Four tips for saving money during your vacation
A great family vacation is filled with memories you’ll typically never forget. But, these same memories can also be quite costly. Keeping the following tips in mind while on your next trip will help to cut down on expenses, and will give you more money to spend on having fun.
1. Work Out a Budget
Establishing (and sticking to) a budget is the first step to controlling your spending while on vacation. Before you leave, figure out how much money you can comfortably spend on the entire trip and decide how much of that money you want to go toward things like snacks and souvenirs. This way, you’ll avoid spending more money than you can afford on spur-of-the-moment purchases.
2. Stay in a Smaller Town
When you’re planning a trip to a major tourist destination, the cost of food and accommodations will likely be higher there than in smaller cities nearby. While you may need to travel to the destination you have in mind, finding a hotel in a smaller city saves you money and also keeps you away from larger crowds.
3. Eat a Big Lunch
If you want to make the most of your vacation meal budget, eating a big lunch helps more than you think. Many diners and restaurants offer lunch specials that are bargain priced, compared to their dinner specials.
By eating earlier in the day, you avoid dinner-time crowds. Not only that, eating a big lunch can actually be better for you than eating a big dinner. Eating before you take on the majority of the day ensures that you’ll have the energy until bedtime.
However, eating a big dinner shortly before turning in for the night loads you down with calories that you don’t have time to work off and might even affect how you feel the next day.
4. Reduce Power Usage at Home
Many people already turn off lights and electronic devices when they’re about to take a trip. However, that’s only the first step to keeping the power bill down while you’re away.
Turn down the heat on your water heater’s thermostat to save the money you would otherwise spend keeping your water warm. Some water heaters come equipped with a “vacation” setting for doing so. Depending on when you plan to travel, set your thermostat a little lower in the winter or higher in the summer. This means your furnace or AC runs less.
Keep in mind that taking a vacation is all about having fun. Spending a bit more than you planned on isn’t so bad. However, if you do your best to stick to the budget you laid out before the trip, you’ll generally end up with more money to put toward the next one.
Four ways to slow down on spending
Scads of people don’t realize just how much money they could save on a daily basis. Many unnecessary costs can actually be reduced or eliminated altogether. Don’t be like them. Here are some tips to help you curb your spending, allowing you to add to your piggy bank.
1. Prepare Your Own Meals
Buying breakfast from a fast food restaurant on your way to work isn’t too expensive on its own. But, doing so even once a week can quickly add up to a significant amount. If you find yourself ordering food every day, consider preparing breakfast or lunch at home so you’ll be able to eat when you need to.
Cooking for yourself at home tends to be much cheaper than eating out regularly. This applies to coffee, too. Brewing a thermos full of coffee in the morning will save you the time and money you would spend heading to the nearest coffee shop. Sorry Starbucks!
2. Give Generic a Try
Many stores offer generic or store-brand alternatives to both food and household products. If you see a generic alternative to a product you’re shopping for, give it a try at least once. If you like it, you could save money that you would basically be spending on the label otherwise. Some brand-name products contain up to twice as much (in volume) as their generic counterparts, so switching to generic products can lead to significant savings on your grocery bill.
3. Ditch the Disposables
Some of the products you use from day to day are only used once, then thrown away. Paper towels are handy when you want to clean up a mess in a hurry, but reaching for one after every spill can become an expensive habit. Instead of paper towels or napkins, use washable rags or handkerchiefs. Using them will create a bit of extra dirty laundry, but will also cut out the cost of these disposable products altogether.
4. Use Homemade Household Cleaners
At first, the thought of giving up commercial cleaning products may leave you with some doubts. However, you can make alternatives to many of these products at home. Vinegar is a very effective natural disinfectant with many uses around the home. Not only is it useful on its own, but it also works well with other cleaners to take care of all kinds of messes.
In addition to surface cleaning solutions, you can also make your own laundry detergent, fabric softener, shampoo and toothpaste. There are all sorts of recipes for commercial cleaning alternatives on the internet.
These are only a few of the ways you can lower your expenses. You can find even more ways to save by keeping track of the money you spend in a month. This will help you to identify areas where you need to start cutting back. Don’t forget – every little bit helps!
