How To Save Money During A Recession
Filed under: Archives, At Home, At Work, Finances, Saving Money
Saving money during an economic slow down, or recession, often becomes a topmost priority for many.
Until a stimulus kicks in, or the economy turns around on its own, we are left struggling to pay our bills, put food on the table, survive from day to day, while looking for ways to save money until the recession passes.
Listed below are a number of small ways to save. Utilizing more than one method, will increase your overall savings. Whether in a recession or not, these are all great ways to save money on a day to day basis.
For Your Vehicle and Driving
1) With gas prices at an all time high, drive only when necessary. Take time to plan your trips. Combine trips to the grocery store, with dropping the kids off at school, or with another set appointment.
2) Keep your tires properly inflated. Most tire stores will check your tires for free if that’s where you purchased your tires from.
3) If you always get your tank filled, start filling your tank when it reaches half. Although this won’t save you money, you can spread the cost to fill your tank over several days or weeks.
4) Remove any “car carriers” you may have on the top of your car.. Keep your vehicle as aerodynamic as possible. Car carrier can reduce your miles per gallon.
5) Keep your car tuned up. An improperly running car may cause an excessive use of gas.
6). Carpool If possible carpool with others thus sharing the expense. Or, if you are running errands, ask friends and/or family if they need you to pick up something for them, or vice versa.
7) Use public transportation Instead of driving, take the bus or train. Use this time to listen to music, read, write, journal, etc.
Walk Walking is one of the best exercises. Instead of driving to the corner store, put on your sneakers and enjoy the fresh air.
At Home or Work
1) Buy generic brands. The taste difference for most generics is minimal.
2) Buy in bulk. If the packages contain too many, share the cost for friends or family
3) Stretch hamburger recipes with grated potatoes. By adding grated potatoes to hamburgers or hamburger dishes, less meat can me used, thus saving money on groceries.
4) Click and use coupons. Coupons can often be doubled, saving you even more. Check the local newspaper for the “double up” coupons.
5) Search online for low cost recipes. Many websites have classifications of low cost recipes. Soups are often low cost to make. Add a salad and some bread for a great and filling meal
6) Order off the $1.00 menu at fast food restaurants. With most fast food being high in fat and calories, you’ll not only save money, but may save a few extra calories as well.
7) Buy take and bake pizzas. Papa Murphy’s offers a wide selection of choices. Check for others in your area. Remember to check their weekly specials. By calling in your order, you will also save time. Refrigerate the pizza until you are ready to bake it.
8.) When eating out, consider sharing a meal. Some restaurants may add a “plate charge” for a shared meal, however this will be much less than the cost of two separate meals. Desserts can usually be shared at no additional expense.
10) Change out your light bulbs. Use the compact fluorescent light bulbs in as many fixtures as possible. Start by replacing the light bulbs in the fixtures which are used most often. There are also compact fluorescent light bulbs available for appliances such as refrigerators and vent hoods. I bought mine at WalMart.
11) Do comparison shopping via the telephone. Most businesses will tell you what a product costs over the telephone. Comparison shopping is also easy to do online. Look for sites that offer free or low cost shipping.
12) Recycle By recycling paper products, cans, and bottles, you may be able to reduce the size of your curbside garbage container. Also, ask your garbage company if you can save by only having your garbage picked up every other week (instead of weekly). Most garbage companies also have a “vacation” plan if you are going to be gone for any length of time.
13) Stop or reduce newspaper deliveries. If you only read the Sunday paper, stop subscribing to the daily ones.
14) Visit the library Instead of buying new books, get a library card and check out books from your local library for free.
15) Keep your receipts. If you buy an item and find it doesn’t serve it’s purpose, return it. Often impulse buying can cost us hundreds of dollars, only to have items hanging in the closet with price tags still on them. Do not remove price tags until you are certain the item will be used.
16) Be a smart shopper. When shopping, ask yourself, “Do I really, really, really love this?”, “Does it fit?”, “Do I have a spot in my house for it?”, “Do I really, really need this?”. Often you’ll realize you have one at home just like it, or you don’t have a spot for “it”.
