7 great ideas how to save your money

I wanted to call this blog GO COUPONS because these 7 ideas are so basic I consider them to be a General Overview. Also I like the positive energy of the word GO! So for all you experts, please indulge those of us catching up.

1. First and foremost, only buy items you normally eat or use. It's not a bargain if you or your family won't eat it.

2. Keep an open mind. When the store brand name is considerably cheaper, try it to see if you like it before you commit to it. If you are purchasing higher priced items with a coupon because of a long term habit, but not seeing significant savings, you may want to reassess and try the generic brand. (However, don't forget rule #1. If you really prefer the taste or quality, stick with it.)

3. The unit price is an important number. This is when you will be glad you learned math in school. (You never thought you'd use it, right?) Divide the price by the weight if it isn't posted, then look at all the other items and compare. Size is not always a factor. Recently, I compared the large bag of tortilla chips with the $2 bag, thinking bigger was better value. But in this one instance, the smaller bag was actually cheaper. I was surprised!

4. Watch for those coupons that pair up. Especially with items that rarely get couponed. Meaning fruit, dairy and meat. For instance: if you have a free or discount coupon for crackers with the purchase of milk you already planned to buy, you are getting more value with that milk purchase. Better yet if it's for fruit or meat.

5. Ask if you're uncertain about any advertised special. The cashiers can tell you if you must purchase a certain amount or number of items on special. Are two loaves of bread advertised as 2 for $4 going to ring up as $2 each. If you can't use 2, don't buy 2. The same is true for those 10 for $10 items. Do you really want 10 Symphony bars, or do you just want one for $1? Be smart and don't get caught in that trap.

6. Don't use the Sunday ad immediately unless the store is running a special. Often the store will wait to discount their price a week or two later. Wait for the price drop.

7. Plan your meals around the store specials and buy in volume when the prices are good. That way you won't have to pay full price because you ran out. You can afford to wait for the low price.

Well, there are many more tips, but I promised I'd stick to seven. Have fun shopping and saving!

Financial Planning

Thanks to credit and debit cards or what most like to call plastic money, many people are living in debts that they can no longer be able to control. Credit cards raise the chances of over spending because they reduce your consciousness on payment since you do not get to do any mental accounting. The route to negatively affecting your personal finances is not monitoring your spending.

On the other hand, debit cards are no better either though you get to spend what is in your bank account; most banks give an automatic over draft when you spend beyond what you have. They just send you an overdraft notice and that is when you realize that you spent what you did not have. Again, this will dent your personal finances.

Write down your budget so that you can keep track of how your spending compared with your net income. If you budget well, you can be able to save for a home instead of getting a mortgage. You can also save up for education and retirement. Budgeting will help you to be a good steward and administrator of your personal resources.

To ensure that you live a debt free life, sit down and write down your debts from the lowest to the highest. Identify whether you can make any extra income by cutting down on your expenditure. Start paying your debts from the lowest and pay a minimum payment on the rest. When you are done with the first, go to second lowest and so on.

Financial Freedom

When talking about financial freedom, different people can mean entirely different things. For some it means getting to do what they want because they have enough money. For others it means having enough income from investments that they are free of any financial concerns.

Of course, few people are actually unconcerned about financial matters regardless of how much income they have. Some even get more worried about their finances as they get wealthier. And few people get to do everything they would like to do no matter how much money they make. Time and health can limit us as much as a lack of money.

Nonetheless, if used properly money certainly can buy more security and more freedom, to the extent that those things are possible in this world. So lets look at how we can actually use money more effectively.

How do we actually achieve financial freedom?

This article is not about the "making money" part of the equation. That's covered in a thousand good books. Money does not bring the freedom automatically though, so this is about some of the problems we run into once we start making more, and what to do about them.

Freedom From Financial Worries?

First, if you want greater security you want it for the obvious reasons as well as to "feel" more secure. Setting up streams of investment income helps with the physical needs. Once you have enough income from enough sources you are free from needing a job. Of course that only happens if your lifestyle remains within the means of your income.

We often grow our lifestyles along with our rising incomes. This makes sense if you were eating cheap noodles and driving rusty old cars before. It resolves itself in time if income rises faster than the new expenses. But it's a lot easier to escape the "rat race" and relax with your investment income if your expenses are lower, so watch your changing habits.

If you notice that there seems to be no natural level of comfort where you are content, and that you just continue to "need" more as you make more, the problem might be one that requires some self-reflection and self-work rather than more money. Even millionaires go broke feeding their habits, tastes, and the needs of the ego.

