Jun 13

5 Ways to Save Money Today

Finance Help No Comments »

Everyone can use some extra money. But daily distractions and bad habits can bust your budget while you aren’t looking. From coffee to gas, lunch to entertainment, you can make some small changes in your daily spending to generate a big savings. Here are some tips that you can follow to help you save money today.

1. Make coffee at home instead of heading to Starbucks. Sure, the caffeine hike is necessary, but an overpriced rendition at the coffeehouse isn’t doing your wallet any favors. Depending on your go-to drink, waylaying the name brand drinks for your own cup of Joe will save you approximately $2.00 per day, or more than $700 per year to support your daily habit.

2. Bring a sack lunch from home. Reheating last night’s dinner or making a sandwich can make a big difference in your bottom line. An average lunch special costs $7-$10 per day. Even if you just pack your leftovers once a week, the savings translates up to $520 per year. Pack your lunch more than once and multiply your savings.

3. Drive the speed limit or lower. Starting, stopping, zipping and weaving all take a toll on your mileage, but any faster than 60mph is equivalent to paying an additional $.30 per gallon at the station. Slow down and use your cruise control when possible. Check for tire pressure as well, impacting your mileage up to five miles per gallon.

4. Check out your local library for tonight’s entertainment. Instead of taking in a movie with the family or wandering the bookstore, visit the library. While everyone can enjoy books, magazines, movies, games and CDs of their choice, the family can enjoy a cool, quiet place in the summer for free.

5. Set your home thermostat on a timer to just come on in the morning and evening. Raise the temperature in the summer and lower the temp in the winter. No need to waste money controlling the environment while no one is home.

This was a guest post by NewYorkBankingRates.com, a site that provides daily updates on the latest New York CD Rates, finance information and more.

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Apr 07

Calling Your Way Out Of Debt

Get out of Debt No Comments »

Debt is a four-letter word we all want to avoid. However, the cost of living alone is so demanding that debt follows us wherever we go. We have to pay bills, pay for clothing, food, gasoline, taxes, rent, mortgage, car payments, college, etc, that sometimes it is next to impossible not to find yourself humming this four-letter word.

The best way to solve debt is to sit down and find solutions. Solving problems is the first step you will need to take to find a way out of debt. Once you start to see you have options, you can find it easier to cope with your stress and debts. If you cannot find new ideas to help you find ways out of debt, visit your local library and look for debt solutions and guides that walk you through steps in getting out of debt.

Having many resources can help you to pull up new ideas that lead to solving problems. Rather than allowing problems weigh you down, take action now and find solutions that will reduce your stress and your debts.

If you have access to the Internet, search the engines to find relevant links that guide you into debt relief. Stay away from companies that offer to get you out of debt for a high monthly fee. The concept of getting out of debt is to relieve self of extra burden, such as a new bill. For the most part, you can call your creditors and make payment arrangements. The creditors are often glad to hear from you. Rather than have the hounds from hell hunt you down, the creditors would rather keep you as a friend, since they want you to pay your debt and incur future debt with their company.

You have recourses when it comes to finding ways out of debt. Debt elimination is not an option, since when you get rid of one debt another will follow. You get the point. The solution is getting out of the past debts you owe, set a budget and avoid spending more than you can afford. Pay off one debt at a time, until gradually you find relief.

To avoid incurring additional debt, stay away from credit cards. Only use your credit cards to pay bills, and payoff your credit card as soon as possible to avoid high interest rates. Stay away from payday loans also, unless you see that you can avoid late fees and can payoff the loan right away. Keep in mind however, that payday lenders often attach a steep fee.

The above tips are just some of the many ways to keep out of debt and manage the debt that you already have. If you can manage your debt effectively you can save a massive amount of money over the years in interest.

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