Category Archives: Savings

Save money on holiday gifts

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With the holiday season just around the corner, everyone is looking to buy gifts. With so much shopping, it is easy to spend more money than you had anticipated. Sure you want to buy gifts for everyone you care about but that does not mean you have to take a financial hit. Use these smart tips to save money on gifts this holiday season.

 

Don’t buy anything for yourself this holiday season: If you are buying a ton of gifts this holiday season, you are probably going to get some holiday gifts in return. So when you are shopping this holiday, leave yourself from the list.

Use your gift cards: If you have gift cards that you received last holiday or from any other occasion, try using the gift card for buying gifts before you start paying cash or charging them on your credit card. You can always use cash later if you plan at the same store. Why let gift cards sit with you, when they can be utilized.

Use cashback sites and credit cards: When you shop online you can make use of cashback sites like ebates, which offer you a percentage of the money you spend as cashback. Also make use of your credit cards when

Use coupons and sales: Use retailer coupons, manufacturer coupons on items you are looking to buy. Start looking for coupons online. One simple way to find coupons is to search for the retailer name and with coupons; for example: Macy’s coupons or Kmart coupons.

Make use f the the thanksgiving sale: Black Friday Ads are already out for many retailers. Take a look at the offering and if you have any of these on your list, try to get them during the Black Friday sale (many of these sales are also available online on Black Friday day). Also many website hold sales in Super Sunday after the Black Friday.

Buy in bulk: There are many retailers who offer sales like buy 2 get 1 free. If its on an item you can give to more than one person on your list, why not make use of these offers.

Comparison shopping: Once you have decided, what you want to buy, you must decide where you want to buy it from. You may be surprised at the difference in the price of the same item at different retailers.  Many retailer carry the same product, yet price it differently. Use comparison shopping websites like Google Shopping or take a look at Amazon, Walmart online stores to get an idea of the best prices.

Donate to charity: Why not make it simple. You associate with a cause and its holiday time, you can make a contribution to a charitable organization and use the receipts as gift. It is something everyone will like and appreciate.

Make your won gifts: If you have skill that you can use to make something a person will like, why not make that as a gift. Its a win win, you and the person receiving the gift will share a connection a purchase gift cannot make. It will show them you care

Buy a family gift: If you are going to be gifting to everyone in a household, consider getting a family gift. Something like a dinner set or tickets to a movie, Broadway show, etc. Family gifts are great as the whole family can enjoy them together and you take care of more than one person of the list

Do you have any tips to save money on gifts this holiday season?

photo by: xlordashx

Ten ideas to save money today

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It just feels like a day where I would like to save some money for me and for you. If you have some money saving ideas, share them with me in the comments sections.

1. Pack your lunch: This is a no brainier. if you want to save some easy money today. Pack your lunch today. If you eat out regularly then think about changing your habit. This will not only save you money, but you can also bring in a healthier meal than you probably eat from outside.

2. Make your coffee: I love to have a coffee or tea ( I enjoy both drinks) in the morning and also enjoy getting one from Starbucks or a local coffee shop. But if you have the urge to save today, why not skip all coffee shops and make your morning coffee at home or at work. If you have more than one cup a day, there will be more opportunities to save today.

3. Commute to work: If you live withing 30 minutes walking distance from work, give it a try and walk to work instead of taking the subway, metro or bus. If walking is not an option and you regularly drive to work, try sharing a ride with a co-worker.

4. Return a recent purchase: If you are having a buyer remorse, take a look at the return policy of the item you purchased and return it. Most stores will allow you to return an item for store credit even if its out of their published return policy

5. Get the rate lowered on your credit card: if you are carrying a balance on your credit card, call your credit card company and ask them to lower your rate. You can say you have a good balance transfer offer but you would prefer to stay with the current company citing loyalty to the firm.

6. Consolidate your loans using peer to peer lending: If you have multiple loans that you are trying to pay off, consider consolidating them using a peer to peer lending service like Lending Club and Prosper. One of the most popular reasons people take loans on these sites is to consolidate loans and simplify their debt repayment process.

7. List your old items on craigslist: Everyone has old items sitting around that will probably never be used. Why not sell those on craigslist and convert them to cash that you can use. To sell items effectively on craigslist be sure to list the details correctly and add pictures. Don’t be too greedy for the price you can get. if you list a price that is too high, you will not be able to sell the item.

