This article courtesy of Feed the Pig. Copyright 2011 American Institute of Certified Public Accountants.
ROYGBIV, My Very Educated Mother Just Served Us Nine Pizzas…mnemonics made it easier to remember the primary colors and the planets when you were in school, but what about in adulthood? With the added responsibilities, shouldn't there be more tricks to help us? Here are a few to try today.
The thirty day rule. Considering an impulse purchase? Wait thirty days and then ask yourself if you still need that item. Often the urge to buy will pass, saving you money and the aggravation of buyer's remorse. This trick can be especially handy when it comes to big ticket items, where you may be able to find it for less after your thirty day waiting period.
Tip trick. You're just finishing a relaxing night out when it comes time to settle the bill. Whether you're slipping into a food coma or engrossed in conversation, sometimes calculating the tip can seem like complex calculus. An easy trick: moving the decimal one place to the left in the total gives you 10%; you can then double it to get 20%, a handy starting point to round up or down from, depending on your preference. For example: Total = $40.00 à move decimal one to the left, $4.00 = 10% ($8.00 = 20%, $6 = 15%).
Savings starter. Looking to start saving but not sure how much? An easy rule of thumb is to put 10-15% of every paycheck into your savings account. This may sound like a lot, but there are inevitably going to be times when you are not able to save as much. Putting yourself in the mindset of saving more now will help saving become habitual in the long run. Try working your way up to saving one-third of your income every year; this is what many financial advisors recommend.
Bonus tip: you can use the tip trick to figure out how much you should save from each paycheck; just move the decimal place on your paycheck one to the left and commit that amount to your savings. $500 paycheck = $50 to savings for 10%, $100 for 20%.
And always remember to SAVE: Savers Always Veto Extras.
Visit www.feedthepig.org for more money-saving tips.
This article courtesy of Feed the Pig. Copyright 2011 American Institute of Certified Public Accountants.
Showing posts with label Weekly Savings Tip. Show all posts
Showing posts with label Weekly Savings Tip. Show all posts
Wednesday, July 04, 2012
Wednesday, December 14, 2011
The Tax Factor
This article courtesy of Feed the Pig. Copyright 2011 American Institute of Certified Public Accountants.
This time of year everyone seems to have the holidays and shopping at the top of their to-do lists. But what about taxes? While tax season may not officially start until January, there are things to consider at the end of this year.
Take it to the max. The IRS will cut the maximum allowed in a flexible spending account (where you can save pretax dollars specifically for medical expenses) from $5,000 in 2012 to $2,500 in 2013. Make the maximum contribution for next year now—and schedule costly FSA-covered procedures, such as Lasik surgery or orthodontia, for 2012 rather than 2013.
Deduce your deductions. Every year taxpayers miss out on significant tax refunds by forgetting to include deductions. Did you know that you may be able to deduct costs associated with looking for a job, improving your home or driving to the doctor? Plus, there's still time to add to your list of deductions by donating to charity, just make sure you have adequate documentation.
Understand AMT. While 2010 regular income tax rates were extended through 2012, the latest in a long line of alternative minimum tax "fixes" (in the form of increased AMT exemption amounts) is effective only through the end of this year. If AMT is a factor in your year-end planning, make sure you understand how changes may affect you.
Get it before its gone. The credit for energy-efficient improvements made to your home expires at the end of 2011. The credit is limited, however, and you may not be able to claim a credit for 2011 if you've claimed it in past years.
For more year-round tax planning tips and information, visit 360 Degrees of Taxes. The Ask a CPA section has CPA's available to answer your personal tax questions.
Visit www.feedthepig.org for more money-saving tips.
This time of year everyone seems to have the holidays and shopping at the top of their to-do lists. But what about taxes? While tax season may not officially start until January, there are things to consider at the end of this year.
Take it to the max. The IRS will cut the maximum allowed in a flexible spending account (where you can save pretax dollars specifically for medical expenses) from $5,000 in 2012 to $2,500 in 2013. Make the maximum contribution for next year now—and schedule costly FSA-covered procedures, such as Lasik surgery or orthodontia, for 2012 rather than 2013.
Deduce your deductions. Every year taxpayers miss out on significant tax refunds by forgetting to include deductions. Did you know that you may be able to deduct costs associated with looking for a job, improving your home or driving to the doctor? Plus, there's still time to add to your list of deductions by donating to charity, just make sure you have adequate documentation.
Understand AMT. While 2010 regular income tax rates were extended through 2012, the latest in a long line of alternative minimum tax "fixes" (in the form of increased AMT exemption amounts) is effective only through the end of this year. If AMT is a factor in your year-end planning, make sure you understand how changes may affect you.
Get it before its gone. The credit for energy-efficient improvements made to your home expires at the end of 2011. The credit is limited, however, and you may not be able to claim a credit for 2011 if you've claimed it in past years.
For more year-round tax planning tips and information, visit 360 Degrees of Taxes. The Ask a CPA section has CPA's available to answer your personal tax questions.
Visit www.feedthepig.org for more money-saving tips.
Friday, October 28, 2011
Health, Plans and What You Pay
This article courtesy of Feed the Pig. Copyright 2011 American Institute of Certified Public Accountants.
This month, Open Enrollment will begin for many US employees. Just because you've had the same plan for years doesn't mean it's the best option for you. Often plans change from year to year, which may mean greater opportunities for saving if you switch plans. Take the time to review your insurance plans and other employer-sponsored benefits, and talk to a financial advisor, like a CPA, if you have questions or concerns. Here are some things to consider.
Personal needs. The most important part of selecting insurance is ensuring that all of your needs are met. Do you see a specialist? Do you have any special medical needs or equipment? Do you have high cost prescriptions? What benefits and exclusions are included in each plan? Will all of your needs be taken care of? Ask yourself these questions and make a list of everything that you would like to have covered. Then, refer to your list as you review your insurance plan options.
Consider a high-deductible. According to a Towers Watson survey, two-thirds of large employers will offer at least one high-deductible plan for 2012, up from 61% in 2011; 10% will offer it as the only option. On a high-deductible plan you'll pay lower insurance premiums every month, but more up front before your insurance kicks in. To help offset the burden of reaching your deductible, many companies provide health savings accounts (HSAs); having an HSA also helps build your medical emergency nest egg.
What ifs. As the old adage goes: hope for the best, but prepare for the worst. Run a worst-case health scenario under each plan to see how financially vulnerable you would be should you or one of your covered dependents have a serious accident or illness. Know what expenses are counted in the out of pocket maximums. For example, how much would you have to pay out of pocket with each option if you suddenly need $50,000 worth of care?
Some companies have tools for you to calculate your approximate cost under each plan, giving you a clearer picture of which one will be the best for you. Your human resources department can help you get the information you need in order to make the decision that's right for you. For more information on health care and health insurance, click here.
Visit www.feedthepig.org for more money-saving tips.
This month, Open Enrollment will begin for many US employees. Just because you've had the same plan for years doesn't mean it's the best option for you. Often plans change from year to year, which may mean greater opportunities for saving if you switch plans. Take the time to review your insurance plans and other employer-sponsored benefits, and talk to a financial advisor, like a CPA, if you have questions or concerns. Here are some things to consider.