Five disposable products with reusable alternatives
The modern world is full of products that are meant to make our lives easier. However, many of these products are also disposable and simply thrown away after their initial use. Not only is this bad for our environment, it also leads to unnecessary spending. Here are five disposable products you probably use every day that have reusable alternatives.
1. Cleaning Towels
For many people, reaching for a paper towel is the first step in eliminating a mess. But, making a habit of using disposable towels can lead to an added expense when it’s time to go shopping. Instead of paper towels, invest in rags or washcloths that can be washed and reused. While this could mean extra loads of laundry, the money you save on buying paper towels is well worth the extra laundry costs.
2. Batteries
Many devices, including toys and remote controllers need batteries to function. Before you know it, you could end up buying batteries every time you go to the store. Fortunately, many battery manufacturers offer rechargeable versions of commonly-used sized.
These rechargeable batteries come with a home charger that plugs into a wall outlet that typically charges four batteries at a time. If you invest in enough of these batteries to supply all of the electronic devices you use every day, you eliminate the need to buy more disposable batteries in the future.
3. Food Storage Bags
For most people, buying meat in bulk also means buying plastic storage bags to keep it fresh in the freezer until it’s ready to be cooked. However, throwaway bags aren’t the only way to keep food fresh. An inexpensive set of plastic storage containers is ideal for keeping food fresh, as well as easier to store in your freezer efficiently.
4. Facial Tissue
While using a reusable cloth instead of facial tissue or toilet paper may not seem appealing, doing so can save a lot of money during cold and flu season. Boxes of tissue can disappear fast, but a cloth napkin or handkerchief can be washed and used day after day. Like the cleaning towels, using cloth napkins will lead to more laundry, but the money you save will outweigh the cost.
5. Paper Plates
Paper plates are handy for picnics, packed lunches, parties and more. But, they are also usually overpriced compared to their alternative. Reusable plastic plates, bowls, drinkware and cutlery can all be found pretty cheaply. Yes, washing all of this after an event might be a chore. But you won’t need to worry about buying new plates for future events.
While many of these products may require a bit of effort on your part, they can save you money and reduce the amount of waste you produce. Better yet, think of all the things you could buy with money that you would otherwise be throwing away.
Go green and save
Are you ready for some exciting news when it comes to “going green?” Great! Here it is: not only does staying environmentally conscious help the planet, this same train of thought allows you to save money too. Even better, it probably doesn’t take as much effort as you think. Consider the following examples to get you started.
Opt for Paperless Billing
Many companies trying to cut down on printing and postage expenses offer consumers a slight discount to switch to paperless billing. The discount is typically in the form of a digital coupon or pre-determined amount off of their bill. This won’t add up to huge monetary savings, but every little bit helps. And reducing the number of statements received annually helps to save a tree… a tree that turns carbon dioxide back into oxygen and provides shelter to our forest friends.
Take Advantage of Rain Water
Using rain water to irrigate your lawn or garden saves you money on your water bill (from $100 to $300) and conserves precious water supplies in dry climate areas. Depending on location, it’s estimated that the average homeowner uses 20 to 60 percent of their monthly water consumption for outdoor watering needs. In essence, this adds up to a lot of water, which can easily be put to better use.
Recycle Electronics
We live in an electronic age. According to the U.S. Environmental Protection Agency, more than two million tons of discarded electronics make their way to landfills each year – with a little help from uneducated consumers. Yes, two MILLION! Can you believe it?
Before you throw any of these devices out, check to see if you can sell or donate them. Gazelle.com is just one example of websites that buy back used electronics. This particular site even offers a bounty to those who refer a friend to do the same.
Eat Less Meat
Eating less meat, especially red meat, is just plain healthier. Not only that, data indicates that approximately one-fifth of the planet’s (man-made) greenhouse gas emissions are generated by the meat industry during the processing phase.
Further studies prove that preparing a meatless lunch or dinner once a week is as beneficial to the environment as not driving a vehicle for three entire months. There are hundreds of tasty recipes that don’t call for meat as an ingredient. Chances are, it won’t take long to find a few that your family thoroughly enjoys.
