The Save Money Blog

Archive for March, 2009

We had this promotion at my place of employment recently to get an insurance quote from a company that they were promoting. The hook was just by getting a quote you could enter into a draw for a tv. They have a second draw on now for money so I sat down and got some quotes on my house and car insurance, as did a few other people.

Here are a few things that I gained insight into by going through the process:

1. A friend did a quote two months ago and just redid one with the exact same information and the price went up by $400 for her car insurance. Something there just isn't adding up. Do your math when looking into changing companies and if something doesn't seem right it usually isn't.

2. Remember if you are switching half way through your policy then you will have to pay a fee to break your contract which might end up costing you more in the long run. That is if the savings with the new company you are switching to isn't as high as the cancellation penalty.

3. Be careful of introductry offers. Some companies will give you a sweet first year rate and then jack up the price by a large amount from there on in. Ask to see if what you are getting is the rate forever or just an introductry rate and if you are on the hook for anything past that date.

4. Make sure you are getting the same coverage and deductable amounts that you are getting now. You might be saving money but not have the same coverage.

Up until recently I never knew just how the power of using coupons could save you money online. They are a no brainer and practically every website offers them every month. You can save good money on items if you are shopping online. There are many kinds of coupons that you will find. Some offer a percentage off while others offer a straight dollar amount off if you spend so much. Either way it’s a nice way to save money.

I like to find sites where you can find a Coupon code daily update. And what that means is that they check all of the major websites and update their coupons codes everyday so that you have the newest and latest codes to use. There is nothing worse than going to a site, getting a coupon code and then finding out it doesn’t work.  This site also keeps their codes fresh and updated so you will have no problem with expired codes.

They also have everything categorized so you can easily find what you are looking for. I personally hate having to sort through hundreds of codes just to find what I am looking for.  If I want something for my computer I want to look at computer codes only. They do that and it’s great.

Coupon codes are a nice way to save online. If you do any online shopping at all do your bank account a favor and look for coupon codes.

I came across this article recently which discussed different ways of saving your money based on what your goals or plans are for saving that said money. It's basic in principle but interesting that once you have your goal in mind you should set up a plan or method to see it through and save your money.

1. Savings accounts. When saving for just a short period or for emergency purposes, consider opening a savings account passbook, as it is in this method that you can easily gain access to your funds. Great for both long and short term savings, you can deposit and withdraw money to your account and earn interest, based on your average daily balance. A minimum balance is required to be maintained though, and you are charged with a penalty should you fail to maintain it.

2. Checking account with interest.  Here one can benefit from checking account conveniences, while your deposits gain interests. Generally these types of accounts grants privileges such as limitless withdrawal and check writing, access to ATM and bill payments that can be done online. The interest and fees are generally based on the balance that you have in the account.

3. Money market insured accounts. For long-termed goals, this method is ideal, as it generally offers a much higher rate of interest compared to a regular or standard savings account. The interest rate usually is dependent on the amount of money in your bank account; larger balance means higher interest.

4. “CD” or Certificates of Deposit.  This is a savings method requiring you to “loan” your money to your financial agency for a certain time frame, usually ranging from thirty days up to five years. Here, the longer the time span again, means higher interest.

At certain times, when your goal is many years away, it can be a wiser decision to save money in a certain way that you are not drawn on using it other than the main reason for saving it. Deciding on the right financial agency such as a bank, credit union or insurance firm can bring about a lot of benefit in your finances.

I would never be one to say that you should become a complete backyard mechanic and do all of your car fixing yourself. That would be crazy and probably end up costing your more money that it would save you.  But on the other hand there are lots of things that you can do yourself to save a little money. I am talkng about more of the small things, maitenance type items that we all pay a lot for out of convenience.

Things like changing spark plugs, oil and air filters and oil changes for example are pretty easily done and don't take a lot of resources to do. If you have a small garage then all the better. There are so many how to guides on the internet that it's worth it to check them out and see if you are up to the task. Watch the person doing some of these jobs the next time you go in and see for yourself how easy it is. You can find the tools you need like automotive lifts or wrenches from any automotive store.

If you have the time, place and a little know how saving money of car maintenance could add up and put a little more money in your pocket each month.

Well I guess I am not a very good save money blogger. Today I wrestled my way through a ton of paperwork that I had stashed near my computer and discovered I missed paying my internet bills by two weeks. Most of my bills are paid online, some right away and some I have to manually do. I like to do this so I can get a paper copy for my taxes. Old school but I get so much spam I can't risk missing a bill through one of my filters.

This will be the last time I miss a bill as I hate paying interest when really there is no reason to do so.

One, when a bill comes in have a special place near your computer or desk space to put them and alway put them there. Get in the habit of putting your paperwork in the same place.

Two, make a sort of inbox, outbox and receipts type space on your desktop where you can file all of your paperwork. Nothing is more frustrating then having to hunt down a receipt or credit card bill when you need one in a pinch. If everthing is sorted properly it won't be a problem.

