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bank accounts

A Quick & Easy Way To Make $100 By Independence Day!

By //  by Khaleef Crumbley

So you probably all know by now that I love the concept of online savings. An online bank account is a great way to avoid the fees associated with traditional banking, reduce the temptation of impulsive spending, and earn higher interest rates and cash back in the process!

A few times this year I have linked to the 52-week saving challenge that we are doing, and tracking the progress on our weight loss and debt repayment blog. For a number of reasons (which I highlighted in this post), we decided to go with Capital One 360 (formally known as ING Direct) to open our online accounts.

Capital One 360 Independence Bonus

Well, for the next few days, Capital One is offering a $100 bonus for opening a checking account with them!!! Here’s how…

  1. Open a fee-free 360 Checking® account between June 30th and July 3rd.
  2. Use your Debit Card to make 5 purchases or use CheckMateSM to make 5 deposits (or a combo of both) within 45 days.
  3. Snag your $100 bonus on day 50.

Here’s how you can earn an additional $76 Bonus…

  1. Open a no-fee 360 Savings® account between June 30th and July 3rd (with a deposit of $500 or more).
  2. Snag a $76 bonus and start earning interest.
  3. Celebrate the fact that you’re on the road to saving.

Click here to get started with both a checking and savings account and earn your bonuses today! Note that there are also additional bonuses that you can earn – you’ll see them when you reach the site.

Filed Under: Personal Finance Tagged With: bank, bank accounts, bank bonus, banking, capital one 360, free money, online banking, online checking account, online savings account

20 Money Saving Tips for Low Income Earners

By //  by guest

[The following is a guest post giving 20 great money saving tips for low-income earners!]

Many people across the country are having a hard time making ends meet at the end of each month. With the price of many goods and services increasing at a faster rate than people’s pay checks, it is easy to see why this has become an overwhelming problem for so many families.

This can be especially true for low income earners, who are already feeling stretched to the limit and have very little resources left after paying just their basic bills.

20 Money Saving Tips for Low Income Earners

The good news is that there are some basic ways that everyone can save money on their day-to-day purchases. Below is a look at the top twenty money saving tips that are perfect for anyone, including low-income earners.

Money Saving Tips

  1. Change to a bank account that does not charge account-keeping fees or requires a minimum balance in their accounts. Some banks also refrain from charging low-income people additional fees like overdraft charges.
  2. Look for ways to save on transport expenses like walking instead of driving, when possible, or using public transportation instead of driving yourself.
  3. See if a couple of co-workers are willing to carpool, so everyone can save on transport costs.
  4. Eliminate your Pay TV services and use Free-to-Air TV instead.
  5. Instead of stopping at the coffee shop for coffee on your way to work, make your coffee at home and take it with you or wait until you get to work.
  6. Instead of heading out to the movie theater where tickets are fairly expenses rent a movie or watch a free movie at home.
  7. Never run the washing machine or dishwater unless you have a full load to help reduce your water bill.
  8. If you have a cell phone plan already, you may be able to eliminate your home phone, or consider running your phone through your internet service at a reduced rate.
  9. Shop for sales items at the grocery store and purchase items in bulk, to get the cheaper per unit price.
  10. Rent books and movies at your local library instead of purchasing them at the store. They usually have a wide selection to choose from.
  11. Limit the number of times you eat out each month and choose to eat at home instead. When you do eat out, be sure to ask for water instead of more expensive drinks, and skip dessert at the end of your meal.
  12. Consider making homemade gifts or offer to provide a service, such as dog walking, instead of going out and purchasing a gift.
  13. Lower your energy bills, by turning down your thermostat when you are not home, turning off your air conditioner when you go to work, turning off your lights and TV when you are not in the room, and unplugging your appliances at the outlet when not in use.
  14. See if you can group all of your insurances into one package to get a reduced rate on all of them.
  15. Sell and buy items at a local consignment shop or thrift store when buying clothes, household furnishings and miscellaneous goods.
  16. Contact your utility companies and ask about bill smoothing to keep your bills consistent and budget better.
  17. Check your bank statement each month and make sure that no additional charges are added on. If you do have additional charge find out why and if they can be eliminated.
  18. Instead of going to the gym, start a walking club with some of your friends, or purchase inexpensive fitness videos that you can do at home.
  19. Purchase generic-named medications, cleaners and groceries instead of the more expensive brand-named products.
  20. Trade services with someone else. For example, maybe you can babysit a friend’s children in exchange for a manicure or haircut.

Combined these twenty money savings tips can help you spend less on the everyday items you purchase, so you have more money available. While not all of the tips may be applicable to you, just doing five or ten of them on a regular basis can help you save a lot of money over the course of just a few weeks.  You should always be on the lookout for ways to save money, no matter how much you earn.

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Filed Under: Personal Finance, Saving Money Tagged With: bank accounts, Bartering, Cable, generic, Internet, Personal Finance, personal finances, Saving Money, shopping, spending, utilities

Can I Afford That?

By //  by Khaleef Crumbley

Can I Afford That?

I’ve been forced to think about this question a lot lately. If I have to borrow money in order to pay for something, can I afford it, really? If I have to borrow $30 to buy dinner for my family or even $300 to get new brakes, doesn’t that mean that I can’t afford it?

If you are thinking about spending $3,000 for a new flat-screen TV or $30,000 for a new car, but you have to borrow the money, that means that you are probably not in a good financial position to buy those items. In other words – you can’t afford it!

It’s really not that hard of a concept to get a hold of. If you do not presently have the money to pay for something, then you can’t afford it! In case you are wondering, my view of this doesn’t change with a mortgage. Borrowing $300,000 to “buy” a house, means that you can’t afford that house right now!

I know that people will talk about all the benefits to having a mortgage (pride of ownership, tax deduction, and even using it as a debt consolidation loan), but to me those are secondary issues that take away from the bottom line.

If you don’t have the money to pay for something and you have to borrow money (and pay interest) in order to buy it, then you can’t afford it! This is a simple concept, but many people will file for bankruptcy in the near future because they couldn’t get a hold of it. Many of us will continue to borrow and spend – hoping for unrealistic salary increases, asset appreciation, and even government intervention to bail us out!

I feel I must make something clear at this point…I do not have a problem with someone who has the ability (read: money) to pay for something outright, but they are purposefully incurring some debt because they are using their cash for investments from which they stand a reasonable chance of earning more than they are paying out in interest. Trying to leverage your money in order to wisely increase your investing gains is something that can be analyzed, calculated, and managed (of course, that doesn’t mean there aren’t risks involved).

What I am talking about is the constant need for everything to be financed in this country! You can finance a house, car, education, stove, sofa, computer, and practically anything else that you wish to buy. This means that people no longer look at whether they can truly afford something, but only if they can get by with monthly payments!

The biggest problem (besides feeding an already unfettered since of entitlement among most people) with all of this is that all of this debt is backed by depreciating assets (cars, furniture, electronics, etc) or things that no longer have any value (such as meals, old clothing, vacations, and a worthless degree in a subject you’ll never use)! Most people are not even in a position to sell their assets and pay off their debt!

In order to overcome this, we must learn to live below our means and think about more than our immediate desires! Debt consolidation is only an answer once you have taken care of the real problem! The same goes with any other type of hardship program or bailout you may receive.

In the end, it takes a change in thinking to stop this epidemic.

photo by renjith krishnan

Filed Under: Loans Tagged With: afford, bank accounts, borrow, borrow money, Can I Afford, credit, debt, debt consolidation, finance, insolvency law, interest, monthly payment, new cars

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