Friday, March 13, 2015

Effective Ways to Save Money on a Tight Budget

Payday is a couple of weeks away and there are only a few dollars in your bank account. Yet, you still need to save money. Saving money is more than just putting away a few dollars for a rainy day. It involves a change in lifestyle and spending habits that leads to a higher level of saving.

Don't feel entitled to all the merchandise available in stores. Do you need multiple cell phones, televisions and other gadgets? Will these make you feel better about your financial situation? They might make you feel rich at the moment but they can leave a scar to your financial status.

Learn extreme couponing and save thousands. Extreme couponing is very famous for good reason. Men and women across the United States are saving thousands of dollars on everyday items like paper towels, toilet paper, dish detergent and laundry detergent. These are the everyday things that may seem small but adds up to your monthly expenses.

Doing potlucks at church and family gatherings helps save food budget. Do other people usually gather at your house for fun, relaxation or sharing? Your wallet need not carry the burden of the food shopping. Do potlucks and you will save on food costs.

Drive only when necessary. Gas prices are soaring. If you want to save on gas, consider buying a quality bike and take it to the road. Some families choose to spend the entire summer within a few miles of their home just to spend less on gas.

Friday, February 13, 2015

Six Easy Steps to Save Energy at Home

Do you want to trim down your electricity bills at home? There are several alternate ways to save energy at home. In this post, I listed a few of the alternative ways in the past months. Read on if you want to try them.

1) Cleaning or replacing the filters of air-conditioner units at least once a month. This minimizes electricity consumption because the unit can produce a free flow of cold air to the room inhibiting any extra force input from the appliance hence requiring lesser energy. Less energy input means lesser electricity consumption.

2) Lowering the thermostat on your water heater to 120 is also helpful. More so, the heaters must be shut off whenever you will be away for quite some time. It does not only conserve energy, it keeps your house safe from short circuits while you are away.

3) Turning off the lights when nobody is using. Use only lights when necessary. Refrigerators may be set at a temperature of 36 to 38 degrees and the freezer at 0 to 5. These are simple or should I say minimal but when summed up may equal to a relative amount of savings on your part.

4) Minimize opening oven door when in use. Every time it is opened the temperature drops to 25 to 30 and will increase consumption every time it closes to get back the correct temperature required hence, consuming more electricity.

5) Unplug all unused appliances. The most commonly neglected appliances are televisions, computers, sound systems and gadget chargers. They're usually forgotten because they're just small items. People think they will not contribute much to your bills.

6) Consider using a power saving device. This unit reduces the amount of power drawn from the utility and stores it to the unit and then supplies it back to the appliances decreasing demand from the utility. This means that when the utility has lesser demands it also require less usage and lower electricity bills.

Wednesday, January 14, 2015

Small Ways to Save Money This 2015

Everyone is looking for ways to save money. Some need to save a lot while some just need to save a little for an immediate need. Whether you need to save for your kids' future or for a purchasing goal in mind, here's a list of simple practices to try.

1. Don't snob the leftovers. Whether you have leftover food from eating out or leftovers from cooking at home, don't throw them away or feed them to your pets. Eat them the next day. It will prevent you from wasting food because you won't need to buy more groceries. It will also help clean out the fridge so mold doesn't grow.

2. Drink less soda and lattes. They can be very useful when you need to keep yourself awake and finish a lot of work. However, they're not good for your health. Drink water. It's healthy and free.

3. Buy off season clothes. Stores mark their off season clothes at deep discounts. Mentally it can be hard to buy a winter coat when it's 80 degrees out, but financially this is a smart idea. If they don't have your size of some things, buy bigger. For items like pants that can be easily hemmed, you'll save money in the long run and have a great pair of pants for pennies on the dollar (including tailoring work) when it gets cooler again.

Tuesday, December 9, 2014

Quick Ideas on Saving Money on Another Country

Have you ever thought of creating a bank account in another country? Nowadays, this is no longer exclusive to those who have large amount of wealth to protect from unlawful creditors. Even regular entrepreneurs take  advantage of the idea to ensure that their businesses will continue to progress with enough funds.

There are important factors to be considered when setting up an offshore bank account. First and foremost, you have to regard the distance. The farther your bank account is from your country of residence the better. This makes your fortune as invisible as possible. Often times, large sum of money cannot escape the public eye. In fact, their owners are suspected to have illegal wealth and the worse of all the government can confiscate all of it.

Choose a remote bank that can offer you easy access to your account. Although this is not a problem as most banks across the globe provide international credit and debit cards, it is still wise to be assured of the online features that your prospect bank possesses. Go ask your prospect banks about it.

Putting your account under another individual's name can give an added sense of privacy to it. Another way to do this is through a trust company. Offshore trusts are legal means that can shield your identity while you practice full control over your wealth. Depending on the trust agreements only you and your rightful beneficiaries can take a hold of your money. 

