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6 Steps to master your finances
Become the master of your finances in 6 simple steps Mastering your personal finances using the 6 steps identified below will change your life the moment you begin implementing them. You will immediately began reaping the rewards and satisfaction that comes with financial security. You deserve a secure future that provides the life style that you want. So read the steps below and go get started on the path of personal financial mastery today! Identify your current financial status. This can be a little intimidating for some but it is essential to a better financial future. This entails knowing three important things: your expenses, financial problems and financial desires. Be aware of how much you spend vs. how much you can afford. Ok you got me…I am referring to budgeting but nobody likes that word, but it is essential to personal financial mastery. Write down your monthly expenses if you have time, or use a personal finance program (I love “Mint.com”). Make allowances for problems that may arise such as unexpected doctors’ bills, car repairs, and tax returns. Set goals for your ideal lifestyle. Taking note of your desires will help you decide which ones are reasonable and which ones are not. Focus on the reasonable ones as they will provide the motivation to manage your personal finances. Start being honest with yourself today. Honesty is another key attitude to managing your personal finance plan. If you decide not to accept the facts surrounding your current financial status, you are not likely to move ahead. Be honest with yourself in how much you can afford and how much you owe, otherwise your financial plan will most likely end in financial trouble. Develop discipline, discipline, and more discipline. Discipline is perhaps the most important of all steps when mastering your personal finances. Once you have discovered what you truly can and cannot afford, you must learn to say no when needed. This is easier said than done, but if you are determined on having a financially secure future, discipline is imperative. I call this Jedi finance because you must trick your mind into delaying instant gratification. May the force be with you! Begin increasing your personal financial knowledge now!You must be wise in your investments if you wish for success in your personal finance. Consult accountants and financial planners, research on trends on the market or speak with your friends and co-workers about their investments. This research is sure to pay off whereas lack of it will surely lead to more debts and deviating from your personal finance plan. Also, diversify your investments to reduce risk and leverage out your financial investment. If you implement these steps you will begin to immediately reaping benefits. Remember to keep it simple as the most effective method to improve your personal finances is to spend wisely and never more than you earn. Make sure all your expenses are covered first. Understanding this will allow you to manage your personal finance a little better. Do this and you will definitely begin saving more and living...
read more7 Great Money Tips To Lead You To Financial Freedom
7 Great Money Tips To Lead You To Financial Freedom Regardless of where we are in life we can all learn something about money and how to better prepare for our future. Especially when w e see that the national average is $10,000 in credit card debt and that savings and preparedness is dropping. This article can put you back on track to a more fulfilling and financially free life. 1) Automate your investing. Experience has proven that if we have to make a conscious effort every time we need to invest we will start with good intentions and then miserably fail a few months later . If you can automate your savings, whether by using your employers 401K, a SEP (self employment plan), or direct deductions from your account you will finish ahead. The rule here is if you don’t see it, you won’t realize it and you won’t miss it. Some of these deductions will reduce your taxable income and save you further on taxes (see your CPA and tax advisor for more info on this). A good rule of thumb is to set aside 10% of your income. 2) Real estate. If you haven’t already, buy a house. Renting will only make your landlord (hint – house owner) rich. Regardless of what the immediate market does real estate is one of the best long term investments you can make. It also has many advantages including deductions for mortgage interest. Real estate will always go up. People will always need a roof over their head. Just watch HGTV, real estate has made many millionaires and is a key factor in almost every tape and book series on gaining wealth. Stick with the standard 30 year fixed mortgage. 3) Medical and life insurance. You need to have them, if you think you don’t just ask anyone that didn’t have it when something unexpected happened. If you love your family, they are a must. But, on that note, don’t get taken. Buy term life. 20 years will give good term coverage and if you follow all of these tips you won’t need anything beyond that. Whole life only makes your agent rich and really never builds any value for the huge costs involved. Term life can be purchased cheap over the internet at great savings. For medical insurance, in most states Blue Cross and Blue Shield offer great plans that are a fraction of Cobra or employer plans. If you have an adequate employer plan, by all means use it. Stick with big names like Blue Cross as they will be around for years. 4) Don’t ever buy new cars. It is a fact that new cars lose 25-30% of their value the moment you drive it off the lot. Let someone else pay for that depreciation and get a two or three year old car or truck. With the latest technological advances cars can easily go 150,000 miles and above. A two or three year old vehicle with 30,000 miles on it will save you not only in initial cost, but also on your insurance, and taxes. Also do your homework before buying your car. Get your credit score and see what loans you qualify for. This can easily be done right off the internet and will save you...
