Save Money Each Month

A penny saved isn't actually a penny earned. But every penny you don't spend can be a penny you put in your piggy bank. Here are some tips on ways you can save money each and every day, week and month.

• Use your public library. Books, magazines, audio books, films, and CDs are all available for no charge at your public library. Many libraries even offer free events, classes and workshops for children and adults. It is crazy not to take advantage of all that your library can provide. Do yourself a favor and go see what your library has to offer you.
• Look for free or inexpensive entertainment. Whether you are taking advantage of free movies in your local park or 'pay what you will' evenings at a museum, lowering the cost of keeping yourself entertained will up your savings total.
• Evaluate the money you spend on food. Are you spending more or less than average for your household? If you are spending more than average, coupons and sale items are a great place to start, but there are other options as well. Is there a food or cooking co-op you could join or organize? Would ordering your groceries online allow you to spend less? Are there any farmers markets you can take advantage of? Everyone has to spend money on food, but you can get creative to find ways to lower your costs.
• Shop for bargains. No matter what you are looking to purchase, there is probably an option online to find it. Remember to check websites such as Craigslist, auction sites and even Freecycle for products you need. Thrift stores, both online and traditional brick-and-mortar, also offer a lower cost on items from clothing and accessories to furniture and books.

You may not be able to reduce the cost of your mortgage or rent, but many of your other expenses can be tweaked to allow you to squeeze every last penny out of your budget.

Courtesy of: FeedthePig.org

Staying Fiscally Wise When Renting An Apartment

Given the current state of the economy and the challenge of being approved for a mortgage, more and more people are choosing to rent their houses, condos and apartments instead of buying. The U.S. Census Bureau says home ownership was the lowest during the first quarter of 2010 since the first quarter of 2000.

If you are one of the millions who rent your home, here are some tips on getting the most out of your lease.

Landlord and Tenant Laws: Make sure you know, and understand, the local landlord and tenant laws. What problems and tasks are the responsibility of your landlord and what are yours? When are you due for a new coat of paint, and who pays for spraying for bugs? Remember to check and make sure the rules apply to your landlord—in some areas, those who rent out only one or two properties are exempt from some rules.

Breaking a Lease: Most people don't have plans to break a lease when they sign one, but life sometimes goes in a different direction than expected. Make sure you understand what your obligations are, both financial and otherwise, before you sign your lease, or at least before you decide to break it. When you are signing your lease, if you think there is a chance you might need to break it, talk to the landlord and see if a shorter lease is possible.

Storage: If you have done your best to whittle down your belongings and it still won't all fit in your new pad, investigate storage companies. Paying for off-site storage is usually less money than looking for a place with an extra bedroom. You don't actually need your winter clothes on-hand in the summer.

Rental Discounts: Look for apartments or complexes in your area that are offering discounts or one free month deals. In some areas, it is common practice to offer renting incentives. Just make sure you read the fine print and know when you will receive your free month, and if there are any obligations on your end.

Refer a Friend: Does your building have a "refer a friend" program? If so, make sure you know what the opportunity is. Also remember not to refer any friends unless you actually do like where you are living—awkward neighbor situations could arise otherwise.

Renters Insurance: While signing up for renters insurance will cost you money at the outset, it will save you money if you experience a fire, theft or disasters of another kind. Knowing you will be able to replace your belongings will save you stress and worry, before, after and during. More information is available about renters insurance through 360 Degrees of Financial Literacy.

The most important thing to keep in mind when renting is to investigate your options and know the details of your lease before you sign it.

Visit www.feedthepig.org for more money-saving tips.

Save Money on Your Commute

Did you know that a 2009 report from the American Public Transportation Association estimated that Americans can save thousands of dollars by switching to public transportation? The Association determined this amount by comparing the average monthly transit fares to the average cost of driving. In cities like New York, Boston and Philadelphia, the annual savings for one person to switch to public transportation was over $10,000!

Two-car families can save by switching to a one-car household, saving money on additional automobile insurance, fuel costs, maintenance costs and parking. The savings could be put toward a future purchase of a newer, more fuel efficient car or another savings goal. Carpooling is another way to save money by splitting gas costs; it can make a trip more interesting, and sometimes faster if your commute has HOV or carpool lanes.

If you already utilize public transportation or are going to start, consider purchasing monthly or weekly passes to save money. Some employers offer pre-tax commuter benefits, such as discounted passes. Or look into transportation during off-peak hours—sometimes the difference in price can add up if you take an earlier or later train to avoid peak travel times. Of course, walking or riding a bicycle can offer even greater savings and have a healthy impact on your life as well.

Visit www.feedthepig.org for more money-saving tips.

Start Planning for the Holidays Now

The temperature outside may not make you think of winter holidays, but 2010 has flown by and we are officially more than half-way to the holiday season. Now is the perfect time to get a jump on your plans for the holidays. Here are a few tips from Benjamin Bankes for how to spend wisely now for your year-end holidays.

Do you have any travel plans for the holidays? Investigate flight options now before the fares grow even steeper. Now might be the perfect time to schedule a few days off that aren't peak travel times—prices are always highest, and delays the worst, during the most congested travel days. Traveling a few days before or after the holidays, or even on Christmas day itself, could save you time and money. Being flexible on your travel dates will help your wallet.

Are you giving gifts this winter and, if so, how many? Sit down now and make a list of gifts you need to buy and what each person might like. How much can and should you spend for each gift? If you can determine your gift list, you can determine how much you need to save from now until December. Putting aside $5, $10 or $25 each paycheck will add up quickly and you won't have to worry about how to pay for
gifts in December.

