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Archive for the ‘Budgeting’ Category

No one wants to give up their social life to save money. Having friends and hanging out with them is beneficial, it makes us feel good. So as you sit and look at your social calendar and compare it to your pocket book instead of calling and canceling plans, get creative and host a “night-in” at your place.

I can give you more reasons than just saving money. When you are with your friends it is nice to be able to hang out and laugh and joke and talk. At a restaurant you are constantly interrupted by the server, and if you ask them to not come back until you call them, they tend to get offended. Plus, if you are not buying more food or drinks you may be asked to pay so that they can use the table, especially if they are busy. You also have to take into consideration the people around you. Plus what do you do once you are done eating?

Most groups are going to go back to someone’s house, possible play cards or other games. Why not start at the house and stay there? This will insure a better time by all, and less money is spent. There are a number of ways that you can do this. You can host a cook out at your place, and ask everyone to bring a dish to share. You can offer all the food and ask everyone to bring drinks to share or you can just have a potluck where everyone brings food and drinks to share and you hang out.

My spouse and I have done all three. They all work out really well, and the really nice thing is that someone always offers to host the next one because it is so much fun. If you are concerned about having enough food to feed everyone and not break your pocket book consider grilling inexpensive foods. No one is coming to your house expecting steak and lobster. Marinated or BBQ chicken legs are great on the grill along with roasted corn on the cob. Hamburgers and hot dogs are also great.

You can also kick in the house. A big spaghetti dinner is a wonderful way to feed everyone inexpensively and so is chili. Think about the cost of a night out with your friends at a restaurant. You have appetizers, drinks, main dish and possibly dessert and if you are having a really good time figure that you have 3 hours there. After the food, how many drinks are you going to consume. I have friends that can consume 4 or 5 drinks in that time, and I have friend that only drink 2. At $4-$12 a pop, that can add up pretty quickly.

Now looking at the alcohol alone, you can buy a bottle of rum for around $18, which can make more than one drink. That would be money saved, even if you drank the entire bottle in one night. If you are a wine lover, then you know that a bottle of wine can range anywhere from $5 all the way to hundreds. However the ones that are served in restaurants like TGIFridays, they aren’t going to sell the $300 bottle of wine, they are going to serve the less expensive wines. You can buy them by the bottle or the glass. You also know that if you buy by the glass you are going to pay for that entire bottle in two to three glasses… and you will end up paying more.

When you have friends over, you are free to hang out as long as you want. There aren’t any servers asking if everything is okay. There aren’t people at other tables that you could be bothering. You are home or at a friend’s house, enjoying a leisurely less expensive evening with your friends.

Neil Bartlett is the founder of CheapInsider.com. Cheap Insider provides everyone with Tips and Techniques for saving money and finding bargains. To learn more INSTANTLY grab his FREE report “10 Money Saving Tips”

Believe it or not, one of the more recent status symbols among those that are considered “trendsetters” is driving smaller more eco-friendly cars. The reason for this is that the smaller cars are more economical when it comes to gas, and they are better for the environment. Of course the economy doesn’t currently make it easy for most people to get rid of the vehicle they have and buy or lease a new hybrid.

That’s okay actually. There are a number of things that you can do to alter your daily driving habits to save money and be kinder to the environment. This is a lesson in “It isn’t what you drive, but how you drive.” What time of day you drive, put gas in your car, the number of trips that you make and the speed at which you drive can all either cost you money or save you money. The goal should always be to save money.

First, did you know that the time of day you decide to fill up your vehicle can help you save money? The most ideal time of the day is when it is coolest, so either in the morning or in the late evening. I am sure you are asking why that is. The majority of gas pump measure the volume of gas that you pump and not the density. Gas is denser when it is cooler, providing you with a better gas price economy.

You may also find this tip interesting, the pump at the station figures out how much to charge you based on how tight you are gripping the nozzle. The closer you get to reaching the price you want to pay, you tend to let up on the nozzle. When you release the nozzle the gas doesn’t stop flowing instantly. Let the nozzle sit in the tank for a few seconds so that you are getting every last drop of gas that you have paid for.

Next watch your speed. I know there are times when you are in a hurry and the last thing you want to do is the speed limit. What you need to know is that when you drive at 70 mph, your car is consuming 38% more fuel then when you drive 50 mph. Also, use cruise control. Smoother driving will also help you save money. Slow down gradually when you are approaching a light, and don’t tailgate. If you have to drive fast, do it with the windows closed. When you drive at 50 mph and have the windows open you are increasing drag, which then increases fuel consumption.