17) Close the doors/vents. If you have rooms in your home that are not being used, close the heating vents, and close the door. It doesn’t make sense to heat a room that is not being used.
18) Install ceiling fans. Remember, heat rises. Use ceiling fans to push the heat back down.
19) Make and pack your lunch for work. Bringing your own lunch to work, can save thousands of dollars over the course of a year.
20) Decrease your purchases of daily lattes/mochas/specialty coffees. Paying $3-$4 for a cup of coffee adds up fast. One cup, every day of the month is will cost over $90 a month/$1000+ a year. Over a five year period, you can easily spend $5000. For more information on “the latte factor”, here’s a great article titled: Where Have All The Dollars Gone, which includes tips on how to chart your expenses, and curb spending.
21) Stop buying bottled water. Buying bottled water at $1.00 a piece can add up just like purchasing specialty coffee drinks. Filter your own and store in reusable water bottles. For more information on the actual cost of bottled water, read this eye opening article, titled Are You Paying Too Much For Water?, which details how the cost of bottled water can surpass the price of a gallon of gas.
Save on energy costs – 30 ways.. Click on the link and learn an additional 30 ways to save on your energy costs.
Save Money – 16 Ways. More great ways to save money.
Another 16 great ways to save money. Here’s another list to save you a few coins.
Uses for Baking Soda. This great article plus the links included, will show your hundreds of uses for baking soda, a very cheap alternative to cleaning chemicals.
22 Cheap Holiday Gift Ideas. Save money on gifts by checking out this list of 22 ideas. It may spur your creativity for more great ideas.
Disclaimer: Some of the above links may include duplicate information, however, that does not reduce the effectiveness of the money saving tips.
Photo Credit annia316 ?’s photos
Tags: blog, car carrier, car carriers, food on the table, generic brands, Gift Idea, photo credit, saving money on groceries, taste difference, tire stores, topmost priorityNeed Money Fast – Know The Truth About Payday Loans
Payday loans or payday advances are considered to be short term loans, which are marketed as emergency, or one time funding, for those who find themselves in a temporary financial bind.
The payday loans have extremely high interest rates, but for those who need money now, the interest rate becomes irreverent.
Typically, a borrower may pay $15.00, or more, for every $100.00 borrowed. Normally, a payday loan has to be paid back within two weeks. When calculated, the annual percentage rate (APR) could be as high as 400%, or more. Compare that to a high interest credit card’s interest rate of 30% +/- APR.
Payday loans can be acquired by anyone who has a checking account, and a source of income (wages, retirement, social security, etc…). The payday advance company uses either post dated checks (checks which are dated “in the future”), and/or, the banking information as collateral.
To quote the Center For Responsible Lending (CRL), a non profit, non partisan company, established to be a resource for predatory lending opponents,
According to CRL’s research, borrowers who receive five or more loans a year account for 90 percent of the lenders’ business.
What happens in a lot of instances, is that the borrower cannot pay off the loan in the allotted amount of time. Additional fees are added to the original loan, and things begin to “snowball”, propelling the borrower into possible financial ruin.
If you find yourself facing a financial crisis, before heading down to your local payday loan store, read the facts on the CRL website.
Take time to read their article (under “Payday Lending”), titled “Financial Quicksand – Payday lending sinks borrowers in debt with $4.2 Billion in predatory fees every year”.
Be an informed consumer.
Unfortunately, when faced with a financial crisis, individuals will turn to whatever source is readily available, to gain access to cash.
Although payday loans, or advances, is not a wise choice, often, it’s the easiest, and………….one of the most expensive methods of borrowing.
No tags for this post.Does Money Buy Happiness?
A common myth is that money can buy happiness.
If someone figured out how to bottle happiness, they could be a kazillionaire.
If you listen to anyone who has been poor, who has attained wealth, they don’t necessarily say they are happier.
Happiness is something we choose, internally.
Granted, not having money can create stress.
Not having money can create undue hardships.
Being poor, can hamper you from doing the things you want.
