Gun Sales and the American Tragedy

Written by adminFebruary 23, 2018
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Anyone who has watched the news in the past few years can tell that Americans have a deep love-hate relationship with guns. Since our founding, guns have been a symbol of nationalistic pride and self-defense.

According to the constitution, our right to bear arms will not be infringed. The Founding Fathers believed there may come a time when every man will have to defend what’s his, even from his own government.

But, if you were to ask an anti-gun activist, those rules no longer apply while living in a modern, civilized society. After every mass shooting incident or tragedy that rocks our country, the calls for stricter gun reform and even a full ban of certain weapons grows stronger.

Yet, despite the cries from the anti-gun lobbies, there’s always one thing a national tragedy never fails to do: spike gun sales.

There’s a major gulf between both sides politically. As they appear to play tug of war with each other, there’s a real fear that the U.S. will go the way of Australia and other countries that gave up their weapons years ago after mass shootings.

The problem is, those other countries aren’t the United States. They don’t have a historical culture that revolves around guns. They don’t have a constitution that personally guarantees them the right to carry. And so, the debate continues.

Guns by the Numbers

Statistics show that there are 114 guns per 100 people in the U.S. It’s difficult to give an exact number on how many guns are out there, but it definitely outnumbers the current population. There are certain events we can look at to see what drove gun sales, and it goes back to fear.

For example, we saw a surge in gun ownership after Barack Obama was elected president in 2008. This event is what pushed gun sales far above the population at the time. Fear that his anti-gun agenda would eventually be fulfilled drove gun sales by the millions.

 

After Sandy Hook, gun sales broke historic trends and rose by about 3 million after the months that followed the tragedy. These same types of numbers can be seen after every tragedy that hits the country.

It’s not just the purchase of guns that skyrocket, but also the number of permits to carry and the stocks of gun manufacturers.

After the Las Vegas and Pulse nightclub shootings, stocks rose significantly for most of the top gun companies out there. NRA memberships soar.

Whether you consider it patriotic duty, defending your rights to freedom, or pure lunacy, there’s no doubt that Americans love their guns. And when fear drives them, they decide to weapon up to protect themselves and their families at any cost.

No one has all the answers to solving the mass murder crisis that seems to be plaguing our schools, churches, nightclubs, and streets, but the solution at present seems non-existent. This deeply divisive issue threatens only to continue to divide us further.

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5 Ways to Eat Healthy on a Tight Budget

Written by adminFebruary 12, 2018
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If you’ve spent any time in college, then you know how to eat on a budget. Most of us can think back to Ramen-fueled study sessions and cold leftover pizza breakfasts. Even if you’ve never been to college, living on a tight budget makes it more difficult to get the proper nutrition we need to stay healthy.

As we get older, eating healthy becomes more important. The problem is, according to a Harvard study, eating green and clean costs about $1.50 more per day than buying garbage food. The food manufacturers love it! They can mass produce low-quality food at a cheap price, and when you’re on a tight budget, you might think that’s all you can afford.

There are ways to overcome this problem and still eat healthy, no matter your budget! With some planning and extra work, you can do it! Let’s dive right in.

1) Understand the Psychology of Food

This is a HUGE problem not many people know about. Food is big business, and like every other big business, they know how to get you to keep buying their product. They produce cheap products that offer little nutritional value. Have you ever sat down and mindlessly eaten a whole bag of chips while watching your favorite show?

These foods are cheap for a reason. Because they offer little nutritious value, they burn up quickly, send your energy levels plummeting, and leave you hungry. So, while it might not cost as much to eat this way, you’ll find yourself buying twice as much of it.

 

When you eat the right type of foods that nourish your body properly, you won’t be as hungry. You can eat less, spend less, and overall be healthier for it.

2) Follow the Seasons

Farmer’s markets in our local communities are becoming increasingly popular, and for a very good reason. You can get great produce at a cheaper price than you can find in the store. Why is it cheaper? It’s because the foods they sell are locally produced and are in-season. That cuts down on shipping costs and follows the law of supply and demand.

If there’s a certain food in-season right now, that means there’s an abundance of it and you can get it at a great price. On the flip side, it’s going to cost a store more money to ship in fresh strawberries from South America, so the price is going to be higher. Look up the seasonal foods in your area at any given time and enjoy the savings.