Most importantly, decrease the amount of driving you are doing. This doesn’t mean stop you have to stop going places. Instead think about where you have to go in a day, and then create a loop. Try to run all of your errands in one trip. Drive to the farthest one away first and work your way home. When you go out once a day or even twice a day instead of multiple times a day you are saving money on gas. You are cutting down on the exhaust that is being emitted into the air and you are wasting less time on the road. If you are a stay at home parent and take your children to school you have two chances to get your errands done.

You can save money regardless of what type of vehicle you are driving as long as you think about the way you drive.

Neil Bartlett is the founder of CheapInsider.com. Cheap Insider provides everyone with Tips and Techniques for saving money and finding bargains. To learn more INSTANTLY grab his FREE report “10 Money Saving Tips”

Certified financial planners consider household budgeting as the focal point in establishing financial security. This is the reason why they have developed several budgeting tips to help people become financially secured.

Below are helpful budgeting tips from experts:

1. Change your view about budgeting – this is one of most effective budgeting tips that you should learn. Refer to your budget as your spending plan. The term budgeting typically means restraining your expenses but with a spending plan, you concentrate more on how to better spend your money so that there is a balance between your needs and wants.

2. Another one of the most basic budgeting tips is if you want to save money you must spend a lot less than the amount you earn. Establishing financial security is based on this principle. A good spending plan means knowing the amount that you earn and how you spend it.

3. Creating a financial plan will also make it a lot easier for you to save money and achieve your financial goals. For example, you want to save $300 every month but you only have $200 in excess cash, you will find out that you should adjust either your spending or your goal.

4. Settle your priorities before anything else. No matter what budgeting approach that you take, you should make sure that all essentials are covered first. This will reduce the risks of spending your money on unnecessary things.

5. Most people do not know where their money is spent. If you want to save money, it is very important to keep track of your expenditures. It is recommended that you keep a record of your expenses for at least a month or two so that you will get a good idea how exactly you have been spending your money. In addition, this will help you identify the best way to save.

6. Saving money should start with temporary financial goals. Certified financial planners have proven that their clients are motivated towards long-term financial goals by practicing on short-term goals.

7. Having your monthly expenses automated is a good way to secure your money. You can have your mortgages, car and housing loan automatically deducted from your checking account. You can contact your bank on how to do this.

8. Always check your spending plan to see if you are able to accomplish your goals. It is possible that there have been changes in your life that may require you to modify or revamp your spending plan.

These budgeting tips were carefully studied by professional financial planners and are proven to be very effective. Consider speaking with an independent financial planner or advisor to know more about managing your finances.

One of the most important practical life skills is personal budgeting. Learning budgeting basics is essential to financial success. Whether you are in a good financial status now or you are struggling to fix your finances, it is always a good idea to track how much you are earning and how much you are spending.

The first step of budgeting basics is simple – write the numbers down. Start with the amount of your after-tax salary. There is no point to budgeting if you do not actually see the figures. You may know how much you are earning a month but as you write down the numbers, you will be surprised to find out how you are actually spending your money.

To find this out, proceed with the next step of budgeting basics – gather your bills and receipts for the month such as your house rent or mortgage, credit card bills, car payment, insurance payment, utilities, groceries, magazine subscriptions and etcetera. List down all the important expenses first and then the non-essentials. When you are done with this part, it would be like your vision clearing up because you will see where all your money is going to. Individually, the small expenses seem nothing but when you add them all up in this way, the truth of your spending will hit you.

This is where you can now identify where you are overspending and find ways to change your spending habits. You do not have to completely give up the fun stuff like eating out. You can still do this but not as frequently. Treating yourself once in a while is important because it actually increases the chances of you sticking with your budget since it is not too restrictive. So do not forget to budget for your recreation and relaxation as well.

In addition, build up an emergency fund. Obviously, the money you set aside for this fund are for emergencies or unexpected situations only. A surprise 1-day sale at your favorite shoe store is not considered an emergency. Be strict about how you save for your emergency fund and how you use it so when the real emergency comes up – car repair, illness, accidents, and etc. – you have something to use. Unforeseen events are common budget busters so make sure you factor them in your monthly budgeting.

To summarize the personal budgeting basics discussed above, collect your bill statements and receipts each month, list down how much your expenses come up to and subtract this from your net income. Do not forget to make some allowance for your daily needs like food, gas and etcetera. Set aside a small amount not tied to any particular expense. These budgeting basics will not work if you do not keep it up each and every month. Managing your finances takes commitment so do everything you can to stick with your budgeting. Later on you will recognize your spending patterns and identify strategies to better control them.