Category: Saving

Saving during any time of economic downturn is imperative and with a pandemic raging it is more important than ever. Saving money on your fixed costs monthly can allow you to avoid financial peril if your work hours have been cut or business you worked for has closed. Doing small things like turning lights off is going to make a difference if an entire family does this religiously. Taking a proactive approach to save money is the most important factor as it is easy to waste money when it is not a priority to save. The following are improvements that you can make around the house and tips to save on monthly costs overall.

Invest in Energy-Efficient Smart Home Products

The ability to allow the temperature in certain rooms to be cooler than others is amazing. There are vent controls that work by identifying if someone is in a room so it can be cooled or heated. You do not have to come home to a cold house as you can program thermostats to warm then house up right before you arrive home from a long day at work. Lights being turned off after you have left the home is another advantage of using automated technology.

There are still other ways you can save on electricity like that of putting several items on a power strip. The television and other connected devices being put on a power strip allow them to be turned off at once when they are done being used for the day. Leaving them plugged into a traditional outlet will require electricity even when they are no switched on.

Propane Heating

For those that live in any climate, you understand how heating with electric can cause an electric bill to skyrocket. Propane not only is a less expensive option to heat your home, but it also is more eco-friendly than other methods. Finding a Pittsboro propane delivery service or one in your local area can provide ultimate convenience and savings. Being able to automatically fill up your tank will never leave you cold. Costs of propane are less volatile than the prices of other heating methods which is another factor you need to keep in mind.

Get Rid of Cable/Invest in One Streaming Service

Cable television is rarely worth it for many that work long hours as they want to spend time being entertained instead of frustrated by constant commercials. Cable used to be the only option for live sports but streaming services are offering this in today’s world as well. The bundle deal is usually how a company tries to keep your business but cutting the home phone and cable will be worth it. Most people do not use their home phones, especially in a younger generation as they only use their smartphones.

Replacing Old Windows will Pay for Itself

Old windows are going to cost you money in electricity/propane every month. The last thing that you want is to have windows with poor insulation in an area that has extreme climates. Running the air conditioning constantly or having to heat the home to unreasonable levels due to the inability of the windows to insulate costs you. Being able to save monthly will allow the home improvement to pay for itself. The additional benefit is that energy-efficient windows will help improve the value of a home. Plenty of buyers want to reduce their monthly bills and their carbon footprint simultaneously.

Saving money around the house can be simple if you list out all of your monthly expenditures. You might find that you are paying far too much for a service or utility than another would ever charge.

 

As we get older, we like the idea of having fewer worries so that we can enjoy ourselves. We’ve worked and studied all our lives, raised children, and enjoyed many an adventure. So, when we retire, it’s time to sit back and relax without having to worry about being somewhere on time or having financial issues. 

 

You may be wondering how to go about this and what you can do to get your financial life on track to enjoy a happy retirement. Well, wonder no more. We’ve come up with the fundamental aspects you need to address to enjoy your golden years to the fullest.

Become Debt Free

One of the best ways to make sure you no longer need to meet payment deadlines is to become debt-free before you retire. As long as you pay on time each month, this shouldn’t be an issue. If you can pay a lump sum of your debts all at once, we highly recommend it. The sooner you are without debt, the quicker you’ll feel the weight lifted off of you. 

Health Care

It’s no secret that as we age, we tend to fall victim to more ailments. This can be tough to handle if we don’t have the right insurance and health care in place. There are specific plans available now to the older generation. 

 

These are more aimed at the typical illnesses we tend to suffer, and they offer help to that particular age group. A quick search online will give you more info and a variety of options to read about and choose the right one for you.

Manage Expenses

Hopefully, you have paid off your debts and have more money from savings and pensions to be able to enjoy yourself. Now is an excellent time to sit down and write up a plan for your expenses each month. 

 

You’ll need to factor in how much you spend on groceries, bills, and any other living expenses. This way, you’ll be able to see how much you have left for leisure expenses. Even though now is the time to enjoy your nest egg, it’s still a good idea to keep saving if you can. 

Housing Expenses

This specifically focuses on whether you pay a mortgage or are renting. If you are renting, have a look and see if your savings will allow you to buy a small home. This way you’ll have no more monthly payments.

 

If you have a mortgage, make it a goal to pay it off before retiring, similarly to paying off your debts. 