8. Put on a sweater and lower the thermostat: With the heater already turned up in some parts of the country, try lowering the thermostat and wearing warmer clothes. It may take a couple of hours to adjust but once you do, you will have a way to save money everyday.

9. Call your internet company: Call your internet company and ask for a lower rate. Companies like Comcast have gotten smarter over the period of last few years and make it difficult for you to get lower rates but keep trying. I was successful in negotiating my rate to half after three attempts ( which took about 15 minutes combined).

10. Cancel your subscriptions: If you have recurring subscriptions that you paying for and not using; cancel them or put them on a hold. You can put nearly all subscriptions on hold.

 

photo by: Images_of_Money

I like spending money on these things.

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When it comes to spending money I am disciplined but that does not mean I don’t spend money or I am extremely frugal.

You really don’t have to become extremely frugal for saving money. You just have to cut expenses where it makes sense. I spend money on things I know I like and will enjoy. I spend money when I know it give me good dividends in terms of memories, relaxation and relations.

Spending money smartly will give you more value for money.

Vacations

I like taking good vacations where I can see new places, meet new people or reconnect with family and friends I don’t get to meet on a regular basis. I first look at why I am taking a vacation and then look at whether I can afford it. I only make the trip if I can afford it or use my the miles and pots I have accumulated to pay for the airfare.

Massage

I love to get a massage when I am on a vacation. It helps me release stress, which is one of the main reasons to take a vacation. I know it can be a bit expensive. If you like getting a massage, try getting a groupon / livingsocial deal to save money on them.

Books and Courses

I spend a lot of money to learn new things; either by reading books, joining classes or buying online training. I try to first make time to learn what I am interested in. Wait for a couple of weeks to see if I am truly interested in it and then sign up for it. Once I sign up, I ensue I complete the course or book.

What I don’t like spending money on

Lavish Dinners: I don’t enjoy lavish dinners, so I try to not spend money on them.

Cabs: If I can walk the distance, I will walk it; if there is a train or a bus I will prefer that. I only take cabs, when I have to.

Gifts: I would rather give cash (worst case a gift card) than select an item and give it as a gift. Odds are other person does not like a gift I select  as much as something they would buy with the cash.

Shipping costs: I hate it when i have to pay shipping costs or for that matter return shipping on an item. I try to meet minimum spending when possible or try to combine orders and get free shipping.

Trolley at the Airport: Landing at JFK, be ready to shell out $5 for a trolley. What a waste of money after the airport has already charged you a ton via airlines in the fees. I cannot imagine the service to be worth $5 when the porters charge you $1 per bag!

Where do you like spend money and why?

8 ways to use the extra hour from day light savings

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It is not uncommon to think what you can do with the extra hour you get with the change in day light savings. I like to make every hour count, so if you are like me, you are eagerly looking for ways to make use of the extra hour you get

  1. Get some additional rest: With the clock changing time past midnight, you are probably in deep sleep.  Sleep an extra hour and let your mind and body relax. An extra hour of sleep can do wonders, especially if you are the type who hits the snooze button often. A well relaxed person can contribute more effectively, like you have just returned from a vacation.
  2. Arrive early at work: Impress your boss and colleges by reaching early and doing some extra work. Be sure to convey that you did not miss the day light saving but were eager to use the extra hour to help the company.
  3. Make a breakfast: If you have not been getting a chance otherwise to make your own breakfast and coffee / tea in the morning. Why not do so today. Chances are you got your full sleep and still got up an hour earlier. Use this time to cook a healthy breakfast for yourself.
  4. Go for a run: If you have been putting off working out because you dint find that extra time, grab this opportunity. Go for a run or workout. If you are just starting out, do not overdo it.
  5. Organize your day: How often do you get a chance to organize your day before your start it? I like doing this while taking a subway ride or while taking a bath, but today can be different. With the extra hour today, take a look at where you plan to spend your time, see if you are using time effectively and prioritize your work.
  6. Spend the time with your family: With work and other commitments taking up most of the time, we all find very little time for our families. Why not take this extra hour and create some memories for the family. Spend time with your kids. If you spouse prepares kids for school, take over that responsibility today.
  7. Perform a quick financial checkup: Update your net worth calculation, your budget. Ensure you have paid your credit card and utility bills.
  8. Take a longer bath: If you only find time to take a relaxed bath on weekends, you can take one today! Like an extra hour of sleep, taking a relaxing bath can also release tension and the freshness will help you perform better throughout the day.

