Realize a Bigger Paycheck by Plugging these Money Draining Holes

Everyone has them-those incidences, circumstances, or habits that drain them of their finances. They also have the people in their life who just take and take but do not give.

Take Action-Get Your Life Back!

If you are having issues with money it is time for you to stop blaming your outside circumstances. It is time to set boundaries between you and your money and those items which drain your pockets dry. Characteristics of Money-Draining Holes

A money-draining hole is usually recognized by its menace-ness. For instance, it could be a lemon vehicle that you have had to fix every day for the last month. It could also be carelessness with glass dishes, or it could be letting too many people borrow your DVDs.

It could also be an item that you cannot seem to do without, such as cigarettes, coffee, or alcohol (the definition "cannot do without" being it is your first priority over food or other necessities). Whatever the case may be, you need to take action.

How to Change your Habits

The over-used saying "Old habits die hard" is so true. It is not easy to say no to people and harmful substances. Moreover, it often can slip your money to turn your automobile lights off or to check your oil,However, taking proper care of your items and being careful who you lend them do is one step to take. The other is to seek help and accountability from those who have conquered bad habits. By the way, if you are one who needs to kick a habit such as smoking in order to save money you may be overwhelmed at the cost of therapy. However, in the long run you probably will save money. Besides, there are discounts for those who have a limited income. You also can find free help from peers in certain situations.

Moreover, saying no to people takes practice. If this is your biggest obstacle to financial freedom then you may need some assertiveness training. Read all the books, watch all the video, and listen to all the audio you can to help you learn what saying "no" sounds like.

Then, join a group of supportive people also learning how to say now. After you have taken assertiveness training then you will be better-equipped at handling guilt trips from a mom, dad, sister, brother, husband, wife, friend, or children, or other loved one.

Take One Day at a Time

Of course, do not be too hard on yourself if you cannot change your entire lifestyle within a few months. The time-tested saying "one day at a time" really does help people to concentrate on making decisions for that day that are healthy.

Do not worry about whether you will be able to do the same tomorrow-just for today concentrate on making the right decisions. Then, when you get up tomorrow concentrate on that day. This doesn't mean you shouldn't make some plans though.

Anticipate all Possibilities

You need a balance between taking one day at a time and being prepared for all possibilities. If you begin to change your habits and begin to be able to set financial boundaries you will have more money set aside for all expenses, plus any emergency that hopefully will not arise.

Purchasing house, car, and health insurance is also a very important aspect of being prepared. If you change your habit you will be surprised how much you would have available for these precautionary expenses. Roadside assistance coverage such as AAA also comes in handy "Just in case.”

Six No-Nonsense Ways for Living Below your Means

You may be a person or family who knows you need to get a handle on your finances. However, it is hard for you to get ahead. It seems no matter how hard you try you wind up in the same trap.

Perhaps it is time to go back to when you first started working on living within your means. The following are helpful tips for living below your means:

Shop for Bargains. There is no shame in paying less for quality items, especially if it will reduce your financial burden and stress. For instance, you can find like new clothing-even brand names-at thrift stores, factory outlets, and discount stores. You can also find just about any household item you need at online auctions.

Purchase off-brand food items. Some food items are not the same as the generic version (bologna for example). However, for most items, such as milk, eggs, margarine, bread, cereal (certain ones) and more the generic brand is less costly but tastes the same. You usually can find the same both dollar stores and regular stores sell off-brand items, and you can even find them at factory outlets or close-out stores.

Do not invest more than you can afford to lose. A general rule of thumb is to have a backup fund equal to the amount of money that you plan to invest in stocks, bonds, mutual funds, or forex. If you are planning to start a business it is wise if you have some capital in case of malfunctions and emergencies.

ALWAYS keep tracking of spending! This is one of the practices in which countless individuals and couples fail to follow through, and it costs them big at times. Overdraft fees can add up, and you could end up paying hundreds of dollars a month if you do not figure out your account balance each time you plan to shop.

The Old-Fashioned Rule: Delay Gratification: This concept -second to "obedience"-is probably one of the least favorite of all human kind. However it also is one of the most necessary in order to reap long-term rewards in life. It is time to break the cycle of spending money you do not have and instead saving for what you want.

Learn to say no: When your children ask for toys at the checkout counter tell them no. Do not give in to any crying tantrums either, or you will reward irresponsible money management behavior in them. Also, say no to friends who seem to drain your pockets every time you are around.

Additional Money-Saving Ideas:

If you have a problem with spending, you might want to consider getting rid of your credit cards as well. If you need to purchase items online you can do so with a debit card. Besides, debit cards only hold as much money as you put on them.

Conserving and reusing is also another option that you would want to consider to help you stay on track financially. Shopping bags, food containers and other items are some of the most commonly-reused items. Furthermore, using biodegradable paper plates once in awhile can reduce your water bill.

