Still Not Paying Bills Online?

Posted on March 8, 2009
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If you don’t have online bill payment set up, you should do so now. Doing so can save you significant time and money over the course of every year, plus it helps reduce your carbon footprint! Following are some incentives for getting started

1. It’s faster. You’ll save your valuable time. Instead of driving to the bank or utilities office where you’ll stand in line to drop off a payment, you can do right it from the convenience of your home office.

2. You’ll save gas. For your own wallet and the environment, this is a great reason to pay your utility bills online. Using the Internet instead of trekking down to the bank means the car remains in the garage and your money stays in your wallet.

3. It’s more secure. Despite what you hear about Internet security, it’s actually safer to deal with your bank’s secure web servers than to put a piece of paper in the mail with all your bank account numbers and financial details. You don’t have to worry about your payments making it to the right people or your personal information falling into the wrong hands.

4. No more stamps and envelopes. If you’re an online bill payer, you can often request to have your bills sent to you over the Internet as well. This means you can help save paper, which is great for the environment. You also save on the expense of ever-rising stamp costs.

5. You can often save on promotions. Because utility companies are still trying to market online payment, many are offering incentives for customers to sign up and get on board. Before you register for online utility bill payments, look for rebates and discounts for which you can cash in.

But, how exactly do you pay your bills online?

Typically, a bill payment will run through your bank account. Most banks offer online banking which allows you to log in and access all your account details. From there, you can register your account for bill payments, at which point you’ll be prompted to enter your utility company’s name along with your customer number.

If you’re having difficulty setting up online payments, don’t hesitate to visit or call your bank and ask for a step-by-step tutorial on how to set up an online payment program. Remember to always keep your passwords and account numbers safe and stored in a location off your computer.

The Meaning Of Being Frugal

Posted on March 1, 2009
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According to Wikipedia, the definition for “frugality” is: “The practice of acquiring goods and services in a restrained manner, and resourcefully using already owned economic goods and services to achieve a longer term goal.”

So that’s the definition. Now what? To understand “being frugal“, we have to understand the definition. So let’s break the definition down into two parts. We’ll talk about the first part in this post.

“The practice of acquiring goods and services in a restrained manner…”

What does this mean? It simply means that before you buy something you are going to look at the purchase and decide whether or not you really need it and can afford it. This may mean taking several days to think about it. It may mean going back for a second look at the item.

Frugality should not be confused with being a miser.

There is a definite difference in being a miser and being frugal. A miser is someone who does not want to spend money. Misers often do this to the point of not even having the basic comforts. They do not want to spend one penny.

People who are frugal will spend money but they look at all the options first. They weigh the urgent desire for something against how is the best way to acquire it. They will save for something before incurring more debt.

People who live frugal lifestyles will value their purchases.

What do I mean by that? If a person saves and saves for an item and restrains from purchasing it on impulse, they will tend to take better care of it. They will value it more. Oftentimes in impulse buying, the items are used a lot until the “new” wears off. Then the items are set aside and put up when the newest impulse purchase is bought.

Is there a new resurgence of living “frugally correct”?

With the economy in the shape that it is today, the answer is definitely YES!!! For several years, people have been able to throw caution to the wind and not really pay attention to what it meant to “acquire goods and services in a restrained manner.” Credit was used without thinking about the end payoff. The “I NEED IT NOW, I’M GOING TO GET IT NOW” attitude was very popular.

This is seen in the housing market. So many people bought houses that they could not really afford without weighing the cost. Restraint was not used. Did people need houses as big as they purchased? Did they really have the income to make the payments or were they house-poor?

We are finding out now that lending companies would gladly lend and “dupe” people into feeling secure about their purchases. Time after time stories are being told of lenders that would tell people not to worry about it…we’ll just refi in a couple of years. 

Frugal lessons learned: Take your time. Ask yourself do you really need it and if you think you really need it, do you really need it now? Do you really want it because you don’t want to practice restraint in getting it?
If you determine that you think you really need it, take some more time. A couple of days to think some more about the purchase is not unreasonable. Distance yourself from the purchase and then go back to look at it again.

