How to Build Your Savings for a Safe Financial Future

If you are looking for ways to save more without lowering your standard of living, then read on for some useful practical advice. If you want to save money without living a miser’s life, then you must start by taking a quick account of your income and expenditure. This will help you in figuring out your goal for the savings. Post that, all you’ll need to do is to make simple changes that will help you accrue larger total savings.

The first thing that you should remember is that doing things by yourself at home is always cheaper than getting ready made goods or services. You might have to make some initial investment though. For example, you can start making your own coffee at home before you leave for work instead of buying one from the nearby Starbucks. This will help you save money on a daily basis. Similarly, instead of going to canteen, it is better to keep some tea bags and make tea with the hot water in your office itself.

Find home made alternatives for various commercial goods. For example, vinegar and water can be used to clean glass and baking soda can also act as a cleaning agent. These will not only help you save the money that you spend on cleaning supplies, but will also be more eco friendly.
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Money Management for Young Couples

One of the common fights that young married couples have is over money. What is the best approach in managing those greenbacks that have become such an essential part of our lives yet the cause of frustration and arguments? Here are some immediate steps you can take to organize your finances as a new couple.

It is wise to have a joint checking account for shared expenses like rent and utilities. Keep separate individual checking accounts for personal spends – this can go a long way to prevent arguments about spending and finances.

Managing your finances together means not just covering all your expenses but also putting away something for the future – saving for a new home, your kid’s education, and other priority areas. Start a savings account. One of the most important things about managing money is understanding compound interest. Use it to the benefit of your family’s financial future.

A budget is an absolute necessity. Start by creating a list of recurring expenses you will have every month. Subtract the total from your monthly income. Ideally, there should be quite a bit of balance left over. If there is, you can go ahead and invest a portion of that amount into various financial instruments of your choice. Also make sure you set aside some of the balance for a separate emergency fund to prepare for any unforeseen events.

If you don’t have a balance or have a negative balance, then it is the time to cut down on spending. Have a relook at the items on your expenses list and see where you can cut down. Here are some suggestions on how to keep costs low.
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How Much Saving is Enough for Financial Independence

The economy is still floundering and the fear of being unable to meet future expenses continues to loom large in the minds of most people. Savings are at an all time high with conservatism being the key characteristic of all investments being made in recent times. Saving is fine, but there is a limit to how much you need to save.

Avoid Penny Pinching

Post recession, many people tend to overdo saving by putting away every spare cent. This may give you a confident feeling for a while as you watch your emergency fund grow. But sacrificing every little ‘extra’ can get awfully tedious and frustrating. In fact, denying yourself those little extra pleasures often ends in a hugely expensive shopping spree where you simply end up throwing money. Give yourself a break and allow a small ‘fun spending fund’ for every month to keep your spending urge in control. [Read more…]

Tips to Help Single Moms Save Money

Women are often not paid as well as men are. It is said that for every dollar that a man earns, a woman takes home about 78 cents. Added to this, household needs eat into a major portion of their salaries, thus making it very difficult to set aside savings. All this means that as a woman, you need to make smart choices to achieve true financial independence. And the most important aspect of improving your financial situation is to save more. [Read more…]

Common Myths about Income Saving and Investing

A recent survey by a top American financial magazine has revealed that a large majority of Americans could be financially illiterate. A dismal 18% of the sample audience was able to answer three basic questions about money correctly. [Read more…]

How to Save Money on Your Car and Grocery Expenses

The year 2009 witnessed one of the worst financial plunges in the history of the United States. With the collapse of the big Wall Street players and massive layoffs to staggering oil prices and rising costs of food items, it has been a rough ride. An average American has been having a tough time making both ends meet. This experience has made us wiser to the unpredictability of the economy and the importance of saving. [Read more…]

How to Cut Down on Your Cell Phone Bill and Put More Money in Your Pocket

A small but relatively steady expense you incur every month is your cell phone bill, which can at times even give you a rude shock. And the higher your phone charges are, the more surcharge and taxes you have to pay. Here are a few tips on how to cut down your cell phone expenses: [Read more…]

Know the Difference Between Needs and Wants to Meet Your Budget Goals

Anyone who wants to follow a budget should learn to give higher priority to his or her ‘needs’ over ‘wants’. The principle is simple to understand but difficult to implement. The main difficulty is in deciding whether something should be categorized as a need or a want. This is because there is no fixed formula for making the decision and it all depends on your lifestyle and personal preferences. [Read more…]

How to Reduce Your Utility Bills Without Compromising Your Comfort Level

If you sit down and analyze your expenditure, you will realize that you spend a large chunk of your income on various utility bills such as electricity, water, and internet. There are some techniques by which you can minimize these expenses. Here are some personally tried and tested methods that will reduce your utility bills significantly. [Read more…]

Educating Your Kids About the Basics of Money Management

Money management is not just for adults – kids who are taught the value of dollars early on grow up to become good money managers and usually don’t have debt issues.