Also, be aware that you can feel insecure no matter what your level of income. Often with more money you will feel more afraid of losing that money. The resolution to this is again not in money itself, which only buys the little bit of physical security available to us. To feel free of worry over money, you have to look beyond money to whatever psychological and spiritual practices help you.

Freedom To Do What You Want?

Money can buy a lot of freedom of choice in this world. With enough you can live how you choose, go where you like to, help who you want, and buy what you desire. But it only accomplishes these things if used properly.

Often people get so caught up in the process of making money that they forget why they wanted to make it in the first place. Meanwhile, they adopt a new lifestyle that eats up all the income which could have paid for their goals if they happened to remember them at some point. Some people really do want that big home and several new cars, but others just fall into that life as a consolation prize for a dream life they just couldn't figure out how to achieve.

If you want to travel the world, and for you that's what financial freedom means, you have to plan for that. You may even have to quit your job at some point if it gets in the way. And why not? If it is supposed to help you towards your goal, it better not do the opposite, right?

Whatever the term financial freedom means to you, think about it more specifically. Then start making plans. Money alone can come and go by the millions without offering freedom of any sort. You have to learn how to use it wisely rather than just chase it blindly.

Easy Financial Plan

Why is financial success as a young adult so important? Because those who take charge of their financial situation are more confident, comfortable and happier than those who do not. The ones who do not have control of their finances dig themselves deeper and deeper, so that it becomes difficult or impossible to achieve the things they would like for themselves and their families. This might include putting children through college, having more free time, owning a home, taking vacations, starting a business, or funding a comfortable retirement. You have two options - you either control your finances or let them control you.

The "70-20-10 Plan"

You have your own unique set of financial circumstances at the moment. You may find yourself with significant student loans, credit card debt that continues to grow, spending more money than you are making, or simply not feeling as in control as you would like over your finances. Regardless of your situation,chances are there is some room for improvement in your current financial program, if one even exists.

That is where the "70-20-10 Plan" comes into play. This system is not exclusively for young adults; you will start using this now and continue to use it for the rest of your life. Here is how it works (percentages are for after-tax earnings):
70% - Living Expenses
20% - Debt Reduction
10% - Long Term Savings

This simple plan will work whether your income is $30,000 per year or $300,000 per year. This plan will become a lasting habit, and you will build a disciplined financial program that you can follow as your income continues to grow.

Living Expenses

Living expenses are the expenses you incur to live your lifestyle. These items include rent/mortgage, car payment, electric, cable, groceries and many other items. You should be spending no more than 70% of your after-tax income on living expenses. Track all of these expenses on a monthly basis. You have one goal each month - do your best to come in under budget. Keep track of each expense by keeping every one of your receipts and by monitoring any debit or credit card accounts online. You should enter all expenses into your spreadsheet in the middle and at the end of each month.

Debt Reduction

Young adults can be faced with a variety of debts, such as student loans and credit cards. The goal is to consistently make payments towards all debt, paying down the highest interest rate debt first. If your student loans are at 3% and your credit card is at 15%, make your regular monthly payment on the student loan and put the rest towards the credit card debt. If you have no debt, congratulations! This will give you an opportunity to contribute the entire 20% of your after-tax income towards long-term savings. If you do have debt, just continue to contribute 20% of your after-tax income towards it, and it will be gone before you know it!

Long Term Savings

The final 10% of your after-tax income should go towards long term savings. Long term savings could include retirement, education for your children, a second home at the beach, or the funding of a start-up business. Even if you don't know exactly what it is for, put it away now so that you will have options in the future. You should have six months of living expenses set aside as an emergency fund in your bank savings account. If you have expenses of $2,000 per month, make sure to build a $12,000 emergency fund. If you have not built up that six month cushion, place your final 10% into your bank savings account. A great long-term savings vehicle is a Roth IRA, which has great tax benefits. For specific recommendations on where to direct these funds, consult a Certified Financial Planner or another advisor who comes recommended to you by someone you trust.

A Final Word

This simple approach to gaining financial security will give you peace of mind to do the things you want in life. Forming effective financial habits as a young adult will make your life less complicated and allow you to focus on accomplishing your goals and dreams.