Do you really want to use credit to purchase something? Is it a possibility to save for the item? If it is a possibility, will you value the purchase more? How long will it take to save for it? Will you still want it if you wait and save for it?

Foreign Currency Exchange Marketplace – A Vital Element Of The Worldwide Economic System

Posted on February 22, 2009
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The complex world of foreign currency exchange

The foreign currency exchange market is one of the most critical constituents of the modern economy, and is significantly different from the other major market, the stock exchange. The stock exchange is highly organized with very clearly defined transaction mechanisms, timings and clearing processes. Forex market meanwhile, works mostly on trust based deals between two parties and is not governed by any timings. Out of the about $3 trillion worth of daily transactions taking place in the foreign currency exchange market of the major world economies, most are based on trust between the two parties. Hedging allows dealers to manage the risk arising out of the trust factor in a forex transaction.

London accounts for the highest amount of foreign currency exchange transactions and is recognized as the centre of the Forex market. Two important reasons have made London the leading forex market. London was the centre of the world for almost two decades of the British Empire, and was the hub for financial trading. Post British Empire, New York has emerged as the leading city in the world of finance but in terms of foreign exchange, London has held to its number one position. The second important reason is owing to the fact that London lies between Asia and America, and hence bridges the time zone gap between the two leading economies of the world, USA and Japan, thus becoming the most convenient location for transactions involving parties from the two countries.

For most big countries, foreign currency exchange rates are determined just like any other commodity – through demand and supply of the currency. The health of a country’s economy, as well as its trade with other countries plays a big role in determining its currency’s exchange rate. As economic conditions change, they also project themselves on the exchange rate of a country’s currency. Economists use data from around the world to make predictions on the outlook of the economy. These predictions on the economy when tested in present, depending on their nature affect the foreign currency rates.

That however does not mean that the governments have no control over the rates of their currency. Amongst several ways in which the governments can affect the exchange rates, changing interest rates and issuing bonds are the key ones. In the UK, decisions with regards to changes in interest rates are taken by Monetary Policy Committee (MPC) of the Bank of England, and this is often used to exercise control over the foreign exchange rates. Increase in interest rate by the MPC usually leads to a stronger pound, and similarly when the interest rate is lowered, the pound weakens.

Foreign currency exchange management gains huge significance in today’s highly integrated global economy. An increasing number of companies are getting engaged in overseas business and require foreign currency exchange services for international monetary transactions. Moreover, the dynamic changes in exchange rates and trade in more than one currency can make the management of a company’s foreign exchange difficult. There exist several firms that can help the companies manage their foreign exchange related needs effectively and simplify their overseas monetary business transactions.

Furniture Worth Hanging Onto

Posted on February 8, 2009
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Perhaps your favorite chair is starting to rip and fade and you’re debating whether you should bother reupholstering it or just replace it. In these very difficult economic months, many of us are looking for creative means of saving money, and salvaging something we might ordinarily toss out or donate, is worth considering. here’s how to tell if it’s worth saving.

How Good is the Skeleton?

The quality of most furniture can be gauged by its frame or skeleton. Is it made of flimsy particle board that’s glued together, or rather strong, solid wood that’s well-jointed and structurally sound? Does it look durable, or like it might break at any second?

Remember, everything from cushions to upholstery to springs can all be replaced at one point, but you simply can’t polish something that is fundamentally junk. So, look for a piece of furniture that has a good, sound foundation.

How Easy is it to Fix?

If a piece is going to take months of sanding and repairing, it may not be the project for you. While you may enjoy taking a large-scale furniture project on as part of a hobby, it simply might not be worth it if you don’t enjoy the repair process. Instead, look for a piece that’s easier to fix.

Is it Dated?

While it’s true that you can’t get rid of a classic piece, it’s also true that you can’t update something that’s too dated. For example, unless you’re going for a retro look, not much can be done for a linoleum and aluminum table.

Instead, look for pieces that have a classic and timeless look which won’t go out-of-date. Again, remember that you can always update the upholstery or the fabric without too much expense.

Does it Have some Sentimental Value?