No cash in the wallet, and you don’t get to buy those pretty things you have been eying.
But, I have also seen people, without money, who don’t appear stressed, who work with what they have in a creative way, and set their sites on doing things that don’t cost money. But, they appear happy.
What’s their secret? First, I think it’s their faith. Faith in a higher power. And secondly, I think they choose to be happy. They are happy with what they have been blessed with. Granted, they may not be driving a Mercedes or living in a mansion, but their old rundown car, gets them to where they need to go, and their home is filled with love.
I once heard a story of a poor man, who idolized a business man who had tons of money. The poor man said, “If I had his money, I would throw mine away” “Oh, how happy I would be.”
A few months later, the poor man had the opportunity to visit the rich man at his home. The poor man was in awe of the beautiful home, and brand new vehicles parked in the driveway.
The rich man greeted him at the door. Behind the rich man, stood a woman, and a small child in a wheel chair. The rich man introduced the poor man to his wife, and daughter, who was a quadriplegic. (she had suffered a spinal cord injury in a car accident). The rich man commented that it saddened him, that there was nothing else he could do for his daughter.
The poor man realized, that all the money in the world, would not help to make the rich man’s daughter walk again.
On his way home, the poor man realized that even though he didn’t have a lot of money, his life was rich. He felt blessed, and never idolized another rich person again.
Listen to those self made millionaires, and what they say. Money gives them security. They don’t necessarily say they are happier.
No tags for this post.Protecting Your Identity
Filed under: Archives, At Home, At Work, Being Safe, Finances
Earlier I wrote a post, titled: Identity Theft – Check Writing. In that article, I recommended using Uniball Signo 207 (anti check washing) pens.
Today, I witnessed another way to protect your identity.
I went to the post office to mail some letters. When I drove up to the “drive up” mail boxes, I noticed that one was literally overflowing with mail. Fortunately, there were three boxes, so I deposited my mail in one of the other boxes.
Unscrupulous individuals could easily steal mail out of overflowing mail boxes. After all, they don’t think twice before stealing mail out of mailboxes on the side of the road. With stolen mail, you could very easily, not only have your identity stolen, but also have your checking account wiped out.
I don’t know much about check washing, but I do know it happens a lot. I don’t know how someone can steal your identity, but I know it’s becoming a huge issue.
The next time you are at the post office, and some, or all of the drive up mail boxes are full. Take the time to go inside of the post office, to deposit your mail.
A few minutes spent depositing your mail in a safe place, could save you from months (or years) of fighting to get your identity back.
No tags for this post.Free Information For Government Grants
Filed under: Archives, At Work, Finances, Free Stuff, Governmental Grants
Finding Federal government grants for a business endeavor can be difficult. There is Federal grant money available to businesses, however, finding the right website, can take a considerable amount of time. I’m going to provide you with the free link, to the website, which lists all grants available through the Federal government. It all starts with a short story.
Years ago, we expanded our business, and began wood recycling. Friends mentioned that we may be illegible for Federal grant money, since wood recycling was a “green” type business. Thus, I began my research, to find Federal grant money, to subsidize the wood recycling part of our business.
I spent hours researching online. Many of the sites would offer Federal grant sources, for a fee. Granted (no pun intended ), these individuals had spent many hours compiling this information, but I knew, there had to be a Federal site that would offer available grant information, for free. And……….there is. (Keep in mind, with the Federal, State and city governments, this data is free public information…you just have to know where to look)
The name of the site is Grants.gov. Here’s a free link to it: Grants.gov
On the “Grants.gov” site, the information is ever changing. Sure, you can bookmark the site and check it often, but, by registering, you can get emails (on almost a daily basis), of all Federal grant opportunities. To register, you first need a DUNS number (from Dun and Bradstreet), and you must also be registered with the CCR (Central Contractor Registry). By clicking on the following link, you will be taken to: Grants.gov-Get Registered.
Once you are on this page, you can follow the links to Dun and Bradstreet, the CCR (Central Contractor Registry), and acquire information of how to gain access to email alerts. This process will take a little time to complete, but if you’re interested in finding potential Federal grant money for your business, your efforts could “pay off”.