read more4 Money Saving Tips For Every Homeowner
Losing weight. Finding a new job. Spending more time with the family. Every year add new new goals to our plate. Why not make saving money one of them? If you’re a homeowner, there are many ways you can cut costs and still live comfortably. The following tips will help lead you to financial success. Here a 4 money saving tips that could help you do just that. First, set a budget. Figure out exactly how much you spend on the upkeep of your home. Compare each month’s expenses with the previous month’s to get a better idea of how much to budget for each necessity. Then, see what costs you can cut. Once you set a budget, stick to it. Save energy. You might be losing a substantial amount of energy dollars during the winter and summer because of air leaks. By caulking, sealing and weather-stripping all cracks and openings, you can save 10 percent or more on your energy bill. Also, look into replacing older appliances with newer, more energy-efficient alternatives. Your light bulbs can make a difference, too. Fluorescent bulbs are four times more energy efficient than incandescent bulbs. Consider refinancing. Shop around to see if you can replace your existing home loan with one that has a lower interest rate. You can easily save hundreds of dollars each month by refinancing your...
read more3 Ways to Save Money on Car Insurance
3 Ways to Save Money on Car Insurance On the never ending quest to save more money this thought always creeps into the back of your mind twice a year. Is the gecko right. Could I possibly save anymore more on my car insurance? Yeah, I know you have already raised your deductible to $1,000 bucks, dropped your rental, and reduced your medical coverage. So could there be any discounts left? You can bet your bottom dollar there is (ok I may have let my southern alter ego out by accident…back in the cage he goes). The answer to the question is undoubtedly yes and yes this will most certainly take more than 15 minutes to accomplish no matter what talking lizards may say. I have 3 things that most people have yet to take advantage of to get top tier coverage at pauper’s rate. How much you ask? Let’ just say that if there is only one item in this article you are able to implement it should reduce your rate by 10% or more. I actually reduced our rate by 40% by implementing the 3 below. That’s right 40% (woot woot)! But wait there’s more, I actually added more coverage. Now, I know results may vary but try out the ideas below and feel free to comment below on your results. Come on…What you got to lose? A higher premium maybe. Take the National Safety Council’s Defensive Driving Course. This course can be as little as $20 bucks in most states and even if taken online is a very boring 4 hours of your life. However the payoff can be huge. Most people will see a 10% reduction on their insurance coverage that last for a minimum of 3 years. This discount is applied on top of any other discounts you may be eligible for. Combine your policies with your auto coverage. I personally dread shopping for insurance but endure the pain because the payoff can be huge. Multi-policy discounts can yield a whopping 30% discount. That’s right up to a 30% discount which is in addition to #1. You welcome. The catch is that it takes about an hour to get a full quote which includes you hammering away at the keyboard entering in policy data from your current policy or giving the data over the phone. Seek employer, school, or organization affiliation discount. Mostly everyone walks away from this one. Don’t make this mistake. Most insurance companies offer additional discounts for affiliations with colleges, professional organizations and for certain employers. It’s definitely worth the extra 3 minutes to find out which one you qualify for. Before you begin shopping around here’s one last tip. Gather copies of your current coverage from each insurance policy you have before obtaining a quote. This will save you so a ton of time and will also ensure that you clearly understand what changes if any are going take effect with the new policies. The only question now is what areyou going to do with the savings! Cheers to saving real money. Until next time. Mr. Money pants out (I just dropped a microphone and walked off...