If the furniture has sentimental value, you may not want to replace it at all. For example, your mother’s old rocking chair, a cherished wedding present or a favorite chair are all items that are worth preserving, no matter what the cost.

For heirloom items, always treat them with care and maintain them properly to ensure they enjoy a long life with your family for decades to come.

Essentially, the answer to how to know when furniture is worth saving is in asking yourself how good the skeleton is, how easy it is to fix, whether the piece is dated and if it has sentimental value. By evaluating the piece with those 4 questions, you’ll know when to give the furniture that extra life-preserving effort.

Lower Your Monthly Grocery Budget

Posted on January 27, 2009
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Angel Food Ministries has been helping people nationwide cut down their monthly food budget since 1994! In today’s economy, for many they are an answer to prayer.

We began running Angel Food Ministries out of our church, here in the greater New Bedford area (Massachusetts) in October of 2008. To be completely honest, when I heard you received enough food to feed a family of four for a week for only $30.00 I was a bit skeptical. When I saw the Angel Food menu for the month: steak, chicken, ground turkey, beef patties with gravy, manicotti, beans, a variety of vegetables, eggs, muffin mix, oatmeal, and the list went on – I was even more skeptical. What quality of food was this for only $30.00? Fatty meats? Vegetables in dented cans? Out dated packages? My husband and I are fussy when it comes to feeding our family, and if lowering our food budget meant serving them low-gradeleftover food, we weren’t interested.

At the recommendation of people we trusted, we decided to give one Angel Food box a try. Wow! What a surprise! Mouth watering steaks, individually freeze-dried and packaged; no fat on these! Flash-frozen chicken breasts! Frozen vegetables, just like the supermarket! Chicken Flavored Rice & Vermicelli; just like the ‘name-brand’! Blueberry muffin mix; one of my favorites! This was all top quality food, easily costing $60-$80 at the grocery mart, and we paid only $30! That was cutting our grocery bill!

Last month we ordered the regular Angel Food box for $30.00 and added a ‘Special’ Angel Food box of fresh fruit and vegetables for only $21.00 (potatoes, sweet potatoes, onions, oranges, grapefruit, celery, 2 different kinds of apples, and more)! What a blessing and what an opportunity to be a blessing! Imagine being able to bring $100+ of top quality groceries to a neighbor or a friend who may be struggling right now, introduce them to Angel Food Minitries and help them to begin lowering their monthly food budget!

The Angel Food menu changes every month and there is no limit on the number of boxes or specials you can order. That means big food budget cuts! There are no income restraints and many of the Angel Food host sites accept EBT cards along with cash, checks and credit cards. But be sure to check your closest host site, because it does vary.

Angel Food Ministries operates across the country, with several host sites in churches across almost every state! You can find the Angel Food host site closest to you just by filling in your zip code online. You can even order online! Angel Food orders are taken at host churches on designated dates and times during the month. Payment is due with your order. The complete Angel Food order is dropped off at the host church for pick up once a month.

Oh! Almost forgot. In three months, the Angel Food boxes ordered from our local church have tripled!

Estimating Utility Bills: How Much Is Excessive?

Posted on January 25, 2009
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Given the state of the economy, just about all of us have become a lot more aware of the need to be energy conscious, which often results in searching for creative means of lowering our energy costs.

But no matter how good we may become at this, it seems our utility bills just continue to climb. As the cost of energy rises, you may need to begin asking yourself how much is too much for utilities and what’s actually affordable.

How much should I be spending on utilities?

That’s going to depend on where you live and how big your home is. For example, the average home in Hawaii pays almost 25 cents for every kilowatt hour it uses, while that price is only 7 cents in Idaho.

Now, the average US family household uses about 8,900 kilowatt hours in a year, meaning a homeowner in Hawaii would pay roughly $2225 a year in energy utilities while that same homeowner in Idaho would only pay $623.

If you’re running the air conditioner all day or heating an empty swimming pool, those costs are obviously going to be higher. On the other hand, if you’re conserving energy, you’ll also be conserving funds.

Ideally, you want your utilities expenditure to be absolutely no more than 10 percent of your gross income. Unfortunately, this isn’t always possible for low-income families or people living on fixed incomes. In that case, look to your county social services for rebate and subsidization programs that can help save you money.

