Author: Creditaid

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Couponing – You Don’t Need To Be Extreme to Save Money



There are many books, TV shows and online websites dedicated to showing how extreme coupon use can save hundreds and even thousands of dollars. As impressive as these savings may be, they do require an amount of time and dedication that many families cannot or are not willing to give. However, there are ways to make the most of coupon savings without making it a full-time project.

Smart Shopping
There is more to saving substantial money on groceries using coupons than just clipping out the ones that are for products that a family currently needs. The true trick to saving large amounts of money throughout the year is to change the way that a family shops, incorporating coupons into the strategy. By buying items when they are priced the lowest and adding coupons to make the price even lower instead of only buying those same items when they run out, can be a huge money saver.

Prices on all items go up and down, based on many uncontrollable factors, including seasonal changes and corporate buying patterns. Extreme coupon users know this and save their coupons to combine with low prices. By doing this on all items whenever possible, a family may get a years worth of cereal or shampoo at a fraction of the cost of buying it only as they need it.

Look at the Big Picture
To make this possible, instead of only buying what is needed for the next week or two, the bigger picture needs to be looked at. Grocery lists need to be built around savings, stock piling on good coupon deals and doing less impulse buying on wants versus needs. Although it can take a while to get a surplus of items on hand, once this becomes a habit, it can save hundreds if not thousands of dollars a year.

The main idea is to use coupons to save money over the long run, not just on what a family needs today. Combining coupons with sales prices to stock up on everyday items is a way every family can save using coupons, even if they are not “extreme”.

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6 Tips to Help You Get Back On Track

Whatever your financial life goals are, it often takes discipline, planning and a lot of hard work to achieve them. You need to know where your hard-earned money is going before you can make the necessary changes to your spending habits. Here are 6 steps to follow to help you get on track.

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Summer Heat Wave – Tips to Lower Cooling Bills and Save Money

Hot weather can bring big utility bills throughout the summer as we try to stay cool, wreaking havoc on a family’s budget. However there are ways to keep cooling bills lower, while still maintaining a comfortable living environment. By using a few energy savings tips, there can be a substantial savings on your summer utility bills.

Ways To Save On Cooling
The first step is making sure everything is being done to reduce cooling costs. Maintaining and managing the cooling system is one good way to lower cooling bills. Air conditioners need regular maintenance to run efficiently. Having the unit serviced with a tune-up before the hot weather hits can reduce energy costs. In addition, using a programmable thermostat is a good way to save on daily energy use. Set it to allow the heat to rise slightly, no more than ten degrees, while the family is away each day and set it to begin cooling down again when everyone is due home.

Another way to save on cooling is to use Mother Nature. Investing in whole house fans that can draw in cool air at night through open windows can be a big money saver in humid climates. Another way to keep the home cool is to consider planting trees that offer shade on west facing areas of the house that get the most hot afternoon sun.

Protecting The Cool Air
On top of saving on cooling the home, there are large benefits to protecting the cool air from escaping. Windows and doors can both allow cool air out and let hot air in. Weather stripping around doors and windows is one way to keep in the cool air. Another energy saver is closing drapes and blinds to keep the hot sun from warming air inside the home.

By making just a few small changes in daily cooling routines, there can be a large difference in the energy consumed and the amount of cooling bills through the hot months.

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Peace of Mind at Retirement

For those who are approaching retirement in the next few decades, the recent recession has changed many goals when it comes to retirement saving. While building a substantial savings for retirement through high earning investments was once the goal of many of baby boomers, a new value has been placed on the peace of mind that comes from stable, safe ways to ensure income for their retirement years.

Security Builds Peace Of Mind
The recession hit many hard, shrinking the size of their accumulated wealth and taking away the financial security that they thought was already theirs. This shock to the economy has made retirement investors more focused on keeping what they have, versus building a monumental retirement savings through higher risk investments. The change has lead to more baby boomers considering fixed rate annuities and other guaranteed investments that will protect their assets and slowly grow their retirement savings.