Are there any sales to take advantage of this summer or fall? If you know what gifts you are planning to buy, you can take your time to look for, or wait for, sales for your purchases. There are usually sales for Labor Day, Columbus Day and Veterans Day. Extra bonus—you also won't have to deal with the holiday crowds and lines when shopping in December.

Are there any gifts you would like to give that you can make yourself? Planning this far in advance for baked goods doesn't work well but other handmade gifts are usually appreciated and appropriate. Start knitting someone a scarf now and you will have plenty of time to finish before winter.

Does anyone on your list need more time or help to tackle a big project? Time and assistance on projects like organizing the attic or cleaning out the basement could be a great gift you may not have thought of. Time may be money, but sometimes it is easier to find the time for a project than the money for a large purchase.

No matter what your plans are for the holidays, taking steps now will help you stay within your budget later.

Visit www.feedthepig.org for more money-saving tips.

Saving Money at the Grocery Store

Shopping for groceries is an expense everyone has to account for on their weekly or monthly budget, especially if you have taken Benjamin's advice and cut back on eating out. But there are some ways you can save money on your groceries and still purchase everything you need.

• Store Circular: Read the circular from your grocery store, and other stores in your area, to plan what is on sale that you could use to make lunch or dinner this week. If there is a bargain to be had, remember to think about how much space you have to store it, whether it is a 12-pack of paper towels or a few pounds of apples.
• Coupons: Do you have any coupons you can use? Clipping coupons is a great habit to start—and not just from your grocery store's weekly circular, but in the mail and online. There are many sites that offer coupons. Do a little research to find sites that work for your needs and offer products you use.
• Shopping List: Make a shopping list before you go to the store, and include quantities for each item. If you need yogurt or oranges, how many do you need? Planning ahead is great, but not if your food will spoil before you use it.
• Generic and Store-Brands: When you are at the store, remember to look for generic and store-brand items. They are usually less expensive for the same or similar quality product. If you are absolutely married to a specific brand for one item you need, how about generic products for other items?

Always remember to go to the store after you have eaten—you aren't going to be nearly as tempted by things that aren't on your list if you aren't hungry.

Debit Card Pointers

For some, credit cards can be tempting and an easy way to get into debt. Some experts recommend using debit cards to help limit your spending and to ensure that you live within your means. However, debit cards can be dangerous too. Here are some tips to ensure that you use your debit card correctly.

Consider whether or not you want overdraft protection.
Starting in July, new federal regulations will prohibit banks from allowing customers to overdraft debit cards unless the customer specifcally opts into an overdraft plan. Consider whether you would rather have your card declined or whether you want to pay an overdraft fee. Fees can range between banks, but some fees are $30 or more. Ask if your bank will allow you to link your checking account to a savings account in case you do overdraft, rather than charging you the fee.

Know the difference when you choose "credit" or "debit."
These two options are very different and you should know the difference when you use your debit card to pay for your purchases. If you choose debit and enter your pin, the transaction usually happens almost immediately and deducts the money from your account. If you choose credit, the purchase may take several days to actually hit your account, which may make you think that you have more money in your account than you actually do.

Use a credit card for large purchases.
Credit cards can be useful to keep around, especially for large purchases. They offer more consumer protection for disputes or refunds. For instance, if you disputed a charge that was higher than it should be, credit cards have the ability to wipe the charge off your account. It would be more difficult to recover that money from a purchase with a debit card. Federal law says that you must notify your bank within two days of noticing a problem on your debit card.

Courtesy of: FeedThePig.org

Being Healthy Can Be Good for Your Wallet

Courtesy of: FeedthePig.org

Now that the weather is getting nicer, many gyms and health clubs are offering membership specials and discounts to attract new members. Some health clubs offer benefit packages, such as discounts for cell phone service or car rentals. If you were considering joining a gym, now could be an ideal time to do so! Just make sure you read the fine print before joining—is your obligation for a month, a year or more? Will you be automatically renewed after the obligation?

For added financial benefit, check with your health insurance provider. Many give incentives, including cash back, for exercising a certain amount of times per month or year. If you exercise regularly, not taking advantage of perks like these is like saying "No, thank you!" to free money.

Be healthy and save even more money by quitting smoking, walking or biking to work and cooking your meals at home. For the cost of a meal out, you can purchase the makings to prepare several meals at home and ensure that the meals are healthy.

Living a healthy lifestyle and exercising regularly can help you avoid illness or disability that may prevent you from working and a potential loss of income. In addition, regular exercise is proven to improve your immune system and reduce stress. Consider this: health care is one of the biggest expenses of retirement, and the life decisions that you make now can pay dividends if they make you more healthy in the long-term.

Go "Green" to Save Some Green!

Courtesy of: FeedThePig.org

Go "Green" to Save Some Green!

The very first Earth Day was 40 years ago in the spring of 1970. At that time, it was a grassroots event that raised concerns about the environment. In 2010, estimates suggest that more than one billion people in more than 190 countries will participate in raising awareness for the environment and implement personal changes to be more "green" on April 22.

Implement these green ideas and save money at the same time.

• If you are a homeowner and have access to your hot water heater, turn down the temperature from 140 degrees to 120 degrees or lower. This can reduce your home heating bill by 6-10 percent.
  
  
• Have a computer at home? Take advantage of your computer's "hibernate" setting when you aren't using it to prevent the computer from wasting energy. Even better, use a surge protector to turn it completely off. Some computer and television models continue to draw energy even if they are turned off.
  
  
• It may seem trivial, but turn off your lights! Now that days are growing longer and brighter, keep your lights turned off unless you need them. If you leave a room, switch the lights off as you leave. The savings may be slight but can really add up over time. Consider adding a timer or motion sensor to your lights to make it more convenient so you don't even have to think about it.