As a responsible adult, you must sit with your kids and teach them the rights and wrongs as far as money is concerned. For this, you have to be a financially responsible adult yourself and try to set an example for your kids. Children are highly impressionable and you should use the opportunity to introduce the concept of cash generation and spending so that they go on to make good financial decisions when they become adults. [Read more…]

How to Save Money and Make Money with Credit Cards

Credit cards are usually seen in a negative light as people often end up acquiring a huge debt through them. But if you fully understand how credit card companies work and use a little ingenuity, you can actually earn money using your card. [Read more…]

Check Your Expenses If You Want to Build Your Savings

Most people end up using their credit card because they do not have enough cash with them. Increasing credit card purchases will create a huge burden for you at the end of the month. It is much better to pay with cash than to use your credit card extensively. It will help you stick to a budget and ensure that you do not spend more than you should, which in turn would help you build your savings. [Read more…]

How to Lower Your Dental Bills, Save Money & Still Have White Teeth

Scary instruments are not the only reason of avoiding dentist visits. The huge dental bills are another reason why people want to stay away from a dentist. Here is some advice on reducing your dentist bills so that you can get your dental treatment or check-up done without seriously hurting your budget. [Read more…]

Respect for Money or Saving Money Starts with Loose Change

Most people have forgotten the good old practice of collecting loose change. When collected over a long period of time, pennies, dimes, nickels, and quarters can amount to a substantial amount of money. It can also act as your own little emergency fund – it will help with urgent expenses without you having to run to the ATM. [Read more…]

Beginners Tips for Smart Investing and Saving Money

Investing your hard earned money well is an exercise which will require judgment, planning and substantial research. The key to sound investing is keeping yourself well informed and resisting the temptation to put money into dubious ‘get rich quick’ schemes. The best way to make sure your investments are right for your future needs and your risk appetite is to understand them well before you put your money in them. [Read more…]

How to Save Money the Easy Way

I have been experimenting with some simple ways of saving money and they have made a considerable difference in my accumulated savings. Savings are very important because they take care of your sudden expenses, such as a medical emergency or replacement of a necessary household appliance like your refrigerator. [Read more…]

Balancing Retirement Savings and Children’s College Fund

Parents have to make a difficult choice between saving money for their retirement and providing for their kids’ education. With increasing inflationary pressure and rising expenditure, it is difficult to accomplish even one goal fully, and striking a balance between the two can be very tricky. This has become a major concern among many parents as the cost of higher education is increasing rapidly. [Read more…]

Smart Short Term and Long Term Investing Tips

Post recession, as vulnerable financial institutions have grabbed federal aid to save their businesses from bankruptcy, most of the investment options no longer look safe. Interest rates have fallen, investment bankers and stock traders are being held for fraudulent practices; the list is unfortunately long. In the present financial situation, you may be wondering how to find safe and reliable options to invest your hard earned money. [Read more…]

How to Save Money While Eating Out

Eating out can be a major source of wasteful expenditure. It does not mean that you should completely avoid restaurants. All you need to do is to act smartly when you are making this expense.

Don’t be impulsive

Get rid of the habit of stopping by at restaurants every now and then. Instead, you should plan the days you will be going to a restaurant. Keep a track of your weekly or monthly expenditure on eating out. Allocate some money for this expense and do not exceed your budget. [Read more…]

Save Money by Making Spending Difficult for Yourself

Most people are prone to making easier choices rather than rational choices. If you want to manage your finances and avoid spending too much money, you need to condition yourself in such a way that there are lesser incentives for spending. [Read more…]

Alternative Ways to Get Rewards for Spending

Credit card companies had originally come up with the idea of a rewards program in which they give cardholders some benefits for making purchases using their credit card. But these programs are not that attractive anymore as benefits per dollar spent have fallen. [Read more…]

How to Save Money by Avoiding Bank Fees

Banks provide various facilities to their customers, but if you thought all that was free then think again. A bank’s job is to make money out of its operations and for almost every service that it provides, you will be charged a fee.

That however does not mean you can’t do anything to save on bank fees. Here are a few tips to minimize your bank related expenses. [Read more…]

How to Create a Budget for Effective Cost Cutting

If you have dreams of saving enough money to take a world tour or enjoy the perfect, anxiety free retirement, it is essential to have a well thought out budget in place right now.

A budget can help you regulate the amount of money you spend and what you spend it on. Many people find it difficult to stick to a budget because they do not have a clear goal. If you don’t know what you are saving for, there is a good chance that you’ll end up being undisciplined with your money. On the other hand, sometimes the budget can be too austere and you might find it too hard to stick to it. [Read more…]

Saving Money for an Anxiety Free Retirement

The recession has perhaps hit retirees the worst as they were forced to sit back and watch their life savings dissolve right before their eyes without being able to do anything about it.

The typical problems faced by retirees- decreased mobility, more likelihood of debilities and many others are hugely exacerbated when an additional stress factor is added to the mix – that of worrying if there is enough money left to handle basic needs such as being able to attend to emergencies. These anxieties can be taken care of to a large extent by tweaking the retirement savings plan during the earning years. [Read more…]

Tips for Young Investors

If you are young, have just got on a new job and your income exceeds your basic expenses, you should start considering investment opportunities to save for the future. By starting early and making wise investment decisions, you will be able to grow your wealth and secure a safe financial future for yourself. [Read more…]

How Inflation Affects Your Savings

Inflation is one of the most important factors that you should take into account when you are planning your finances. Without proper measures, inflation can make a huge dent on your savings. That is why it is critical to understand how inflation works and what you can do to protect your finances. [Read more…]

How to Start Saving Now for Retirement Now

Everyone looks forward to putting their briefcase and laptops down for good so they can enjoy the finer things in life. But considering the unpredictable state of the economy, you would need a big enough financial cushion to protect you and your family from any unforeseen circumstances. [Read more…]

Common Investing Mistakes to Avoid

Making smart investment decisions is neither pure science nor pure sentiment. It is mostly about keeping things simple and manageable. But it seems that it is easier than done for most investors who end up making mistakes that does just the opposite. The end result is disappointment, poor returns and sometimes even worse. Some of the common investing mistakes that lead to poor results are discussed here. [Read more…]

Creating A Monthly Budget to Save You Money

Personal savings are reaching an all time low these days as people are spending more, yet earning less. Savings are an integral part of a steady future and should never be ignored, no matter how dire things look at the moment. The best way to ensure that you are on track and staying within your means is to plan a monthly and yearly budget. [Read more…]