These are just a few of many ways to go green for less. Obviously, there’s no rule that says you have to try all of them. But, the more proactive you are, the more money you’ll save. Mother Nature and your wallet will thank you for it.
Save money on gas
Fortunately, gas prices are much more affordable than they used to be. But, that doesn’t mean there’s no longer a need to save money, right? The more money you save on fuel, the more you’ll have to spend on something else. Here are a few ways to do just that.
Clean Out the Trunk
If the trunk of your vehicle looks more like a storage unit, it’s time to clean it out. Studies indicate that for every hundred pounds of excess weight inside and outside of your car, you lose as much as a mile of travel per gallon of gas.
Avoid Cold-Weather Warm-Ups
Are you in the habit of warming up your car in cold weather? If so, you might want to bundle up more instead. Experts tell us that vehicles under 20 years old are perfectly capable of warming up during the first few minutes of driving. Simply stated, an idling engine wastes gas.
Turn Right – Not Left
Many drivers are surprised to learn that turning left typically uses more fuel than turning right. The premise behind this is the fact that it’s not uncommon to wait longer to turn left than right on a busy two- or four-way street. Again, when an engine idles, fuel is wasted.
Check Your Tires
It’s extremely important to monitor the air pressure of your tires – not only to save money on gas, but also to help to ensure that they last as long as possible. Believe it or not, as many as 85 percent of drivers don’t know how to check tire pressure. And, according to the U.S. Department of Energy, these drivers are losing as much as 11 cents per gallon of gas purchased. Over a year’s time that averages out to approximately $60.
Keep the Gas Tank Full
For those who can afford to do so, keeping the gas tank full is a money saver. Driving on an almost empty tank causes the sludge that settles on the bottom to flow through your fuel system. This, in turn, makes the fuel pump work harder. So, it’s important to refuel (with as much gas as you can afford) before your low-fuel light comes on.
Maintain a Consistent Speed
Depending on your current driving habits, maintaining a consistent driving speed can save you between 5 and 20 percent on the cost of gas. Repeated acceleration and braking does not conserve fuel; it uses it up much faster. In addition, driving at an even speed is just plain safer.
These are just a few tips to consider in regard to saving money on gas. As you can see, it’s quite easy to accomplish and doesn’t break the bank.
Saving money on utilities
Utilities represent an expense that typically can’t be avoided. Whether you own or rent your home, you’re responsible for them. The good news is, there are many things you can do help lower these costs. Here are a few ideas to get you started.
Invest in a Programmable Thermostat
If you don’t already have one, it’s an excellent idea to invest in a programmable thermostat. It’s an even better idea if you happen to work long hours or live alone. There’s no point in keeping your home at its warmest when you’re not there, or at night when you can take advantage of cozy blankets. Once you program the thermostat to regulate the temperature, it turns the heat up and down automatically. Just set it and forget it!
Put a Brick in Your Toilet Tank
Older toilets are not as water efficient as the newer models. Cut down on your water consumption by putting a brick or a jug of water in your tank. The idea is to take up space so that less water is required to fill the tank back up after you flush. It should be noted, however, that you don’t want to displace too much water. When this happens, you’ll probably have to flush twice, which doesn’t save any water at all.
Use Power Strips
According to the U.S. Environmental Protection Agency, electronic devices that still use power even when they’re turned off account for as much as 11 percent of all household energy use. That number represents an astonishing $10 billion per year. What a waste!
You have the option of purchasing a power strip that you turn on and off manually, or one that automatically turns off components after a certain amount of idle time passes. Either way, it’s a great way to conserve energy.
Switch to Energy-Saving Light Bulbs
Switching to energy-saving CFL or LED light bulbs might seem expensive at first, But, you’ll end up saving quite a bit of cash. These bulbs last 10 to 25 times longer and use up to 75 percent less energy than their traditional counterparts. Some brands even are marketed to last “a lifetime.”
Dry Clothes on the Line
Yes, it takes a little bit longer to hang clothes on a clothesline. But, it’s definitely worth the extra effort – especially when the line is located outside. Garments end up smelling extra fresh. Probably not so surprisingly, the clothes dryer is one of the most expensive appliances to operate. So the less you use it, the more money you’ll save.