When the emails listing the available grants begin arriving in your inbox, Grants.gov, provides a link to each grant opportunity.
If you find a grant that is suitable for your business, and are not comfortable with the application process, you might consider hiring a “grant writer” to complete the application.
After researching hundreds of Federal grant opportunities, what I observed was that most Federal grant money is only available to individual states and cities. There are grants available to individual businesses, however, you must meet the criteria. My research for Federal grant money, also lead me to a State program, that offered a tax incentive program for wood recycling businesses.
If you are anxious to see what grants are currently available, there is a link on the Grants.gov homepage on which you can click. This will take you to a list of the current grants. Keep in mind, grants are only available for a predetermined period of time. When applying for a Federal grant, time is of the essence.
Our wood recycling business “took off” pretty fast, so I gave up on my search for Federal grant money.
Even though we have since closed our wood recycling and composting operations, I continue to get updates from Grants.gov. One never knows when another opportunity will “knock”.
To read a tutorial on using a tub grinder for wood recycling, click here.
Tags: amount of time, business endeavor, central contractor registry, city governments, daily basis, dun and bradstreet, duns number, federal government grants, federal grant money, federal grant opportunities, Green, money, public information, type business, wood recyclingAre You Paying Too Much For Water?
Filed under: Archives, At Home, At Work, Finances, Saving Money
If you just read that question, “Are you paying too much for water?”, did you think I was talking about the water that comes out of your faucet? I’m not. I’m asking you if you’re paying too much for bottled water.
I’ve bought bottled water, and usually pay about $1.00 for a 16 oz bottle of water. If you crunch some numbers, and figure out what you’re paying per gallon, it’s shocking. You would be paying $8.00 per gallon.
“No!? You say.
Just do the math.
A gallon contains 128 oz. If you take 128 and divide it by 16 (ounces in a bottle of water), the answer is 8. Thus, one gallon would be equal to 8 sixteen ounce bottles of water. Multiply that 8 times $1.00 (price per bottle), and there you have it. You’re paying $8.00 for a gallon of water.
And to think we complain about $3.00 a gallon gas, or $3.00+ for a gallon of milk. What’s wrong with this picture?
Ahhhh, you say, “But I buy water by the case, and it’s only $0.35 per bottle.”
Use the formula again….128 divided by 16 times $0.35 equals $2.80.
Now, you’re only paying $2.80 per gallon….for water.
How can you stop this nonsense? It’s pretty easy. Buy yourself a few reusable water bottles (preferably ones that are dishwasher safe). After washing the bottle for the first time, fill it with tap water. Place it in the refrigerator, and there’s your cold bottled water. All you need to do is keep those water bottles sanitary (by washing them), and you’ll always have a supply of (almost) free water.
Don’t like the taste of your tap water? Get an inline filter, or buy a product like the Britta water pitcher that filters your water.
“But, I like the convenience,” you say. Then you’ve just made a choice to pay between $2.80 to $8.00 (or more) for a gallon of water.
I just got to thinking, maybe we should apply this formula to our favorite mocha. Let’s say a mocha costs $3.00 for 16 ounces…………….Whoa! I don’t think I want to go any further. That makes for one very expensive gallon of my favorite mocha.*
*The answer is $24.00 a gallon. Yikes!!!!
No tags for this post.How To Repair Bad Credit
Do you have bad credit? Is your credit so poor, no lender will give you a second glance? Are you attempting to repair your bad credit, but don’t know where to start? Are you tempted to call one of those 800 numbers on TV, in hopes of getting a quick fix?
The repair of poor credit doesn’t happen overnight. It probably took you awhile to get go far into debt, you don’t see a way out, therefore, taking the steps to improve your credit, will also take time. Short of winning the lottery, there is no easy fix.
Yesterday I wrote an article about where you can obtain the official free annual credit reports (see Free Annual Credit Report). These are the credit reports which are available to you, based on federal law.