Personal needs. The most important part of selecting insurance is ensuring that all of your needs are met. Do you see a specialist? Do you have any special medical needs or equipment? Do you have high cost prescriptions? What benefits and exclusions are included in each plan? Will all of your needs be taken care of? Ask yourself these questions and make a list of everything that you would like to have covered. Then, refer to your list as you review your insurance plan options.
Consider a high-deductible. According to a Towers Watson survey, two-thirds of large employers will offer at least one high-deductible plan for 2012, up from 61% in 2011; 10% will offer it as the only option. On a high-deductible plan you'll pay lower insurance premiums every month, but more up front before your insurance kicks in. To help offset the burden of reaching your deductible, many companies provide health savings accounts (HSAs); having an HSA also helps build your medical emergency nest egg.
What ifs. As the old adage goes: hope for the best, but prepare for the worst. Run a worst-case health scenario under each plan to see how financially vulnerable you would be should you or one of your covered dependents have a serious accident or illness. Know what expenses are counted in the out of pocket maximums. For example, how much would you have to pay out of pocket with each option if you suddenly need $50,000 worth of care?
Some companies have tools for you to calculate your approximate cost under each plan, giving you a clearer picture of which one will be the best for you. Your human resources department can help you get the information you need in order to make the decision that's right for you. For more information on health care and health insurance, click here.
Visit www.feedthepig.org for more money-saving tips.
Monday, October 03, 2011
Love and Loathing in the Economy
This article courtesy of Feed the Pig. Copyright 2011 American Institute of Certified Public Accountants.
In these times of economic difficulty, it's important to remember the silver lining. And don't worry, it's still there. Here are a few things to help you look on the bright side.
Bargain hunt. To help stimulate spending, businesses of all shapes and sizes are offering discounts and deals. While this is by no means a reason to spend when you don't need to, it does mean you have the opportunity to save more on the things you need. Keep an eye out for sales at local stores and research online before making larger purchases. Free shipping can make buying online cheaper and more convenient, not to mention the savings on gas and travel time.
Consider refinancing. Dwindling interest rates have many Americans frustrated, and Federal Reserve board chairman Ben Bernanke has said short-term rates will remain low for at least two years. Now may be a good time to refinance. Mortgage rates are reaching record lows and auto loans are at their lowest in about a decade. Remember, there's no need to borrow or refinance if you don't need to, but if you do, current rates may be in your favor.
Accept Help. Everyone knows that times are hard right now, including banks and lenders. So if you're having trouble making payments on time, or your bills seem too large to handle, talk your bank, utility company, etc. about what they can do to help. Sometimes there are things they can do to make your payments more manageable, you just have to ask.
Just because the economy is down, doesn't mean you have to be down too. Keep your chin up and remember things will get better; we're all in this together.
Visit www.feedthepig.org for more money-saving tips.
In these times of economic difficulty, it's important to remember the silver lining. And don't worry, it's still there. Here are a few things to help you look on the bright side.
Bargain hunt. To help stimulate spending, businesses of all shapes and sizes are offering discounts and deals. While this is by no means a reason to spend when you don't need to, it does mean you have the opportunity to save more on the things you need. Keep an eye out for sales at local stores and research online before making larger purchases. Free shipping can make buying online cheaper and more convenient, not to mention the savings on gas and travel time.
Consider refinancing. Dwindling interest rates have many Americans frustrated, and Federal Reserve board chairman Ben Bernanke has said short-term rates will remain low for at least two years. Now may be a good time to refinance. Mortgage rates are reaching record lows and auto loans are at their lowest in about a decade. Remember, there's no need to borrow or refinance if you don't need to, but if you do, current rates may be in your favor.
Accept Help. Everyone knows that times are hard right now, including banks and lenders. So if you're having trouble making payments on time, or your bills seem too large to handle, talk your bank, utility company, etc. about what they can do to help. Sometimes there are things they can do to make your payments more manageable, you just have to ask.
Just because the economy is down, doesn't mean you have to be down too. Keep your chin up and remember things will get better; we're all in this together.
Visit www.feedthepig.org for more money-saving tips.
Thursday, September 01, 2011
Weekly Savings Tip
This article courtesy of Feed the Pig. Copyright 2011 American Institute of Certified Public Accountants.
The US East Coast is picking up the pieces after a visit from Hurricane Irene. While (thankfully!) not everyone experienced the storm, everyone can benefit from a lesson in disaster preparedness and recovery. Here are some tips for preparing and recovering from a disaster.
Protect important documents. In the case of an emergency, you want to make sure that your important documents are safe and easily accessible should you need them. These documents include wills, birth, death and marriage certificates, powers of attorney, insurance policies, passports, bank account and credit card information and a home-inventory checklist. Consider storing items in a natural disaster proof container for additional security.
Don't forget your finances. In times of emergency, your finances will likely be the last thing on your mind. Help keep your finances from being an added stress by having a list of key accounts and bills with contact information for each. List your bills in order of priority so that you can take care of the important ones first. Some financial obligations to utility companies may be able to be put on hold, and creditors may be able to grant you extensions. Of course, one of the best ways to prepare financially is to make sure that you save money each month in an account to be accessed solely in the event of an emergency.
Have a plan. The most critical step in preparing for and recovering from a disaster is to have a plan for your entire family. Review your household evacuation plan regularly and choose an out-of-town contact that you can reach out to in case of emergency. Establish a meeting place should you and your family be separated.
Making sure you're prepared for a disaster can make recovery that much easier. A financial professional, like a CPA, can help you develop a financial disaster recovery plan.
For more information on disaster preparedness and recovery, click here.
Visit www.feedthepig.org for more money-saving tips.
The US East Coast is picking up the pieces after a visit from Hurricane Irene. While (thankfully!) not everyone experienced the storm, everyone can benefit from a lesson in disaster preparedness and recovery. Here are some tips for preparing and recovering from a disaster.
Protect important documents. In the case of an emergency, you want to make sure that your important documents are safe and easily accessible should you need them. These documents include wills, birth, death and marriage certificates, powers of attorney, insurance policies, passports, bank account and credit card information and a home-inventory checklist. Consider storing items in a natural disaster proof container for additional security.
Don't forget your finances. In times of emergency, your finances will likely be the last thing on your mind. Help keep your finances from being an added stress by having a list of key accounts and bills with contact information for each. List your bills in order of priority so that you can take care of the important ones first. Some financial obligations to utility companies may be able to be put on hold, and creditors may be able to grant you extensions. Of course, one of the best ways to prepare financially is to make sure that you save money each month in an account to be accessed solely in the event of an emergency.
Have a plan. The most critical step in preparing for and recovering from a disaster is to have a plan for your entire family. Review your household evacuation plan regularly and choose an out-of-town contact that you can reach out to in case of emergency. Establish a meeting place should you and your family be separated.
Making sure you're prepared for a disaster can make recovery that much easier. A financial professional, like a CPA, can help you develop a financial disaster recovery plan.
For more information on disaster preparedness and recovery, click here.
Visit www.feedthepig.org for more money-saving tips.
