Ways to save money by spending more

Saving money by spending more sounds contradictory. But what if it’s true though?

Frugal living is has always been a popular lifestyle choice, both among the financially independent, as well as for those living paycheck to paycheck.

However, often times choosing to pinch pennies only gives us the illusion of saving money.

Truth be told, there are certain situations where spending more actually leads to serious savings in the long run.

Here are some examples where you could actually save money on common household expenses by spending more.

1. Choosing to spend on quality ingredients

Cooking at home is well known to be a huge money saver.

However, some people can take it to the extreme and choose quantity over quality.

A common situation is buying food on sale, that’s about to expire. Or, buying fruits and vegetables likely to go bad soon, but for that very reason grocery stores sell them for cheap.

To save money, it’s often tempting to choose the (so much) less expensive option!

Problem is, low quality ingredients could potentially lead to health problems. Which in return, leads to spending money. Since medicine and doctors aren’t cheap, you’re probably better off spending more in quality!

2. Spending more on quality appliances / tools / gadgets etc.

Say you need to buy an air conditioner. Or a coffee maker, since your old one broke down because you’ve used it every single day for years!

saving money

If you’ve ever shopped around for.. anything, you must have noticed the huge price difference between different brands.

Now, not all costly items are worth buying. On the contrary, often times it’s just the brand that’s expensive.

However, it is also true that energy efficient appliances cost a lot more than less efficient ones. Just as, low quality gadgets are usually cheaper because they often break down when you lest expect it (or, as proven by Murphy’s law, when you need them most).

In order to save money on utility bills in the long run, you might want to opt for appliances and devices that consume less energy.

On the same note, it’s always worth paying for quality. This way, you won’t have to fork out a serious chunk of money whenever your “new” purchase needs to be replaced.

3. Spending money on quality clothes, shoes & accessories

This might be considered splurging but truth is, quality does last longer.

Although some shoes and clothes can be both qualitative and cheap, other items that complete your wardrobe could wear out after only a few weeks.

What do you do if you find a hole in your shoes? You probably should buy a new pair…

As a result, instead of saving money, you actually spend a lot more by buying the same product multiple times.

4. Hiring help

When you have an electrical wiring problem, do you usually call your cousin Jimmy to fix it for free?

That might be a good plan, if Jimmy was an actual electrician! ‘Cause if he doesn’t know what he’s doing, you might end up with even bigger problems!

Often times, we try to save money by fixing things ourselves. It works in some cases (and can save a pretty penny as well), but hiring an expert when you have a serious problem to fix is probably a good investment!

5. Investing in home improvements

Big or small, certain home improvements can save some serious money along the way!

Adding insulation can turn out to be a costly investment, but do you know how much money you can save on your utility bills in the long run? At least few hundred bucks a year!

Other small investments might seem useless, especially if you’re stressed out about spending money.

However, faucet aerators can help save on your water bill. Energy efficient light bulbs, like LED (light emitting diode) or CFL (compact fluorescent lamp), can help save money on electricity. They’re both small expenses, considering how much money you could save in the long run!

Looking to save money by spending less doesn’t make you stingy.

It’s only natural to look for ways to curb your spending, especially if you’re aiming to become a financially responsible person.

Often times, the more expensive option might be the smart thing to do.

Author bio: Adriana is an experienced web content writer, passionate about everything personal finance. She blogs about the topic over at moneyjourneytoday.com, where she covers everything from saving money and frugal living tips, to real estate and investing.

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Get Help from a State Licensed Lender

A short-term loan in between paydays is often a practical solution for your money problems. For many Americans, these small dollar loans offer a unique opportunity. They provide them with the cash to take charge of their finances, even when they only have bad credit to their name. You too can be helped by these useful loan should you ever find yourself suffering through a cash shortfall. Just be very critical of the source of these loans, as not every small dollar lender has your best interest in mind.

payday loan

What are your best interests?

Borrowing any kind of money comes with its fair share of risk. Whether it’s short-term loan, a mortgage, or a student loan, any loan will come with fees, interest charges, and possibly even penalties should you ever fail to make your repayments. In order to find a loan that works in your favor, you need to understand what fees and rates you can realistically take on in addition to the repayment of the loan’s principal. For short term loans in particular, you need to determine if these conditions are feasible when under a tight time constraint. Generally, a small dollar loan will be due at the time of your next paycheck. If you can’t afford to repay it within that schedule, you risk potential late fees that will increase the amount that you owe.