How can I lower the cost of my utilities?

Start by investing in energy-efficient appliances. The initial cost of an Energy Star rated appliance may be higher, but it will pay for itself in just a few short years and continue to save you money throughout the course of its life.

Next, look to your insulation. Poor insulation is the biggest culprit for loss of heat or conditioned air. Check your attic, basement, garages floors and exterior walls for proper insulation levels, and replace and maintain your insulation as needed.

Finally, look into having an energy audit done on your home. Energy audits are done by certified inspectors and can often be subsidized by your power company or local county office.

An auditor will inspect your home looking for energy leaks and ways you can decrease your energy consumption. Following up on his or her suggestions could save you hundreds of dollars every year, and the benefits begin almost immediately.

Saving Money At Lunch Time

Posted on January 22, 2009
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Every parent wants to send their child off school with a good, healthy lunch. Mine did. However, many parents mistake a good lunch as one filled with attractively-packaged, sugary, expensive items. This should not be the case. Packing a brown bag lunch will be less expensive than having your child buy lunch. Also, on top of keeping money by making lunches this article explains, through personal experience, how to save even more money by watching what you put into those lunches.

My typical lunch growing up was a PB&J sandwich, a bag of chips, some variation of fruit (applesauce, fresh fruit, or yogurt), and two cookies. I had this lunch, with a few changes once in a while, every day at school… for twelve years. It’s not a huge lunch but I survived, my parents saved money, and you and your kids can too.

So, you’re probably asking, “Well then, what should I put into my child’s lunch?” The answer begins at the grocery store. Divide the lunch into four categories- a main item (sandwich or leftover pizza), a side (chips, crackers), a fruit/veggie or variation (apple, banana, applesauce), and a small dessert (cookies). This will ensure that the lunch has enough to fill its owner and give him or her the necessary nutrients to succeed in school. To start saving money you need to follow these easy steps:

1. Avoid expensive, unnecessary items (i.e. juice boxes, soda, fruit roll-ups, and other sugary packaged foods)

1. Drinks. Kids do not need juice boxes or sodas in their lunch. Every school and business place has some sort of a drinking fountain or water dispenser. Water is the best drink for you and best of all, it’s free! I never had in 12 years of school any kind of drink in my lunch. It saved my parents tons of money and forced me to be healthier.

2. Treats. Avoid those unnecessary treats like fruit roll-ups or ding dongs. These items are full of sugar, are not filling, can cause obesity, and are very expensive. Eliminate these from your shopping list. I still believe something sweet is a good way to end a meal so instead replace the expensive items with cheap store brand cookies. They come in large packs, are cheap, and taste very close to the brand name. This way, you can stick two little cookies in a baggie and still have a treat in your lunch (except this way it will be a lot cheaper). By the way, if you are worried about the store brand thing, it’s a cookie! It can’t taste that much worse than a brand name cookie.

2. Buy your items in bulk

1. Sandwiches. If you’re going to be buying sandwich items such as peanut butter or lunch meat, buy the biggest package possible for the best price. You’re going to be using it every day and that means it probably will not be going to waste. Buying a small jar of peanut butter every week or two will end up costing a whole lot more over the course of a year than if you bought a big jar that lasted a month or two.

2. Side Items. Buy the big boxes of chips or Costco-sized packages of individual applesauce. Smaller packages are going to cost much more than buying the big box or bag. It might cost a little more up front but will save lots of money in the end.

3. Be Smart.

1. Buy the cheapest bread. Your kids will not know a difference.

2. Shop Around. Invest some time viewing the ads that come in your local newspaper before going to the grocery store. Clip some coupons and be sure you are buying at the cheapest price. A box of chips might be on sale for three bucks at one store and regularly-priced at five at another. It might take a little more time but you’ll know it is worth it when you start to see the money you save.

3. Store brands. Stick to the store brands (unless it is in fact horrible, but in most cases, they won’t be).

4. Lay down the law. If your kids are with you in the store, tell them that if they ask for it, they won’t get it.

Once you have your groceries, it is time to pack the lunch.

