Not Made of Money

Still Living The Good Life

Five Grocery Shopping Mistakes You Should Avoid

By:

*This post contains affiliate links, I will receive compensation for purchases you make when clicking through links.  Please see my disclosure statement.  Going to the grocery store can be an expensive affair. We all have the story of the time we went in to spend $10 and ended up spending $100. However, with a little planning and good decision making, any grocery shopper can keep his or her bill low. Here are five grocery shopping mistakes you should avoid to save money at the grocery store.

Buying Name Brands

These days almost every name brand item has a generic substitute. In most cases these generics have the same level of quality as the name brand. Sometimes they are even made at the same facility, but with different packaging! Make sure and go for the generic items unless you have some reason not to do so.

Buying Too Many Perishable Items

It is easy to overestimate how much you will use before another trip to the store. Be careful not to buy to much of any perishable items at the store. For example, it can sometimes save you money to buy the half-gallon of milk instead of the gallon if you will only use half a gallon before it goes bad, even if the gallon is cheaper per ounce.

Going to the Store When Hungry

Everything looks good at the grocery store when you are hungry. If you go to the store before eating you may find that you stuff your cart with more than you need, and with several unhealthy items as well! Try to go right after a meal to avoid impulse buys and to avoid getting more than what you need.

Not Making a List/Not Sticking to the List

It can be easy to think that you know everything that you need before going to the store and can figure it out when you get there. However, if you don’t make a list, you will find that you might make a bunch of impulse buys and come home with several things you don’t need. You will probably also waste time by wandering around the store trying to remember exactly what you need. Also, keep in mind that you need to stick to that list when you get to the store!

Ignoring Sales and Coupons

If you do not pay attention to sales and coupons, you can miss out on some serious deals. Make sure and check the local paper before you go to the store and see what coupons you can find. Clip those and take them with you. Also, see what stores are having sales. You may have to visit 2 or 3 stores to get everything you need, but it can be worth the effort.  Shop Amazon – New Coupons in Grocery – Save Up to 30% on Select Food Items

Saving money at the grocery store can take some work. However, if you avoid the mistakes listed above, you can get the same groceries you get every month for much less!

Tips For Simplifying Your Finances

By:

So many people that I talk to want to get a good handle on their family’s finances, but they are so intimidated by their finances that they don’t know where to start. How can they stay on top of all of their financial assets, their goals, and their debts at the same time? The overwhelming stress over personal finance can cause people to avoid even beginning to work through their concerns.  The trick to managing everything is to simplify wherever you can.  If you’re hoping to wrangle your finances into a more manageable form, I’ve listed below five tips for simplifying your finances.

The stress can make sense. Finances become pretty complicated over the years. You might have a 401(k) with your employer, a checking account, a savings account, an IRA (rolled from an old 401(k) with a different employer) and a couple of credit cards. Then, you get married and find that your husband has his own version of the same things.  Therefore, the whole situation adds up to a lot of accounts to manage.

Consolidate your finances

There are some accounts you can’t control. The brokerage company that holds your 401(k) is chosen by your employer, and you have no input in the matter. Many other things, however, are completely in your control. Merge multiple checking accounts into one, main household account. Use one credit/debit card for all of your purchases. As a result, the fewer different accounts you have out there, the less time you will spend reconciling statements each month.

Use financial tools to track your accounts

No one wants to have to pull a bunch of different statements together to get an idea of their financial position. Fortunately, you don’t have to do that. There are multiple ways to tie all of those accounts to one tool, and some of them are free! While our family uses Quicken, one of my friends prefers to use Mint.com. The site has a cool budget tool, too.

Make automatic savings contributions 

Of course you don’t need the hassle of writing a check each month to your savings account. By simply enrolling in automatic deposit you won’t have to worry about making those extra trips to the bank. Instead, your money will automatically move to your savings account on the day that you instruct it to move. No fuss; no muss!

Utilize your bank’s electronic bill payment tool

Forget the days of writing a check and mailing it to your creditors. Manual check writing is inconvenient, and the checks take too long to process. Today you can pay your bills with a click of a button or two.  You can also enter payments ahead of time, and specify the date that you want them to be paid.  Automating tasks is an easy step in simplifying your finances.

Go green!

Finally, did you know that simplifying your finances could be good for the environment? It can be if you turn off the paper statements for your accounts. Instead, access them online.  This way, you can print or save any statements you need from the appropriate website.

What ways do you simplify your finances?

How to Achieve Financial Independence in 3 Simple Steps

By:

The following article is a guest post. Please see our disclosure statement. For all the talk of an impending financial crisis in the UK, the region’s economy continues to showcase a tremendously robust nature. Visa reported an impressive 2.4% increase in consumer spending during October, for example, while disposable income levels have also remained steady despite the decidedly negative perception of the economy as a whole. While disposable income levels may fall next year as the Brexit vote begins to wreak havoc, this is only to be expected in such a volatile and uncertain climate. So you may be wondering how to achieve financial independence in the current climate.