Three, when your bills are processed file them away in an accordian file or filing folder. This way you know where they are and trust me it will make tax time and returning items under warrenty a lot easier.

Finally and most importantly if you can, pay them right away. You can pay any bill online, there shouldn't be any that you can't. Get in the habit when you get home from work of logging on, opening your mail and paying your bills. You can alway set the date at which the payment comes out. I always pick the day or the day before if it's a weekend just be to safe.

Paying your bills on time is a routine or habit that doesn't take much to get into the swing of.

I love the internet and love looking at all of the major electronics websites having the deals of the week.  You can really pick up some nice items at great prices if you do some comparitive shopping. Just look at this sale going on right now. Where else can you save some much on electronics. Those prices on SanDisk microSD cards and HDMI cables can't be beat. The best part is the free shipping. Nobody wants to pay for shipping these days, why would they? If you are in the market for somethng of the gadget or electronic type the best deals are the sales of the week. 

I am not sure if anybody has noticed or not but the March or spring time sales seem to be in full force on the internet and in stores. I was looking through the pile of flyers that just came this week and everybody and their brother seems to have sales on this week. Not only that but online too. I was looking at discount furniture sales as an example and there are plenty of places to find great deals online. If you are in the market now seems to be like a good time to save some money and pick up something nice.

The first smart secret to a budget is to set a goal. What do you want to achieve? Do you want to correctly appropriate your income into bills payments? Do you want to put an amount aside for a big purchase or a huge investment? By having a goal, you will be able to shape your budget to best serve your interests.

Secondly, you would want to take note of where your money usually goes. This includes bills, major but regular purchases (like grocery costs, healthcare costs, and the like), and everyday miscellaneous purchases. Only when you list down where you know your money usually goes will you be able to identify which expenses you can do without. Once you’ve identified these regular expenditures, take into consideration what you can cut back on. How much do you spend on your daily caffeine fix in the morning? How much do you spend on newspaper deliveries to your front door? The measly $2 or $5 of these small purchases cumulatively translates to more than $3600 a year! Instead of buying your expensive latte or reading the newspaper on print, put aside the amount you would usually pay for these small routine purchases in a small container. You will be surprised at how much you’re saving out of your older budget.

Being indebted is a vicious cycle on its own. You’re talking about continuous payments, not to mention huge interest rates. The best way to deal with this is to pay the minimum on all of your debts in order to avoid paying extraneous late fees. Whatever cash excesses you may have, you can opt to add on to the payments you make in your biggest debt. This way, you are concentrated on getting the biggest debts first that cost you the greatest interest rates. Doing this progressively, you’ll be amazed at how much you’ll get off your huge debts.

The last and most important step is to jot down the amount you earn the sum you spend. You can make use of computer cash management programs, or make database sheets of your own. Make a system that works for you and will help you keep track of your monthly budgeting progress.

I was at a friends house over the weekend and he is having a problem with moths. I recommended that he go out and pick up some of those pantry moth traps before things get out of hand. Put the proper cost into fixing your problem now before it costs you a lot to fix more things down the road. Another co-worker is in the same position. He lives beside a country lot and was getting mice in the house. He was just putting down traps but what he has to do is find out where they are coming in and stop it. He is just throwing money away each week because he isn't getting to the heart of the problem.

That is the lesson. Spending a bit of money do to things right the first time around can and will save you money in the long run. Don't do a bandaide approach to things. You will find that you will be sinking money into your problem or project constantly whereas you could have paid out once and had it fixed the first time and fixed right.

Here are some basic tips to help you save money. Kind of basic in idea but still important to read if you are looking to pack a few dollars away. These tips are hinting at realizing what you have, what you need and what you want. If you want to save money because you are in debt then you have to realize that there are things that you want but just can't have. You have to be content with the fact that have to survive on enjoying the things that you need to get by on.

1. Determine the things that are important to you. Identify the items that you need and the items that you want to have. Always remember that you should only buy things that are important and needed in your lifestyle.

2. Make sure that you spend your money only on basic needs like food, transportation, shelter, and clothing. These basic needs are worth spending for because these are important for your health and security. They are the things that you cannot live without and should be allotted in your budget.

3. Make a list of the things that you want to buy and be sure that the items that you are buying are good enough to sustain your basic needs. You have to be satisfied with the things that you have now, as long as it is still useful and can accommodate your needs.

4. You may avoid unwanted purchases by trying the item first before buying it. This is to make sure that the item is worthy enough to acquire. There are instances that you tend to buy things without even knowing its effectiveness and quality. You have to keep in mind that you always need to spend your money wisely on items that have quality and are according to your budget.

5. You may try to budget your money in advance. You can make a plan first before spending your money. There are instances that you spend your money without even thinking that it is not the right time to have it. It also advisable to buy items at the end of the season, prices at this time of the year are low and cheap.

6. You may compare items on their prices. Do not limit your options to just one store only. You may find the best item that can be useful and affordable to you by window-shopping first rather than buying by impulse. Many stores out there carry the same items and can offer lower prices.