3) Have a Plan and a List

One thing stores LOVE to make money on are impulse buyers. These are the people who run in with a few things on their mind, but end up leaving with much more than they intended on buying. It goes back to point #1 about the psychology of food.

The layout of grocery stores is not random. They’re carefully designed following the law of Power of Perimeter. If you haven’t noticed, most of the stuff we need on a regular basis is found along the outside wall of the whole store. If you need a gallon of milk, you’re going to the very back to find it. Meats, breads, etc, are also on the outer perimeter.

With the most common products at the back of the store, it forces you to walk through the Little Debbie aisle and the frozen food section. They count on you seeing that one thing you know you shouldn’t buy and tossing it into your cart. Then, when it’s time to roll up to an aisle, there are plenty of other impulse items there as well.

Don’t fall for it! Don’t go to the store hungry. Take your time and actively plan out your grocery list. Clip coupons. Find great deals. It will take extra time, but you’ll save money in the end.

4) Do Your Own Prep

One of the more expensive aspects of grocery shopping includes buying products that have been already cleaned, cut, and prepared for you. This includes meats, fruits, and veggies. A tiny container of pre-cut fruit, while convenient, is much more expensive than just buying the whole fruit and cutting it yourself.

Instead of hitting the meat section of your store, go to a local butcher. Not only will your food be cleaner and not sprayed with chemicals to help preserve it, you can get more of it at a cheaper price. As part of your grocery regimen (planning/shopping/couponing), take the time after you shop to chop, cut, and prepare the foods yourself. You’ll save a lot of money.

5) Grow Your Own

If you have the space for it, there’s nothing better than growing your own garden. Yes, it takes work, but can be extremely therapeutic. Even if you live in an apartment, you can find a way to grow your own fruits and vegetables. There are a thousand ways you can research online to grow in various types of light, space, and circumstances.

Also, learning how to can is a huge asset. It may seem like a practice from a bygone area, but it has been roaring back to life in the past few years. People actually desire to grow clean, healthy food and to can it themselves and spare the extra preservatives and chemicals food companies add in.

Grocery shopping is one of our biggest expenses, and food isn’t going to get cheaper anytime soon. By learning how to shop properly and by taking these steps, you can improve the quality of the food you eat on any budget.

 

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5 Ways to Improve Your Home Heating Costs this Winter

Written by adminJanuary 29, 2018
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As winter’s icy grip has taken hold of most of the country, you’ve probably already been smacked with your first heating bill of the year. The average American spends up to as much as 22% of their monthly budget on utilities, sometimes more if the weather doesn’t cooperate. And if you live in the north, forget about it!

Rather than just riding it out until spring, there are several ways you can lessen the impact of winter heating costs and save a bit of money. Here are 5 of them:

1) Keep a close eye on your thermostat.

Imagine your heater playing tug-of-war with the cold air outside. No matter how hard you try to winterize, the cold makes its way in and forces the heat to rise. When you set your thermostat to a certain temperature, it’s your heating unit’s job to keep the house at that number. The higher the temp, the more times it will have to kick on throughout the day to keep up.

This is especially true when the weather gets brutally cold. You might not think a few degrees will matter much, but it can add up quickly. You can save 1% on your heating costs by dropping the temperature 1 degree per every 8 hours. Which means you should consider times to lower your thermostat.

The best temperature to set for ultimate comfort and reasonable savings is 68 degrees. Every degree lower than that will keep your heater from kicking on as often, and ultimately saving on energy. Take extra steps to stay warm and save money, such as putting on a comfortable sweater, wearing socks, and turning it down 5-10 degrees at night and/or when you leave for the day.

2) Let the sun do all the work.

Even on the coldest of days, sunlight can help warm your home for you. When it’s bright and sunny out, feel free to lower the thermostat and open the blinds. Not only will the extra sunlight help you overcome those winter blues, but it can also raise the temperature of the home several degrees.

Also, as solar panels become more popular, a lot of people are installing very simple panels that help to generate extra heating power. This is especially true if they own remote properties that aren’t frequented during the winter, like cabins. Even during long stretches of dreary weather these solar panels help keep the temperature well above freezing.

3) Keep your heating system clean.

