Top 10 Ways To Cut Spending

Do you run out of money before you run out of month? Do you wonder where your money goes each month? Do you struggle to find money to invest for retirement, emergencies and other financial goals? Here are 10 tips to cut your spending and stretch your dollar to the max:

1. Consider dropping your home telephone line. Your cell phone is probably all you really need, and most likely it has free long distance. You could save $30 or more per month by dropping your land line.

2. Cut back on trips to Starbucks or other premium coffee shops. Often called the latte factor, spending several dollars per day on luxuries like premium coffee can really add up. For example, if you spend $4 for a cappuccino five times a week for 50 weeks out of the year (youre on vacation the other two weeks), you would spend $1,000 in a year. Try treating your trip to Starbucks as a treat instead of a habit. Youll save money and probably lose weight too!

3. Pay your mortgage payment bi-weekly instead of monthly. Youll pay less interest and pay off your mortgage faster.

4. Carry cash instead of credit cards. Psychologically its harder to spend cash than it is to use the credit card. Youll spend less and save on interest charges.

5. Use the envelope system for groceries, dining out, entertainment, and other discretionary spending categories. This will help you track how much you spend in these categories as well as prioritizing your spending.

6. Raise the deductible on your homeowners and auto insurance policies. Its not wise to file claims for small losses anyway (insurance companies love to raise rates after you file a claim), so a higher deductible will save you money now and in the future.

7. Buy regular gas instead of premium. Most cars dont need premium gasoline. Also, take public transportation if its available in your area. Take advantage of park and ride and carpooling options.

8. Plan your purchases to avoid impulse buying. Take a list with you to the grocery store and stick with it. Studies show that impulse buying can add $10-50 to your grocery bill ouch!

9. Go to the library instead of the bookstore. If youre an avid reader, give yourself a book budget for books that you will want to keep, and go to the library for everything else.

10. Take a vacation at home. Check out all the local sites and happenings. Youll rediscover your hometown and save on travel and hotel costs.

These are just a handful of ways you can cut spending and stretch your dollars, but if you follow these tips youll discover you have more money at the end of each month to apply to other financial goals, such as saving for college, retirement or just for a rainy day.

---

About the Author: Kristine A. McKinley, CFP, CPA, and founder of Beacon Financial Advisors, teaches individuals and families how to invest and plan for retirement, college, and other financial goals. Kristine offers financial and tax planning on an hourly, fee-only basis. To sign up for free financial planning tips, worksheets, checklists and more, visit http://www.beacon-advisor.com. © 2006 Beacon Financial Advisors, LLC and Kristine A McKinley

Top 5 Tips To Reduce Your Life Insurance Premium

Life insurance is essential without a doubt but it can be very expensive and as such can be tempting to avoid taking out. However should the worse happen then you could leave your loved ones in a whole lot of trouble financially. Using a little common sense and initiative you can however save your self some money and so make life insurance more affordable. Here are top 5 tips to help you get the cheapest and best deal available.

1. The number one tip when shopping for life insurance is to shop around. By shopping around - especially if you take advantage of the internet - and making comparisons of policies, you will quickly and easily get yourself the best deal possible. Factors to take into consideration when comparing policies includes understanding the details of the policy. These include the amount of premium you will be paying every month; the benefits you get from the policy; and, how much the surrender value of the policy is should you cash it in early. These charges will usually vary from company to company and can vary greatly with some in what you get for your payout.

2. Many companies will allow you to make savings if you choose to pay for your policy on an annual basis or by direct debit straight from your bank account. It is worth checking on this because you could be able to make a saving rather than paying on a weekly or monthly basis.

3. Where possible, instead of taking out several different smaller policies for life insurance take out just one larger one. A large policy is always the best value for money and will sell for less per amount of coverage.

4. If you have held a policy for a number of years then it might be outdated and you could be paying more than you should be for the amount you are covered for. In fact you could be paying around 2 to 3 times more than could you be if you shopped around online and compared newer policies for a better deal.

5. If you quit smoking and drinking, start exercising and lose weight if you need to, you could find that your premiums are a lot lower than those who smoke and drink etc.

Launched in March 2003, BestDealInsurance are a completely independent specialist broker.

They offer the full range of life insurance to mortgage protection cover, ensuring that their clients have the protection they need, without leaving a hole in their pocket.