While reading the website of Annual Credit Report.com, I came across a fantastic article, about repairing bad credit (It was in the Frequently Asked Questions section). It’s published by the Federal government, and is filled with tons of valuable information. To quote part of the article,
* “Credit problems? No problem!”
* “We can erase your bad credit — 100% guaranteed.”
* “Create a new credit identity — legally.”
* “We can remove bankruptcies, judgments, liens, and bad loans from your credit file forever!”Do yourself a favor and save some money, too. Don’t believe these statements. Only time, a conscious effort, and a personal debt repayment plan will improve your credit report.
This brochure explains how you can improve your creditworthiness and gives legitimate resources for low or no-cost help.
Following is the link to the governmental brochure. It’s a great article to read, bookmark, and/or print. This should answer lots of your questions, and get you started on the road to better credit. FTC Publication on Credit Repair
Free Annual Credit Report
Are you looking for an absolutely free credit report? A free credit report that doesn’t require an enrollment? Is the credit report you’re looking for, the one mandated by the government? Do you want a copy of your credit report, and not have to use a credit card?
Did you know you can obtain a totally free credit report from each of the three credit reporting agencies annually?
By federal law, (and by some state laws), you are entitled to a free credit report, from each of the credit reporting bureaus, on an annual basis. In order to provide consumers with their free credit report(s), the official site which was created is: www.annualcreditreport.com (By clicking on this link, a new browser window will open, and you will be taken to the secure website for Annual Credit Report)
The free credit report(s) you’ll receive, contains all of the information relative to your credit history (past and present). It will list your name and address. It may also contain current and/or former employers. Your credit report will list all of your open accounts, such as mortgages, loans, and credits cards. It will show your outstanding balance (as of a certain date), and it will also show accounts you have, with zero balances. A credit report also show any derogatory entries on your credit history, i.e. garnishments, judgments, bankruptcies…
The process you’ll go through at the Annual Credit Report’s website, entails first entering the name of your state.
After entering the name of your state, click “Request Report”.
At this point (step 2), you will be directed to a page which requires you to fill in your personal information. This information includes your name, address, birth date, social security number. If you’ve lived at your current address for less than two years, you must fill in your previous address.
During the process, you’ll also be asked two “security” questions-questions that only you know the answer to.
Following this step, you will decide which credit bureau (Equifax, Transunion, or Experian), you would like to receive your free credit report from. You can get a free credit report from each credit reporting bureau, so it’s up to you whether you want all three at once (so you can compare them), or obtain a credit report from the remaining credit bureau(s), at a later date.
I began with Experian, and was directed to their site. Once on their site, the information I had typed in on step 2, was already entered on their form. I confirmed it was correct, and continued on.
During this process, I was asked if I wanted to purchase my credit score, plus other credit information. I opted not to buy any other credit information at this time.
I got to my credit report, and on the left side of the page, were links to click on. I clicked on each one, reviewed my credit information, and continued on.
At this point, you can also choose to view your credit report online for the next 30 days, or not. You can also print each page of your credit report.
The Annual Credit Report website has a section for “Frequently Asked Questions”, “Fraud Alert” and “About Us”. These sections are worth reading, before filling out your information. This insures that you’re an informed “consumer”.
When studying your credit report, this is the time to check if there are any discrepancies in the information. Credit reports can reveal if you’ve been a subject of identity theft. If you’re in the process of applying for a loan, this is the same information the lender will be looking at. A lender also looks at your credit “score”.
Note: Your free annual credit report does not contain your “credit score”. In order to get your credit score, you will have to dish out a few dollars. To read more about credit scores, check out a previous article of mine “FICO Scores, How Are Yours?”
And, if you’re in the market to refinance your home, I wrote the following article: “Refinancing Your Home”
Take advantage of these three, free, annual credit reports.
Remember, each person has their own credit report and credit score. This includes husbands and wives.
Get your free annual credit report at:www.annualcreditreport.com
Annual Credit Report does not ask for a credit card. When obtaining your free credit report(s) at Annual Credit Report.com, the only time you will be asked to provide your credit card information, is if you opt to purchase additional credit information. However, you are under no obligation to purchase any additional information.