The sooner you start putting some of these ideas into play, the sooner you’ll notice a savings reflected on your utility bills. Not only that, all of these tips benefit the environment as well.
Six ways to save money on groceries
Groceries are expensive, no matter what part of the country you live in. Much of the time, it seems like prices are getting worse instead of better, doesn’t it? But, there’s no reason to panic. It’s probably easier to save money on groceries than you think. Here are several tips to consider before you embark on your next shopping trip. They’ll all save you money.
1. Make a Menu
Menu planning is a good idea for more than one reason. In addition to reducing the possibility of a “spontaneous shopping binge” or an unnecessary trip to the store to pick up that one missing ingredient, it also makes it much easier to plan healthier meals.
It’s also helpful if you find yourself making the same boring meals, week after week. Take 30 minutes or so to thumb your favorite cookbook. Chances are you’ll find at least one new recipe to try.
2. Don’t Go Shopping Hungry
No matter how much willpower you have (or think you have), it’s never a good idea to go grocery shopping when you’re hungry. Why? You’ll probably come home with much more than you bargained for, even if you’re trying to stick to a list.
3. Buy Generic Brands
There’s certainly nothing wrong with buying generic brands. In truth, a wide variety of store brands are produced by national-brand manufacturers and repackaged for the particular store you frequent. Of course, it all comes down to a matter of taste. But, many consumers will be the first to tell you that they actually prefer a generic brand over the comparable name brand.
4. Utilize Your Local Dollar Store
Along the same lines as buying generic, you’ll typically save money on certain items purchased at your local dollar store. This includes items such as spices, cleaning supplies, personal items (like toothpaste and deodorant) and even cookware and tableware.
5. Familiarize Yourself with Store Policies
This tip is especially important if you use coupons to save money. Familiarizing yourself with store policies helps to ensure that you get the biggest bang for your buck, and prevents what could be an embarrassing situation in the checkout line.
6. Buy Local and in Season
Buying local and in season not only saves you money, it also supports local farmers. When fruits and vegetables are in season, they are at their best and less expensive than other times of the year. Purchase extras to freeze or can, and enjoy them year round.
Obviously, there are more than these ways to save money on groceries. This is just a start. Even though it may take a bit longer to make a list and shop, the amount of money you save makes it worth it… at least it does for most people. Who knows, it might even become an enjoyable addiction.
Top three ways to save money in college
For many college students, money represents a huge obstacle. A concern for money is one of the top reasons given by students who’ve considered dropping their courses. While a lack of funds may be stressful, the rewards of completing your college career outweigh whatever financial discomfort you may face during your time there. Here are four useful tips for students who are looking to save money on college expenses.
1. Stick to a Budget
Deciding to buy things on a whim has a much deeper impact on your finances than you realize. Spending even a few dollars every day for breakfast adds up to a substantial amount by the end of the semester.
Setting up a budget and following it when you buy things is the first step in cutting down on spending. Start by keeping track of every dollar that you spend during a month (or even a week). This way, you can track exactly where your money goes. Use this information to establish spending limits in areas where you sometimes spend more money than absolutely necessary.
2. Keep Meals Healthy and Affordable
College life is often busy, and fast food may seem like the perfect option when it comes to dining. However, even if you don’t seek out the healthier (and often more expensive) options at fast food restaurants, routinely buying meals like this adds up in a hurry. Instead, prepare meals and snacks at home or in your dorm and save dining out for special occasions. Not only is this often healthier than a fast food habit, but your home-cooked meals will cost much less than the alternative.
3. Don’t Buy New Textbooks
According to the National Association of College Stores, students spent an average of $313 on books and other required course material during the fall 2014 term. The best way to cut down on these costs is to buy used books. You can often find used books at the campus bookstore, but make sure you shop around online to see if you can find a better deal.
Another alternative to buying new books is renting, a service offered by many campus bookstores. As long as you return the book in good condition, a rental plan saves you money over buying a brand new book – especially when it comes to expensive math or science books.
College can be very stressful on a student, especially when you also have to worry about financial issues. But, if you find ways to stay within a reasonable budget throughout the semester, you should be relatively worry free.
