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tips

Budgeting is Hard, But Here Are 8 Tips to Make It Easy!

By //  by Ruddigar Simpson

[The following post has been brought to you in conjunction with Credit Sesame.]

Sticking to a specific budget is not always easy. From holiday spending to emergencies to everyday purchases, the household budget can easily fall to the wayside. If this sounds familiar, you’re not alone. Simply relying on willpower and discipline for your budgeting is hard.

What really works is automating what you can and getting smart about where you spend your money. Here are 8 tips you can try to help yourself stay on track.

8 Easy Budgeting Tips You Can Use TODAY

8 Easy Budgeting Tips

Use an App to Track Spending

If you already have your phone in hand, why not download an app to track all of your spending? Many banks offer free budgeting tools, based on debit card transactions. Log in to your account and take a look.

Free apps like Mint can also show you exactly where your money goes, separating transactions by category in easy to understand tables and graphs. You can visually see where you spend too much and make adjustments.

Auto-Pay Your Bills

It can be tempting to pay a bill late in order to buy something else. However, putting bills first by auto paying them can eliminate that temptation and keep you on track. Even if you normally pay your bills on time, it is easy for one to slip through the cracks. Then you might think you have more money than you do, and you could get hit with late fees and service interruptions.

Schedule an auto-payment date that works for you and sign up for electronic receipts (a notification or an email that the transaction occurred).

Automate Savings

Set up your direct deposit so that a portion of each paycheck goes straight to savings before you even see it. You can do this through your employer’s payroll service, or through your bank.  If you manually deposit your pay, it’s up to you to put the allotted amount into savings each time.

Save on Entertainment

Do you have expensive cable service but you rarely have time to sit and watch anything? I used to spend around $100 per month on cable but switched to Netflix for $10 per month.  You can also pick up movies, magazines and books at the local library for free rather than buying or renting them.

Also, check your local newspaper, the coupons that arrive in your mailbox and online deal sites for free or low-cost concerts, movies, and other events. A little bit of effort can lead to huge savings and an easier time budgeting.

Plan Meals

Food is often one of the most frequent, necessary, and expensive items in the budget. The temptation to swing through the drive-through can be strong. If you’ve already got a delicious dinner planned at home, the temptation is easier to resist. You can, of course, eat out sometimes. But it should be the exception, not the rule.

Google recipes. Start on your favorite recipe site or by typing in the ingredients you’ve got on hand, followed by the word “recipe.” (If you’re on a tight budget or new to cooking, we love this free cookbook.) Buy staples in bulk (olive oil, butter) to save money. Shop according to a list, not whim. Another word of advice: don’t shop when you are hungry or stressed. The key is to experiment so that you find recipes you and your family like.

Save on Gas

Gas is another expense you can cut down on by planning ahead. First, get the cheapest gas in town by downloading an app like GasBuddy that lets you search the city you live in for the best prices. Then think out all the errands you need to run and how you can do them most efficiently during the week.

When you know where you need to go, use Waze to find out about any problems on the road so you don’t find yourself stuck in traffic or taking a detour. Don’t forget about carpooling with friends when it makes sense. There’s even an app for managing your carpool schedule!

Negotiate Services

Are you paying monthly fees for your phone, car insurance, credit card interest, and bank accounts? In our competitive market, companies frequently change their offers and run promotions. They want to keep existing customers, which gives you leverage.

When paying my monthly phone bill, I asked about getting a discount on my services and learned they offered 15% off for AAA members. Just by asking I cut over $20 from my monthly bill.

Also, check your credit report to find out if you have improved, as better credit can help you get better rates, especially for products like insurance and credit cards. Credit Sesame is a great resource for getting free credit report cards.

Create Goal-Oriented Savings Accounts

Lastly, if you have a specific goal you want to save for like a vacation, the down payment on a house or an emergency fund, you can make that goal more tangible with a goal-oriented savings account. Put a name on the account and separate it from your other savings. Goal accounts can be strong motivators.

Sticking to a budget, repaying debt, and saving money can be hard, especially if you have never done it successfully before. Don’t get down on yourself about it. Instead, take action using tips like these to support your efforts and relieve some responsibility from your willpower.

Filed Under: Budgeting Tagged With: automate savings, Automation, budgeting app, meal plan, spending app, tips

What Is Financial Spread Betting?

By //  by guest

The following is a guest post about the basics of financial spread betting…

Since financial spread betting is not conducted through an exchange, you have more flexibility when it comes to spread betting than you would with other financial derivatives.

Spread betting is used to speculate on price movements on underlying financial products – such as stock market indices.

Types of Financial Spread Bets

Spread bets are either long or short – if you are long, you believe that the underlying index will rise, and if you are short, you believe that the underlying index will fall.

The tighter the spread, the more you can maximize your profits, since the price movement to be profitable can be smaller.