read moreHow to Create a Family Budget
For singles, creating a budget is relatively easy. They tend to have a good handle on how much money they have coming in, and when tracking expenses, they only have their own to think about. But creating a family budget is a whole new ball game. Most families have multiple sources of income. And when there are multiple spenders, that makes things much more confusing. This is one of the main reasons that families lack a formal budget. But having a budget and sticking to it can greatly improve a family’s financial outlook. Making a family budget may be tricky, but it can be done. Here’s how. 1. Take inventory of all income. If a certain source of income fluctuates from month to month, use the lowest amount or average it out. 2. Keep track of all expenses for a month or so. Keep all of your receipts, and ask all family members to turn theirs in to you each day. 3. Add up your monthly expenses. Be sure to include bills, debt payments, groceries, and everyday expenses such as lunch money and transportation costs. 4. Get the family together and discuss ways you can trim the budget. Getting input from other family members will help you determine which expenses are necessary and which ones could be cut down or eliminated. Maybe you or your spouse could start taking lunch to work instead of eating out, or maybe the kids can drop an extracurricular activity. 5. In addition to individual expenses, discuss how you can cut down on the electric bill, groceries and other necessary family expenses. Consider such things as carpooling or taking public transportation, buying more generic foods and adjusting the thermostat. 6. Estimate how much you can save on regular expenses, and cut the completely unnecessary items out of the budget. Then refigure it and see where you stand. 7. If you end up with a surplus, allocate a portion of it to savings. If you’re in the red, go back and rework the budget until you have more income than expenses. Being Realistic One reason that family budgets often fail is because they’re just not realistic. It’s great to cut down on expenses, but sometimes we tend to go too far. For example, cutting entertainment out of the budget completely might look good on paper, but we all need a little diversion every now and then. Instead of cutting such things out of the budget completely, consider finding ways to lower the cost. Going back to the entertainment example, maybe you’ve been going to dinner and a movie as a family twice a month. But eating in and renting a new release would be much cheaper, and you would still get to spend quality time together. Individual expenses can also be tricky. This can be resolved by allocating a certain amount for each family member to spend each week. If someone spends his entire amount before the week is up, reevaluate his expenses and adjust if necessary. Creating a family budget can help keep spending under control, leaving more money to pay down debts and save for future goals. But in order to succeed, close monitoring is essential. Your efforts will be rewarded, however, with less financial stress and more money in the long...
read moreFun Ways to Save On Family Outings
Fun and Frugal Family Outings The time we spend with our families is priceless. But most popular family activities are quite expensive. Even a simple night at the movies can put a serious dent in the budget by the time you buy tickets, popcorn and drinks for everyone. Fortunately, there are cheaper alternatives to expensive family outings. They provide the opportunity to have just as much fun at a fraction of the cost. Some are even free. Movies and Music Kids are often itching to see the newest releases at the movie theater. Doing so even once a month, however, can get pricey. One alternative in some areas is the drive-in. Admission is usually much cheaper than it is at a regular theater, and some let you bring your own drinks and snacks. Drive-ins usually show fairly new releases, so the kids can say they saw something that’s not out on video yet. Some theaters offer reduced-price matinees during the day. Some even have free kid-oriented movies on weekend days. These options offer the theater experience without the outrageous cost. Kids often want to go to concerts, but tickets to see the most famous bands are far from cheap. Check your local paper for free concerts in the park. Many areas have them during the warm months. Young children can enjoy the music without the huge crowds and deafening sound systems, and older children might gain an appreciation for less well-known bands. The Great Outdoors Nature offers a wealth of possibilities for family outings. Camping is a wonderful activity for families, and it doesn’t have to be expensive. It can be as simple as pitching a tent in the back yard, or you can spring for a camper and rent space at a campground. Bring the grill and some hamburgers or hot dogs, or catch some fish to fry. Parks are great for day trips. Those with playground equipment can keep youngsters entertained for hours on end. Hiking trails offer opportunities for exercise and exploration. Most parks have picnic facilities, so you can pack a lunch instead of eating out. Other Ideas Here are some more inexpensive family activities to consider: * Play miniature golf. Admission is usually quite reasonable, and it provides the opportunity for relaxed yet engaging family competition. * Visit a petting zoo. These small zoos do not have the exotic animals you see at larger ones, but kids can feed and pet the animals. * Go to a museum. Some offer cheap or free admission, while others cost more. But the larger and more expensive ones often sell season passes, so if you live close by, you can visit numerous times for one low price. * Go boating. If you’re fortunate enough to live near a body of water, boating is fun and relaxing. Canoe and paddleboat rentals are inexpensive, and when you’re done boating there are usually other cheap or free activities in the area. * Attend events at a nearby college. These may include plays, concerts, dance recitals and movie showings. Prices are low, and student discounts usually apply to kids, too. Having fun as a family doesn’t require a six-figure income. If you look hard enough, you can find lots of free or cheap activities that parents and kids can enjoy just...
