Have you reached the point when merely looking at your bank statements you get a headache already? You might find your records out of place. You might even find yourself lost as to your current status and accounts. However, this is not a point for you to simply fret.
Now, you have to take the matters to your own hand.
Saving Money
Saving money is an important matter. It is something that you have to do regularly to come up with a considerable amount. With the current trends of the economy and the widespread consumerism, it has to be part of your lifestyle as it is your way to ensure a brighter future.
Banking
Most people who really want to save would maintain a savings account in a bank rather than put it in a money box or under a pillow at home. Putting the money in the bank is really a prudent move. The money is in safekeeping. It is not within your immediate reach, thus it is not within your immediate disposal. It can even earn interest.
Banking Strategy for More Savings
This means organizing your finances. This is where you look at your status, plan ways to improve your standing and make terms work for your benefit.
Savings Account
Having a savings account is definitely a sure way of getting assistance in your pursuit to save. However, you must be doing the right thing. Your money must really stay there. You actually have to maintain a certain amount to earn interest with your account.
If you cannot keep yourself from withdrawing, hide your ATM card. This defeats your goal to save and too many withdrawals will incur you fees.
Long-Term Deposits
Should it prove difficult to keep your savings account balance intact, you can opt to long-term deposits. This is where a certificate of deposit is given to you in exchange of a certain amount of your money. You can get higher interest rate here, so your money can earn more. You are also not allowed to get back the money within a certain period or else you have to pay a fine. The fine should be deterrent enough to keep from spending.
Features and Offers
Identify among the various banks out there. Consider the features they provide to clients. One bank will offer higher interest rates although you may feel more secure with another bank. Some also give special offers for a certain period. Simply know your options and study the information carefully before making a decision.
Wednesday, April 7, 2010
Extra Money for Your Extra Time
Earning extra money for your future, that is definitely not a bad thing!
However, is it an easy thing? One definitely wants that for a stronger foundations for the future, but how can you manage?
Saving Money
One of the better ways to have a more secured future is to have more than enough money in your bank account, to be more liquid.
Time is Gold
Sometime in a day, you may find yourself with nothing to do. You can either take this time to rest, to sleep, to read a book or any of your favorite pastimes. Basically anything will do just to keep you sane and as long you do not have to spend too much money.
However, instead of looking for activities that will not be too costly to maintain, it is better to pursue things that can even help you earn money. If you have enough free time, consider taking a part-time job. More than saving money, you can even expect more dough into your savings!
Why Should I Get a Part-time Job?
- It can be a source for your extra money for your savings.
- You make good use of your free time.
- For a student, the experience can teach a lot about life and the real world.
- You can meet interesting people.
- There is the possibility of discovering new skills or passions.
- Getting a good part-time job can actually be a start to a more serious endeavor.
Getting a Part-time Job
It will be relatively easy to get a part-time job. You can look up the posters or newspapers. Inquire in different establishments for openings in part-time positions. Ask friends who may recommend you. You can even provide services of your own skills like tutorial, writing or painting.
The job may require from you a few hours of your week. It can be something you do in the afternoons, during the weekends, or during school breaks.
You may feel challenged by exploring this new possibility in your life. You will have to balance your part-time job with what you regularly do. Simply manage your work and time properly. Save time too. Do minor tasks when traveling or waiting. Give no room for distraction, procrastination or cramming.
As long as you keep track of your extra earnings and savings, in the long run, your part-time job will definitely help do wonders to your plans in the future.
However, is it an easy thing? One definitely wants that for a stronger foundations for the future, but how can you manage?
Saving Money
One of the better ways to have a more secured future is to have more than enough money in your bank account, to be more liquid.
Time is Gold
Sometime in a day, you may find yourself with nothing to do. You can either take this time to rest, to sleep, to read a book or any of your favorite pastimes. Basically anything will do just to keep you sane and as long you do not have to spend too much money.
However, instead of looking for activities that will not be too costly to maintain, it is better to pursue things that can even help you earn money. If you have enough free time, consider taking a part-time job. More than saving money, you can even expect more dough into your savings!
Why Should I Get a Part-time Job?
- It can be a source for your extra money for your savings.
- You make good use of your free time.
- For a student, the experience can teach a lot about life and the real world.
- You can meet interesting people.
- There is the possibility of discovering new skills or passions.
- Getting a good part-time job can actually be a start to a more serious endeavor.
Getting a Part-time Job
It will be relatively easy to get a part-time job. You can look up the posters or newspapers. Inquire in different establishments for openings in part-time positions. Ask friends who may recommend you. You can even provide services of your own skills like tutorial, writing or painting.