The quick reduction in investment values in the past decade has changed the entire mindset of those both young and old.For those approaching retirement age, there is no longer the illusion that money lost in high-risk investments can be quickly recouped. Protecting savings to ensure a steady and reliable income for retirement is more important to many than trying to grow nest eggs quickly for a more comfortable lifestyle. Younger generations have seen the backlash that has happened to their parents and grandparents, and many will proceed more cautiously when planning their own investments.

Although the lesson was financially painful for many, it was a valuable lesson to be learned for all investors. High-risk investments can be lucrative and have their place within an investment portfolio; however, the peace of mind that comes from having stability and security for retirement can be even more valuable.

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Start A Summer Savings Account for Next Year’s Summer Vacation



Summer vacations can be the highlight of the year for many families and are a great way to spend quality time together. However, these trips can cost well over a thousand dollars and can be a strain on a family budget when no money has been put aside. The best way to avoid using credit cards unnecessarily or getting behind in everyday bills due to a summer vacation is to plan ahead. By starting a savings account now for next year’s summer vacation, families will be able enjoy their time together without worrying about financial repercussions.

Make Saving A Priority
It is all too easy for money that was meant to be set aside for a vacation to be spent on other things when it is put into a bank account that is also used for other expenses. Instead, start a separate account that is specifically for the family vacation. First decide on how much the family can afford or wants to spend on the next vacation and divide that number by the months remaining before the next vacation. This will give you the amount that needs to put aside each month to reach the goal. This should be treated just like any other expense or bill and be put away before any other extras are bought each month.

Finding Extra Money
If a family’s budget is already stretched tight, it may seem hard to find that extra $100 or more to put away. If this is the case, then one of two things must happen: spend less or make more money. You may find the monthly vacation amount right in your current budget by reducing grocery costs, cutting down luxury expenses or even taking the bus instead of driving. Another way to finance your vacation savings is to find ways to earn that extra amount by getting a second job or selling unneeded items via garage sales or on eBay.

By planning ahead, families can have a great summer vacation without it causing a huge strain on their bank account. The result is less stress and a more enjoyable vacation for everybody.

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Making Plans for Your Tax Refund?

There are so many things that you can do with a tax refund. It is not a lottery windfall, it is money that you worked hard for and you deserve to get the most out of it. It is understandable that you may want to spend it on lavish gifts for yourself and family. Alternatively, you can make your tax refund work for you, which will lead to much more financial security in the long term.

Reduce Debt
A tax refund can help you significantly reduce your debts. By paying off the debts that have the highest interest rate first, you are effectively adding to your monthly income. In the long run, paying off debts will save you more money than you received in your tax refund, too, so it is definitely an option for consideration.

Expand Your Portfolio
Look at your investment options, and see if your tax refund can help to expand your portfolio. You can also use your tax refund for future investments, which will help you to ensure a financially secure retirement. By investing your tax refunds in this way your portfolio is more likely to grow and generate more income for your future.

Pay Insurance Premiums
With so many different types of insurance to pay during a lifetime, most people find that their budget cannot stretch to the cover what they want. However, by saving your tax refund each year towards insurance, you can afford to protect your home, car and family should any unexpected issues arise.

Personal Reward
Finally, do make sure to reward yourself, too. Although it makes sense to invest the bulk of your tax refund, you should keep a little bit back for yourself. Reserve at least 10% of your tax refund to treat you and your family. Doing so will actually help you save and budget each month, as it won’t seem like you are saving every penny for a future that feels extremely far off.

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Spending in Your First Year of Retirement

Your first year of retirement is full of anticipation and excitement for what’s to come. You suddenly have more freedom than you have had in years, which means endless opportunities to spend time and money on the things that you love. There is a catch, though – how do you determine whether you are spending too much? Unfortunately, while most retirees are well versed on how to generate an income for their retirement years, they often have trouble working out when and how to spend it.