There are also rolling financial spread bets, where you “roll” your position each day, but closing it and reopening it the next day.

Financial Spread Betting Styles

If you spread bet, you fall into four categories: day trader, short term trader, medium term trader, or long term trader.

If you are a day trader or short term trader, you are looking to profit from small market moves – usually less than 5%.  Typical trades will last minutes to days, and the trades are based on mostly technical price analysis of stocks and indexes, as well as potential news events.

If you are a medium term trader, you typically take a position that lasts less than a month.  Usually, the trader will make a trade based on some fundamentals and technical analysis combines.

Finally, a long term trader usually trades monthly or quarterly bets, and trades usually last several quarters.  This type of spread better looks for profits of 10% or more, and relies more on fundamentals than technical analysis.

Risks of Spread Betting

It is important to note that spread betting involves inherent risks of loss.  Since it is leveraged, the downside loss can be much more than the original value of the best.  It is important to use risk management strategies such as stop loss orders to prevent losses from going beyond acceptable levels.  Make sure that you employ risks management strategies with every trade.

photo by frankie_8

Filed Under: Investing Tagged With: avoid, betting, betting strategy, day trader, day trading, finance, financial spread betting, Gambling, hedge funds, long term capital management, massive, rewards, risky, short, sports betting, spread betting, spreads, stock market, tactics, tips, wagering

Back To Basics: Learn How To Save

By //  by guest

The following is a guest post on how to save money by Kevin at Debt Eye.

A lot of my readers are always asking me for the best recommendation to get out of debt.  Whether it’s a debt settlement plan, a debt management program, or even filing for bankruptcy, my first answer to them is: learn how to save money & budget.  Getting out of debt is always a concern and priority, but the most important piece of the puzzle that is often overlooked is learning how to stay debt free.

I’ve found that most problems come from overspending.  To tackle this problem, it’s important to develop some money saving habits.  There isn’t one solution that’s going to drastically make a huge improvement to your financial health.  I always encourage all my readers to slowly incorporate some of these money saving habits early on.  Applying some of these habits will prevent them from falling into the same trap after they’re debt free.

How To Save Money: 6 Basic Tips

  1. Lose the Coffee: If you’re like me, morning coffee is a must.  I used to buy coffee every morning before work.  It was only $1.89 at Dunkin Donuts including tax where I lived (this is sad; I can’t believe I know exactly how much it costs including tax).  Instead, buy a thermal mug and brew coffee at home or take advantage of your office coffee service.”
  2. Pack your own lunch: Besides saving money, packing your own lunch is a healthier alternative compared to greasy fast food.  I agree that it can be difficult to make lunch every morning, but just a few times a week can help tremendously.
  3. Drive the Speed Limit: I never understood why people race to the next traffic light.  Technically speaking, you’re not going to make it to your destination significantly faster.  With rising gas prices, it’s important to watch your MPG.  Don’t accelerate too hard on your gas pedal.  I’m not telling you to drive like a grandpa, but if you treat your car with TLC, you’re definitely notice an increase in your mileage!
  4. Generic > Brand Name: Buying generic brand names (especially when it comes to medicine) is an instant money saver.  Does it really matter if you’re buying Claratin or Walatin (Walgreens Version)?  Although sometimes I must admit, I’m not a big fan of generic brand soda. [Editor’s note: The thought of buying generic medications lead to a good debate in one of my recent articles]
  5. Buy Online: This is especially true for electronic items.  Whenever you go to a retail store, write down the brand and model number and search for this item online.  I can almost assure you that you’ll find better prices with online retailers!
  6. Common Cents Savings– It’s time to find an empty jar or milk jug and turn it into your new piggy bank! Saving your coins can really add up.  Most people can save about $40/month in coins!

Once you start to apply some of these money saving habits into your lifestyle, you’ll begin to see a noticeable difference that’s left in your bank account every month. These are just a few of many ideas that can help unload some of the weight off your shoulders.  Be creative.  Have fun.  And be persistent!

photo by Renjith Krisnan

Author Bio: “Kevin is a writer for www.debteye.org.  Debteye is a place where you can get unbiased opinions on anything related to personal finance.  Kevin previously owned a debt settlement company prior to joining the DebtEye team. He is a certified debt specialist and also works with credit counselors across the nation”

Filed Under: Saving Money Tagged With: basic, complicated, credit, debt, Debt Management, finance, Financial Basics, how to save, money, money budgets, Personal Finance, saving, tips

Tipping Etiquette: Why Do We Pay Tips for Certain Services?

By //  by Khaleef Crumbley

Many people are searching for sensible answers when it comes to the subject of tipping etiquette. Since this is a personal finance website, I’m sure you click on this article expecting to see a list of reasons why we should tip; or at the very least, a list of suggested tips by profession. Sorry to disappoint you, but I am just asking a question that I have wondered since I was a kid.