Now that you have read this article, a new fire has hopefully sparked within you. Perhaps you have even thought of your own ideas for saving money every month. There is no wrong way to figure out how to live within your means. You also can find additional money-saving tips by searching consumer websites and reading budgeting magazines, and other publications. Professionals are also trained to help people in need of help with money management.

Cutting Expense Corners during Baby's First Year

It is often said that the first year for new parents is the hardest. With new baby comes immeasurable joy but also incredibly strained finances. It is estimated that the average family will spend between $9,000 and $11,000 during baby’s first year alone. Take heart, new parents. There are plenty of ways that you can cut many of your costs simply by being careful with your money and not indulging in every whim.

Make a deal with yourself to save money

If you are an expecting parent and you are concerned about the high costs of baby’s first year, make a deal with yourself to save money. One of the hardest things to do as an expectant parent is to resist buying everything in sight. Every parent wants the best for their child, but keep in mind that many of the things you buy during baby’s first year will be only used once. Buying name-brand diapers and an overpriced bassinet that you can’t really afford is not going to do your baby any favors. Make a deal with yourself to save where you can, to keep from overspending on items that may be beautiful but not particularly necessary in the long run, and to be smart about your baby’s purchases. Here are some ways to save money without compromising your sanity or your baby’s health and happiness.

Breastfeed whenever possible

Breastfeeding has been proven as the healthiest option for feeding your baby during the first years. Not only is it healthier for your baby than bottle feeding, it is also more economical. Most doctors agree that breastfeeding exclusively during your baby’s first half year of life will help give his immune system a boost. Not only will your baby benefit from increased health, your wallet will benefit from increased savings. Some mother’s are not able to breastfeed their children. If this is the case, you can save money by avoiding the brand name formula and buying the store brand or generic formula instead. Generic formula costs on average 30% less than name brand formula and, by law, must meet the same FDA standards as the brand name formulas. You can also save on formula by signing up for coupons from manufacturer’s mailing lists. Your pediatrician can also provide you with free samples. Always look past the attractive name brand packaging, because in most cases that is what you will be paying for.

Save money by switching to generic diapers

If you want to save money on disposable diapers, always opt for the generic brand. Many larger chain stores carry their own store brand of disposable diapers which are usually just as good as the brand name diapers. You can expect to save about 30% on disposable diapers simply by buying the generic store brand.

Shop at garage sales and second hand stores for used baby clothes

Most babies will quickly outgrow their expensive little outfits. You can often find nearly new or gently used baby clothes at garage sales and at used baby clothes. While it may be tempting to shop at chain baby emporiums, you will quickly save on baby essentials if you get into the habit of frequenting gently used baby stores.

Shop consignment stores for great deals on baby furniture

One of the biggest expenses you will have as a new parent is furnishing the baby nursery. You can save a lot by shopping for gently used baby furniture, including high chairs, bouncers and cribs. Shop consignment stores and gently used baby stores for great deals on used baby furniture. You can also find great baby gear such as bathtubs, strollers and monitors.

Eight Ways to Save on your Drug Prescriptions

Taking medication for different aliments is essential to the treatment of any problems you may be having. However, prescription drugs are expensive and having to purchase many medications can be draining on your wallet over time. Luckily, there are some solutions and ways for you to save money of your prescription medication. Follow the steps below to learn how to save money on prescription drugs.

Buy generic. Almost every medication on the market has a generic equivalent. These generic medications are just as effective and much more cost effective. When you doctor prescribes a medication to you, ask if generic is an option.

Become a smart shopper. Instead of getting your prescriptions from the pharmacy that is most convenient, study the prices of various pharmacies to see which place will save you money on your medication.

Have an open relationship with your doctor. Before buying expensive prescription drugs, speak with your doctor about your medical problems. You may find out about another, cheaper medication, or that you don’t need medication at all.

Get insurance. There are several different insurance companies that are willing to cover your medication expensive to some extent. Find the insurance companies for which you are eligible and see how much money you can save on prescription drugs.

Get a discount card. Most pharmacies have different cards that can be used in the stores that give discounts on prescription drugs, offer coupons or help you to earn points that can go towards future prescription drug prices.

Additionally, besides following the above mentioned steps, remember to make sure hat you need the medication before you begin taking it. If there is a chance that you don’t need the medicine, or can reduce the amount of medication you take, you can save money over time.

Remember that if you are trying to cut costs on medication by ordering medication from different countries, you may not be choosing the safest option. These medications are not always approved or checked by the government and can be dangerous to your health.

Today, it’s common for the average person to owe $10,000 or more in credit card debt. Even if you owe as little as $100 on a credit card, you should always pay more than the required minimum payment. Try to double your payments wherever possible or pay at least 25 percent more than required. For example, if your required minimum is $20, try to send $40 or no less than $25.