Think about what it’s like when you’re congesting. Breathing is difficult and requires more energy. The same happens when your heating system if you don’t clean out the filters regularly. Energy Star recommends that you clean the system on a monthly basis. There are several reasons for this.

-You can extend the life of your heating system by keeping it clean. If it has to work harder for a significant amount of time, it can damage or even destroy the unit much quicker.

-You help keep your air cleaner. Homes can get stuffy in the winter months. Everyone is stuck inside with the doors and windows sealed shut. There’s much less airflow to deal with the accumulating dust and debris. Cleaning the system ensures cleaner air.

-The Department of Energy says keeping your vents clean can save you between 5% to 15% on your heating costs.

4) Turn on the ceiling fan, but in reverse.

Helping to control the temperature environment in your home is easier when you understand the fundamentals of how air reacts. Cold air is denser, so it sinks. Warm air is lighter, so it rises. Most ceiling fans have a reverse function that helps to push warm air back down. So, when people are occupying a space that has a fan, run it on reverse, but be sure to shut it down after.

5) Plastic sheeting is a lifesaver.

If you have brand new, top of the line windows, you probably won’t have much of an issue keeping your house warm. For the rest of us, older windows are used to take the brunt mother nature has thrown at it. It’s not uncommon for windows (or areas near the windows) to have small gaps where the warm air escapes.

As the air escapes, it means your heater will have to kick on more times to keep up with the flow of air moving away from the house. A lot of people put a lot of effort into ‘winterizing’ their homes for the winter. They put up plastic sheeting over the windows to help insulate and keep the warm air inside where it belongs.

 

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Teaching Kids about Financial Responsibility

Written by adminJanuary 16, 2018
Credit & Debt Settlement , Personal Loans , Saving

It happens in a blink of an eye. We spend our childhood getting just about everything we could ask for. Our parents worked very hard to give us a good life and to make us smile. If you were like me, you had a room packed full of toys, most of which you didn’t even play with. No matter what toy I had, my mind was always on the next thing. Then one day, it all changes.

Kids have virtually no concept of money. If they want or need something, it’s often provided for us. As we get older, we start to pick up a little more responsibility. Whether it’s your job to clean up after dinner, take out the trash, or vacuum the floors, we start to learn about work for the very first time.

A lot of parents will teach their kids that if they want that new toy, then they must earn it. But often, the biggest lessons of all are rarely taught. We all know as we get older that we must work for our money, but the concept of saving is seemingly lost on younger generations. Whatever they get in, they must spend immediately.

Spending Less than You Earn

According to Forbes, most 20-year-olds aren’t saving their money. They live right at where they can afford, opting for the more expensive car or apartment rather than living under their means and saving that money for later. Forbes also suggests, in their article 20 Things 20-Year-Olds Don’t Get, that young adults should learn how to spend 25% less than they make.

This is especially important when you consider that teens and young adults hop from job to job. They don’t have a steady work or credit history, yet they are at risk of making their financial life much more difficult if they don’t get spending under control earlier in life.

Here are several ways to help your child prepare for adult by teaching them financial responsibility.

1) When they’re younger, buy them a piggy bank.

A lot of kids already do have a piggy bank, but not a lot of parents use it as a method of teaching about savings. Once they start being able to help out with chores around the house, having them earn an allowance. When it’s time to get paid, it would be beneficial for you to sit down with your kid and go over their ‘budget’.

Yes, give your kids a budget! Do they want that new toy? Find out how much it costs and create a goal for them to save at least half of its value. When it’s ‘payday’, show them the money they earned. Discuss with them about how much they want to use right now (let’s say, for the ice cream truck? To get a dessert after dinner?), and how much to put in the piggy bank for the toy.

2) Offer a bonus for extra work.

The idea isn’t just to teach them how to save money, but how to have a good work ethic. Reward them for doing extra work around the house. If their only job is taking out the trash and keeping their room clean, but they start helping do the dishes and taking initiative, don’t be afraid to give extra.

In the real world, they’re going to have to hit the ground running. There will be no laziness on the job or slacking off. Once they know the value of hard work, they will be prepared to go to the extra mile for what they want in the future.

3) Show them how to budget for expenses,

A lot of kids love to go shopping with their parents. You can use this to your advantage by getting them involved in the shopping process. Disclose to them what the budget will be for that particular shopping trip. Sit down and go over what you need to buy. Show them how to clip coupons and find the better deal on items.