 

You won’t know what your limit is until you create a budget. By tabling your monthly income and expenses, you’ll be able to see where your money goes. Hopefully, once your crunch the numbers, you’ll determine your paycheck will bring in enough money to cover your immediate expenses as well as the repayment of your loan.

Credible loan sources are a necessity

Ensuring you have the cash flow to take on a small dollar loan isn’t the only thing you need to consider. You’ll also have to research the best source for your loan. Some lenders make it easier to borrow within your limits, as they make their application process simple, straight-forward, and convenient. Instead of using fanciful or vague language regarding their rates and terms, credible lenders will use clear, comprehensive language to explain their loan products, application process, and repayment schedules. When information is easy to understand, the chances of you unknowingly signing a contract that exceeds your resources decrease significantly.

Many products, like the online pay day loans from MoneyKey, will have a full page dedicated to their details. You’ll be able to read a transparent explanation of what a small dollar loan is, how it should be used, who should be using it, and how you can apply. You can also phone, email, or chat with lending representatives who can clarify any concerns or question you may have about any particulars.

Armed with the right knowledge, you can apply for a short-term loan that will solve more financial problems than they will cause. By sticking to credible online lenders that provide reasonable rates and terms, you can easily get the money you need. It’s easy; you just need to do a bit of research.

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5 Benefits about cash in the wallet

When you’re strapped for cash, it can make life a little bit harder and much more stressful, especially when you need to cover your basic expenses or pay for the unexpected which always finds you when you least expect it. Loans in San Bernardino are easy to access and when you have your hands on some extra cash you’ll immediately understand that great benefits that come with having instant cash in your wallet!

Easy to Manage Cash Flow

There are so many benefits for having cash in your wallet, and this is something that you can achieve through taking out cash loans. The first benefit that comes with cash in hand is being aware of your cash flow and keeping tabs on just how much you have. When our financial numbers are hypothetical, it’s easy to adjust them slightly to make them fit into what we believe we have. But when you have actual cash in your wallet, you can keep tabs on just how much you have and how much you have spent without getting it wrong.

cash in the wallet

 

Adding onto keeping tabs, once you have taken out a loan and your cash is in your hands, you’ll think twice about parting with it. Each time you hand over a crisp bill and see your stack of cash being depleted, makes it harder to spend, which is great for your finances!

Cash Eliminates the End of Month Surprises!

If you are used to swiping your card all over town, then of course taking out cash loans and having cash in hand can save you from the scary end of the month surprises, when you realized just how much debt you’ve racked up. With cash, you know what you spend and when you spend it. Add to that the ease at which you can spend and cover your costs when cash is accessible, and there is no way we should be walking around without any cash on us.

Makes sticking to a budget Easy!

Lastly, and quite importantly if you have taken a loan with car title loans San Bernardino, you’re budget may not be up to scratch, and cash in hand can help you turn this around. When you know how much money you have, and exactly how much you are spending, then budgeting becomes a lot simpler, helping you to stabilize your finances in no time.

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No one Should Rely Entirely on the Social Security System

The Social Security provisions for America’s elderly are not guaranteed to remain at the present level indefinitely. With people living longer and fewer people contributing to the fund there are question marks about the future. The fund will need an injection of finance which seemingly can only come from raising taxation. Congress, with Republican majorities in both Houses, certainly appear reluctant to condone. Just recently there has been a proposed change to the legislation which potentially will result in less benefit because it has closed some anomalies and loopholes within the existing regulations.

Social Security

 

Certainly the System will benefit but that does not help those that are about to see their money reduced. People with financial expertise or those who have been using advisers have been able to take advantage of loopholes. One of a couple has been able to receive benefit while the other defers his or her claim until some time in the future, 70 at the latest. The deferred benefit continues to grow at 8% per annum. This strategy is about to be closed.

Positives

The idea is to simplify the legislation and although some will lose money there are positives behind the changes:

  • Simplification itself means everyone will find the System easier to understand.
  • Current estimates have been that by 2033 the System will be in real trouble with reductions of up to 25% in benefit. The System will have funds for longer than 2033 now.
  • A determination to act which if it remains should keep the need to focus on the System in the public arena.

It is worth remembering that it tended to be high income families who were able to use strategies to get the maximum benefit. They have been able to do so for just the last 15 years; no more.

