Monday, April 26, 2010
Practical Money Saving Tips #6 - Drive 55 MPH and save money!
Did you know that almost all cars get their best gas mileage at 55 mph. It's true! Now, obviously you can't drive 55 mph on side streets, but you can take highways whenever possible and save money.
Wednesday, April 21, 2010
Cheapest Gas Prices in My Area
Baring a miracle of some sort gas is going to get more expensive every year.
You can find the cheapest gas prices in your area by visiting gasbuddy.com (if you're on a computer) or downloading the Gas Buddy app for your Iphone (one-time $2.99 fee. Pays for itself on the first use)
I'm pretty sure Gas Buddy makes apps for other phones as well (Blackberry, Palm and Android).
You can find the cheapest gas prices in your area by visiting gasbuddy.com (if you're on a computer) or downloading the Gas Buddy app for your Iphone (one-time $2.99 fee. Pays for itself on the first use)
I'm pretty sure Gas Buddy makes apps for other phones as well (Blackberry, Palm and Android).
Practical Money Saving Tips #5 - Bring the lunch (and snacks)!
It's so obvious and yet soooo hard to do. However bringing your lunch (and snacks) to work can typically save you about $60/week! ...that's $240.00/month!
Tuesday, April 20, 2010
Practical Money Saving Tips #4 - Unlimited Texting
I'm often surprised that most parents underestimate how many texts their kids send per billing cycle. At the end of the month there's always a surprise on that bill...a bad one!
If you haven't learned that your kids can text "a mile a minute" and you signed them up with a "budget" texting package then stop reading this, call the cell phone company and change their package to unlimited texting!
You (or your kids) could end up saving hundreds (or thousands) every year! You'll pay a little more each month for unlimited texting but you'll get the peace of mind that there won't be any (texting) surprises when your bill arrives.
If you haven't learned that your kids can text "a mile a minute" and you signed them up with a "budget" texting package then stop reading this, call the cell phone company and change their package to unlimited texting!
You (or your kids) could end up saving hundreds (or thousands) every year! You'll pay a little more each month for unlimited texting but you'll get the peace of mind that there won't be any (texting) surprises when your bill arrives.
Walt Disney World Money Saving Tips
Are you planning on making your big trip to Disney World this year? If so then you may or may not know that Disney World can be exceptionally expensive, and I'm not just talking about the price of the tickets. When most people plan their trip to Disney World they usually think about getting a hotel getting airfare and getting those tickets, however you'll spend a large chunk of cash on just day to day stuff in the park.
In this post I'm going to give you a few tips on how you can say that Disney World.
In this post I'm going to give you a few tips on how you can say that Disney World.
- Start planning your trip up to a year in a advance. You'll be able to get discounts on airfare, hotels, car rentals, and even the Disney World tickets themselves. While this may seem like an obvious tip most people will never do it.
- If you want to stay in the park I would suggest picking one of the low-cost Disney World Hotels and taking advantage of the free shuttles.
- Never buy souvenirs in the park! Stores that are just 5 minutes away have them for 50% of the park cost.
- Food at Disney World is crazy expensive. You can go to a local grocery store and buy enough food for 5 days at the price of what 1 day of Disney food would cost ya! Just make sure your room has a fridge.
- 3 day passes are always much cheaper than single day passes.
Monday, April 19, 2010
Best Ways to Pay Credit Card Debt Off Quickly
Credit card debt can make you feel like your are drowning. Panic sets in, you stop thinking rationally, and make bad choices. That is when you need someone from the shoreline to shout out to you and tell you there is a sandbank a few meters to the left, or to throw you a lifesaver and reel you in. Financially speaking there are many steps you can take to get yourself out credit card debt fast.
1) Contact your creditors. If you are struggling to pay your credit cards the first step the Federal Trade Commission recommends is to talk with your creditors. Explain to them your situation, how long you feel it will last, and what they can do to help you pay your debts. Some creditors might consider granting you a grace period where you do not have to make monthly payments, or provide you with some other financial break.
2) Pay the highest interest cards first. If you have various credit card loans you need to focus on paying for your most expensive loan. That would be the loan with the highest interest rate. Then use the money you budgeted for the first loan and start paying the next most expensive loan. The potential savings of doing this are substantial. For example, imagine you have two credit cards (let's keep it simple). One has a balance of $4,000, the other $2,000. Their interest rates are 18.9% and 17.5% respectively. If you follow the advice we mentioned above you could save up to $2,000 in interest rates. Bankrate.com has a great calculator that explains this process in more detail you can link to from the reference links below.
3) Use your savings to pay your credit cards. If you have a nest egg sitting in an investment portfolio, or some cash getting a pathetic interest rate in a savings account, do yourself a favor and use it to pay your credit card debts. Why? Well the math is very simple. The best savings accounts give you around 2%, but credit cards charge you anything from 15% to 25% interest. If you use your savings to pay your credit card you are in effect receiving a huge return on your investment. This does not mean you should tap into your retirement funds, but for most other saving funds this is one of the smartest debt reduction moves you can make.
