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Tips and Ideas on Saving Money

13 Tips and Ideas on Saving Money on Everyday Expenses

To get ahead well financially, saving money is the only way out. While it is important to know how much you earn, how much you save out of it is actually much more important.  Learning uncertainty and changing your spending habits and lifestyle to live below your normal is the key to long term wealth creation.  When you want to spend money, ask yourself first as if you are making a right decision that will also save you money. In other words, think about whether you are making the right decision to buy product or service that meets your needs at the lowest best price.

Here are some points on saving money at various places and at various things that are needed everyday. Just try to learn and save from the same.

Find out List of Ways to Save Money

Hundreds of creative ways to save money on your everyday expenses.  Many of which you’ve probably not thought of.

  1. Stop Wasting Money

Wasting money is the opposite of saving. There are many ways through which one wastes money. Try not to waste money.

  1. Save Money on Food

Whether dining out or eating at home, try to spend as less as possible and save money on food.

  1. Save Money on Energy

Lowering your energy costs can really save you a lot of money. You can learn a lot about how ot lowe your energy need and ultimately costs and save money.

  1. Save Money on Your Car

Transportation expenses rank in the top 5 costs for most people. Saving money on your car is a great way to lower these expenses.

  1. Save Money on Gas

Gas prices keep going up but you don’t have to be held hostage.  You can still save money out of it.

  1. Save on Cleaning

Whether you pay for a housecleaner or clean yourself, using these tips can save you money on cleaning.

  1. Save Money on Kids

Raising a child can cost hundreds of thousands of dollars.  You should learn to save money on their spendings as well.

  1. Save Money on TV

TV and DVD rental costs can really add up.  Make sure you’re doing all you can to keep these costs to a minimum.

  1. Save Money on Clothing

Buying less brand names, trading hand me downs, and even buying used clothes can help your budget.

  1. Sell Your Stuff

The average person has thousands of dollars in unused belongings.  Learn how to sell your stuff to make some extra money.

  1. Save money on Your Vacation

Slearning some simple ways to lower costs on transportation, lodging, food and entertainment during your vacation can you save money for you on your vacation.

  1. Save Money on Health Insurance

There are some simple ways to bring down your health insurance expenses if you’re willing to take the time. Buy insurance by comparing policies offered by leading insurance companies. This can save you a lot of money while still covering your insurance.

  1. Lower Your Health Care Costs

Knowing how the health care system works can lead you to negotiate and lower your health care costs and save you money.

Top 5 Best Financial Decisions

Find below Top 5 best financial decisions to take in life

  1. Start Investing Early
Top 5 Best Financial Decisions | Start Investing Early

Building an investment portfolio can help you to realize your long-term financial goals; a nest egg for your retirement, repaying a mortgage early or paying for university fees for your children. While a savings account can offer easy access and security of guaranteed capital, returns can be modest; therefore investing in the stock market can provide stronger returns over the long-term albeit at a higher level of risk.2. Buy a House

Top 5 Best Financial Decisions | Buy a House

The Advantages Of Buying A Home

  • Greater privacy.
  • Homes typically increase in value, build equity and provide a nest egg for the future.
  • Your costs are predictable and more stable than renting because they’re ideally based on a fixed-rate mortgage.
  • The interest and property tax portion of your mortgage payment is a tax deduction.
  • There’s pride in homeownership, which also closely ties you to your community.

3. Buy an Insurance

Top 5 Best Financial Decisions | Buy an Insurance

In current times of high medical inflation rates, failing to hold an adequate amount of health insurance cover can prove to be a major personal finance disaster.

4. Marry the Right Partner

Top 5 Best Financial Decisions | Marry the Right Partner

However, marriage offers real financial benefits for many older people. Just saying “I do” should enable you to keep potentially hundreds of thousands of pounds from the taxman’s clutches.

5. Live Modestly

Top 5 Best Financial Decisions | Live Modestly

As media has shown us, the rich don’t necessarily live happier than the poor. I like to think of it like this. “Someone who’s rich might not live happily, but someone who’s poor definitely won’t live happily.” Hence, it is wise to live an in between, modest lifestyle; neither as an ascetic nor a materialistic person. Besides the obvious monetary benefits of living modestly (saving money), there are numerous psychological benefits.