Debt Settlement Guide

If you are among the thousands upon thousands that are up to their eye balls in credit card debt, perhaps it is time that you sit down and take a really hard, honest look at your situation and come up with a plan. Otherwise you will spend the next few years making payments without really making any progress in repaying back the debt. You are in a particularly bad position if you owe $10,000 or more and you can only afford to make minimum payments. At that rate, you will end up paying a lot on interests alone without ever being able to repay the debt and that is why a lot of families and individuals end up filing bankruptcy.

When you are in this situation, it is highly recommended that you find a debt settlement company that can help you eliminate your debt legally in a short period of time. From 12 months and up to 48 months depending on what you are comfortable paying each month.

A debt settlement company will negotiate with all of your creditors on your behalf and reach and agreement for a repayment plan that will be a fraction of your total debt. This outcome is far better for your creditors than if you would file bankruptcy. This way, they get to collect some of their money back instead of losing everything. You can end up paying 50% of your total debt only without ruining your credit filing for bankruptcy.

You can get financial help and get rid of the stress of having creditors harassing you all the time.

Eliminate Credit Card Debt in 1-2 Years

It may happen that the neighbor next to your house has filed a case of bankruptcy to get rid of the credit card debt, he had to pay. Following the person may be risky for looking at the complications that he will be having at least for 7 to 10 years. The US government possesses 80 percent chances of not approving the case judging the present situation of you neighbor. It will be hard for the person to have a loan for the stipulated time and he cannot spend his money for a big expense.

There is another option as the debt settlement to eliminate credit card debt. The companies offer you a lot of options to choose from. First, the service will give you free advice and have a better comprehension how to eliminate the debt. Second, the service will accumulate all the credit accounts to eliminate the balance up to 60%. The harassing calls from the creditors will not bother you any more. The debt collectors will now not call you either. There are numerous facilities for you. The setback that you were having due to the debt will be soon cured. Usually it takes only 1 to 2 tears to come out of your debt related issues. You can easily understand if the balance amount is dragged down to such an extent, the monthly installments will be dramatically less. You do not have to worry so much to have a relief from the debt soon.

There is a host companies dealing with the debt settlements. However, you have to choose the right one for you. The offer of the company may sound very attractive but you should compare it with others' as well. The consumer base that the service has must be supporting the company so much that you can trust them. The consumer will be able to eliminate the debt only if the service he opting for is loyal enough to keep its word. There are many such companies who do not keep their word and dupe the client. Always try to avoid these scams. They can trouble you even worse.

Therefore for the quick relief from credit card debt take a reputed debt settlement company and get back to the track as soon as possible. Most of the recorded cases had the liberation from this panic just within 1 to 2 years. Take the help from one of these services and the same will be with you either.

Do it Yourself - Debt Consolidation

There are hundreds of thousands of people who have had a really tough time in the last year. People who never expected to have a debt problem have found themselves in over their heads and in a lot of financial trouble. The good news is that it's a great time to get a fresh start and make some serious plans to get your debt under control. While you could take advantage of a service, you can also attempt to try do-it-yourself debt consolidation. There are plenty of options that you can try on your own to get your financial burden lightened.

Do You Own Your Home?

This is the easiest route to take for classic DIY consolidation. If you have been paying on your mortgage for a significant period of time and have built up enough equity, you can apply for a home equity loan or refinance. In this situation, be sure that the new terms are favorable for a long term solution, however. Don't settle for adjustable rate mortgages or other schemes that may cause you to lose your home in the future. Also, carefully assess the new payments to ensure that you can afford the terms. The extra money that you get in equity can be applied to your debts and you can start over from scratch with a better plan in place. For the best terms and interest rates, start this process before you have missed payments, defaulted, or otherwise impacted your credit report.

Zero Interest Can Be a Good Bet

It seems that everyone gets those unsolicited credit card offers in the mail. While you may just throw those away or shred them, it may be time to take another look at what they may offer you. If you have a moderate amount of debt that needs consolidated, look for a zero percent introductory period of at six months; one year is even better. Apply the problematic balance to the new card and then don't charge any additional expenses on either account. Budget the amount that you will need to pay the balance within the grace period and stick to it religiously. This works as a long term debt consolidation strategy only if you are disciplined. The key here is to know what the terms are and not add any more debt during the time that you are paying off the balance. Once that is accomplished, feel free to leave the accounts open. It's actually good for your credit. However, only charge what you can pay off each and every month.

While there are plenty of other do-it-yourself options for debt consolidation, these are the most common. Feel free to explore more creative options as well, or to use the services of a professional if you need a bit more accountability during the process.