The job may require from you a few hours of your week. It can be something you do in the afternoons, during the weekends, or during school breaks.
You may feel challenged by exploring this new possibility in your life. You will have to balance your part-time job with what you regularly do. Simply manage your work and time properly. Save time too. Do minor tasks when traveling or waiting. Give no room for distraction, procrastination or cramming.
As long as you keep track of your extra earnings and savings, in the long run, your part-time job will definitely help do wonders to your plans in the future.
Tips on How to Teach Your Kids to Save Money
A lot of teens nowadays do not understand the value of earning and spending money. They were not oriented that investing is necessary even if they are still students. As parents, you play a crucial role in this area.
You should be able to teach your kids on how to save money. They should be able to understand the concept of money and investment as early as childhood. This will prepare them to learn money management, as they grow old.
Here are some tips on how you can teach your children how to save money:
1. Your children should be educated of the meaning of money. Once your children have learned how to count, that is the perfect time for you teach them the real meaning of money. You should be consistent and explain to them in simple ways and do this frequently so that they may be able to remember what you taught them.
2. Always explain to them the value of saving money. Make them understand its importance and how it will impact their life. It is important that you entertain questions from them about money and you should be able to answer them right away.
3. When giving them their allowances. You need to give them their allowances in denominations. Then you can encourage them that they should keep a certain bill for the future. You can motivate them to do this by telling them that the money can be saved and they can buy new pair of shoes or the toys they want once they are able to save.
4. You can also teach them to work for money. You can start this at your own home. You can pay them fifty cents to one dollar every time they clean their rooms, do the dishes or feed their pets. This concept of earning little money will make them think that money is something they have worked for and should be spent wisely.
5. You can teach them to save money by giving them piggy banks where they can put coins and wait until they get full. You can also open bank accounts for them and let them deposit money from their allowance. You should always show them how much they have earned to keep them motivated.
Money and saving is not something that is learned by children in one sitting. You should be patient in teaching them and relating the value of money in all of their activities. Children will learn this easily if you are patient and consistent in guiding them and encouraging them in this endeavor.
You should be able to teach your kids on how to save money. They should be able to understand the concept of money and investment as early as childhood. This will prepare them to learn money management, as they grow old.
Here are some tips on how you can teach your children how to save money:
1. Your children should be educated of the meaning of money. Once your children have learned how to count, that is the perfect time for you teach them the real meaning of money. You should be consistent and explain to them in simple ways and do this frequently so that they may be able to remember what you taught them.
2. Always explain to them the value of saving money. Make them understand its importance and how it will impact their life. It is important that you entertain questions from them about money and you should be able to answer them right away.
3. When giving them their allowances. You need to give them their allowances in denominations. Then you can encourage them that they should keep a certain bill for the future. You can motivate them to do this by telling them that the money can be saved and they can buy new pair of shoes or the toys they want once they are able to save.
4. You can also teach them to work for money. You can start this at your own home. You can pay them fifty cents to one dollar every time they clean their rooms, do the dishes or feed their pets. This concept of earning little money will make them think that money is something they have worked for and should be spent wisely.
5. You can teach them to save money by giving them piggy banks where they can put coins and wait until they get full. You can also open bank accounts for them and let them deposit money from their allowance. You should always show them how much they have earned to keep them motivated.
Money and saving is not something that is learned by children in one sitting. You should be patient in teaching them and relating the value of money in all of their activities. Children will learn this easily if you are patient and consistent in guiding them and encouraging them in this endeavor.
Essential Money Saving Tips for Students
It is easy to get caught in the rush of things when you are in college. In the midst of studying, part-time jobs, socializing and extracurricular activities that you have, you are most likely to forget one of the most important things, which is straightening out your finances.
Here are some tips on how you can save money as a student:
1. Plan ahead.
If possible, do this even before you move into your dorm room.
Check if you are eligible for scholarships and other grants before signing up for any form of student loan.
Construct a cash flow. First, where do you expect to get money from? Make a list of your “income”, be it from your parents, your student loan or your part-time job.
Then forecast your expected monthly or weekly expenses for food, books, etc. Once you have set aside a budget, be strict with yourself and stick to it.
You will never know what unexpected expenses would come your way so it is better to have a downfall for financial emergencies.
2. Save on food.
One of the major expenses that you have as a student which you might have ignored when you were still living with your parents is your food allowance. Avoid eating at fast food outlets, as this is most likely to ruin your budget. Pack your lunch and plan your meals as much as you can.