Monday, August 22, 2011
Energize Your Fall
This article courtesy of Feed the Pig. Copyright 2011 American Institute of Certified Public Accountants.
Back-to-school supply and end of summer clothing sales are everywhere. But what about household savings? Fall is the perfect time to take advantage of the mild temperatures and cut down your energy costs. Here are some easy ways to save.
Light change. As the days get shorter, and you find yourself turning on lights more frequently, make the switch to energy efficient light bulbs. According to the EPA, if every household in the U.S. switched their conventional bulbs in their five most frequently used light fixtures with bulbs that have the ENERGY STAR, we would prevent greenhouse gases equivalent to the emissions from nearly ten million cars! Not to mention saving big bucks on your energy bill.
Seal to save. Poor insulation and sealing is a serious energy sucker; it lets out the air you're paying to heat or cool. You can reduce air leakage and weatherproof your house by caulking and weather-stripping around all doors and windows. Attics, basements and outside walls are also common places that people forget to insulate. Adequate insulation helps you keep your home warmer in the winter, cooler in the summer and save money year round; reducing air leaks could cut ten percent from an average household's monthly energy bill.
Turn back your thermostat. Keep your thermostat at 68 degrees or lower. If you feel chilly, pull out a sweater or blanket instead of immediately cranking up the heat. You may also consider using a programmable thermostat that can automatically adjust the temperature when you are away. For every degree you lower your thermostat you save about two percent off your heating bill.
Make way for heat. A dirty chimney or vent is like having a stuffed up nose for a heating system. It makes the system work harder, which wastes energy. Help your house's air flow easily by checking your heating system every year. It is recommended that you change or clean furnace filters once a month while in regular use. It's also a good idea to close the vents in rooms that are not used frequently; no need to pay to heat or cool unused space.
QUICK TRICK: Place a sheet of aluminum foil between the radiator and the wall to reflect heat back into the room.
Saving energy is good for your wallet and the environment. To estimate your personal or family's greenhouse gas emissions and explore the impact of taking various actions to reduce your emissions with this Household Emissions Calculator.
Visit www.feedthepig.org for more money-saving tips.
Back-to-school supply and end of summer clothing sales are everywhere. But what about household savings? Fall is the perfect time to take advantage of the mild temperatures and cut down your energy costs. Here are some easy ways to save.
Light change. As the days get shorter, and you find yourself turning on lights more frequently, make the switch to energy efficient light bulbs. According to the EPA, if every household in the U.S. switched their conventional bulbs in their five most frequently used light fixtures with bulbs that have the ENERGY STAR, we would prevent greenhouse gases equivalent to the emissions from nearly ten million cars! Not to mention saving big bucks on your energy bill.
Seal to save. Poor insulation and sealing is a serious energy sucker; it lets out the air you're paying to heat or cool. You can reduce air leakage and weatherproof your house by caulking and weather-stripping around all doors and windows. Attics, basements and outside walls are also common places that people forget to insulate. Adequate insulation helps you keep your home warmer in the winter, cooler in the summer and save money year round; reducing air leaks could cut ten percent from an average household's monthly energy bill.
Turn back your thermostat. Keep your thermostat at 68 degrees or lower. If you feel chilly, pull out a sweater or blanket instead of immediately cranking up the heat. You may also consider using a programmable thermostat that can automatically adjust the temperature when you are away. For every degree you lower your thermostat you save about two percent off your heating bill.
Make way for heat. A dirty chimney or vent is like having a stuffed up nose for a heating system. It makes the system work harder, which wastes energy. Help your house's air flow easily by checking your heating system every year. It is recommended that you change or clean furnace filters once a month while in regular use. It's also a good idea to close the vents in rooms that are not used frequently; no need to pay to heat or cool unused space.
QUICK TRICK: Place a sheet of aluminum foil between the radiator and the wall to reflect heat back into the room.
Saving energy is good for your wallet and the environment. To estimate your personal or family's greenhouse gas emissions and explore the impact of taking various actions to reduce your emissions with this Household Emissions Calculator.
Visit www.feedthepig.org for more money-saving tips.
Tuesday, August 16, 2011
Downgrade Your Debt
This article courtesy of Feed the Pig. Copyright 2011 American Institute of Certified Public Accountants.
Credit and debt are two of the nation's hot topics this year. And, as you may know, the two are closely related. Last Friday, Jme McCoy asked via Facebook, "In trying to pay off credit card debt, is it better to pay off the highest interest card first or the highest balance card first?" Here's the answer, along with other tips for managing your credit and debt.
Minimize interest. In general, if you have more than one credit card, you want to pay off the card with the highest interest rate first. Pay the minimum payment due to your lower interest rate card(s) and then put the rest of your payment resources toward the card with the highest interest rate. This strategy will help minimize your interest expenditure.
Max it out. Your payment, that is. You should always try to pay more than the required minimum payment. Often the minimum payment due is barely more than the finance charges that month, which means consistently paying the minimum can lead you to carrying your balance for years and barely putting a dent in it.
Think before you close. When working to get out of debt, many immediately want to close their credit cards once they are paid off. Although it can hurt you to have too many credit accounts, cancelling a credit card could negatively affect your credit utilization rate, a major component in the calculation of your overall credit score. Your credit utilization rate is the amount of credit you are currently using in comparison to how much you have available. If you close one credit card while still carrying a large balance on another, it can actually lower your credit score, since you appear to be close to maxing out your total available credit.
Know your limits. Most credit card companies report your balances and payment history to credit reporting agencies, but some may not report your credit card limits. When your credit limits aren't reported, as is sometimes the case if you have no-limit credit cards, your scores may drop. This is because without knowing your credit limit, most credit scoring models don't know how to accurately calculate your credit utilization rate; the lower your credit utilization rate the better.
Remember the sooner you pay off your credit cards, the better.
Check out this Credit Card Pay Off Calculator to help determine what it will take to pay off your balance, and what changes you can make to meet your repayment goals.
Visit www.feedthepig.org for more money-saving tips.
Credit and debt are two of the nation's hot topics this year. And, as you may know, the two are closely related. Last Friday, Jme McCoy asked via Facebook, "In trying to pay off credit card debt, is it better to pay off the highest interest card first or the highest balance card first?" Here's the answer, along with other tips for managing your credit and debt.
Minimize interest. In general, if you have more than one credit card, you want to pay off the card with the highest interest rate first. Pay the minimum payment due to your lower interest rate card(s) and then put the rest of your payment resources toward the card with the highest interest rate. This strategy will help minimize your interest expenditure.
Max it out. Your payment, that is. You should always try to pay more than the required minimum payment. Often the minimum payment due is barely more than the finance charges that month, which means consistently paying the minimum can lead you to carrying your balance for years and barely putting a dent in it.
Think before you close. When working to get out of debt, many immediately want to close their credit cards once they are paid off. Although it can hurt you to have too many credit accounts, cancelling a credit card could negatively affect your credit utilization rate, a major component in the calculation of your overall credit score. Your credit utilization rate is the amount of credit you are currently using in comparison to how much you have available. If you close one credit card while still carrying a large balance on another, it can actually lower your credit score, since you appear to be close to maxing out your total available credit.