4) Take out a debt consolidation loan. This will pay your credit card debt immediately. Of course you will still have to pay your debt consolidation loan, but the interest rates will be lower, and you will only have to manage one monthly payment.
5) Get help from a reputable credit counseling service. Debt counseling professionals can take a look at your financial position and provide you with excellent advice on how to pay off your debt faster. They can also help you negotiate a new repayment plan, and advice you on how to improve your credit rating.
1) Contact your creditors. If you are struggling to pay your credit cards the first step the Federal Trade Commission recommends is to talk with your creditors. Explain to them your situation, how long you feel it will last, and what they can do to help you pay your debts. Some creditors might consider granting you a grace period where you do not have to make monthly payments, or provide you with some other financial break.
2) Pay the highest interest cards first. If you have various credit card loans you need to focus on paying for your most expensive loan. That would be the loan with the highest interest rate. Then use the money you budgeted for the first loan and start paying the next most expensive loan. The potential savings of doing this are substantial. For example, imagine you have two credit cards (let's keep it simple). One has a balance of $4,000, the other $2,000. Their interest rates are 18.9% and 17.5% respectively. If you follow the advice we mentioned above you could save up to $2,000 in interest rates. Bankrate.com has a great calculator that explains this process in more detail you can link to from the reference links below.
3) Use your savings to pay your credit cards. If you have a nest egg sitting in an investment portfolio, or some cash getting a pathetic interest rate in a savings account, do yourself a favor and use it to pay your credit card debts. Why? Well the math is very simple. The best savings accounts give you around 2%, but credit cards charge you anything from 15% to 25% interest. If you use your savings to pay your credit card you are in effect receiving a huge return on your investment. This does not mean you should tap into your retirement funds, but for most other saving funds this is one of the smartest debt reduction moves you can make.
4) Take out a debt consolidation loan. This will pay your credit card debt immediately. Of course you will still have to pay your debt consolidation loan, but the interest rates will be lower, and you will only have to manage one monthly payment.
5) Get help from a reputable credit counseling service. Debt counseling professionals can take a look at your financial position and provide you with excellent advice on how to pay off your debt faster. They can also help you negotiate a new repayment plan, and advice you on how to improve your credit rating.
Sunday, April 18, 2010
Federal Debt Relief Program - Beware!
The Federal Debt Relief Program is one of the many "debt relief" services that are now offering "the fastest and least expensive way to eliminate debt." Visiting their website is a master lesson in subliminal advertising. The red and blue color scheme, the quote of President Barack Obama at the header:"Today we begin in earnest the work of making sure we leave our children is just a little bit better than the one we inhabit today." Just below, we find the words "Federal Debt Relief Program" above a quote from the Washington Times: "Barack Obama upped the ante on his economic recovery package".
The Federal Trade Commission warns about debt relief scams that prey on desperate people: "Some even try to look like a government agency to enhance their credibility." The Federal Debt Relief Program claims to be able to reduce debt by 50%, get one low monthly payment (that is called a consolidation loan), eliminate harassing calls and avoid bankruptcy. However, if you read the small print legal disclaimer you will find that: "We do not guarantee that your debts will be reduced by a specific amount or percentage or that you will be debt-free within a specific period of time. We do not make monthly payments to creditors, assume consumer debt, provide tax, bankruptcy, accounting or legal advice or credit repair services." Which begs the question: what do they do? They negotiate a debt settlement with your creditors.
This is not to say this program cannot help you. Some of these outfits, the better ones, can be very effective in negotiating a debt settlement with your bank. This could reduce your debt substantially, but it will seriously affect your credit rating, and create some serious tax bills. However, the way they mask themselves as a federal aid agency and make outrageous claims about their debt reduction "magic" is suspect. Please find below a link to an FTC report on the claims and "marketing methods" debt relief scams use. Read it before you "join" any debt relief program.
http://www.ftc.gov/bcp/edu/microsites/moneymatters/dealing-with-debt-relief-services.shtml
The Federal Trade Commission warns about debt relief scams that prey on desperate people: "Some even try to look like a government agency to enhance their credibility." The Federal Debt Relief Program claims to be able to reduce debt by 50%, get one low monthly payment (that is called a consolidation loan), eliminate harassing calls and avoid bankruptcy. However, if you read the small print legal disclaimer you will find that: "We do not guarantee that your debts will be reduced by a specific amount or percentage or that you will be debt-free within a specific period of time. We do not make monthly payments to creditors, assume consumer debt, provide tax, bankruptcy, accounting or legal advice or credit repair services." Which begs the question: what do they do? They negotiate a debt settlement with your creditors.
This is not to say this program cannot help you. Some of these outfits, the better ones, can be very effective in negotiating a debt settlement with your bank. This could reduce your debt substantially, but it will seriously affect your credit rating, and create some serious tax bills. However, the way they mask themselves as a federal aid agency and make outrageous claims about their debt reduction "magic" is suspect. Please find below a link to an FTC report on the claims and "marketing methods" debt relief scams use. Read it before you "join" any debt relief program.
http://www.ftc.gov/bcp/edu/microsites/moneymatters/dealing-with-debt-relief-services.shtml
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