Tipping Etiquette Gone Wild

A Meal to Remember:

During our honeymoon in Mexico a few years ago (wow, it’s been about 5 years – where does the time go?) my wife and I were attacked by a two-man Mariachi band (accordion and bass) at a restaurant. They were going around to the tables singing and playing badly. Eventually, they made their way to our table and began to sing and play badly (did you think they were going to improve by the time they got to us?). mariachi photo credit: Foxtongue

We pretty much ignored them and figured that they were the best that the restaurant could afford to hire. Once they were finished, we expected them to move on to the next victim table, but instead the leader stopped and looked at me and said, “WE PLAY FOR TEEPS!”  😯 (that’s “tips” for all of you non-Mariachi speakers – for those who don’t know me, I like to imitate people occasionally) and held out his hand.

I can’t remember exactly what I gave him, but I’m sure it was the lowest denomination that Mexico has ever seen (based on my memory of the look of disgust that was on his face)! I guess I wasn’t following proper tipping etiquette.

Why Does Tipping Etiquette Force Us To Reward Bad Service?

Because the restaurant was too cheap to pay this “band” a living wage, and they had to survive on teeps! Why does tipping etiquette force us to pay certain service providers tips? I mean, I’m used to hearing all of the common reasons, such as:

  • Many waiters earn less than the minimum wage, and a large part of their income is derived from tips.
  • A waiter may be required to tip other coworkers (bartenders, busboys, etc), regardless of if they receive a tip.
  • To show gratitude for good or great service.
  • To encourage the employee to continue their good service.
  • Hairdressers and barbers rent their booths/chairs.
  • The cab driver got you to your destination in one piece.
  • Blah, blah, blah Etc, etc, etc

So…even after hearing those arguments, I still have the same question. Why am I expected to pay someone a tip? Why am I expected to supplement a cheap employer who pays their workers $4/hr, and then forces that employee to supplement their underpaid coworkers? Why should I pay extra because someone does their job? Shouldn’t someone work hard for the pay that they agreed to?

Tipping Etiquette Helps To Supplement Low Wages?

If it’s a matter of supplementing a low income, there is a much better way to handle this. The employer can just pay a fair wage to all workers and, IF NECESSARY, charge a slightly higher price for their product/service. A restaurant should not expect their customers to pay a fair price for their meal & service, and then pay a 15 – 20% surcharge because they (the restaurant) are too cheap to pay a living wage to the waiters!

The argument about rewarding/assuring good service falls short in my mind as well. A paying customer should receive good service automatically. Good service should not be a reward for a high tip, nor should terrible service be the punishment for a low one. And if it is truly about “gratuity” then it shouldn’t be automatically included with any meals – and you certainly shouldn’t be arrested for not paying a tip!!!

It’s to the point now where a waiter will give terrible service, and the customers are still discussing how much of a tip to leave! This is insane! Most people pay tips out of guilt – we know that it is an expectation and we feel like cheap jerks if we don’t!

The customer is already paying for the good or service and will many times reward good service with repeat business. If I enjoy the food at a particular restaurant, or the cleanliness and service of a hotel, then I will make it a point to visit that establishment as often as my budget allows.

A Better Alternative To Tipping Etiquette

I believe that the employer should just pay a fair wage to their employees. I also believe that great service is rewarded by both a positive report to the manager/owner (so that the employee benefits) and repeat business (so that the owner benefits). This way the employee earns real money and also has the opportunity for raises, bonuses and promotions – based on all of the good reports from satisfied customers.

Also, the business would have a repeat customer that is glad to spend their money in their establishment – because they are satisfied with the product and level of service. This sounds like a win-win situation to me!

Before I get a ton of angry comments and emails, let me explain a few things:

  • I DO pay tips for good service.
  • I pay EXCELLENT tips for excellent service. I have paid tips of between 75 and 100% on a number of occasions (usually on smaller bills, of course).
  • While I believe that waiters should be paid a fair wage, I realize that it is not their fault that our current system is illogical.
  • My tips are based solely on service – I DO NOT CARE that a waiter is underpaid – bad service = NO TIP!!!

So after thinking this matter over, I still don’t like the idea of tips and I think there is a better way!

photo credit: bradleygee

Reader Questions:

  1. What are your feelings about tipping etiquette?
  2. Would you be willing to pay a little more for the service so that the employees can be paid a fair wage?
  3. If you are in the service industry, do you treat customers better when they tip?


Filed Under: Personal Finance Tagged With: consumers, Economics, employer, employment compensation, etiquette, expectations, human behavior, income, labor, labor economics, mariachi, mariachi bands, minimum wage, pay, personal finances, personal life, socioeconomics, tip, tipping, tipping by region, tipping etiquette, tips, wages, waiting staff

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