Article Source: http://EzineArticles.com/?expert=David_H_Thomson

5 Ways To Prevent Credit Card Late Fees

Paying a credit card late fee is the same as throwing your money away. Late credit card payments can also hurt your credit score. The payment tips and strategies here will show you how to prevent these costly fees.

When credit card companies process credit card payments, every single detail is extremely important. Get even one of these small details wrong and you will have to pay credit card late fees.

The Fair Credit Billing Act requires credit card companies to credit payments the day they are received. However, this law also allows each credit card issuer to set their own specific payment guidelines. If any of these guidelines are not met, the credit card company can take as much as five days to credit the payment.

That means you can get your payment to your credit card company on time and it could become late during that five-day period. The credit card company could legally charge you credit card late fees. So it's in your best interest to follow their payment guidelines carefully. The payment guidelines are usually on the back of your credit card bill.

Here is the five best ways to prevent credit card late fees.

1. Follow Credit Card Payment Guidelines Carefully

This includes everything from a specific payment address to the time of day the payment has to be received to be credited that day. Some companies even require that payments arrive in their preprinted envelope they sent you with your bill. To be safe, always use the preprinted envelope provided by a credit card company.

Include the billing coupon, and write the amount you are paying in the box provided. Make your check legible, don't forget to sign it and double check that the payment amount is correct. Write your credit card account number on your check and send the payment with the proper postage to the payment address requested by the credit card company.

2 Pay The Minimum Payment Immediately


The best way to prevent paying a credit card late fee is to pay your bill as soon as it arrives. Even if you can only make the minimum payment, it's better than paying a late credit card payment. You can always make additional payments later to keep your interest costs down.

3 Change Your Due Date

Most major credit card companies allow you set your own due date by just asking. Set your due date so your credit card bill arrives right after you get paid.

4 Automatic Online Payments

Paying bills online is also another good way to avoid paying a credit card late fee. Most major credit card companies are accepting credit card payments online. Just sign up for the service on the card company's web site. Make sure to choose a payment amount that automatically covers the minimum amount due on your credit card each month. You can always make additional payments later to keep your interest costs down.

5 Make Your Payment By Phone

Most major credit card companies will accept payments by phone. Some of them will charge fees, ranging from $5 to $15 for the service. But credit card late fees cost you much more so it's better to pay the small fee than a late credit card payment fee. Call the toll-free number on the back of your credit card. They will ask you for a check number and the bank routing number, which is printed at the bottom of every check.

If you do get hit with a credit card late fee, try calling the credit card company and ask if they will waive it. Many credit card companies will waive late credit card payment fees as a courtesy to customers with good payment records.

Copyright © 2005 Credit Repair Facts.com All Rights Reserved.
This article is supplied by http://www.credit-repair-facts.com where you will find credit information, debt elimination programs and informative facts that give you the knowledge to correct your own credit and credit report. For more credit related articles like these go to: http://www.credit-repair-facts.com/articles_1.html

Article Source: http://EzineArticles.com/?expert=Gary_Gresham

5 ways to get credit-card savvy

The good thing about credit cards is that they let you make purchases when cash isn't an option. The not-so-good thing: They tempt you to impulsively charge items you don't really need. Keep in mind that every time you use a credit card, you're borrowing money. So think of credit-card debt as a high-interest loan, and consider these five smart ways to use credit cards:



SHOP AROUND With hundreds of credit cards to choose from, it's smart to shop for the best deal--a card with no annual fee and a low APR (annual percentage rate)--advises Pat Martin, a financial consultant at Ryan Martin Associates in New York. Read the fine print to see if a low APR is a promotional rate that expires after a few months and then leaps up, often dramatically, particularly if you make one late payment. If you plan to pay your bill in full each month, look for a low annual fee and a long grace period--the time between the statement date and the payment-due date in which you'll avoid finance charges. If you plan to carry a balance, go for the lowest interest rate. Also look for a low rate on cash advances. Comparison-shop at Cardweb.com and Bankrate.com.



IMPROVE YOUR CREDIT RECORD A credit report is a snapshot of your debt-paying activity; your credit (FICO) score--a number ranging from 350 to 850--predicts whether you're a good credit risk (above 620 is considered respectable). The higher your score, the better your chances of getting a low interest rate on a credit card, car loan or mortgage. Charging near the limit or maxing out credit cards can lower your score, Martin says. Get a copy of your credit report at least yearly from the three major credit bureaus (equifax.com or [800] 685-1111; experian.com or [888] 397-3742; transunion.com or [800] 916-8800) and challenge any errors. (Under a new law, by September 2005 all consumers will be able to get a free credit report.)