Offshore incorporation also goes along well with offshore bank accounts and trust funds. It protects not only your wealth but also the identity of your company with which you earn your income. Let us say that the company directors are unnamed as well, then your company and personal bank accounts would be more difficult to trace.  There is an option though where in you can have nominee company directors. That is another great feature you can utilize however it might cost you extra fees.

For assured secrecy of your money, be firm in not telling anyone about your offshore bank account. Your secret wealth will be most likely to be divulged if many people know its whereabouts.

Tuesday, December 2, 2014

Why You Need to Protect Your Income

Income protection is one of the most overlooked means by those who desire to ensure a bright future for their loved ones. There are many reasons why wages need to be protected but I have listed the top three most important ones in this post. They are the following.

Provision in the event of illness - You can never tell when an accident or sickness may come to steal your ability to work momentarily or permanently. Having to pay for your medications while providing for the needs of your family can be very challenging. If you do not have the enough funds to cover your expenses, your life and the lives of your spouse and children could be in danger. Receiving payouts until you are able to work again or find another source of allowance can help you make it through during your time of need.

Lifestyle security - Let us face it. Whatever benefits you might receive from the government can be set at minimum amounts. Being dependent on these alone may force you to live uncomfortably and barely making both ends meet. It is not only your lifestyle but also your children's lifestyle that would have to change. Inability to pay your bills and other responsibilities like legal dues for your properties can prod you to give up some things that make your family's life convenient. These may be the opportunity to live in a restful house in a safe town, your children's education or the family car that you are paying for monthly. While you can easily cope with such changes, your children may not. In fact, they can get traumatized by the abrupt deviations in your family's lifestyle.

Safekeeping Assets - Do you have properties to pay for every month? If yes, how then can you ensure rightful possession over them if you fail to pay your legal dues? Losing your house and lot and other investments can definitely happen once you loose a definite source of income. Having some amount to cover at least a part of your payables can keep your investments intact.

Saturday, October 25, 2014

How to Secure Your Children's Future

Instead of giving your money and other assets to your children outright, putting your wealth in trusts can provide you with a better way to keep your children’s inheritance protected and well-managed. The following ideas will explain how.

Protection from lawsuit - If your child does not receive all of his or her inheritance at once, there is less for creditors to reach if ever your child encounters a financial or legal problems. In fact, this could happen when they begin to pay the taxes that come along with the inheritance you are leaving to them. Trusts can keep your children’s inheritance free from the hands of unlawful creditors.

Moreover, you can choose to equally distribute your wealth among your children over time intervals. Depending on the terms that you are to set, you can leave a certain percentage of the estate when the child graduates from college, upon marriage and birth of a grandchild among others. These will all depend on your discretion.

Conditions on proper use of inheritance - Once you die, you will never know how your children are going to be spend your hard earned wealth. Contracts for trust funds give you the power to create conditions which have to be met by the beneficiaries before they could ever receive their share of wealth. For one, you can require a drug test or an alcohol test to make sure that they won’t be wasting their inheritance on these addictive substances.

Special needs trusts for disabled beneficiaries - Leaving an inheritance to a disabled child is one of the greatest concerns of some parents. Having a revocable or living trust will allow you to add provisions for the establishment of a special needs trust for any disabled child.

PS. I found this video to be interesting. Something to think about creating trust funds for your kids.

Thursday, July 31, 2014

Insurance 101: Insights on Protecting Your Income

Have you heard of income protection? It is one of the must-have insurance policies that every working adult should possess. Unfortunately, not many invest on it. This may be due to the lack of knowledge about its importance.

Loss of income is a sad reality that could happen to any employee. It can result from the inability to work temporarily or permanently because of accidents and/or illnesses. Although employer companies offer appropriate compensation during such situations, the amount that the ailing employee will receive may not be enough to cover his medication and other expenses. And it cannot get any better if he has a family to support.

Through an income protection policy, concerned workers can be assured of continued income flow in the event of an injury or illness. The income that he will be receiving would be equal to the amount he used to receive prior to his loss of earning capacity. The income referred here is called payouts. These payouts equate to such amount because they are tax free.

When it comes to the costs involved, the income protection policy costs depend on the period that you stopped receiving sick compensation from your employer company and the time you began acquiring payouts. This is called the deferred period. If you have a long deferred period, you will have low policy premium to pay. Should you want to pay much lower policy premium, you can agree to getting payouts that cost less than your regular salary that you receive.

Moreover, you can choose between long term policies and short term policies. Long term policies will support you from the end of your deferred period up until the time your pension starts. Short term policies, on the other hand, are limited to a specified period like twelve or twenty four months. If you have limited budget to pay for your policy, you can go for the short term one. 

Not only the sick can benefit from income protection policy but also those who are self-employed. However, the computation would be different and so a separate consultation on this is advised.