Investing in Real Estate

Big Advantages of Investing in Real Estate

There are many of great reasons to invest in real estate, but is it ideal for you? Here, I try to cover some simple bases that can help you lead in the right investment direction.

Benefiting from real investment requires a lot of time, so only invest in if you are very patient. If you think you are looking to make a quick returns by then you should not invest in real estate. It is a unique investment option because it consists the buying of real physical property, vs buying stock which is a market share of a company’s business.

Purchasing real property requires much more commitment and follow-ups than buying and selling other stock investments. The costs to acquisition and dispose of a real property are high which includes mortgage fees, commissions, appraisals, inspections, filing fees and advertising costs and the amount of time it takes to find, buy, maintain and sell a property.

When you own the property, you will have to maintain it, if it’s on rentals, you will have to maintain tenants, legal rights, property insurance, contractors, the tax, etc. In short, the money and amount of time of investing in real estate are quite high.

With that in mind, investing in real estate can be a rewarding option because of it offers lots of tax breaks. If you willing to not scare of all the extra costs and time mentioned above, and self determined enough, you can look forward to the following:

1. Real estate is more stable than stock shares. Although real estate prices do go down sometimes, they typically go down and up in more controlled level as compared with other investments.

2. Purchasing real estate property uses leverage to multiply your returns. For example, you can buy a $600,000 property with only $60,000. When the property rises 5%, you make $30,000 on your investment of $60,000, which is a 50% return on your money.

3. Having an investment property do offers a lot of tax breaks. The taxes, interest, and insurance are deductible against the rents that it generates from the tenants. And losses can be deducted against personal income to help reduce tax burden. Additionally, personal assets such as computers, phones, software, and other related expenses can also be deducted to make paper profit lower and to reduce taxes.

4. Purchasing a real estate is a great way forward to diversify investments. Having a lot of investments in stocks and bonds, it makes perfect sense to invest in real estate, too.

4 Simple Strategies to Getting out of Credit Debt

debt free

1. Target only one card – Carrying balances on multiple credit cards is a long slog to eliminate those debts. So from the start, give yourself a boost of instant gratification. Ask yourself of what type of short-term financial goal will make me feel like I’m making meaningful progress on debt reduction?

If your answer is “Having one credit card is totally paid off,” then, pay as much money as you can toward the card with the lowest balance first. You should do this even if you need to pay only the minimum amount on your other cards in the meantime.) If you are looking forward to “Boosting your credit score,” then, tackle the credit card with the highest utilization rate – that’s your balance divided by the card limit on your card. Since your card’s score takes a hit if you use more than 20 percent of your available credit balance, your score will significantly increase if you bring the utilization rate down by just 20 percent. And if you want to pay less in interest, then the tried-and-true method is to pay off the card that has the highest interest rate first.

2. Ask your credit card provider for lower interest rates – Often a simple phone call to the card issuer is all it takes to get a slightly reduced interest rate – provided that you have good credit score history and you are a long-term customer who spend and makes payments on time. You could get a couple of percentage points waived off, which can ultimately add up to hundreds of dollars saved annually.

3. Transfer your balance to other card (cautiously)- It’s move a credit balance from a card with a high interest rate is transferred to a card with a substantially lower one. And it’s one of the smart moves; you can save thousands of dollars a year. But be careful before opting this option because you should transfer a balance to other card only if you think you are committed to paying off the transferred debt within an introductory low-interest-rate time (which typically lasts from 3 to 12 months depending upon the card issuer. If you fail to pay the transferred amount in the time offered, your interest rate could skyrocket, possibly ending up higher than the one you just tried to got rid of.

4. If you’re really trapped, make minimum payments each month – Credit card issuers typically charge their interest on a daily basis, that means the sooner you make the payment, the faster your average daily credit balance is reduced, which converts into fewer amount in interest that you ultimately pay. If you’re on a tight situation, move on and pay the minimum due each month at least, then try to make the same again after couple of weeks later.