Additional Provisions

The Social Security System has provided everyone with money is retirement but it was never intended by provide enough for comfortable retirement. Individuals and couples need to make additional provisions for retirement and the earlier they start the better. The national figures of credit card debt in the USA suggest that many people are experiencing problems with money management which the recession certainly did not help. While the recession has receded and jobs are being created month by month, indications are that there are still many people with little or no savings, either in the form of an emergency fund or retirement fund.

Employees should have a 401K and contribute to it each month; employers can match that contribution up to a maximum level. The earlier the start, the more that can be amassed come retirement, even if initially the contribution is just small. People now in the middle age are leaving it late; they should act now and spend some time looking at their overall finances, getting rid of any expensive debt such as that on credit cards where a high rate of interest is applied to any balance at the end of the month.

Consolidate Debt Taking Out of Personal loans

It is far better to look at debt, and settle it all if possible by taking out a personal consolidation loan that is much cheaper in the long run. Online lenders have a quick and simple application process, done entirely online. Applicants need to provide bank account details and proof of a regular income to justify the amount being sought.

The decision of whether to approve a justrightinstallmentloans.com application will come the same day with money transferred shortly afterwards direct into the relevant bank account. Clearly that money should then be used to clear the debts. There is no need to cut up credit cards as long as they are only used in the future for things that will be settled totally when the monthly statement comes in. Discipline is key to any financial strategy.

Money that is saved as a result of that exercise can then be used positively towards the future and that does not mean a new automobile or the latest fashions. It is important to get into the habit of saving regularly because there will come a time when retirement looms. Comfortable retirement should be everyone’s aim and reward. The Social Security System is a safety net but it is unlikely to be a big enough net.

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10 Ways to Save Money

Securing your financial future starts with saving. Whether your goals are to meet your family’s needs, save for a better retirement, or buy a bigger house or faster car, saving is the most important way to ensure your meet your personal finance goals. And contrary to popular belief, it doesn’t have to be hard. According to Money & Career Cheat Sheet, as long as you are making some money, you should be saving some.

Check out these 10 simple ways to save money:

1. Record your expenses

The very first step to saving is knowing how much you spend. For a whole month, keep track of every transaction you make. This means trying to record everything you buy, from a newspaper to a cup of coffee. After gathering the information, make groups of different categories, such as your mortgage, services like gas and electricity, groceries, and so on.

2. Manage your debt

Before setting your budget, it’s important to determine how much debt you have and begin repaying it before you can start saving. Once you are finished paying back the loan, you could continue to put the same amount of money aside for your savings fund.

Save Money

3. Create a budget

Now that you’re clear on how much you spend monthly, build a budget to plan and help control your spending. In the budget ensure that you put some money away for emergencies, and remember to include a place for expenses that don’t occur monthly, such as car services, or home reparations.

4. Plan on saving money

Try to allocate at least 10% of your net income towards saving. If you find that with your current budget this is not possible, then you should probably cut back on more expenses if possible.

5. Set saving goals

To make it easier to start, set for yourself some achievable saving goals – both long term and short term. For the short terms goals, you could put money away to buy a new computer, bike, or car, and for your long term goals, maybe plan for your kid’s college education, retirement, or a remodeling of the house. Take time to think about what’s most important to you and what you want your money to achieve and make your goals real by writing them down.

6. Use price comparison tools

Price comparison tools are available online and will let you if there are lower prices for the item you intend to purchase available elsewhere. Sites such as Price Grabber and Shopzilla can help you save tons of dollars on many items.

7. Decide on the priorities

Different people have different priorities when it comes to saving, so you need to determine which goals are the most important to you and save accordingly.

8. Different investment and saving strategies

For your short term goals you probably want to use a regular savings account, but for your long term goals you could consider other options, such as mutual funds and stocks. Although it’s best to speak to a financial advisor before making any decisions.

9. Automatic transfers and direct debits

Automatically transferring money from your main account to your savings account makes it less likely for you to spend money, because you will never see it in your account and will make it easier to achieve your saving goals.

10. Watch the savings grow

Make a point of checking on your progress monthly. This will not only help you to stick to your saving plan but also identify loopholes in the plan and allow you to make adjustments accordingly.

About the author: Michael Peggs is the founder of Marccx Media, a digital marketing agency specializing in SEO and Content Marketing. Before Marcxx, Peggs worked at Google in business development, forming digital media and advertising partnerships. He is also a blogger and podcaster, hosting the iTunes Top 10 New & Noteworthy podcast You University – The Personal Branding Podcast.