4) Teach them how to balance a checkbook.

This is one lesson that rarely gets taught to children. It can be a good way help them understand the importance of having good math skills. When they decide what they want to do with their allowance money, teach them how to keep track of the amount of money they have in their piggy bank and how much they’ve spent on junk.

It can be quite eye-opening for them to see how much money they wasted on things that could’ve gone to better uses. Not to mention learning a basic skill everyone will need to know.

5) Don’t forget about credit.

At every college around the country, credit card companies line up ready to get your kid to sign up. In fact, one of my closest friends told me about how he got into major credit card debt. It started the same way it does for a lot of students. His first year in college, they had tables everywhere for students to sign up.

Of course, he didn’t know a thing about credit cards, minimum payments, interest rates, or building credit. He was young and all he knew was he had a card with a certain limit on it. Before he knew it, he was thousands of dollars in debt and now in his 40s still trying to pay that off. It’s a warning to every parent who sends their kid off without knowing how credit works.

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How to Make Sure You’re Financially Prepared for Marriage

Written by adminJanuary 16, 2018
Credit & Debt Settlement , Personal Loans , Saving

Congratulations! You’re engaged and about to go on what should be the greatest adventure of your life!

Of course, in your mind, you’re working through all the ways the two of you can successfully navigate any stormy waters that might brew. You make plans and prepare, discussing everything to ensure the marriage starts off on the right foot.

But one area where couples struggle is when it comes to finances. Maybe you’ll have the preliminary talks (What do you do? How much do you make?), but a survey from the National Foundation for Credit Counseling has revealed that 70% of people had ‘negative feelings’ about discussing money with their fiancé.

20% of those surveyed believed that a real, in-depth conversation would either end in a fight or the end of the engagement altogether. The consequences of this are devastating!

Lack of Communication Reveals Nasty Surprises

We’re all different in the way we approach money. These differences can lead to difficulty after the wedding. Our views often come from our parents and the way money has been spent around the house as a kid. If your parents helped you get a savings account at an early age, you’ll be more likely to save.

On the other hand, if you received a lot of gifts and weren’t taught to save, saving might not be in your vocabulary. This often leads to a rift between couples who were raised differently. They join in matrimony only to find out their spouse is a huge spender and has been hiding a massive pile of debt under their mattress.

Now that debt belongs to you. Isn’t marriage fun?

This is why money problems are the number one cause for divorce in the United States. Couples who don’t communicate later regret it and are often ambushed by a partner who doesn’t share their same views. And when incomes are combined and bank accounts are shared, those can be dangerous waters to tread.

Improving Your Odds

If you’re intent on having a successful marriage and NOT becoming another statistic, then you’re going to have to get over the fear of having the talk you need to have with your future spouse. It’s 100% CRUCIAL for a good marriage to get the financial stuff situation beforehand.

Here are some ideas to help ensure you’re financially prepared for marriage:

1) Don’t start off your marriage in debt.

Weddings are expensive. They are often one of the most expensive milestones in our lives, next to getting the house and the car. As much as we dream about having this extravagant wedding, full of beauty and wonder, it can set your marriage back in the long run. It doesn’t exactly set a good tone going forward starting out your lives together in debt.

The average wedding in the U.S. costs $25,000, and that’s without the honeymoon or any of the other expenses that come with marriage. How many years will it take you to pay off that one single day? Plan a budget and stick to it! Sticking to the budget is the difficult part, as the cost of a wedding can add up fast.

2) Have the difficult talk.

Be aware of your partner’s financial situation. Are they a spender? Are you a saver? It’s okay to have different ideologies towards money, but it requires a lot of open communication to make it right. Sit down with your partner and make sure you have a serious, but non-judgmental review of their spending habits. Go over their debts and a talk about ways to make it work.

If you’re a saver, try to be understanding that people make a lot of mistakes when they’re younger. Most people often don’t know how to save, especially when they’re single and don’t need to. Now that things are getting real and responsibilities are piling up, it’s time to get serious and work out a budget together.

3) Build up your savings.

Married couples often live to their max on both incomes. If you buy a house, you’re most likely going to do it together with the mortgage based on what you both make together. That’s perfectly fine, but what if one of you loses your job? This is where being financially prepared can save your marriage from a ton of heartache and frustration.