Know your limits. Most credit card companies report your balances and payment history to credit reporting agencies, but some may not report your credit card limits. When your credit limits aren't reported, as is sometimes the case if you have no-limit credit cards, your scores may drop. This is because without knowing your credit limit, most credit scoring models don't know how to accurately calculate your credit utilization rate; the lower your credit utilization rate the better.
Remember the sooner you pay off your credit cards, the better.
Check out this Credit Card Pay Off Calculator to help determine what it will take to pay off your balance, and what changes you can make to meet your repayment goals.
Visit www.feedthepig.org for more money-saving tips.
Monday, August 01, 2011
Handling Your Habits
We all have habits that we may not be entirely proud of, whether it's biting your nails or keeping those tattered t-shirts.
The big thing to remember is that, for most habits, it is unlikely that you will be able to have any major transformation overnight. You will need to take it one step at a time. Although there is no magic answer for managing every saving/spending tendency, here is a general overview of how to tackle your personal habits.
Start nice and easy. Instead of grabbing your habit by the horns, ease yourself into the change by identifying baby steps that will be easy for you to adopt. Maybe you can't give up your daily latte, but perhaps you can try a smaller size.
Take the leap. After getting warmed up, you can begin to make bigger changes. Think about your ultimate goal and the steps it will take you to get there. Then, figure out the next adjustment you need to make in order to move forward. Going back to our latte example, this may be the time to try limiting your indulgence to only a couple times a week; trying bringing your own from home on the other days.
Dig deep. Once you're invested in changing your habit, and have been successful, it's time to move toward achieving your habit-changing goal. What future steps can you take to keep improving? Every goal you reach should help you reach your ultimate savings goal, so when you successfully change one of your habits, keep the momentum going. You've finally kicked the latte-a-day, and now only bring your coffee from home; how about taking the original amount you were spending on coffee every week and making a pledge to put that much additional into your savings?
Visit www.feedthepig.org for more money-saving tips.
The big thing to remember is that, for most habits, it is unlikely that you will be able to have any major transformation overnight. You will need to take it one step at a time. Although there is no magic answer for managing every saving/spending tendency, here is a general overview of how to tackle your personal habits.
Start nice and easy. Instead of grabbing your habit by the horns, ease yourself into the change by identifying baby steps that will be easy for you to adopt. Maybe you can't give up your daily latte, but perhaps you can try a smaller size.
Take the leap. After getting warmed up, you can begin to make bigger changes. Think about your ultimate goal and the steps it will take you to get there. Then, figure out the next adjustment you need to make in order to move forward. Going back to our latte example, this may be the time to try limiting your indulgence to only a couple times a week; trying bringing your own from home on the other days.
Dig deep. Once you're invested in changing your habit, and have been successful, it's time to move toward achieving your habit-changing goal. What future steps can you take to keep improving? Every goal you reach should help you reach your ultimate savings goal, so when you successfully change one of your habits, keep the momentum going. You've finally kicked the latte-a-day, and now only bring your coffee from home; how about taking the original amount you were spending on coffee every week and making a pledge to put that much additional into your savings?
Visit www.feedthepig.org for more money-saving tips.
Thursday, June 09, 2011
Don't Get Skimmed by Scammers
Be careful when you use ATMs and other payment processing machines, because scammers may be using high-tech tools to capture your account information. These scams, known as "card skimming," involve attaching devices to money machines that read the information on your debit and credit cards when you swipe them. They then utilize a nearby concealed camera to record your personal identification number (PIN).
ATMs and automated payment machines in airports, convenience stores, hotel lobbies and other well-traveled, public places may be most vulnerable. However, card skimming may take place at any ATM or card processing machine, including those on bank premises. As technology makes these devices smaller and more powerful, the risk of card skimming grows. To protect yourself, follow these precautions.
Walk away from an ATM if you notice someone watching you or if you sense something wrong with the machine; immediately report your suspicions to the company operating the machine or a nearby law enforcement officer.
Before using an ATM, examine nearby objects that might conceal a camera; check the card slot for a plastic sheath before inserting your card.
Never keep a written copy of your PIN in your wallet or purse as it could be stolen; instead memorize your PIN and keep a paper record hidden at home.
When entering your PIN, stand close to the machine and hold your hand over the keypad or screen to make it more difficult for a person or camera to watch you.
Beware of strangers offering to help you with an ATM that appears disabled and notify someone responsible for the security of the machine.
Regularly review your account statements, either online or on paper, and check for unauthorized withdrawals and purchases. If you find one, immediately contact your bank or credit card provider, as this will limit your financial liability for fraudulent charges. Federal laws limit your liability from debit and credit card fraud.
The above information is courtesy of the Office of the Comptroller of the Currency Administrator of National Banks. For more information and to read the full article, click here.
Visit www.feedthepig.org for more money-saving tips.
ATMs and automated payment machines in airports, convenience stores, hotel lobbies and other well-traveled, public places may be most vulnerable. However, card skimming may take place at any ATM or card processing machine, including those on bank premises. As technology makes these devices smaller and more powerful, the risk of card skimming grows. To protect yourself, follow these precautions.
Walk away from an ATM if you notice someone watching you or if you sense something wrong with the machine; immediately report your suspicions to the company operating the machine or a nearby law enforcement officer.
Before using an ATM, examine nearby objects that might conceal a camera; check the card slot for a plastic sheath before inserting your card.
Never keep a written copy of your PIN in your wallet or purse as it could be stolen; instead memorize your PIN and keep a paper record hidden at home.
When entering your PIN, stand close to the machine and hold your hand over the keypad or screen to make it more difficult for a person or camera to watch you.
Beware of strangers offering to help you with an ATM that appears disabled and notify someone responsible for the security of the machine.
Regularly review your account statements, either online or on paper, and check for unauthorized withdrawals and purchases. If you find one, immediately contact your bank or credit card provider, as this will limit your financial liability for fraudulent charges. Federal laws limit your liability from debit and credit card fraud.
The above information is courtesy of the Office of the Comptroller of the Currency Administrator of National Banks. For more information and to read the full article, click here.
Visit www.feedthepig.org for more money-saving tips.
Friday, June 03, 2011
Stay Safe and Save!
June is National Safety Month and the National Safety Council is encouraging everyone to stay safe this summer. That means having a side of SPF with your sunshine and a helmet with your Harley. Summer safety isn't just good for your health, it's also good for your wallet. Here are a few safety tips to remember.
Slather on the SPF. The NSC recommends wearing a sunscreen with an SPF of at least 15 on all skin that is exposed to the sun. Even on cold or cloudy days the sun's rays can still cause significant damage to your skin. And did you know that the average cost of a 30-day cancer drug prescription was more than $1,600 in 2006, according to the American Cancer Society? That doesn't even include doctor visits or other treatment. For less than $10 per bottle, sunscreen can help keep your skin safe all summer long.
H2O to go. Being out in the sun not only takes a toll on your skin, but on your body's hydration too. Bring a reusable water bottle with you when you're headed out for some fun in the sun, and try to take water breaks at least three times per hour. Heat-related illnesses can cost you big bucks at the doctor, and keep you out of the sun for weeks.