read moreMake Small Changes to start Saving Big Money
Get started to on saving big money today Living on a budget is the key to financial freedom, but getting started can be frustrating. When we look at our expenses and see all of those bills we’re paying every month, it’s easy to throw our hands up in disgust. But what about all those little expenses we incur? You might be surprised to find out just how much they amount to. It’s easy to dismiss cutting back on little things. A few dollars a month won’t make a significant difference in the big picture. But a few dollars here and a few dollars there adds up to a few more dollars. When you cut back in a lot of small ways, you could end up with a lot more money at the end of the month. Waste Not, Want Not One thing we can do that is good for the budget is stop wasting so much. This can apply to many areas in our lives. From eating to home heating, waste equals money going down the drain unnecessarily. Cooking for the family instead of eating takeout or dining out is a great way to save money. But if you’re throwing food out, the benefit is reduced. So if you have leftovers, don’t let them end up in the trash. Some dishes freeze well, and this makes for easy dinners when you don’t have time to cook. You could also eat dinner leftovers for lunch the following day. If your home is not well insulated, you’re probably wasting lots of money on home heating and cooling. Insulating will cost some money up front, but it will pay for itself quickly. If you have drafts around windows and doors, weatherstripping can help maintain the temperature of your home. Most households waste an unbelievable amount of electricity. This can be prevented in part by using energy efficient appliances and light bulbs. Turn lights, televisions, computers and other devices off when you’re not using them, and open blinds to take advantage of the sun’s light during the day. Do Yourself a Favor: Do It Yourself Any time you pay someone else to do something that you could do yourself, you’re spending money unnecessarily. This applies to little things like buying coffee instead of making your own, as well as to larger expenses such as home repairs. Many of us buy coffee or a soft drink from a convenience store or coffee shop on the way to work in the morning. This can really add up over time. Instead, make your own coffee, or buy soda in 2-liter bottles and pour some into a smaller bottle or cup to take with you. The same applies to lunches. Instead of springing for fast food, take a sandwich or something microwavable to work. While we’re not all good at all types of repairs and maintenance, most of us can do some things for ourselves. Maybe you could change your own oil instead of paying someone else to do it. If the walls need painting, consider getting friends and family to help you do it instead of hiring a painter. Things like these can save us a noticeable amount of money right away. When you add up the savings, little things can make a big difference to...
read more10 Easy Tips To Save Money On Your Home Heating Bills
10 Easy Tips To Save Money On Your Home Heating Bills With energy costs higher than they have ever been in recent history, it pays to find ways to reduce your home heating costs. I put together some tips that are easy, cost effective and will all add up to reduce your home heating bills by a significant amount! You don□ need to be Bob Villa either. Some take just a minute or two. Even small changes will add up to big savings over the course of this cold winter! Here are the 10 tips that I have personally used to save on my home heating costs: 1. Head down to the basement and reduce the setting on your hot water thermostat by about 10 degrees. I wouldn□ go below 120-115 degrees. The adjustment dial is typically a red knob towards the bottom of the water tank. 2. While you are downstairs, make sure you have clean filters for your central air-heating unit. A dirty and clogged filter will force your unit to work much harder and stay on longer as it struggles to fresh air through the clogged filter to heat the rest of your house. 3. Check your air ducts for gaps, leaks or disconnects. If you have any disconnects or leaks in your ductwork, your heating bills could be 25% higher than they need to be if these gaps were sealed. If you can□ do this on your own, hire a professional. This expert can also clean your ducts for added efficiency. 4. Adjust your thermostat a few degrees lower. Believe me, this really adds up. It may not seem like much of a difference to you, but you will notice the difference when you get a lower bill each month! 5. While we are on the subject of thermostats, consider replacing yours if it is not programmable. The reason is, you can set the thermostat so the temperature setting in your house is lower at night than during the day, when you are awake. Also, if you are away at work during the day, you can set it for a lower temperature and have it programmed to start heating the house a little bit before you come home. These aren□ too expensive and are easy to install and configure yourself. 6. Insulate your attic. Heat rises, right? If your attic isn□ properly insulated, all of the heat in your house (and your money) goes right through the roof. Literally! This does require some effort on your part, but following through on this tip will save you a ton of money over the years. Measure the square footage of your attic and buy rolls of insulation, greater than R-13 but no higher than R-30. Wear a mask and gloves when working with insulation because it irritates the skin. 7. Find those leaks and cracks! If you were to add up all of the small cracks and holes in your house, they would probably add up to a small window, wide open, letting cold air in and hot air out. Take the time to find gaps in windows, doors, pipes, electrical and phone lines, your dryer duct and much more. Put weather-strips around your doors and windows. You can buy insulation foam that comes in a can...