Insurance

If you didn’t have it before, now is a great time to get life insurance. You never know when you’ll have an accident or get ill. If you have a spouse, children, and grandchildren under your wing, having life insurance will make sure they are well cared for when you’re gone, and it’ll help to pay for any arrangements that need to be made when the time comes. 

Give Back

Perhaps you were very successful before retirement and have a lot of savings or a large pension. If you’re unsure of how to spend or enjoy all your earnings, why not give back to the community? There are hundreds of ways you can do so. 

 

You could donate money to a cause close to your heart, or if you don’t have much to give away, maybe help out at a local school or library. They are always in need of an extra pair of hands and will really appreciate your help. 

Be Ready When the Time Comes

After reading this, you should now be ready to enjoy your retirement to the fullest without money worries and prepared for whatever it throws at you. As long as you plan well, you will live a long and happy life after work. 

Part of being a parent is preparing your kids to live productive lives once they become adults. While this includes things like getting a formal education and learning how to take care of themselves, many parents neglect to give their children proper lessons in personal finance.

Whether this is an innocent omission or it’s glossed over due to talking about finances being taboo, it only does a disservice to your children is you send them out into the world without knowing at least a few basic principles of finance. To help you in teaching these things to your children, here are ideas to teach your kids about money while they’re young.

To Delay Gratification For Something They Want

Especially when kids are very young, they can’t understand or fathom the idea of delaying their own gratification for any reason. When they want something, they want it now. And while this often works out for them, this isn’t a trait that should be indulged for long.

Consequently, Laura Shin, a contributor to Forbes.com, recommends that, from an early age, you teach your children that it’s possible and sometimes necessary to delay their gratification for things they want. If you can teach your kids how to not buy something impulsively or spend money now when it should be saved, you can save them a lot of hardship in the future.

How To Earn Money

From a young age, your children can learn about earning their own money. When they’re little, you’ll have to be the one giving them simple jobs to do and then compensating them appropriately. But as they get older, it’s wise to encourage your kids to get jobs of their own.

According to Madison Dupaix, a contributor to The Balance, it can be even more beneficial if you can nurture any entrepreneurial spirit your teen has by helping them to start their own business. As long as their idea is safe and legal, like not pet sitting for animals that will harm them or using proper equipment for landscaping, your teen could learn so much more than just the basics of making money.

The Importance Of Saving

Not only should you teach your kids about making money and then wisely spending that money, but you should also stress the importance of learning how to save money for a future purpose.

To help make this idea stick more, DaveRamsey.com suggests that you have your children save their money in a clear jar so that they can visually see how their savings grows and grows as they add money to it and abstain from making withdrawals.

If you want to give your kids the best chance of finding financial success in their adult years, consider how you can best teach them some of the financial principles mentioned above.

While almost everyone loves to travel and get to know a new place in the world, no one really likes to spend the hundreds or thousands of dollars it usually costs to make this traveling happen.

If you’re a lover of music and a southern way of life, you’ve likely wanted to visit Nashville, Tennessee, at one point or another. So to help you make this dream come true without having to spend an arm and a leg on it, here are three tips for saving money on a trip to Nashville.

Go Out For Lunch Rather Than Dinner

Regardless of what city you’re visiting, you’ll find that the costs for food are markedly higher when getting dinner than when getting lunch. Especially in a city like Nashville, this can have a big impact on how much money you’re spending during your trip.

To save on these costs, Stephanie Sargent, a contributor to U.S. News and World Report, recommends that you visit the more well-known and higher-end restaurants for lunch rather than for dinner. By doing this, you’ll still be able to experience some of the amazing cuisine that the restaurants of Nashville have to offer without paying the higher sticker price of eating those meals for dinner.

Take Advantage Of All the Free Music

Nashville’s music scene is arguably what the city is most well known for. While most big names in music will roll through town when on tour, you can actually find a lot of free music all over the city without having to pay for an expensive ticket.

According to Caroline Hallemann, a contributor to Travel and Leisure, some of the best places to check out if you’re wanting to listen to some free music from up-and-coming artists include the bars on Lower Broadway, the Bluebird Cafe, the Country Music Hall of Fame, Centennial Park and more. Additionally, you can also find people busking all over the city, but keep in mind that it’s good etiquette to leave some money for them if you stop to listen for a while.