1. Have the kids make their own lunch. They will appreciate the lunch much more once lunchtime rolls around. It will give them a sense of accomplishment and force them not to take you for granted. I’ve made my own lunch since the second grade so do not think your child can not.

2. Set limits. Set a limit for what each person can bring each day. If you decide to buy cookies, make sure to let everyone know that two is the maximum per day, etc.

Note: If your children are used to much bigger lunches full of sugary treats, they might be upset at first. Do not give in. Remember, you are saving money and helping to ensure your child does not become obese.

Rejuvenate Old Furniture And Save Your Money

Posted on January 22, 2009
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In a difficult economy, there are many creative ways to save money that don’t necessarily require searching for discounts or clipping coupons.

For example, do you have a beloved, but old chair that’s starting to look a little rough around the edges? Maybe a flea market find of a sofa that’s well built, but boasting a few holes? You can learn how to reupholster old furniture and save money.

Keep reading to learn how reupholstering can save you money, and a basic outline of how to tackle the do-it-yourself (DIY) reupholstering project.

How Does Reupholstering Old Furniture Save Me Money?

Whether you use a professional upholsterer or DIY person, you’re restoring an old piece of furniture and foregoing the expense of purchasing a whole new piece.

Not only is reupholstering great for restoring older furniture, it also represents a return to a more sustainable way of living. Instead of indulging in the consumerism mentality of constantly buying everything new, you can refurbish an older piece and work with what you already have – and enjoy the results!

Reupholstering older furniture allows you to repair broken frames, fix or replace strings, install new padding, choose your own customized fabric and even monitor the quality of craftsmanship that goes into the structure. With those kinds of options and features, you can’t afford not to reupholster old furniture.

What Are the Basics of Reupholstering Old Furniture?

If you’re just starting out reupholstering an old piece of furniture, here are some simple and basic steps to give you an overview of the project. You may want to consult a more thorough DIY book or video to help you through it.

First, you need to assemble your tools, including a pair of needle nose pliers, new fabric, batting, carpet knife, chalk, heavy scissors, screwdriver, industrial staple gun, reupholstering hammer, a tack puller and a claw tool.

If you like, you can often purchase a full reupholstering tool kit from many hardware retailers.

The Next Steps

Then you essentially disassemble the piece of furniture, replacing batting and hardware as you go, and finally reattaching new fabric using upholstery tacks, staples and glue. Of course, when you actually start to reupholster old furniture, it’s going to be a lot more complicated, but that’s the basics of any reupholstering project.

For beginners, try to start small and focus on a surmountable project, like a dining chair cushion. From there, set your sights higher to full-length sofas and massive headboards, because once you get the upholstery bug, you won’t be able to stop working on old furniture to save money.

Finish College Faster

Posted on December 30, 2008
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A lot of people who plan to go to college would like to finish it as quick as possible. They do not have time or money to take four years and are looking for the best way to finish fast so they can start working full time. This is not true for everyone of course as some people have parents footing the entire bill with no rush to graduate.

But for those who are watching every penny or who are paying for your own education the sooner you graduate the sooner you can start earning money with a new job. How do you go about graduating from college quicker? One option is to complete CLEP exams accepted by colleges as credit. CLEP stands for College-Level Examination Program® and gives people an opportunity to receive college credit from material already understood or known by the person if they successfully complete one of several different exams.

This means you can test out some classes quicker by passing the exam. The more of these you do, the less courses you have to pay for (save you money) and the quicker you can graduate (do not need to spend a semester in each class).

Now each university is different and may or may not accept CLEP tests as credit for a college course. Therefore you should check to make sure your college accepts CLEP and then see which courses you may be able to test out of and not need to complete.

Here are a handfull of examples of CLEP Exam areas:

It may be assumed that someone who is going to take a CLEP test already has a good or decent understanding of the material the test will cover. That does not mean however that person should sit for the test without preparing. It would be very wise to prepare. For preparation it would also be smart to buy some decent CLEP study guides to help you prepare to sit for the test.

Nine Tips For Holiday Spending: Tis The Season To Be Financially Savvy!