The vast number of divorces over money happen when times are difficult. The economy slows down, jobs are hard to come by, and the family loses out. That’s why it’s more important, especially in the beginning, to forgo some comforts to put that money into a savings account. Build up at least six months’ worth of emergency savings in case the worst happens.

4) Plan, but take your time getting there.

There’s no doubt you spent a lot of time daydreaming about white picket fences and a yard full of kids from the moment you feel in love. To go along with building up your savings, hold off on making the big purchases for a while. It’s not going to hurt to rent a decent apartment for a few years while you build up your savings.

Do you really need the top of the line car or the best cable package? Whatever the case may be, sit down and plan out your future. Cut spending while you can, save as much as possible, and keep your plans close to your heart. Write down a timeline with your goals in place. Maybe buy a house in 5 years rather than right at the beginning.

Are you prepared for children? I wouldn’t be surprised if many kids born are happy little accidents. You can plan for them all you want, but they have a knack of showing up when you least expect them to. Either way, these are all things you should sit down together and talk about. Write up a budget, determine what will go into savings, and grow together.

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Taking Finances (and your life!) to the Next Level

Written by adminJanuary 12, 2018
Credit & Debt Settlement , Refinance , Saving

The American dream. Financial freedom. Being able to do whatever we want, whenever we want. That’s the life so many people chase after, but often don’t know how to achieve.

We often get into the grind, thinking we’re making the right choices. The sad truth is, we’re running around and around in a giant hamster wheel, working our tails off to keep it moving, but going nowhere at all.

If you can have enough money in your bank account that you never have to worry about living month-to-month or paycheck-to-paycheck, that IS freedom.

So, how do you take your life to the next level?

Step #1: Look at your earnings and make bold calls if you need a change.

The difference between where you are now in life verses when you first got out of college or graduated high school is you’re a bit more experienced in life.  Whatever you’re currently doing, you’ve most likely been working on it for nearly a decade.

You’ve learned, studied, grown, made mistakes, gave up, went after again, and so on.  If you take all of this into account, what stage would you say you’re at?

And most importantly, where do you see yourself in another 10 years?  On your way to becoming a millionaire?  Then great!  Don’t change a single thing.  Keep plugging away doing exactly what you’re doing.  

But be perfectly honest with yourself.  Do you need to make a change?  Maybe you’re in over your head?  You might need to make a slight or a drastic change to stay ahead.  As they say, “Insanity is doing the same thing and expecting different results”.

Step #2: Make sure you focus on your top client.

Here’s the thing, you need to remember one person.  And that person is yourself.  We often forget about our own well-being and seek to please others first.  If you work at an office while attempting to start your own business, will working those extra hours really net you anything?  

 

This might sound selfish, but you have to ask what’s in it for you.  What will you get out of it?

As long as you’re working for your boss, you’re helping them fulfill their own dreams and reality.  They get to go on longer breaks and vacations while you plug away extra hours to make them more money.  

 

And it’s a waste of your time!  Instead, make sure you’re getting something out of it.  If you’re not, consider it time wasted away from what you should be doing: setting up your business!

Step #3: Other Money

This might seem counterintuitive, but If you need some money, borrow it.  Don’t be afraid of borrowing money and using that to get things going.  It’s used most commonly perhaps in real estate, where someone takes out a mortgage, buys and fixes up a house, and then uses rent payments he collects on the interest.

As with anytime you borrow, it does come with risks.  There can be a downturn in the economy, but I’m willing to bet that most successful businesses started out with an idea, drive, and a loan.  

 

They often say that you need money to make money, so you can try borrowing if it’s worth the risk. It may be the only way you get to take that step.

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5 Ways to Save $531 Every Month

Written by adminOctober 16, 2017
Saving


Your budget is bulging at the seams. You know there’s got to be a better way to budget, leave some room for an indulgence or two and save money. There is a way. Take the reins of your financial situation, treat yourself and potentially pocket $500 a month in savings.

