Read these 10 Savings Tips tips to make your life smarter, better, faster and wiser. Each tip is approved by our Editors and created by expert writers so great we call them Gurus. LifeTips is the place to go when you need to know about Debt Consolidation tips and hundreds of other topics.
If you are in the middle of a refinance loan on your home, you would benefit from a savings calculator that can evaluate the change in your bills. Before you get too deep into the lending process, get a clear picture of the differences that will be made. The best way to do this is by comparing your present bills to your new ones with a refinance savings calculator.
Let's say that you presently have a mortgage and other bills that total $1000 a month. With a mortgage savings calculator, you can plug in your new mortgage rate, balance, and term of length to get a clear picture of what you are saving. This tool is invaluable when comparing the offers of different lenders looking to provide you with your refinance loan. You can find mortgage savings calculators for free on the Internet. Check out our sponsor and other lending websites to get the advantage of knowing what you are getting into with your refinance loan.
Make sure that the numbers you are seeing on your estimate from your broker or loan representative match what the calculator reads. If the refinance is a smart and timely one, you will like what the savings calculator tells you.
Everyone likes to think that the savings the put away will be enough to help them reach retirement someday. Most do what they can and hope for the best. People who are serious about their savings plans, however, go beyond a simple savings account. If you are serious about making your savings last you a lifetime, here are a few ways to go about it.
People who are concerned with their future will usually construct a savings plan to back them up. The average person wouldn't know where to begin when it comes to this, so they never get around to it. Do not let this happen to you.
Secure your future by constructing a savings plan that will provide you with financial security. If you are unsure where to begin, consult with a professional who can help gear a savings plan towards your goals. Financial consultants are a great help in constructing a savings plan. With their experience, they know every option for any scenario, including yours. If you want to make sure you have the best plan that will bring you the greatest return, get this kind of help for your money management.
No matter how long you have let it fall by the wayside, wake up and take some action. Do what you need to in order to secure the financial future of yourself and the ones you love by constructing a long term savings plan that will make the most out of your hard earned dollars.
Everyone wants to save more money, right? We want to help you make sure that you are saving as much as you can on everything from everyday purchases to large purchases like homes and cars. Here are a few wide-ranging money saving ideas that could benefit you.
If you are starting to put something aside for that rainy day that may never come, you will want to choose savings account that provides shelter from that storm.
Choosing the right savings account for you is a matter of comparing different offers from different banks and figuring out what best suits your situation. When you are comparing savings accounts from different banks, be sure that you ask all the right questions. What are those questions, you ask? Here are a few.
Figuring out how much an individual can save over several years can be difficult without the help of a compounding savings calculator. A savings calculator of this kind can help you take compounding funds and interest rates into account when trying to plan for future savings goals. To use a savings calculator, you will need some information at your disposal. Here are the basics you will need to know.
At the heart of any good savings plan is setting and meeting goals. If you are trying to build your savings as fast and securely as possible, you will want to set hard and fast goals for your savings.
Short term goals – If you are worried about having the necessary discipline to build your savings over time, short term goals are the way to eliminate those fears. Set short term goals of how much you will deposit from your pay, how much you will allocate to investment and how much to savings, and how much you want your money to build over months and individual years. These types of short term goals are easy to set, but if you do not meet them, than they were pointless. Be sure to stand by your rules and you will reach your short term goals.
Long term goals – When do you plan on retiring? If you are like most people, the answer is when you have enough money. Your long term savings goals should be geared around a goal of retirement at a specific ago.
By following your short term goals, you can calculate how long it will take to reach certain landmarks which make up your long term goals. Meeting your long term goals will wholly depend on meeting your short term goals, so again, stick to it. With a little planning, anyone can build savings at a realistic pace. The key is in planning accordingly and meeting your short and long term goals.
A health savings account is a tax-sheltered savings account similar to an IRA, but mandated to go towards medical expenses. Deposits into health savings accounts are 100% tax-deductible for almost everyone with an HSA and can be easily withdrawn by check or debit card to pay for regular medical bills.
When it comes to larger medical expenses, these are covered by a low-cost, high deductible health insurance policy. Whatever you do not use from the health savings account each year stays there and builds interest to help supplement retirement. The health savings account is required to be used in conjunction with a separate health insurance policy that carries a high deductible.
Unlike many HMO and other health insurance plans, a health savings account allows you to choose your own physicians without extensive restrictions. The best course of action is to calculate your typical health insurance costs. Now, take that same amount of money and divide it between a lower cost policy and a health savings account. By using the HSA, you will not only need to spend less for everyday medical expenses, but it is all tax free.
With the rising costs of education these days, who knows how much a college education will cost by the time your toddler is ready for a University. Too many college students are forced to take on loans that they will work to pay off for a good portion of their lives. This does not have to be the fate of your kids.
If you start a college savings plan today, you can build enough savings over time to fund as much education as they desire. There are many options for a college savings plan. Many states offer their own prepaid programs that can be used for colleges in the state. These plans are great because the funds accumulate without you hardly paying into them. At the same time, these state savings plans are usually fully tax deductible.
If you want to start a college savings plan but do not want to restrict where your child can attend school in the future, you can go with an independent savings plan. One of the largest college savings plan providers out there today is UPromise. UPromise offers their clients with the opportunity to save money by making traditional deposits, but also by making specific purchases from specific locations. Things such as shopping for food or clothing can actually earn money for your child's college education.
No matter which path you choose, don't let your child be forced into debt to fund their education. Start a college savings plan now and give them a big surprise on High School graduation day.
Some ideas can be right in front of your face and somehow you completely miss them. There are many money saving ideas that are nothing new and yet many people do not take advantage of them. Are you saving as much as you could be? If you are missing out on any of these money saving ideas, than the answer is probably ‘no'.
Coupons – How many coupons do you get in the mail? What percentages of those go directly into the trash? If you are like most, the answer is pretty darn close to 100%. That is a shame because there are probably money saving coupons on things that you were going to buy anyways. Next time, take a closer look at what you are discarding. Interest
Specials – Of the money saving ideas that most people miss is one that involves an interest rate special. Let's say you were planning on buying a refrigerator by the end of the year. When you go to look at what is out there, you see that there s a special right now that provides 0% interest for a certain amount of time. Most people will miss out on these opportunities because they are just ‘shopping' and not ‘buying' that day. But if you are going to buy the fridge anyways, you may as well do it without having to pay extra for finance charges. Don't pass these specials by.
Carpooling – Do you drive to work? If so, you are definitely feeling the pinch at the fuel pumps. Gas prices have made it difficult to justify owning a car. But we all need to get to work, right? If you want an obvious money saving idea when it comes to gas, the answer is to get a carpool together. Even if you have only a single co-worker to share the driving with, that will cut your gas costs in half! Imagine if you can get 3 or 4.
These are just some obvious money saving ideas that we should all take note of. For longer term money saving ideas such as savings plans and retirement planning, consult with a financial specialist who can build you a road to retirement with innovative money saving ideas.
|Jennifer Mathes, Ph.D.|