LIMIT YOUR NUMBER OF CARDS A wallet filled with credit cards (which represent money you owe or can borrow) may work against you when you apply for a loan or mortgage. Two or three cards are enough, Martin says. If your credit report indicates that you already owe or can access a great deal of money, potential creditors may determine that added debt could strain your ability to repay.



SWITCH BALANCES CAUTIOUSLY If you transfer your high-interest balances to a low-interest credit card, be aware that the low rate may last for only a limited time, and that many credit-card companies assess transaction fees, sometimes up to 4 percent of the amount transferred. Avoid cards that charge hefty fees, which may outweigh any savings offered by a lower interest rate. Scrutinize the application or call a company representative and ask about all charges before signing up. Once you transfer the debt, stop using the old card.



AVOID CREDIT PITFALLS Despite the benefits, there are pitfalls that accompany credit-card use: It can be costly, with some interest rates higher than 25 percent and whopping annual fees, finance charges and penalties that can jack up the purchase price. And you risk spending more than you can pay. Calculate how much you can afford to charge each month, then put your receipts in an envelope and keep a running total on the outside. Once you reach your limit, put away the plastic.

---

Source: http://everything-fine.blogspot.com/2007/01/5-ways-to-get-credit-card-savvy.html
Original http://www.findarticles.com/p/articles/mi_m1264/is_5_35/ai_n6198430

10 Ways To Save Money On Your Electricity Bill

Saving your hard earned cash on your next electricity bill just got easier than you ever imagined. In this article, I have compiled the a list of the top 10 tips to help navigate you on your campaign to save money and knock your electricity bill down. Along with each tip you will see the possible energy savings you can potentially expect to receive.

In addition to conserving your money, you will be making your house more enjoyable, and you will be helping to preserve the enviroment and your surroundings. Read more

1. Adjust your water heater's temperature to 120 degrees (save up to 10 percent on water heating costs; verify this by placing a thermometer below some of your taps). Most people in general don't comprehend that their electric water heater is essentially constantly on heating the water.

If you will set the water temperature around 120 degrees your water heater will not have to re-heat the water as much as it does at hotter temperatures therefore saving you electricity and money.


2. Wash and dry only full loads of garments. Use cold water as much as possible (save 2 to 4 percent on your energy costs). This additionally saves time when you plan ahead and wash a full load of your items. Who wants to fold thir stuff more than necessary?

3. As a general rule, typically once a month, change your air conditioner's air filter (save up to 5 percent on your yearly electricity bill). Moreover, this helps with dust and dirt in the air making your house cleaner and more enjoyable place to live.

4. Put compact fluorescent lights in high-use fixtures (save close to 66 percent on lighting cost per light). Furthermore, these type of lights manage to last much longer than the conventional light bulbs that many of us use today.

5. On hot, sunny days, keep your drapes shut on windows facing to the south and west (save 2 to 4 percent on your energy bill). The drapes will help keep the suns heat from heating up your house which means you use less energy to stay comfortable.

6. Keep your doors and vents shut in rooms that are not being used (save up to 3 percent on cooling costs). There is no need to spend money cooling off rooms that are not being used - this can be a huge savings depending on how many square feet you have in your house.

7. Caulk and weather-strip around windows and doors (save 1 to 4 percent on your energy bill). Many folks skip over this step, but heat seeping around cracks means you have to use more air condition and essentially more power which means you're wasting money.

8. During hot weather place your thermostat at 78 degrees or above when you're at your house, and at 85 degrees when no one is there (you save 1 to 2 percent per degree increased on your electricity bill). Additionally, use a ceiling fan or a fan that rotates back and forth. This can make a room appear nearly 4 degrees cooler!

9. Use your microwave oven instead of your conventional cooking range (save up to 50 percent on cooking costs). Microwaves are much more electricity efficient than ordinary traditional ovens. A traditional oven uses a lot of energy to heat up and to stay hot.


10. Take advantage of super low electricity rates from Ambit Energy and save up to 16% on your next electricity bill - for the average user this is over $250 per year!

This is one of best ways to save money right off the top of your electricity bill with doing almost nothing. All you have to do is switch your electricity provider and you can do it online in just a couple of minutes.

Source: http://personalfinancehub.blogspot.com/2006/12/10-ways-to-save-money-on-your.html