Share space. Carpooling is a great way to save money during the summer, especially if you have kids involved in summer camps or activities. Added passengers make it all the more important to exercise safe driving. Motor vehicle crashes, especially those involving motorcycles, increase greatly during the summer months. Make sure to leave a greater following distance behind a motorcycle, and always give motorcycles the full width of the lane; never try to share a lane. An accident can cost you more than just hospital bills and increased insurance costs, serious crashes can be fatal.
For more information about National Safety Month, visit the National Safety Council's website here, and stay safe this summer.
Visit www.feedthepig.org for more money-saving tips.
Slather on the SPF. The NSC recommends wearing a sunscreen with an SPF of at least 15 on all skin that is exposed to the sun. Even on cold or cloudy days the sun's rays can still cause significant damage to your skin. And did you know that the average cost of a 30-day cancer drug prescription was more than $1,600 in 2006, according to the American Cancer Society? That doesn't even include doctor visits or other treatment. For less than $10 per bottle, sunscreen can help keep your skin safe all summer long.
H2O to go. Being out in the sun not only takes a toll on your skin, but on your body's hydration too. Bring a reusable water bottle with you when you're headed out for some fun in the sun, and try to take water breaks at least three times per hour. Heat-related illnesses can cost you big bucks at the doctor, and keep you out of the sun for weeks.
Share space. Carpooling is a great way to save money during the summer, especially if you have kids involved in summer camps or activities. Added passengers make it all the more important to exercise safe driving. Motor vehicle crashes, especially those involving motorcycles, increase greatly during the summer months. Make sure to leave a greater following distance behind a motorcycle, and always give motorcycles the full width of the lane; never try to share a lane. An accident can cost you more than just hospital bills and increased insurance costs, serious crashes can be fatal.
For more information about National Safety Month, visit the National Safety Council's website here, and stay safe this summer.
Visit www.feedthepig.org for more money-saving tips.
Friday, May 27, 2011
The Job Hunt Continues
There are currently about 14 million people looking for work, according to CNNMoney. Are you part of this group? Whether you're just entering the workforce or making a career change, here are some tips to help you find your way.
Be flexible.
Review your résumé.
Network and connect.
Dress the part.
Finding a job is a difficult endeavor. The most important thing you can do is stay positive and persevere. Keep looking and keep applying. The more applications you submit, the higher your chances of landing a job. Plus, you can deduct amounts you spend for preparing and mailing copies of your résumé to prospective employers as long as you are looking for a new job in your present occupation. Click here for more job hunt deductions. If you start to feel discouraged in your job hunt, remember, you're not alone. There is a multitude of information and resources available both online and in person. You can do it!
Visit www.feedthepig.org for more money-saving tips.
Be flexible.
- When on the job hunt it's important that you keep an open mind when reading through job descriptions; instead of thinking "that's not what I'm looking for," ask yourself "could this work for me?"
- Stay open to the pay, position, location and schedule of any job that is offered.
Review your résumé.
- Edit your résumé for each submission. You should list the experience, skills and knowledge that are most applicable to the position.
- Put together one complete copy of your résumé with all of your experience, positions, skills, etc., and use this as an information bank to put together a unique résumé for each job for which you apply. Employers don't need to know everything you've done, they want to know makes you a prime candidate.
- Have at least one person review your résumé. There are career services available for this, but you can save money by asking family members or friends in the professional world to proof your résumés instead.
Network and connect.
- When a company is flooded with applications for an open position, an internal referral can help an applicant stand out. Think about the people in your life, and who may have connections to people and places that could aid you in finding a job. School and organization alumni often notify past and present members/students of job opportunities and may even give you a referral.
- Social media outlets also offer great, free opportunities for networking.
Dress the part.
- Submitting your résumé is only half the hunt. You also have to nail your interview. Make sure that you have appropriate attire should you receive an interview opportunity. Secondhand stores are a great place to find skirts, suits, ties and more, all at affordable prices.
- You should also take the time to hold mock interviews for yourself; ask family members or friends in the professional world to help and give you feedback.
Finding a job is a difficult endeavor. The most important thing you can do is stay positive and persevere. Keep looking and keep applying. The more applications you submit, the higher your chances of landing a job. Plus, you can deduct amounts you spend for preparing and mailing copies of your résumé to prospective employers as long as you are looking for a new job in your present occupation. Click here for more job hunt deductions. If you start to feel discouraged in your job hunt, remember, you're not alone. There is a multitude of information and resources available both online and in person. You can do it!
Visit www.feedthepig.org for more money-saving tips.
Saturday, May 21, 2011
Recycle Your Refund
Did you receive a tax refund this year? If so, how will you use it? People often get so excited over their refund check that they forget that they're simply having their own money returned to them, like receiving change from a cashier. While it may be tempting to treat yourself with the influx of money, consider putting it toward an area of your finances that could use a boost. Here are a few things to keep in mind if you receive a tax refund.
Debt. One of the most obvious uses for your tax refund is to pay down any outstanding debt; credit card balances, loans, etc. While this may not be the most fun way to use your money, think about the relief and pride you'll feel when your debt is paid off.
Bills. Utilities, rent and other expenses are common sources of stress for many. Forget the indulgent massage, being able to pay household bills without having to worry where the money is coming from will take a greater weight off your shoulders.
Savings. Look at your tax refund as a savings bonus! Think about those times in the past year that you weren't able to save due to additional expenses, emergencies, etc. Consider your refund like a free pass for those times.
Remember, you don't have to put your refund all in one place. Look at your finances and see where you need the most help, and where you would like to have a boost. Your refund is a great way to get financially ahead now so that you can relax later.
Debt. One of the most obvious uses for your tax refund is to pay down any outstanding debt; credit card balances, loans, etc. While this may not be the most fun way to use your money, think about the relief and pride you'll feel when your debt is paid off.
Bills. Utilities, rent and other expenses are common sources of stress for many. Forget the indulgent massage, being able to pay household bills without having to worry where the money is coming from will take a greater weight off your shoulders.
Savings. Look at your tax refund as a savings bonus! Think about those times in the past year that you weren't able to save due to additional expenses, emergencies, etc. Consider your refund like a free pass for those times.
Remember, you don't have to put your refund all in one place. Look at your finances and see where you need the most help, and where you would like to have a boost. Your refund is a great way to get financially ahead now so that you can relax later.
Saturday, May 14, 2011
The Temperature is Rising
The average price for gas in the United States rose 11.98 cents per gallon in the last two weeks, hitting four dollars per gallon on average, according to Reuters. Aside from increased transportation costs, the summer brings other increased expenses. As the seasons change, take a look at your budget and adjust it for any new or changing expenses. Here are a few things to keep in mind for planning your summer budget.
Adventures ahead. Summer is a common time for family trips, whether it's a weekend at the beach or week at grandma's. The more you can plan ahead, the less of a financial toll the trip will be when the time comes.
Solar power. Have access to the sun? Put it to work for you! To save energy and money, line dry your clothes in the warm, sunny weather. Your clothes won't miss the harshness of the dryer, and you'll save money.
