The Save Money Blog

Archive for July, 2009

Sometimes it's hard to save money when the stores you are shopping in aren't really helping your cause. I am talking about the fast food mentality of today's mega shops. Everywhere you go now is run by barcode scanners and suffice to say, they are machines. We all know that machines are only as smart as the person that is running or programming them. It's no suprise that many of us probably get overcharged on a number of occasions and don't even know it.

There are lots of reasons why we would get charged the wrong price. The machine is not functioning properly, it has been programmed with the proper sales price information or through human error such as a clerk double scanning an item. Either way it's important to check out receipts before we leave the store. I always watch the clerk scan the items and check the price as they do. If I feel something went wrong then I ask them if it was the right price. Get in the habit of checking your receipts before you leave the store and I bet you will be suprised.

One of the greatest benefits to shopping online is that fact that you do comparison shopping so much more easily then you can when trying to do it in person. This is a great way to save money and find your items at the best price possible. Today we were pricing some tires out for our Jeep and it's such a pain calling a half a dozen places, keeping track of the prices and the different services that go with each. Although tires might not be the best example you can always have a few browsers open to compare items. You can also find sites that have comparison charts. Think about looking at something like apatrim. You can break down exactly what you are looking for and find the best price. I like to be able to compare my items and the internet is great for that.

With energy prices on the rise, not only are people paying more at the pump, but they’re also paying more in their utility bills. This may cause you to be looking at energy efficiency in a whole new light. When you are purchasing home appliances, it is becoming more and more important to consider not only the price tag, but also the impact on your energy bill. So while some energy efficient appliances may cost a bit more at the store, the savings you get at home can outweigh the purchase price difference pretty quickly. Another bonus is that energy efficient appliances cause less stress to the planet, saving the environment.

Figuring out which appliances are best for you though, can be tricky. Different appliances and other home products like windows and insulation all have their own terms for what makes them energy efficient and they can be tough to compare. Looking for the Energy Star can be a good place to start, but before you do, it is helpful to know what it is and what it means.

The Energy Star is a US government program, started in 1992, that is a joint project of the Department of Energy (DoE) and the Environmental Protection Agency (EPA). The list of consumer goods that can qualify for an energy star rating has expanded steadily ever since. According to their website, http://energystar.gov, products that have the Energy Star label have met strict standards set by the DoE and EPA for energy efficiency and low emissions. While appliances are not on the list, some Energy Star labeled products give tax credits to purchasers, and manufacturers of Energy Star appliances are eligible for business tax credits, which can mean savings passed along to consumers. Switching to Energy Star rated appliances can save an average of $80 a year on home energy bills.

Looking for the Energy Star when purchasing appliances is a good place to start, but keep in mind that not all appliances are eligible for the Energy Star. These include clothes dryers, ovens, and ranges. The DoE does have guidelines for purchasing energy efficient appliances in these categories though, and you can find links to them at http://energystar.gov also. You can find the Energy Star on washing machines, dishwashers, refrigerators, and freezers, as well as other products for your home, like computers, phones, and lightbulbs.

A friend got married  a couple of weeks ago and prior to that we were talking about the cost of the wedding. Who can afford an expensive wedding these days? You have to do everything you can to try and save as much on your wedding as you can. It's the small things that add up. He was telling me how he found a great place online and found some really nice wedding invitations. One way the cut down expenses was to make their own wedding favours. They looked through a few magazines to get ideas and then went out and made their own. They ended up saving some nice money and they gave their guests a nice personal gift and everyone enjoyed.

When I came across these tips I was at first thinking about fire and brimstone but in the end when it comes to getting your money spending under control maybe that is not a bad thing. Yesterday I was near a Golf Town which would be my place of temptation. I need to buy a few low cost items like bulk golf tees and some balls. I went in, grabbed what I needed and got out without looking around. If I would have looked around god only knows what I would have spent. I am sure a few clubs would have come out the door with me, clubs I don't need.

Here are some helpful tips on how you can avoid temptations and be able to save money:

1. Try hard to avoid those things that keep you from saving. If you are fond of buying shoes even if you don't really need them, try very hard to stay away from them. Keep yourself away from shoe stores so that you will not be tempted to buy one.

2. When going to grocery stores. Always bring the exact amount and bring with you a grocery list. If you have limited money in your pocket when in grocery stores, you will be forced to buy only those important things that you need. Preparing a grocery list will also help you get organized and will help you in deciding the things that need to be prioritized.

3. Go to the malls only when needed. Do not go shopping if you do not need anything important to buy. Window-shopping will only tempt you to buy the dress you saw in the boutique even if you don't really need it.

4. Do not bring your credit cards all the time. Having a credit card in your pocket will only tempt you to buy things that are not necessary. This will also help you lower your balances and have a good credit score.

5. You may want to save money in the bank or invest in time deposits. You will not be tempted to get money from the bank every time you need cash, if they are placed in a time deposit account.

6. You may also want to consider consulting a financial advisor. There are a lot of programs that offer these services for free. They may be able to help you and give you advice on how you can avoid temptations and save more money.

Budgeting is the one thing that I don't do. I guess I do it but I don't go to great lengths because I do have control over my in and outs each month but realize that many do not. Setting up a budget doesn't have to be as complicated as it sounds. Once you have a decent and formible plan you can really get a hold on your monthly expenses and find ways to save or maximize you money.

I cam across these tips recently to help you set up a personal family budget.

1. Gather three months of your pay stubs and get your average monthly earnings.

2. Get out three months of your monthly bills. Do this for the fixed expenses like the rent, phone bill, car payments and other loans that come monthly. Add them up and get the average. Do the same for other expenses like groceries, and credit card bills.