While it may seem like you have a huge amount of income stashed away, you still need to budget. It is difficult to accurately predict what you will spend before you actually enter retirement, as there are too many unknown variables yet to be discovered. Your first year presents the ideal opportunity to set the bar, so that you can live comfortable for the rest of your retirement.

A good starting point is to estimate your expenditure for each year. This will provide you with the basis for your initial budget. Once you enter retirement it is important to keep track of your spending, and then compare it to your projected budget. It is also important to recognize lavish spending habits as soon as possible. Review your spending every three months to evaluate whether you are on track.

You need to allow for unexpected costs, too. A particular concern for many retirees is sudden health problems. However, anything that could derail your budget needs to be given consideration. It is for this reason that financial advisors suggest formulating a number of budgets. By doing so you can funnel contingency funds to where they are needed, with minimum impact on future retirement years.

Once you are over your first year of retirement, review your budget again. If you were under target, consider whether it was due to careful spending or adequate assets. Conversely, if you overspent on your budget, look at how you used your income and think about re-evaluating your lifestyle.

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Ways to Downsize During Retirement


Downsizing during retirement, for many of us, isn’t so much of option as a necessity. Reasons for downsizing are not always financial, either; mobility and convenience also factor into the decision. Living within your means doesn’t have to be a struggle. In fact, being frugal with your money, time and energy will enhance your life during retirement. By working smart, there are a lot of cross over benefits from downsizing, too, so it is important to consider how every decision impacts on the rest of your lifestyle.

Home and Community

The size of home you live in and where it is located can determine how well you are set up financially for your retirement. Retirees can save around 25% on their
mortgage with a smaller property in a more affordable area, and greatly reduce tax and insurance payments, too. A smaller property also means less upkeep; saving precious time and energy for doing the things that you actually enjoy.

Transport

Although most retirees opt to keep their car, at the very least, do consider downsizing to a more cost efficient model. An area with reliable public transport or convenient facilities within walking distance is another option to reduce travel costs, for retirees who do decide to get rid of their car altogether.

Garage Sale

A garage or lawn sale will take care of a lot of unwanted possessions; including items such as paintings, small to medium furnishings and electronics. If you are selling a car, this is also a great way to draw attention from perspective buyers.

Donating

Donating to local charities or free recycling services is the quickest and most efficient way to de-clutter. Charities will take clothes, furniture and some electronics. A recycle service will take damaged furniture, clothes, electronics and other materials. Check with your local charities first, so that they can benefit from any items you can give them.

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Prepare Your Retirement Budget


There is no hard and fast rule for when you can begin preparing for your retirement. However, it makes sense to start preparations sooner rather than later. Keep in mind that, on average, retirees spend the equivalent of 70 to 80 percent of their work-life salary per year; all of which is income that you must start generating before retirement.

Saving and investments are the two main ways to generate an income for retirement. You could work overtime or take a second job to earn the initial money you will need for investments. Or, when buying your home, consider it as an investment that you can use to fund your retirement in the future. Your investments in your formative years will pay off in the long run, too, so make sure that you keep that in mind with every major purchase.

The bottom line is, if you want to live the good life when you retire, you are going to have to make some smart investments. Of course, if it was that easy, everyone would be doing it. Before you start investing in every plan that promises to deliver huge pay-outs, speak to a professional advisor that you trust.

Invest in a Registered Retirement Savings Plan (RRSP) as early as possible. If you are going to invest in equity and stocks, do so earlier in life so that you can make your money and quit while you are ahead. Remember, this is about securing a comfortable future in your retirement years. While not the greatest investment option for a return, Guaranteed Investment Certificates (GICs), is a good place to keep money in between better investments.

Plan in such a way that when you get closer to reaching retirement, you are thinking about downsizing your home and car. Make sure that you are on track to clear all your credit cards and other outgoings, so that you have as much disposable income as possible. Take the time to think about the type of retirement you want; and decide which aspects of your life will help or hinder you in achieving that lifestyle.