read more5 Extreme Ways To Cut Your Household Expenses
5 Extreme Ways To Cut Your Household Expenses Are you shocked when seeing your household expenditures every month? Would you like to save more but believe you already identified all of your house hold savings opportunities. If this sounds like your situation and you are desperate to save more in order to start living rich give them shot and let me know how you make out. 1. Recycle those junk letters. Each month, you will probably received a dozen or more letters from direct mailing companies in your mailbox. Some of these letters are printed on one side only. Collect these letters and combined them into a writing pad. You can also used them to print draft documents. Besides saving money, you are also saving a lot of trees. 2. Install water saving kit in your toilet cistern. When flushing the toilet, the amount of water used is usually more than is required. By installing a water saving kit in the cistern, the amount of water saved can be as much as three gallons per month. 3. Use the fan Whenever possible, use the fan. The air conditioner is a major contributor to your utility bill. By using the fan, not only are you saving on your utility bill, you are also building up your body’s tolerance to heat. Your chances of getting heat exhaustion or heat stroke during the hot summer season are greatly reduced. 4. Do not throw away that old bar of soap yet. As your wash your hands with soap on a daily basis, the bar will become smaller and smaller until it is almost unusable. Instead of throwing it away, simply stick the old bar of soap onto the new one. Just make sure both of them are wet when sticking them together. 5. Cut the tube of toothpaste into half. When you can no longer squeeze out any toothpaste from the tube, just cut it in-half. There is some more toothpaste left that can last you for a couple of days if you have a large family. If you live alone or with your spouse only, the extra toothpaste can last up to five days or even more. Start cultivating these useful habits today and make them a part of your daily life. You will be pleasantly pleased when you notice your household expense start to decline bit by bit as time goes...
read more7 Cost effective ways to cool your home
7 Cost-Effective Ways to Cool Your Home As the temperature rises, so does the cost of cooling your home. But a new federal law may help keep your home both cool and cost-effective. In January, the U.S. Department of Energy raised the minimum efficiency standards for air conditioners and heat pumps from 10 to 13 SEER (Seasonal Energy Efficiency Ratio). Although homeowners aren’t required to replace systems that are less than 13 SEER, doing so could shave 23 percent off energy bills. Think of SEER ratings like gas mileage: The higher the SEER or miles per gallon, the more energy “mileage” you get. So as SEER levels rise, your cooling and heating products use less energy, giving you more bang for your buck while providing real environmental benefits through decreased energy consumption. “The new 13 SEER standard not only conserves energy but it also reduces associated carbon dioxide emissions,” says Rick Roetken, director of marketing at Indianapolis-based Bryant Heating & Cooling Systems. Bryant recently introduced a new line of 13 SEER models that provide superb savings, efficiency and comfort. The improved top-of-the-line Evolution System reaches levels of up to 20 SEER while allowing users to control heating, cooling, humidity, indoor air quality, schedules and maintenance reminders from a single, easy-to-navigate source. To keep your home cooling system at peak efficiency, Roetken recommends having it inspected at least once a year by a trained service technician. Here are some additional tips: Install more attic insulation. Upgrading from 3 inches to 12 inches can cut cooling costs by 10 percent. Plant a tree. One well-placed shade tree can reduce your cooling costs by 25 percent. Place leafy shade trees to the south and west and evergreens to the north. Use ceiling and box fans to help circulate air throughout the house. Set the fan on your central air conditioner to “on” rather than “auto.” This will circulate air continuously, keeping the temperature constant throughout the house and aiding in dehumidification. If you use a window air conditioning unit, make sure it’s the proper size. It’s better to get one that’s too small rather than too large. A larger unit will start up and turn off more frequently and won’t do as good a job dehumidifying the air. Invest in a programmable thermostat. If you don’t have central air conditioning, try a whole-house attic fan. This device pushes hot air out through the attic vents, lowering the temperature throughout your home by about 5 degrees in less than 10 minutes....
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