1. Consolidate Unsecured Debt into One Lower Monthly Payment

Credit cards are an example of unsecured debt, and quite often, the most frequently cited reason for overwhelming monthly debt expense. If your monthly credit card payments are straining your budget to the bursting point, explore consolidation. The average household carries two to five cards and spends approximately $650 per month making payments. Consolidate those cards and reduce your monthly expense by $225-$325.

credit_card_debt

2. Refinance Auto Loans

A monthly car payment follows as a close second to your monthly rent or mortgage payment. It can be one of your biggest budget busters! Financing options for automobiles range between 48 to 72 months. Examine your current loan. It might be possible to refinance from a 48-month term to a longer period of 72 months and reduce the payment up to 50 percent! You could potentially save yourself several hundred dollars each month.

3. Re-Evaluate Auto (and Other) Insurance Needs

Life today is filled with all sorts of insurance requirements and needs. Medical, auto, life, home – and insurance is one of the most neglected areas of our lives when it comes to assessing for savings. As a general rule, we should evaluate our insurance needs on a yearly basis because of life changes that occur over time, e.g. marriage, divorce, etc.. That yearly review could net you 25-percent savings on insurance expense. So, if you’re currently spending $2,000 a year on all your insurance coverages, it could mean an extra $500 in your pocket each and every month.

4. Opt-In for Student Loan Consolidation

Student loans are big business. The average college graduate is carrying $30,000 in debt. Quite often, the debt is spread over three to five loans, with payments totaling more than 35 percent of the borrower’s monthly income. If you are one of the more than 1.3 million graduates struggling with monthly student loan payments, you should consider loan consolidation. There are federal as well as private options that allow you to consolidate into a single loan option with one monthly payment. Federal programs will also allow you to choose an option based on your monthly income; if you’re just starting your career and your monthly income is at a lifetime low, this option could reduce your payment to a much lower level. With three to five loans, you could be paying as much as $400 each month; consolidated, the monthly payment would be closer to $250 per month. You could realize a monthly savings of over $150!

Did you know that there are actually companies out there that specialize in consolidating your loans insanely quickly and efficiently?  Used by millions…Click here to find out more.

student_loan

5. Explore a Credit Repair Option

Quite often, bulging (or completely busted) budgets lead us down the dangerous path of poor credit. Missed payments, late payments and loans that are in default contribute to declining credit scores. As a result, obtaining new credit becomes more difficult, and if approved, it comes with a higher interest rate. Proactively working to repair your credit file really does save you money, it’s just that it doesn’t happen overnight. However, if you realized any savings from the options presented above, you can, with persistence, improve your credit score. Begin to make payments that are more than the minimum, make payments early and strive to reduce the amount of debt that you carry. All of these steps work to improve your credit score, and an improved credit score opens doors to better credit options.
So what are you waiting on? Get up off the couch, explore all the options in this article and watch the expenses shrink, the budget improve and your savings grow! All while you sip that special latte!

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10 Easy Ways to Keep More Money in Your Pocket

Written by adminOctober 16, 2017
Saving


When you’re already living paycheck to paycheck, it can seem impossible to save money. The usual sites offering financial advice aren’t too useful either with their suggestions for better stock investments and squirreling away hundreds of bucks a month. Well, we’re here to help with a few of our favorite tips you can actually use. They won’t make you rich, but they’ll help you stretch your dollar a little bit further and give you some breathing room.

1. Student Loan Consolidation

If you have multiple student loans from different years, reach out to your lender or one that specializes in refinancing and consolidate them into one. You’ll usually get a lower interest rate that will allow you to pay down debt faster.

2. Credit Card Debt Consolidation

Look around for a new credit card with a balance transfer promotion of 0 percent or very low interest for a set amount of time. Transfer all or part of a balance from your highest APR card and pay it off. Just be sure to transfer only what you know you can pay off before the promotional period ends.

3. Get a Card with a Lower APR

Get a credit card with the lowest APR possible. Whatever you do, don’t get behind on it; that can trigger late fees and a penalty APR that could even affect your card rates with other lenders.

4. Repair Your Credit

The better shape your credit report is in, the better credit card terms you can expect. This means lower rates, higher credit limits and sometimes extra perks like cash back. If your credit could use some help, look into a credit repair program to help get your credit back on track.

5. Reduce Health Insurance Costs

Generally speaking, the healthier you are, the less expensive you are to insure. Doing things like stopping smoking and drinking and losing weight make you a better bet for insurance companies. Make sure your progress is noted in your annual physical and then contact your insurer for a review.