3. Take full advantage of student discounts.
Those ID’s in your wallet are not just for show. Student ID’s and memberships in organizations are honored in several establishments which offer discounts.
Also, patronize a certain establishment regularly and you are bound to get bonus cards for being a loyal customer.
4. Use your cash as much as you can.
Since you already have a draft of the items where you will spend your money, it is easier to monitor your cash flow. Avoid using your debit card when you have cash with you. Use your credit cards or write checks only in emergencies. Having debit cards, credit cards and checks handy might lead you to overspend.
5. Keep yourself busy.
Join clubs according to your field of interest.
Keeping busy will let your mind wander and help you stay away from things that you are likely to spend money on when you get bored. Examples of these are snacks, movie tickets or game rentals.
You will be surprised at the amount of money that you will actually save by spending less on luxury items, following your budget plan and saving for financial emergencies that you are most likely to get as a college student.
Here are some tips on how you can save money as a student:
1. Plan ahead.
If possible, do this even before you move into your dorm room.
Check if you are eligible for scholarships and other grants before signing up for any form of student loan.
Construct a cash flow. First, where do you expect to get money from? Make a list of your “income”, be it from your parents, your student loan or your part-time job.
Then forecast your expected monthly or weekly expenses for food, books, etc. Once you have set aside a budget, be strict with yourself and stick to it.
You will never know what unexpected expenses would come your way so it is better to have a downfall for financial emergencies.
2. Save on food.
One of the major expenses that you have as a student which you might have ignored when you were still living with your parents is your food allowance. Avoid eating at fast food outlets, as this is most likely to ruin your budget. Pack your lunch and plan your meals as much as you can.
3. Take full advantage of student discounts.
Those ID’s in your wallet are not just for show. Student ID’s and memberships in organizations are honored in several establishments which offer discounts.
Also, patronize a certain establishment regularly and you are bound to get bonus cards for being a loyal customer.
4. Use your cash as much as you can.
Since you already have a draft of the items where you will spend your money, it is easier to monitor your cash flow. Avoid using your debit card when you have cash with you. Use your credit cards or write checks only in emergencies. Having debit cards, credit cards and checks handy might lead you to overspend.
5. Keep yourself busy.
Join clubs according to your field of interest.
Keeping busy will let your mind wander and help you stay away from things that you are likely to spend money on when you get bored. Examples of these are snacks, movie tickets or game rentals.
You will be surprised at the amount of money that you will actually save by spending less on luxury items, following your budget plan and saving for financial emergencies that you are most likely to get as a college student.
Saving Money on Electricity: A Money-Saving Maintenance
An electrical appliance that does not work at maximum capacity results in less than ideal performance and higher electricity bills. That is why it is best to save on electricity in order to save more money.Here is how you can get everything saving up:
1. Keep your appliances clean and well maintained. Regular cleaning and maintenance keeps your appliances in top shape, hence, it will perform better and consumes lesser energy. Energy saved is money saved.
2. Have an annual checkup by a qualified service technician. This can reduce the appliance’s operating costs by as much as 20%, extend the life of the system, and improve its safety and air quality.
3. When using air conditioners, it is best to establish your comfort temperature, and then setting your thermostat at that level permanently. This will definitely save on electric bills because the air conditioning unit takes less energy to cool air four to five degrees than it does to cool air eight to ten degrees.
4. Replace any items that may have been 10 years or older already. Old appliances are most likely not at their optimum efficiency. By replacing them, your electric bills may be cut by half.
5. If you experience a power outage, make sure you turn off the switch on your appliances and allow time to pass before turning the appliances on again when the power returns.
6. In refrigerators, do not overstuff compartments with bottles and plastic containers. Cool air must circulate freely to avoid overworking the condenser.
Also, try not to leave the door of your refrigerator as open as possible or open longer than what is needed. This will have the tendency to allow the cool air to break out.
7. Always try to look for the “energy saving” logo or notes whenever you buy your new appliances. Buying an appliance with a logo that states it consumes lower energy, it will definitely let you save more money on your electricity.
8. Always use energy saving lights or light bulbs. These energy saving lights or light bulbs usually last up to 12 times longer. Plus, energy saving light bulbs consume less energy. Hence, you will be able to save more money just by saving on electricity.
9. Use energy-saving facilities at home like energy-saving windows or energy-saving appliances. This will lessen the consumption of energy and, thus, will let you save on money.
For instance, use a “double-glazed” window instead of the ordinary window.
10. Use insulators at home. This will not let the warm or cool air out, and vice-versa.
Indeed, saving on electricity will definitely save more money.
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