3. Evaluate the results of your computations. Looking at your average monthly earnings against your monthly fixed expenses and other monthly expenses, think of some ways to economize. Cut back on some items that are somehow unnecessary.

4. Knowing the facts of your income and expenses, develop a family budget and try to stick to this monthly budget.

5. Now that you have a monthly budget, set up a savings account. Save up by making regular deposits to this account.

6. Keep track of this monthly family budget just to see if it is working for you. Try to fine-tune the "rough edges" of this budget as you go along.

7. If you can get hold of a personal budgeting software or spreadsheet application to keep record of your budget, the better. This will make organizing your expenses very easy.

These are the basic steps in developing and implementing a no fret, easy to stick to monthly family budget. Of course each family has diverse needs and wants. You have the freedom to develop your own monthly family budget, depending on your family’s financial background and needs. No matter how you do it, just focus on the end result, which is building a savings that leads to a bright and financially stable future for your family.

It has pretty much rained here every weekend and most of the week days since May. Pretty much the worst summer I remember in quite awhile. At this point I am not even really taking a hardcore vacation. If I was the one thing I would not being doing is putting myself into some kind of terrible debt trying to pay for it. If you don't have it, don't spend it. There is no sense in going into debt for the next twelve months to pay for five days of fun.

The one thing I have noticed is there are still lots of great deals vacations to be had without selling the farm. Vegas vacations can always be had for a decent price no matter what time of year you choose to go. You can find great deals on renting cottages, amusement park packages or even just getting away for a few days and staying in a nice hotel. Do your pocket book a solid and do some digging before you blow your Christmass money in July.

I was listening to a radio show today, a guy was telling a story how he picked up a nice economical car that his family could afford and how his wife was dissapointed that they didn't buy a top of the line gas guzzling luxury car. The guy obviously made the right choice.  I had a friend in school that always had cars that he could barely afford. They were nice but then he had no money to do things on weekends with because he was car poor. I don't know why we do it but we knock ourselves further into debt by buying things we want and can't afford.

I have some more work to do in the basement. What am I going finish it with. Drywall, paint, chipboard or metal tiles? While I would like to do it top of the line I have to make some tough decisions. One, I am not going to be here for the rest of my life so why sink thousands of dollars into something I will not fully enjoy. Two, I am going to finish things off with whatever I can afford at the time. I am not going to knock my pocket book silly because I want my basement to look like the grotto. I have to be reasonable.

The next time you have the urge to spend, think about things. Can you afford what you want or can you get away with what you can afford.

We recently had a birthday for one of the kids in the house and the present of choice was some pearl jewelry. So my other half went out to one of the more popular places in town to buy jewelry and came back with what she found and the picelist. At first I said sounds good to me, they have been around forever and have a good name. Then I thought about the saving money blog and said, why not go to a few other stores and do some comparison shopping. We had lots of time because we planned ahead. We didn't leave things to the last minute.

The result? We ended up finding a far better piece at a very cheaper rate. We came out winners on both ends by planning this birthday present well out a month before it happened. If you leave things to the last minute you are going to get burnt. You are going to buy on the spur of the moment and odds are you are going to overpay. Put a calendar together or use your computers appointment software built into outlooks email program. Plan ahead and save some money.

Have you ever been caught in a pinch and found yourself without and emergency fund? If you have been caught without an emergency you have little choice but to take out a loan or build up debt on your credit card at an outrageous interest rate. Not exactly the best plan. It's not hard to imagine having a medical emergency or a large home or car repair bill. 

By putting away a few extra bucks each week you can save yourself having to borrow or run your credit card up if you do have one of these emergencies. Yes, one can and should budget and allocate the extra money for emergency fund, as this is very significant when one refers to his "financial future". Here, the goal is to create savings from budgeting your income; the emergency savings should ideally be equal to at least three months your living expenditures.

What's important is that you should steadily put a certain amount of money aside, and only use it for real emergencies.

Not like an investment, the success of one’s long-term savings funds does not really count on the amount of return or interests but on placing a fixed amount of money away constantly and steadily so to have immediate access to it at all times.

In spite of one’s financial status, the initial step in the process of constructing an emergency fund is by knowing where your money is presently being consumed or spent.

When one recognizes and determines where one’s earnings are spent, then it will be easy for one to choose and make a decision where to trim down expenses. In other words, budget.

Budgeting is putting or setting aside money for anticipated and unanticipated future use. It is here that one sets up a goal so as to save. So set an emergency fund as your goal.

Checking, savings, money market accounts and "certificates of deposits", are great places to keep one’s cash that might be needed on quick notice.

The amount saved from budgeting can either go to your savings goal, emergency fund or both. One could utilize the money saved from budgeting financial expenses by saving half of it to your savings account and half of it for emergencies. This way, you achieve your goals in savings and at the same time put in funds for emergency use. It’s your choice.

I was recently looking at replacing a shed in my backyard sometime over this summer. There are two ways of going about it in my books. You can either buy a kit and put it together or get some plans, purchase the lumber and build it from scratch or you can pay somebody to do it. I went to a local hardware store and was looking at the outdoor centre. They had sheds, garages, swing sets and other outdoor playground kits for sale. For the price of the kits, I am thinking I would have been better off with the kit. Since the kits have everything you need there is no way to screw up building them and they are pretty much maintenance free.  You aren't going to run into any overage costs or you won't be wasting material if you mess up your cuts. I have already put one together it was pretty easy and the finished product looks pretty good. Buying a kit was cheaper than paying somebody to build my shed and probably cheaper than if I tried to build it myself.