Anything you can do to save a dollar or two helps. Don’t be afraid to ask friends and relatives if they can help at all, whether it’s with hand-me-down furniture or even money-saving tips
Cutting expenses after retirement
Are you nearing retirement age? Are you concerned that you may have to cut expenses? If so, you’re certainly not alone. Thousands of people feel the same way. On a happier note, there are many ways to successfully live for less after retirement. Here are a few for your consideration – providing you’re willing to admit your age.
Re-Evaluate Your Insurance Coverage
For many people, one of the best ways to cut expenses after retirement is to re-evaluate their insurance coverage. Depending on your current situation, you may not need to continue paying for certain coverage. For example, because you no longer work, you can sometimes forgo disability insurance. If you don’t have dependents, you may want to consider discontinuing your life insurance. Speaking to a financial advisor is the best way to go over your options.
Sell a Vehicle
Do you own a second or luxury vehicle that doesn’t get driven as much as it used to? If so, selling it will cut down on monthly expenses, such as insurance, maintenance and gas. There is no use letting it gather dust in the garage, especially when selling this vehicle will put extra money in your pocket.
Downsize Your Home
If you have children, it may be difficult to consider selling the home that they grew up in. But, it’s a wise financial decision that’s definitely worth considering. This move will ultimately allow you to save money on all kinds of things – including taxes, utilities and general upkeep. It’s also appropriate if you live in a multi-level home and have trouble getting from one floor to another.
Travel Off-Season
If you do a lot of traveling, you’ll save money by traveling during off-peak times. This means avoiding travel during school breaks and major holidays. An additional perk of traveling off-season is the fact that most popular tourist destinations won’t be as crowded.
Ditch Your Landline
Although you won’t save a ton of money, ditching a landline typically saves you between $175 and $900 per year. If you already have a cell phone, chances are you aren’t using your landline as much as you used to anyway.
Utilize Senior Discounts
More and more businesses are choosing to offer their patrons a senior discount. The age requirement to receive each discount varies. However, the minimum age range is generally 50 to 52. When you take the time to research these savings, you’ll probably be surprised by how much they really add up over the course of a year.
Don’t ruin the enjoyment typically associated with retirement by worrying about reducing day-to-day living expenses. Even if you don’t take advantage of all of the suggestions mentioned here, you’ll generally save money utilizing just one or two of them. The choice is totally up to you.
Why saving money is worth it
Everyone has likely been advised to save their money at one time or another. Avoiding frivolous spending and putting money in a savings account are two popular suggestions. But why? Keep reading to discover some of the reasons that saving money now can help you in the future.
Start Building Capital
Once you’ve saved up a fair amount of money, you can choose to invest it to make sure your wealth continues to grow. There are many investment options to choose from, including stocks and real estate. However, in order to be able to make a meaningful investment, it’s typically necessary to build up a substantial amount of capital.
Be Ready for Retirement
The sooner you start saving up for retirement, the less you’ll have to worry about it in the future. Check with your employer to see what sort of retirement plan they offer. Then, work out a savings plan that’s on track with the retirement plan offered. This way, by the time you’re ready to start seriously considering retirement, you’ll have already banked all (if not most) of the money you need.
Prepare for the Future
In the future, there’s always the chance that you’ll invest in a new car, house or other major piece of property. When you buy or lease something like this, it helps to have money available. Making a substantial down payment on a home can lead to better interest rates or even a bigger home. Also, making bigger payments toward a house or car (or even paying for them in full) frees you from house or car payments later in life.
Save Up for Fun
Vacations or large-ticket items can be difficult to budget for if you don’t save up ahead of time. If you have already amassed some savings, you can cut down on the time between planning a vacation and actually taking the trip. Of course, you should tap into your savings sparingly and not plan too many trips at the expense of your savings.
In Case of Emergencies
You never know when a costly emergency might occur. Damages to your car, your house or even yourself can be easier to handle if you have money held back in a savings account. Without savings, dealing with an emergency like this could put you into debt, which can be costly to recover from.
Saving money may take a bit of effort and discipline, but it will keep you ahead of financial situations in the future. You won’t have to worry about loans or payment plans when you make major purchases and will ultimately pay less by avoiding interest rates. Remember, setting money aside today is one of the most versatile and effective ways of securing your future.
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