Posted on December 11, 2008
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If you’re like many folks, the approach of this year’s holiday season has you feeling less than jolly. As the economy continues to flounder and the media predicts dismal retail sales, you may find it harder than ever to channel your inner Santa.

Sure, things aren’t perfect. But, before you pack up your holiday cheer and say “bah humbug” to the month of December, read on for a list of savings tips to make your holiday season merry and bright – without breaking the bank.

1. Set a budget. And check it twice. During the holidays, it’s easier than ever to blow big bucks on early-bird sales, rollback specials, and limited-time offers. There’s nothing wrong with a good deal. But, if you’re not careful, holiday bargain-hunting can be a major drain on your wallet. This year, keep your spending in check by setting a budget before you ever set foot in a shopping mall. To get started, decide how much you can spend on gifts for your friends and family (and, don’t forget coworkers or hostess gifts). After that, decide how much you’ll spend on each person, and track your expenses. Remember: Once your holiday gift budget is gone, it’s gone.

2. Craft with caution. Sure, handmade gifts and cards sound like a frugal alternative to store-bought gadgets. But, before you get carried away, stop and do a reality check: Will a DIY Christmas actually save you money? Crafting supplies aren’t cheap; for some items on your list, it may be more cost-effective to look for a ready-made bargain. Do some comparison shopping before you commit to a crafty Christmas.

3. Pay cash. Don’t use holiday shopping as an excuse to run up your credit card bills. There’s nothing festive about high-interest debt. Before you hit the stores, make sure you’ve got cash. If you really don’t think you can control your spending urges, leave the plastic at home.

4. Trim your shopping list. The holidays are all about giving, but that shouldn’t equate to overextending your finances to make sure you find the perfect gift for your cousin’s husband’s college roommate. Take a serious look at your gift list and see where you can cut spending. If you’ve got a large family, consider starting a new tradition: Instead of buying for everyone, draw names and do a gift exchange instead. Or, agree to make this holiday a “kids-only” event and bypass gifts for the adults entirely.

5. Fly smarter. If you plan on heading home for the holidays this year, it’s a good idea to make your travel arrangements as early as possible to avoid getting hit with last-minute price hikes. Additionally, a little flexibility can go a long way – if you can avoid hopping a plane on heavy holiday travel days (like the Wednesday before Thanksgiving, the day before Christmas Eve, or the day after Christmas), you can score some big holiday travel savings. The cheapest days to travel? Thanksgiving Day and Christmas Day.

6. Shop online. Save some cash (and your sanity) by avoiding the malls this holiday season. Many online retailers offer extra deals this time of year, like free shipping or complimentary gift wrapping. It’s a great way to take some of the stress out of finding that perfect gift.

7. Lay it away. Been a while since you’ve heard that? To offset this year’s predicted holiday shopping slump, many big retailers have resurrected their layaway programs. Because layaway allows you to set aside your holiday purchases and pay for them over time, it takes some of the sting out of larger items. Plus, the flexible payments are a great alternative to credit cards. Just remember to read the store’s policy carefully to make sure your treasures don’t end up back on the shelf.

8. Get a part-time job. With the holiday season just around the corner, many retailers are looking for part-time employees to help ease the shopping rush. If you’ve got extra time in your schedule, consider picking up a few hours a week at your favorite store; use the money you earn to help pay for gifts. The best part? Most stores offer employee discounts – another great way to cut costs.

9. Go generic. Thanksgiving dinner. Christmas dinner. The office party. The New Year’s Eve bash. During the holiday season, gifts aren’t the only things that can drain your bank account. Big family dinners can get pretty pricy, especially if you’re the one hosting the event. Cut your grocery bill by opting for generic ingredients instead of more expensive brand-name items. Or, make this year’s dinner a potluck and encourage guests to bring their favorite holiday fare.

Cutting a few costs and keeping an eye on your budget can help you get back into the holiday spirit. And remember: No matter what your financial situation this year, the holiday season is a time for enjoying time with your friends and family, not about dollars and cents.

If you would like additional help my friends at American Credit Foundation offer a free booklet entitled: Debt-Free Holidays Handbook. Check out their Debt Consolidation program if you are struggling with debt.

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