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Money saving tips – Eliminate debt and enjoy a financially secured future

Facing debt problems? Do you save money every month? Well, you actually don’t do so and this is why you have fallen into the debt trap. If you are too tempted to buy the lovely dress you’ve seen but do not have money, then you’ll definitely be swiping your credit cards. The worst part is that you fail to pay off the outstanding balance on time and thus, have to pay high interest on it. Even if you may not earn much, you should develop the habit of saving as soon as you get your first job. A sensible person will definitely save some money from his income every month so that he can have a secured future. If you have outstanding debt, you may use your savings to repay it. Thus, by saving your valuable money, you will be able to enjoy a financially secured life.

Some money saving tips for a debt free life

If you have accumulated huge debt, then this has probably happened since you do not know how to manage your money efficiently. You will have to understand the importance of dollars and try to eradicate every unnecessary expense that you make. Read on to know some money saving tips so that you can reduce debt problems soon.

1) Keep only the money you will need in your wallet

Do you carry extra cash in your wallet? Well, if you love to shop for the latest items that has arrived in the market, then you should keep only the exact amount you’ll need. This way, you will not be able to spend even a single penny without need. Besides this, it is advised that you do not keep even one credit card in their wallet. This is because since you love to buy new items, you’ll be swiping your credit cards for sure and may incur debt when you do not have money.

Money saving tips

2) Good budget is needed to know your affordability

Are you spending your hard-earned bucks lavishly? If so, then drafting a good budget is essential for you. Budgeting is very important in order to deal with your finances efficiently. With the help of a budget, you’ll know how much money you can spend for daily expenses and how much you’ll be able to save for future. If you’re having some debts, then you should work towards paying them off fast. This way, you’ll be able to save money and come out of debt.

3) Differentiation is essential between needs and wants

Do you have the habit of buying almost every item you see around? If yes, then you probably do not know the difference between your needs and wants. Your necessities are the items that you use regularly. On the other hand, your wants are the luxuries that you wish to buy for a better life. Try to part with your wants for the time-being so that you can save more and have a secured future. If you’re having outstanding debts, then you should pay them off at first before you spend money in purchasing your luxurious items.

4) Keep some money in the savings fund every month

Are you saving a certain percentage of your salary every month? If yes, then you do not need to worry about your future. In case you aren’t doing so yet, then you must start keeping some money in the savings fund. This way, you’ll be able to accumulate a lot of money with time. If you have some debts, then you may use some of your savings to get rid of them. However, you should never use all your savings to repay debt.

Saving money is very important so that you can have a secured life. So, if your financial condition is tight now, you should still try your best to save every possible dollar you really can. Thus, follow these money savings tips to stay away from debt and have a better future.

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Fast Ways to Earn More and Spend Less

Improving your cash flow can pose financial and emotional challenges.

Increasing income may be limited by experience, industry and the economy.Cutting costs beyond more obvious leisure expenses can also be difficult.

Spend Less

Thankfully, there are easy ways to boost your cash flow and improve personal finances.

Here are some ideas to increase your paycheck and trim expenses with little sacrifice:

Reduce Your Income Tax Withholding

Tax refunds are an emotional high that test our financial discipline. Some taxpayers feel overpaying income tax during the year helps them budget more effectively.

However, the time value of money is often overlooked when selecting tax allowances. In simple terms, this principle means money is more valuable today than at some point in the future.

Greater take home pay provides disposable income to start investing or minimize interest expense.Compounding is a powerful financial concept that rewards those who simply get started, even in the smallest increments.

Many investments such as mutual funds and direct stock purchase plans can be started for under $100. Meanwhile, paying more money towards debt now has outsized benefits in terms of interest savings.

An online tax withholding calculator helps raise allowances without having to owe money at year end.
Would more take home pay help you start investing or pay off debt faster?

Increase Your Car Insurance Deductible

The replacement value of your car declines over time. Many drivers carry low deductibles that do not reflect the age or worth of their vehicles.

Auto damage to the body, transmission and engine may exceed the value of some older vehicles, making repairs impractical. The risk management principles used by Mr. Elliott Broidy and other money managers has everyday value to car insurance, as well.

Upping your auto insurance deductible drops premiums and results in quick savings.

Is your auto deductible too high?

Car Refinancing

Those who financed cars over a year ago can take advantage of low interest rates in Canada and the U.S. to refinance their auto loans.

Aside from monthly savings and lower interest expense, the first payment for a newly refinanced car loanis not typically due for 60 days.

When was your car financed and at what interest rate?

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