Monitor your interest rate. If you have a high rate, ask your credit card company for a lower one. If your credit card company declines your request for a lower rate, consider transferring the balance to another credit card company. Also, consider consolidating your debt to a single card. Credit card companies may “forgive” and remove one late payment within a 6- or 12-month span. However, this is not an automatic service. You must call the credit card company to ask that the late fee be eliminated.

Avoid late fees. Mail your payment no less than five business days before it’s due. In fact, in some cases try to send your payment no less than six or seven days prior to when it’s due because some payments are considered late if received after a certain time of day (e.g., 1:00 p.m.) on the day it’s due. Avoid cash advances on your bank credit card. The interest rate may not make it a feasible choice. Considering the poor economic trends, you may want to apply for credit card insurance to cover periods when you are unemployed. If unable to make your payment, contact your credit card company to suspend your payments voluntarily for three months.

Cheapie Ways to Stretch your Dollar in the Bathroom

Decorating or re-decorating your bathroom does not have to cost you your entire savings, or your whole paycheck. You can find creative ways to renovate one of your home's most-used rooms for a fraction of what you may think it would cost.

Useful Bathroom Re-Decoration Tips

You can find plenty of timeless decorative items at thrift stores, rummage sales, and online stores. Items people have found to accent their bathroom include one or more of the following: brass toilet paper holders, tissue holders, hanging shelves, towel racks, and shower curtains.Â

If you do not like the color of your bathroom tile you can find paint that is especially made for porcelain materials at your local hardware store. You might even be able to find out if you can repaint your toilet as well which would save you even more money.

Beware that you will need to sand it before you attempt to paint any porcelain fixture. You will also want to take precaution by testing the paint in an inconspicuous area of the fixture you want to change the color of. is advisable to test the paint in an inconspicuous area of the time you want to change.

If you want to somehow update your outdated bathroom color scheme you can do so without ripping the entire bathroom apart. For instance, sometimes if you add the smallest change, such as wallpaper border that blends with the two or more colors of your bathroom.

You can also accent the outdated color scheme by purchasing inexpensive modern bathroom decor. For instance, you can buy a toothbrush cover, soap dish, tissue holder, or framed picture to hang in this beloved room of your home.Â

Perhaps if you want a change paint the walls of your bathroom to compliment your cabinets, sink, or bathtub if they are a different color. Similarly, you can use colored rugs that coordinate or contrast with the rest of the colors of your fixtures.

One recommendation for painting in your bathroom that would not take much work or money would be the "in" color Terra Cotta. It is one that is more popular now. You could possibly use various texturing techniques to combine a new color over the top of the old color if your walls are still in prime condition.

If you have a very, very, old and ugly shade of green, yellow, gold, orange, or similar color you could try for a certain theme. For instance, you might want to try a tropical theme, and perhaps you can find a palm tree border.

You can take care of rust problems on fixtures such as towel bars with a special cleaner. Before you know it they will be like new again. Rust-o-leum paint is one of the most current recommendations, and they are coming out with brand new colors now.Â

Another easy way to add some life to your stale bathroom is to purchase stencils and special craft paints. In fact, one experience indicates certain craft paints are removable from tile just by applying a razor blade (something to try at your own risk, especially if you rent).

The use of Deco-Stix or cling plastic accents is also used to decorate tiles. These are also very easily removable if you want to change the theme for various holidays, seasons, or special occasions.

The easiest way to recover a mix-up bathroom that includes all kinds of mismatched colors is to add a multi-colored rug that includes all the same colors. It will cleverly look like your bathroom is supposed to be crazy like it is.

The above-mentioned ideas should get you started. If you are still cannot decide on what inexpensive measures you can take to re-decorate your bathroom take some time to view samples of bathroom themes.Home improvement websites and do-it-yourself magazines often feature various rooms of the home you are interested in changing. You can even find instructions on how to carry out the change you would like to implement in your bathroom interior theme.

Seven Simple Ways to Save Money Today

Are you feeling the pinch in your pocket? If you are, you are certainly not alone. Millions of people are feeling the effects of an economic downturn, environmental uncertainty and a slow job market. Saving money has never been so important in some households than right now. With this need to save money so urgent, here are seven simple ways that you can help you start saving money today.

Cook your own dinner

Even if you don’t know how to cook or think you may not like it, eating out is by far one of the most costly pleasures that many of us indulge in. Eating out may not seem like a big part of your spending budget, especially if you are careful about where you eat and head for the happy hour specials. But eating out is often one of those seemingly invisible drains on our savings. Unlike a major purchase or a vacation, it can be hard to keep track of how many times we eat out every week or how much we spend on that smoothie, latte or brunch. One of the simplest ways to begin to save money is to get into the habit of cooking often at home.