So how do you plan to use the extra hour you get today? Let me know in the comments.

photo by: JonathanCohen

How to Teach Your Kids to Spend Wisely

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Amongst all the things that you can give your kids, educating them about finances is one of the best gifts ever! Your kids will most probably emulate one of you. Hence it’s more than important that you beef up your spending habits. If you’re the kind of a person who enjoys retail therapy, and swipes plastic without thinking twice, chances are, your child will want to follow your footsteps. So first and foremost, ensure that you’re spending wisely.

When kids are in that pre-teen stage, they already are acting and thinking like miniature adults. Encourage them to come up with thoughts about how to save money. When they wish to buy something, get them onto the internet and make them research on various websites to find the cheapest deal. This will set the tone for the future too. When they grow up, they’ll be more analytical and will make sure to hunt around to get the best value for money deal.

Take your kids grocery shopping with you. Compare their favorite foods from different brands, ask them to check the prices, check for discounts, use any coupons and ask them to calculate the prices. You’ll be improving their maths while arming them with excellent spending habits.

Teach your kids to make do. Tell them that it’s not okay to borrow from others. One of the most important lessons about spending is that you must stress the importance of not borrowing, but spending within your means. If your child wants something that you can’t afford, sit them down and honestly explain to them. Chances are if you say that we can save up for it and buy it after two months, they’ll appreciate it more. Emphasize on the fact that buying something when you have the money for it is the right way to go about things. This is a good time to teach them about credit.

Ask them to help with your household accounts. Whether you keep your books the traditional way, or you use a software to keep your household accounts, encourage your children to keep the accounts. Instruct them how to balance your books. When you analyze your expenses, make sure your kids are around and aware of what you’re doing. This will teach them to spend their money wisely.

Wise spending habits are not too tough to cultivate. As they say, catch them young and you’ll see that your child will grow into a wise, responsible, financially aware adult whom you’ll be proud to have raised!

 


How to Teach Your Kids to Save and Invest

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Wouldn’t you love it if the alphabet for teaching kids were ‘I’ for Investing and ‘S’ for saving! We all would! Apart from the fact that most parents don’t really spend enough time talking to their kids about earning and saving money, it’s probably a miniscule number of parents who actually talk about investing money. There might be times when adults themselves don’t understand too much about stocks, shares and the investment scene. At such times, it makes sense to schedule an appointment with a financial expert who will not only guide you but also your kid through the basics of investing.

Let’s face it, talking about money, investments, stocks, real estate are not going to catch every child’s attention by default. If you sit down an eight or a nine year old and start talking about these things, chances are they’ll fall asleep. What’s important here is to catch their interest. Search up some websites which have some good games that you can make your kids play. They’ll be more receptive and understand more when you talk about stocks, bonds, CDs, etc.

Another good idea is to show your kids how you trade. Especially if you own any stock in companies that you think they might be interested in.  Read the Investors sections with them on various websites. Go through these things together. You’ll be surprised at how much your child absorbs when he or she sees that you are taking a keen interest in it.

Encourage your kids to read the financial sections in the newspaper. Or better still, subscribe to a good financial magazine – one that your kids can read and understand of course. If everything else fails, the internet is your best friend. Try and get your kids to learn by reading from any child-friendly websites.

Encourage your kids to follow the stock market. Regularly ask them what they would invest in. Next, track these companies and see what’s happening. It’s a good exercise to do this. Firstly, your children will learn to analyze which companies are good to be invested in. Secondly, since you’re not actually putting in money, it’ll be okay even if they make mistakes. This will help your kids in the future when they actually need to invest.

Finally, remember that saving money, investing it, spending what you have wisely, is all a matter of practice. You can’t imbibe money lessons within a day. Think of it as a process. Deal with a lot of patience and you’ll see that your kids will soon begin being wise little people.

Learn to set your brand preferences aside

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We all have preferential brands in every product category we shop for which is why we don’t even bother to look at what the substitutes are offering. Trent Hamm tells us how to get rid of these brand preferences and focus on the actual product, after you have to use the product and not the brand. The quality of the product should be more important for you than the brand itself. You should understand that one brand cannot maintain the top position at all times in the market. There will be a substitute that will be better.

Posted at The Simple Dollar