Annual Credit Report also provides free annual credit reports, either by telephone, or by mail. For more information on receiving your free annual credit reports by mail or telephone, read the section: “Frequently Asked Questions”.
No tags for this post.Refinancing Your Home
Filed under: Archives, At Home, Finances, Saving Money
Refinancing your home, or getting an equity line of credit, means you need a decent credit rating.
Credit ratings are based on your credit score (FICO). Some of the items your credit score is based on are:
1) Your ability to repay a loan (your income and how long you’ve been on a job)
2) The amount of credit you have outstanding on credit cards, and other loans
3) Your credit history (i.e. how long you’ve had credit, and how timely you’ve paid your debts in the past)
4) The number of late payments your credit report is showing
5) Liens and/or judgments you may have against you
6) If you’ve ever filed bankruptcy
To refinance your home, you may need a current appraisal on your home. The appraisal will show what your home’s current market value. The cost of an appraisal can vary between different parts of the country. Normally you can expect to pay around $400 or more, for an appraisal.
Some of your choices for refinancing, can include:
1) Getting a completely new mortgage, which replaces your previous mortgage(s)
2) Keeping your current mortgage, and getting a “second” mortage
3) Keeping your current mortgage, and getting an equity line of credit
When refinancing your home, you may decide to pay off credit cards, student loans, car loans, or other outstanding debts you may have incurred.
These debts are something you need to take a good look at. If you have a car loan that will be paid off shortly, you may be better off, not paying off that loan in your refinance. Keep in mind, when you refinance, you are basically starting with a “clean slate”, and all of your payments will be wrapped into one. If you choose a 30 year mortgage, you are “technically” paying on that car loan, or credit card balances, for 30 years.
If you can financially afford to keep some of your debts out of your refinance, you may be better off in the long run. However, if finances are tight, you may not have any other option than to include all of your debt into the refinance.
Talking to an experience mortgage lender and your financial adviser (if you have one), should be your first step in determining the best way to proceed with a home refinance. Some loan officers can get very creative. It could be to your advantage to “shop around” for the best loan package that fits your needs.
Once your home refinance is complete, and your old debts are paid off, it’s important to look at your financial situation and determine what may have gotten you further in debt than you had planned.
Now may be the time to cut up some of your credit cards, and prepare a budget that you can stick to.
Get All 3 FICO Scores and Credit Reports!
FICO Scores – How Are Yours?
Filed under: Archives, Finances, Life, Saving Money
What is FICO? A FICO score is a credit score developed by “Fair Isaac & Co”. Knowing your FICO “score” could be as important as knowing your blood pressure numbers. FICO scores are the cornerstone to obtaining credit, whether it be for a equity line of credit, first or second mortgage, to consolidate loans, a credit card, or a car loan..
The higher your FICO score, the better your credit rating. The better your credit rating, the more money a lending institution is willing to lend to you. If you have a higher credit score, you’re more apt to get a better interest rate on a loan.
Your FICO score is affected by many factors. Do you pay your bills on time? Do you have a lot of outstanding debt? Have you ever filed for bankruptcy? Do you have outstanding judgments? Do you “max” out your credit cards?
You can easily find out what your FICO scores are, plus get copies of your credit reports by signing up for Suze Orman FICO Kit
To quote Suze Orman:
You have three FICO scores, one for each of the three credit bureaus: Experian, TransUnion, and Equifax. Each score is based on information the credit bureau keeps on file about you. As this information changes, your credit scores tend to change as well.
Your 3 FICO scores affect both how much and what loan terms (interest rate, etc.) lenders will offer you at any given time.
Taking steps to improve your FICO scores can help you qualify for better rates from lenders
So, if you’re looking for that equity line of credit, first or second mortgage financing, debt consolidation, car loan, credit card, or any other type of refinancing, get a copy of your credit report, and learn your credit score.
If you have a low credit score, or have poor credit, you may need to consult with a loan officer, financial adviser, or put off that large purchase, until you’re in a better financial position.
No tags for this post.Life Saving Tips
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