Extra mouths. Will you have extra people around this summer? College students home on summer break? Having extra mouths around means having to buy extra food. If you know you will have more people around than usual, make sure you budget extra funds for your groceries. Consider buying some items in bulk, and watch for sales on items that you commonly need, like snack food and sunscreen.
Just grill it. Nice weather is the perfect time to cut down on eating out by taking advantage of summer food and cooking. Not only is grilling an easy, healthy cooking method, it also takes the heat of cooking outside, helping keep it cool inside. Set up regular potluck cookouts with friends, that way you can still get in your social quota with the added money saving benefit of shared food and cooking.
Also, take advantage of summer farmer's markets, where prices are often cheaper, food fresher and you're supporting local producers.
Adventures ahead. Summer is a common time for family trips, whether it's a weekend at the beach or week at grandma's. The more you can plan ahead, the less of a financial toll the trip will be when the time comes.
Solar power. Have access to the sun? Put it to work for you! To save energy and money, line dry your clothes in the warm, sunny weather. Your clothes won't miss the harshness of the dryer, and you'll save money.
Extra mouths. Will you have extra people around this summer? College students home on summer break? Having extra mouths around means having to buy extra food. If you know you will have more people around than usual, make sure you budget extra funds for your groceries. Consider buying some items in bulk, and watch for sales on items that you commonly need, like snack food and sunscreen.
Just grill it. Nice weather is the perfect time to cut down on eating out by taking advantage of summer food and cooking. Not only is grilling an easy, healthy cooking method, it also takes the heat of cooking outside, helping keep it cool inside. Set up regular potluck cookouts with friends, that way you can still get in your social quota with the added money saving benefit of shared food and cooking.
Also, take advantage of summer farmer's markets, where prices are often cheaper, food fresher and you're supporting local producers.
Monday, May 09, 2011
Put One Foot in Front of the Other
Those first few years completely free from parental supervision and financial support bring some very exciting firsts. First apartment, first job, first budget . . . It can all be very overwhelming. With everything happening all at once, it can be hard to know what is best for your finances. Here are a few basics to keep in mind.
Make a budget. If you've heard it once, you've heard it a thousand times, constructing a budget can be your greatest ally when it comes to managing your finances. Those first paychecks may inspire you to make rash spending decisions. Impulse purchases can throw you into debt, which is never a good starting point.
Prioritize. While you're putting together your budget, it's important to prioritize your monthly expenses, and your debt. Bills–rent, utilities, etc–need to go first; those are costs that you cannot avoid. Next come any loans (student, car, etc.) or other debt repayment. For the sake of your credit score, it is crucial that you make your payments on time. And if you have credit card debt, make sure to pay more than the required minimum whenever possible, and always put any extra funds toward paying off the one with the highest interest rate. Consider paying yourself each month one of your necessary financial obligations each month; saving just $20 a month can make a huge difference.
Ensure you're insured. Health, disability and life insurance are often offered through employers, so make sure you're covered for life's "in case" events. Recent health-reform legislation allows you to stay on your parents' health insurance until age 26. After that you're on your own. Make sure you fully understand and are signed up for the insurance policies most beneficial for you.
Look down the road. It may sound ridiculous to be planning your life ten years from now, but having an idea of where you want to be can help you form a plan for your spending and saving today. Do you want to own a home? Get married? Have kids? Your credit score and savings have a tremendous impact on all of these milestones, and you don't want to be looking back thinking, "If I'd only had a financial plan . . ."
A financial professional, like a CPA, can help you get on your feet financially, and plan ahead for life's major milestones. For more great financial tips for when you're just starting out, click here. And for more information highlighting key life events, click here.
Remember to submit your tips for this week's FANtastic Friday Savings Tip! We want to know: With wedding and graduation season ramping up, how do you travel to important events and/or purchase gifts without breaking the bank? Tweet @feedthepig or post on Benjamin's wall.
Visit www.feedthepig.org for more money-saving tips.
Make a budget. If you've heard it once, you've heard it a thousand times, constructing a budget can be your greatest ally when it comes to managing your finances. Those first paychecks may inspire you to make rash spending decisions. Impulse purchases can throw you into debt, which is never a good starting point.
Prioritize. While you're putting together your budget, it's important to prioritize your monthly expenses, and your debt. Bills–rent, utilities, etc–need to go first; those are costs that you cannot avoid. Next come any loans (student, car, etc.) or other debt repayment. For the sake of your credit score, it is crucial that you make your payments on time. And if you have credit card debt, make sure to pay more than the required minimum whenever possible, and always put any extra funds toward paying off the one with the highest interest rate. Consider paying yourself each month one of your necessary financial obligations each month; saving just $20 a month can make a huge difference.
Ensure you're insured. Health, disability and life insurance are often offered through employers, so make sure you're covered for life's "in case" events. Recent health-reform legislation allows you to stay on your parents' health insurance until age 26. After that you're on your own. Make sure you fully understand and are signed up for the insurance policies most beneficial for you.
Look down the road. It may sound ridiculous to be planning your life ten years from now, but having an idea of where you want to be can help you form a plan for your spending and saving today. Do you want to own a home? Get married? Have kids? Your credit score and savings have a tremendous impact on all of these milestones, and you don't want to be looking back thinking, "If I'd only had a financial plan . . ."
A financial professional, like a CPA, can help you get on your feet financially, and plan ahead for life's major milestones. For more great financial tips for when you're just starting out, click here. And for more information highlighting key life events, click here.
Remember to submit your tips for this week's FANtastic Friday Savings Tip! We want to know: With wedding and graduation season ramping up, how do you travel to important events and/or purchase gifts without breaking the bank? Tweet @feedthepig or post on Benjamin's wall.
Visit www.feedthepig.org for more money-saving tips.
Wednesday, March 23, 2011
To Pay Off, or Not to Pay Off?
If you're like many people, you're probably juggling more than one credit card. In fact, the average consumer has 2.7 cards each, according to a January 2010 survey conducted by the Federal Reserve Bank of Boston. So, when it comes to paying off your debt, which card do you attack first? The card with the lowest balance? Or the one with the highest interest rate? It's certainly best if you can pay off your balance(s) all at once at the end of each month, but sometimes that's just not, shall we say, in the cards. Here are a few things to remember when planning your repayment strategy.
Minimize interest. In general, you want to pay off the card with the highest interest rate first. Pay the minimum payment due to your lower interest rate card(s) and then put the rest of your payment resources toward the card with the highest interest rate. This strategy will help minimize your interest expenditure.
Max it out. Your payment, that is. If your cards carry nearly the same interest rates, you should try to always pay more than the required minimum payment. Often the minimum payment due is barely more than the finance charges that month, which means consistently paying the minimum can lead you to carrying your balance for years and barely putting a dent in it.
Consider a merger. If one of your cards has a significantly lower interest rate, you might consider transferring your balance from your high interest card to the one with the lower rate. You will likely have to pay a transfer fee, but this will allow you to combine the funds you were going to use to pay each card, and put it all toward one card with a lower interest rate. Try this Credit Card Optimizer to help determine the best distribution of your debt.
Remember, the sooner you pay off your credit cards, the better. Check out this Credit Card Pay Off Calculator to help determine what it will take to pay off your balance, and what changes you can make to meet your repayment goals.