Brown bag it to work

Speaking of eating out, work lunches are another of those invisible drains on our wallet. Eating out for lunch often does not feel like eating out because it is usually not a pleasure outing. You are simply filling up before heading back to work. But if you are like most people, it can be very easy to eat out several times a week without even realizing how much money you are spending on lunch. If you’re serious about saving your hard-earned cash, make it a priority to brown bag your lunch at least three times a week. If you still need incentive, sit down and do the math. Once you have seen exactly how much you’re spending just by going to work, you might feel differently about brown bagging it.

Make a shopping list (and stick to it)

One of the biggest mistakes that most of us make before going shopping is that we arrive at the store unprepared. It can be very hard to resist temptation if you arrive at the grocery store without a plan of attack. Without a list, there is a very high chance that you will buy items that are not urgent or even necessary. You may even leave the store without buying one or more of the items you came to buy! Before heading to the grocery store, make a real effort to sit down and make a complete list of everything you really need. Don’t rely on your excellent memory and cross off each item as you move along the aisles.

Stock up on perishable items when they’re on sale

Be savvy when you go shopping. You will always need certain items: toothpaste, toilet paper, shampoo, cereals and other common household goods are good things to stock up on when they happen to be on sale.

Use your local library

Maybe you haven’t stepped inside a library since . . . ever. If you are not familiar with the modern library, you will probably be surprised about what you’ll find inside. Free internet use, new release movies, bestsellers, free movie nights—many local libraries offer numerous opportunities for free entertainment. Remember that your taxes pay for the library, so go ahead and use it.

Make comparison shopping a habit

No matter what kind of purchase you’re making, large or small, the smart consumer always does a complete price check. Whether you’re planning on buying a new book or a new car, simply checking online and making a few calls can save you a lot of money.

Get organized

One of the easiest ways you can save money year-round is by becoming more organized. Organize your monthly bills, credit card accounts, shopping lists, clip coupons and organize all of these in one easily accessible folder. Save money on unnecessary late fees and don’t overpay simply by organizing your financial papers and accounts.

Top Ways to Increase your Net Worth

Talk with your plan administrator

Contact your employer’s benefit representative to learn the details of your plan. In summary, you must first reach the statutory limit of $15,500 in 2008, or other required limit before you are eligible to make catch-up contributions. Furthermore, employers are not required to match catch-up contributions.

Pay Yourself First

The catch-up contribution is a great opportunity to invest more dollars into your retirement account. However, some 50-year old individuals are embarking on life-changing financial events in their personal lives or careers, where they are in the midst of starting a new marriage or second family, going through financial upheaval from a marital divorce, finishing a first or second college degree, trying to pay down credit card debt, making mortgage payments on a new home or second mortgage, providing for adult children who remain or return home, or suffering the loss of a spouse. Even in light of these pressing circumstances, try to turn your attention on your future retirement needs. It’s easy to be distracted by these tough and emotional matters, but you need to consider your own financial future as well.

Talk with your personal financial advisor

If you are faced with any of these financial challenges and feel that you just cannot make additional contributions, talk with your employer’s benefit representative or your personal financial consultant for advice on how to take advantage of this provision. Now is the time—it’s not too late.

Assets

An investment is an asset (money or something of value) set aside for future sale or use. Examples: savings accounts, property, stocks, bonds, mutual funds, individual retirement accounts (IRA), pension funds, emergency funds, rare coins, precious metals, and gems.

Balance

While it is very common for most people to have credit card debt and owe bills, it is important to pay down your debt. As you reduce your debt, the value of your investments will increase—much like tipping a weighing scale

Career

Your ability to earn money from gainful employment or entrepreneurship is one of your greatest assets. While you may have graduated from college many years ago, it’s important to protect your investment in your career by taking continuous training or retraining to remain competitive in the job market.

Diversify

According to the old adage, “you should never put all your eggs in the same basket.” Avoid investing all your funds in the same type of investment or the same type of industry.

Expenses

Expenses are payments and charges—for tangible and intangible items—necessary and unnecessary—that cause money to come out of your wallet, bank account or other reserve. It’s important to evaluate your spending to determine where you can eliminate unnecessary

Growth

When making an investment, it is important to realize whether it will grow at a steady and continuous pace (e.g., interest rates on bank accounts) or will the investment be affected by market trends (e.g., real estate and stocks).

According to Marotta Asset Management, everyone should compute their net worth once a year. They also state that, “By age forty-five you should be worth at least five and a half times your annual spending. Between 40 and 60 you should increase your net worth by half your annual take home pay every year.” What does this exactly mean for the net worth of an average 40-something?

Your income is expanding in your 40s, as well as your debt. This is at least typical in America today. There is also less time to recover from financial mistakes. The median income for 40-something households, nearly $58,000, is about 20% higher than for 30-something households, according to the Federal Reserve’s latest Survey of Consumer Finances.