’s little extras. Before you find yourself in need of making those extra purchases, prepare yourself by having a semi-secret cache of savings. The trick is to save money and then try to forget about the money you have in savings. If your savings cache is constantly on your mental radar screen, chances are you will be tempted to dip into it.

Keep a stray change jar on hand

One of the easiest ways of keeping a semi-secret cache of savings is by keeping a change jar on hand. Most people do not realize how much change they carry with them or neglect. Try this: designate a large jar (try a tall pickle jar) as your savings. Keep it somewhere safe, but where you will be reminded to empty your pockets after a day out. Your bedside is a good place, or wherever you clean your wallet or pockets. Contribute to the change jar every single time that you have change in your pocket. This can be a few stray dollar bills, some quarters and change, or whatever it may be. Chances are that your stray change jar will quickly begin to fill up. Help yourself to the jar when it is halfway filled. This can be a great place to raid if you need a few extra bucks for those small extras such as going to the movies, paying for a pizza or if you want to give the car a wash. Remember that the concept of the stray change jar is that you are constantly adding to it so that your funds for these extra purchases d o not dry up.

Make it difficult to access your savings account

If you have a healthy savings account but you are afraid that you will be tempted to raid it for non-emergency purchases, try to make it as difficult as possible to access your savings account. In today’s busy world, it can be very easy to ignore accounts and even lose track of exactly how much you have in your accounts. Use this confusion to your advantage. Set up your savings account so that part of your paycheck is automatically deducted and funneled into your savings account. Next, make it difficult to access your savings. This could mean that you open a savings account with a bank that you don’t frequent very often. Keep your savings account information filed away with other important documents that you are not likely to need frequent access to (birth certificates, health records, etc.). Store these important documents in a safety box in a place (a closet, a file drawer) where you are not likely to see the files often.