Visit www.feedthepig.org for more money-saving tips.
Minimize interest. In general, you want to pay off the card with the highest interest rate first. Pay the minimum payment due to your lower interest rate card(s) and then put the rest of your payment resources toward the card with the highest interest rate. This strategy will help minimize your interest expenditure.
Max it out. Your payment, that is. If your cards carry nearly the same interest rates, you should try to always pay more than the required minimum payment. Often the minimum payment due is barely more than the finance charges that month, which means consistently paying the minimum can lead you to carrying your balance for years and barely putting a dent in it.
Consider a merger. If one of your cards has a significantly lower interest rate, you might consider transferring your balance from your high interest card to the one with the lower rate. You will likely have to pay a transfer fee, but this will allow you to combine the funds you were going to use to pay each card, and put it all toward one card with a lower interest rate. Try this Credit Card Optimizer to help determine the best distribution of your debt.
Remember, the sooner you pay off your credit cards, the better. Check out this Credit Card Pay Off Calculator to help determine what it will take to pay off your balance, and what changes you can make to meet your repayment goals.
Visit www.feedthepig.org for more money-saving tips.
Saturday, March 12, 2011
How Insured are You?
No one plans to get in a car wreck or for a tree to fall on their house, but sometimes accidents happen. And when they do the last thing you want to worry about is how you're going to pay for it. That's where insurance comes in. With the plethora of insurance companies boasting this package here and that discount there, it can be difficult to know exactly what you need and where to go to get it.
Here are a few things to keep in mind when it comes to insurance.
Know your type. Life, auto, renters and more; but how to know what to buy? Before you buy, it's important to determine what you need. Click here for a breakdown of the different types of insurance.
Identify your risks. While it can be widely assumed that most car owners have auto insurance, other life circumstances will vary the type and extent of the insurance you need. Are you married? Do you have children? Do you have any medical conditions? Insurance can help lessen the possible losses associated with each of your risks.
Shop around. There are a multitude of options and providers when it comes to purchasing insurance. It's important to do your research and find the company and policy that fits your risks and needs. For more information on shopping for insurance, click here.
Determining your insurance needs can be complicated, so don't hesitate to reach out for guidance. Your local CPA can help you assess your situation and finances to get you on the right insurance track.
Visit www.feedthepig.org for more money-saving tips.
Here are a few things to keep in mind when it comes to insurance.
Know your type. Life, auto, renters and more; but how to know what to buy? Before you buy, it's important to determine what you need. Click here for a breakdown of the different types of insurance.
Identify your risks. While it can be widely assumed that most car owners have auto insurance, other life circumstances will vary the type and extent of the insurance you need. Are you married? Do you have children? Do you have any medical conditions? Insurance can help lessen the possible losses associated with each of your risks.
Shop around. There are a multitude of options and providers when it comes to purchasing insurance. It's important to do your research and find the company and policy that fits your risks and needs. For more information on shopping for insurance, click here.
Determining your insurance needs can be complicated, so don't hesitate to reach out for guidance. Your local CPA can help you assess your situation and finances to get you on the right insurance track.
Visit www.feedthepig.org for more money-saving tips.
Friday, February 11, 2011
Ready, Credit, Score
Tax season is a good time to take a holistic look at your finances, including your credit score. You may be looking for ways to improve your score, or just trying to figure out how to find it. Here are a few credit score basics.
Where do they come from? Your credit score is a summary of your credit report. The number and type of accounts you have, timeliness of your bill payments, utilization of your current available credit, outstanding debt, age of your accounts and any collections against you are all pieces that may be used in calculating your score.
How do they change? Any change to your credit report can result in a change to your credit score, e.g. alterations to any of the above mentioned pieces. Even one missed payment can result in a decrease in your score. On the other hand, paying down any outstanding debt can help give your score a boost. Paying your bills on time is one of the most important steps you can take to improve your credit score.
Why are they important? Your credit report is a key way in which lenders, employers, insurers and others assess your ability to manage financial responsibilities. A poor score can hold you back from obtaining loans, housing leases, utility services, insurance and even jobs. A better score can save you thousands of dollars in the form of lower interest payments on loans.
How do I find it? By law, you are able to obtain a free copy of your credit report every twelve months from each of the three major credit reporting agencies, Experian, Trans Union and Equifax. For more information on attaining your credit report, click here.
For a quick look at the condition of your credit score, try this credit assessment.
Visit www.feedthepig.org for more money-saving tips.
Where do they come from? Your credit score is a summary of your credit report. The number and type of accounts you have, timeliness of your bill payments, utilization of your current available credit, outstanding debt, age of your accounts and any collections against you are all pieces that may be used in calculating your score.
How do they change? Any change to your credit report can result in a change to your credit score, e.g. alterations to any of the above mentioned pieces. Even one missed payment can result in a decrease in your score. On the other hand, paying down any outstanding debt can help give your score a boost. Paying your bills on time is one of the most important steps you can take to improve your credit score.
Why are they important? Your credit report is a key way in which lenders, employers, insurers and others assess your ability to manage financial responsibilities. A poor score can hold you back from obtaining loans, housing leases, utility services, insurance and even jobs. A better score can save you thousands of dollars in the form of lower interest payments on loans.
How do I find it? By law, you are able to obtain a free copy of your credit report every twelve months from each of the three major credit reporting agencies, Experian, Trans Union and Equifax. For more information on attaining your credit report, click here.
For a quick look at the condition of your credit score, try this credit assessment.
Visit www.feedthepig.org for more money-saving tips.
Wednesday, February 02, 2011
What to Do with Your W2
n the last few weeks, many Americans received their W2 tax documents. So now what? While the April deadline may seem light-years away, it's never too soon to get a head start on your taxes. Here are a few reasons why.
More time, fewer mistakes. A journalist would never turn in an article before editing and proofing it several times, and the same goes for filing your taxes. The more time you give yourself, and your CPA, to look over your information, the more likely you are to notice mistakes or forgotten deductions.
Get your refund sooner. It's simple. The sooner you file your taxes, the sooner you'll be able to reap the benefits of your refund. And setting your refund up for direct deposit can expedite the process even more, in addition to saving you a trip to the bank. Consider setting up your refund to be deposited directly into your savings account; this will give your savings a boost before you have a chance to spend your refund.
Beat the rush. While many plan to file their taxes early, there's always the mad dash of filers come April. Starting and filing now means you'll avoid the craziness at the end and the possibility of having to file for an extension if the unexpected happens. Filing for an extension means more paperwork, and who wants to be stuck inside filling out forms when spring rolls around?
Whether you prepare your taxes yourself, or have someone do it for you, starting early and having more than one set of eyes review your documents is always a good idea. So, whip out your W2 and get started on your taxes today! Click here for tips on starting your tax return.
For more information on creating an investment portfolio, click here.
Visit www.feedthepig.org for more money-saving tips.
More time, fewer mistakes. A journalist would never turn in an article before editing and proofing it several times, and the same goes for filing your taxes. The more time you give yourself, and your CPA, to look over your information, the more likely you are to notice mistakes or forgotten deductions.