Do Your Own Exploring

Although the actual city of Nashville isn’t too big, there’s a lot of exploring that you can do on your own in the area without hiring a guide or taking a tour. According to Trip Advisor, some of the best places to get out of your rental car and explore include Edwin and Percy Warner Parks, Radnor Lake State Park, Natchez Trace Parkway, and more.

Additionally, walking all around the downtown area can also be fun, especially since it will get you out of any busy traffic and keep you from having to find a parking spot amid all the other visitors, which is often when many travelers get into car accidents.

If you’re thinking about taking a trip to Nashville, consider the tips mentioned to help you have a great time and save yourself some money along the way.

If you’re like the average person, you live paycheck to paycheck. And if you have any money left over at the end of the month, you typically blow it on something frivolous. But what if someone told you that you could save $13,000 over the course of the next 12 months? Well, it’s as easy as stashing away $250 per week.

Try These 6 Money-Saving Tactics

People make the challenge of saving money more difficult than it has to be. At the end of the day, it comes down to two key ingredients: self-discipline and planning. The idea of self-discipline as it pertains to money management is a discussion for another day.

In this article, we’re going to show you how you can develop a plan for saving. In particular, here are six ideas that would, in theory, allow you to save a minimum of $250 per week (or $1,000 per month).

1. Stop Eating Out

The quickest way to save money is to pack your lunches each day and stop eating out. This one simple habit will save you substantial money in the blink of an eye.

Let’s say you currently eat a fast food meal every day for lunch. On the conservative side of things, each meal costs you $6. That’s $30 per week. Then let’s say you eat dinner out twice per week, with an average bill of $15. That’s another $30 per week. (We’re up to $60 total.)

Packing your own meals for lunch – whether it’s sandwiches, wraps, soup, or leftovers – costs just pennies on the dollar. (We’ll say it costs you $2 per meal.) The margins are even better with dinner. You could easily fix a dinner that costs you just $5 – especially if you cook in bulk. When it’s all said and done, you’re saving a total of $40 per week.

Potential Weekly Savings: $40

2. Use Grocery Delivery and Pickup Services

Simply grocery shopping for your meals doesn’t automatically mean you’re going to save money. It’s easy to go into a store hungry and have your impulsive personality drive up your bill. That’s why it’s recommended that you use a grocery delivery or pickup service that lets you shop online and avoid ever walking through the doors of the supermarket. On average, this will prevent you from buying four or five unnecessary items per weekly trip.

Potential Weekly Savings: $25

3. Shop With Coupons

If you’re someone who spends a lot of time shopping online, the best way to save money is by cutting back on discretionary purchases. But if you absolutely must buy something, it’s always smarter to look for a coupon. Bookmark a site like Coupons.ca, which curates coupons from companies across many different product categories, including health and wellness, beauty, travel, and electronics. If you spend an average of $100 per week shopping, 25 percent savings can really add up.

Potential Weekly Savings: $25

4. Nix the Gym Membership

Exercise is great. You should be getting physical exercise every single day. But a gym membership isn’t the only option. In most cases, it’s expensive and inefficient. The average membership is $60 per month. Add on things like gas, impulse purchases at the gym (shakes, extra classes, etc.) and the price rises. By working out from home – or simply jogging around the neighborhood – you can save big.

Potential Weekly Savings: $20

5. Spend in Cash and Save Change

There are many reasons to shop in cash – the least of which is the ability to save money by rounding up purchases and stashing away the difference in the form of change. For example, if you spend $7.13 at the convenience store, you take the $0.87 of change and put in a jar. Over time, all of these coins add up to something much larger.

Potential Weekly Savings: $20

6. Pick Up a Side Job

We’ve listed a handful of ways to save in this article. There are dozens more that we haven’t even touched. But if you really want to accelerate your savings, consider picking up a side job that you can do at your own pace. Something like driving for Uber or listing your apartment on Airbnb on the weekends works well.

Potential Weekly Earnings: $220+

Take Control of Your Finances

It’s time to eliminate to stop having a pity party for yourself and start taking proactive steps towards gaining control over your finances so you can enjoy financial freedom. As this article shows, it’s as simple as developing a plan and making smart choices. By tucking away just $250 per week, you can set aside $13,000 in one year, $26,000 in two years, and more than $100,000 in eight years. Consistency is the answer.