6. Reduce Car Insurance Costs

The safer you drive, the better your insurance rates will be. If it’s been a while since your last accident or traffic violation, contact your insurance provider to negotiate a better rate.

7. Refinance Your Car Loan

If you’re still making payments on a car you bought when your credit was worse, contact your lender to ask about refinancing your loan at a lower APR. If they won’t play ball, threaten to refinance through another bank. If that doesn’t work, take your business elsewhere.

8. Buy a New Car

Let’s say you’re not actually making car payments. Instead, you own a beater you’re dragging into the shop every week. It sounds counterintuitive, but you might look into buying a brand-new car. Not only will you have a much more reliable ride, but new cars will stay under warranty for a number of years, meaning less money you have to shell out for repairs and routine maintenance.

9. Get a Prepaid Phone

Traditional cell phone contracts often include all sorts of unnecessary extras you never use, so why are you paying for them? Prepaid service is just as reliable and often much cheaper than a contract. You do have to pay for the phone upfront instead of getting it free with a new contract, but you’ll save money in the long run by only paying for the services you actually need and use.

10. Cut the Cable

You’re paying a premium for all those cable channels that never show anything you want to see. Well, it’s time to break up with your cable company. You can keep it for internet service, but cut out the TV subscription. Sign up for online streaming platforms like Netflix, Hulu, Amazon Prime and others to watch what you want at a fraction of the cost of a monthly TV cable bill.

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10 Quick Ways to Save Money Each Month

Written by adminOctober 16, 2017
Saving


Getting into debt seems like it is something that is easy to do. When you try to get out of debt, that is when the real work starts. Here are 10 ideas to help you reduce your expenses when it is time to take control of your finances.

1. Consolidate your debt into a lower monthly payment

Consolidating your debts into a lower monthly payment can save you money. Instead of having to try to pay multiple payments, everything that you include in the consolidated payment will be paid with one convenient monthly payment. In most cases, this can help you score a lower interest rate than what you would pay on individual bills.

2. Refinance your car loan

A refinanced car loan starts out at a lower amount than a new car loan. This can automatically lower your monthly payments, especially if you are able to extend the life of the loan some.

3. Lower your auto insurance payment

Take a look at the car insurance payment you are making. You might be able to increase the deductible or decrease the coverage to lower the payments. Shopping around for car insurance might also be beneficial.

4. Consolidate your student loans into a lower monthly payment

If you have multiple student loans, you can likely get them all transferred into one monthly payment. Some federal repayment plans are based on your income so this might help you out if you are at a lower income rate.

5. Enter into a credit repair program

A credit repair program is a good idea if you have already missed some payments. These programs can often help you to get a lower interest rate, especially if your debt is at a high-interest rate, such as 25 percent or higher. You should make sure that you are working with is a legitimate company by checking with the Better Business Bureau and other agencies.

6. Lower your health insurance costs

If you don’t have any health issues, lowering your health insurance costs can help you to save money each month. Get a policy that has a higher deductible or one that has only basic services covered. This isn’t a good idea if you have health issues since you might end up with uncontrollable medical debt.

7. Buy a new car

Car repair bills can get expensive. If you are spending more on repair bills than you care to admit, it might be time to get a new car. This might seem more expensive at first; however, you might find that a car payment is less expensive. Plus, you will have a more reliable way to get to work and run errands.

8. Get a payday loan advance

A payday loan should be one of the last things that you consider if you need to come up with money fast. These loans often come at a higher interest rate, so carefully consider your other options. Of course, if you have an emergency, this might be a feasible option for quick cash if you know you’ll be able to repay it quickly.

9. Get a new credit card with a lower interest rate

A new credit card might seem counterproductive when you are trying to reduce your monthly bills, but it really isn’t. Many new credit cards have a 0-percent interest rate during the introductory period or for balance transfers. This fact alone might be able to save you some serious cash each month.

10. Reduce your employment costs

They say you have to spend money to make money, but you shouldn’t have high employment costs when you are working for someone else. Reducing the costs of your job can entail bringing your lunch instead of eating out and hitting up second-hand clothing stores for things to wear. If you need transportation to work, see if a co-worker will get you instead of shelling out money for transportation costs.

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