Get your refund sooner. It's simple. The sooner you file your taxes, the sooner you'll be able to reap the benefits of your refund. And setting your refund up for direct deposit can expedite the process even more, in addition to saving you a trip to the bank. Consider setting up your refund to be deposited directly into your savings account; this will give your savings a boost before you have a chance to spend your refund.
Beat the rush. While many plan to file their taxes early, there's always the mad dash of filers come April. Starting and filing now means you'll avoid the craziness at the end and the possibility of having to file for an extension if the unexpected happens. Filing for an extension means more paperwork, and who wants to be stuck inside filling out forms when spring rolls around?
Whether you prepare your taxes yourself, or have someone do it for you, starting early and having more than one set of eyes review your documents is always a good idea. So, whip out your W2 and get started on your taxes today! Click here for tips on starting your tax return.
For more information on creating an investment portfolio, click here.
Visit www.feedthepig.org for more money-saving tips.
Thursday, January 27, 2011
Building Your Financial Bulge
Fruits, veggies, low-fat, low-sodium…We all know what we're supposed to eat to stay healthy, but that doesn't make a triple fudge brownie sundae any less enticing. Managing your calories is very similar to managing your investments; the options that are the best for you are often the least exciting. So as you work on your health and finance resolutions for the new year, take a look at your investments and see what you can do to increase your financial bulge.
Your investment portfolio has four key levels of investments: the foundation, conservative, growth and speculative.
Foundation: Just like every diet needs a solid plan to keep you on track, every investment strategy should start with a strong foundation of low risk investments, like insured certificates of deposit (CDs), traditional savings accounts and treasury bills.
Conservative: A level up from the foundation sits your conservative investments. These investments offer a greater potential reward with a slightly higher risk, such as balanced funds, high grade corporate and municipal bonds and U.S. government notes and bonds.
Growth: Growth investments tend to be some of the more popular portfolio additions, due to their increased potential reward. However, before you fill your portfolio with stock, stock mutual funds (blue chip and growth) and investment real estate, make sure you are aware of the risk of each, and make sure it is a risk that you are willing to take should the investment fall through. The amount of growth investments you include should reflect your risks, your goals and the amount of time until you need the money. Since you are trying to build your financial bulge, it may require carefully increasing this level of investment.
Speculative: At the top of the investment structure are speculative investments. Speculative investments are the most risky, but draw people in with their high potential reward. Art, coins, precious metals, options, penny stocks, commodities and venture capital are all common varieties of speculative investments.
Think of your portfolio like the food pyramid, the majority of your calories (investments) should come from the largest, bottom section since they have the lowest risk, and, consequently, the lowest return. While on the other hand, you want to have a limited quantity of speculative investments (fats and oils), since they pose the biggest risk, even though they offer the tastiest potential reward. Check out a visual investment pyramid here.
For more information on creating an investment portfolio, click here.
Visit www.feedthepig.org for more money-saving tips.
Your investment portfolio has four key levels of investments: the foundation, conservative, growth and speculative.
Foundation: Just like every diet needs a solid plan to keep you on track, every investment strategy should start with a strong foundation of low risk investments, like insured certificates of deposit (CDs), traditional savings accounts and treasury bills.
Conservative: A level up from the foundation sits your conservative investments. These investments offer a greater potential reward with a slightly higher risk, such as balanced funds, high grade corporate and municipal bonds and U.S. government notes and bonds.
Growth: Growth investments tend to be some of the more popular portfolio additions, due to their increased potential reward. However, before you fill your portfolio with stock, stock mutual funds (blue chip and growth) and investment real estate, make sure you are aware of the risk of each, and make sure it is a risk that you are willing to take should the investment fall through. The amount of growth investments you include should reflect your risks, your goals and the amount of time until you need the money. Since you are trying to build your financial bulge, it may require carefully increasing this level of investment.
Speculative: At the top of the investment structure are speculative investments. Speculative investments are the most risky, but draw people in with their high potential reward. Art, coins, precious metals, options, penny stocks, commodities and venture capital are all common varieties of speculative investments.
Think of your portfolio like the food pyramid, the majority of your calories (investments) should come from the largest, bottom section since they have the lowest risk, and, consequently, the lowest return. While on the other hand, you want to have a limited quantity of speculative investments (fats and oils), since they pose the biggest risk, even though they offer the tastiest potential reward. Check out a visual investment pyramid here.
For more information on creating an investment portfolio, click here.
Visit www.feedthepig.org for more money-saving tips.
Friday, January 21, 2011
Stay Healthy, Save Money
Cough! Sniffle. Achoo! The next few months mark the peak of cold and flu season. While there are plenty of reasons to stay healthy, maintaining good health can also mean big savings. For example, the health care costs for flu patients with a secondary infection can be over $6,000. On the other hand, the average flu vaccine costs less than $20, according to the CDC. Here are a few tips to help you stay healthy this year.
Go Hands-Free. If you need to sneeze or cough, grab a tissue or turn your head into the inside of your elbow. The majority of germs are spread from direct contact, so spending the few dollars on facial tissues can save you and those around you the cost of treatment of illness caused by the spread of germs.
Wash Up. As with using tissues for your sniffles, washing your hands is a very important way to prevent the spread of germs. Washing your hands also helps prevent you from picking up a bug from someone else. It is especially important after you blow your nose or cough into your hands. Invest a couple dollars in a travel bottle of hand sanitizer for those times when you don't have access to a sink.
Get Your Zzzs. In order for your body to fight off illness, it needs to have time to recharge. Getting adequate sleep – for most people eight hours – can help save you the productivity lost at work from illness or exhaustion.
It Pays to Exercise. Everyone knows that exercise is important for physical and mental health, but did you know that some employers offer reimbursement rewards of up to 30 percent of the total cost of health insurance to employees who meet requirements? Check with your employer to see if you can be rewarded for good health.
We all get sick from time to time, but taking preventative measures now can save you big down the road. Put your financial and fitness goals together and save money and your health!
Visit www.feedthepig.org for more money-saving tips.
Go Hands-Free. If you need to sneeze or cough, grab a tissue or turn your head into the inside of your elbow. The majority of germs are spread from direct contact, so spending the few dollars on facial tissues can save you and those around you the cost of treatment of illness caused by the spread of germs.
Wash Up. As with using tissues for your sniffles, washing your hands is a very important way to prevent the spread of germs. Washing your hands also helps prevent you from picking up a bug from someone else. It is especially important after you blow your nose or cough into your hands. Invest a couple dollars in a travel bottle of hand sanitizer for those times when you don't have access to a sink.
Get Your Zzzs. In order for your body to fight off illness, it needs to have time to recharge. Getting adequate sleep – for most people eight hours – can help save you the productivity lost at work from illness or exhaustion.
It Pays to Exercise. Everyone knows that exercise is important for physical and mental health, but did you know that some employers offer reimbursement rewards of up to 30 percent of the total cost of health insurance to employees who meet requirements? Check with your employer to see if you can be rewarded for good health.
We all get sick from time to time, but taking preventative measures now can save you big down the road. Put your financial and fitness goals together and save money and your health!
Visit www.feedthepig.org for more money-saving tips.
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