Perhaps more of a concern is the average consumer’s approach to spending during times of perceived hardship, as this betrays an unwillingness to save disposable income and build for the future. This can be extremely debilitating in an unstable economy, as it may leave many ill-equipped to cope in the face of a recession or sudden decline in fortunes. With this in mind, here are three, simple steps that will help you to achieve financial independence:
1. Seek Out Expert Planning and Investment Advice
Whether you have knowledge of the financial market or are new to the concepts of investment and saving, it is prudent to seek out expert financial advice wherever possible. This will enable you to tailor a financial plan of action to suit your precise needs, both in terms of your existing wealth and your underlying appetite for risk.
When looking for a trusted advisor, it may be worth seeking out potential partners that have experience in both core financial planning and investment management. Service providers such as Tilney are available to help you to create a detailed plan going forward, while minimising the overall cost to you as an individual.

2. Make Saving Your Key Watchword
We have already touched on the importance of saving, but you should never underestimate how crucial this is to achieving long-term, financial independence. Without a willingness or ability to save, you will be unable to build any semblance of wealth either in short-term accounts or pension plans. So while seeking out advice and comparing the real-time market will enable you to identify the most suitable savings and investment vehicles for you, it is your foresight and awareness that must compel you to save a fixed percentage of your disposable income in the first place. By aiming to save a minimum of 10% of your disposable income each month, you can quickly build a burgeoning nest egg for your short and long-term future.

3. Constantly Review Your Strategies and Progress
The figure of 10% is arbitrary, of course, and subject to change in line with your goals and earning potential. It may also change over time, as you look to constantly review your savings strategies and the progress that you are making in terms of financial gains. This proactive approach not only ensures that your investments are tailored to suit the prevailing economic climate, but it also means that you can save as much as possible towards securing your independence.

You can review your goals quarterly, annually or as often as you please, depending primarily on the nature of your investments. The main thing to remember is that these reviews are conducted at least annually and lead to informed decision-making. These are wise steps to take when considering how to achieve financial independence.

Homeowners Insurance – Things to Know Before Purchasing a Home

By:

This post is contributed by Spencer Josan.  Buying a home is one of the single largest purchases you will make in your life.  Homeowners insurance protects this investment.  However, there is no such thing as a “one size fits all” application of insurance policies.  Your insurance company will give you different rates, policies and types of coverage.  Without further adieu, let’s take a look at all the things to know before purchasing a home.

Coverage When it Comes to Natural Disasters

There are instances when disasters simply strike without warning and can cause a considerable amount of property damage.  For example, various states in the Midwest often have to contend with twisters and other forms of high wind damage, which can totally destroy a home.  In cases like these, you need to be sure to have an HO-2 policy that specifically states that it will cover damage based on the type of weather phenomena that is common in the area that you choose.  The reason why an HO-2 is better for you when it comes to particular areas is due to the greater potential for specific types of damage.  While it is true that an HO-3 protects your home from a wider variety of different damages, this type of policy can contain specific provisions which do not cover damages related to certain types of natural disasters.  The HO-2 is definitely the best option when you do purchase a home in an area that is known for having strong winds or weather patterns that cause specific types of damage.

Cash or Replacement Cost: What’s the Difference?

When it comes to purchasing home insurance, clients must decide whether they want a replacement-cost policy or a cash-value policy. This choice between the two depends on what sort of home you purchased and the type of furnishings you’ll have in it.

For example, one of the more common trends in home purchasing today has been to buy older homes that utilizing construction methods (i.e. columns, stained glass windows, etc.) that are no longer common today. Older homes have a unique appeal to buyers resulting in a rather brisk demand for this type of real estate. However, should an accident occur in a home, such as a fire or a natural disaster, the uniqueness of the home can go against the buyer. This is due to the unique moldings, castings and construction that make it expensive to repair/replace the home.

Cash-value policies have a replacement policy based on the current market value of the home and the contents within. However, the Insurance Information Institute explains that while this type of policy is cheaper than the replacement-cost policy, it does have the caveat of the depreciating cost of the items within the home. Appliances such as a television, refrigerator or even the furnishings depreciate in value over time.  This results in a  a lower recouped cost if they are lost in a fire or natural disaster. The cost of the home may increase over time but it also has the potential to drop considerably.   Replacement-cost policies are often best suited for newer homes.

Additions that Can be Insured

Locations impact the type of additions which can be included onto a home. In the case of Texas, Arizona and New Mexico, there has been a growing trend of solar array purchases.  This is due to a combination of the arid environment in these areas as well as the readily available sunlight.  Many homeowners install extensive solar power arrays onto the roofs of their houses to reduce costs.

Need more information? Explore quote comparison and full-service websites like CoverHound for more information on how to get homeowners insurance. This will let you examine the various factors they take into consideration prior to purchasing a home. All you need to do is focus on getting the best coverage possible for a reasonable amount.

12 Money Saving Tips To Help You Stick To Your Budget

By:

*This post contains affiliate links which means I receive compensation when you make a purchase from clicking through the links.  Please see my disclosure statement.  

I think we’ve all been there at some time or another. We pay our bills and wonder “where did all the money go?” In these tough economic times budgets are stretched to the limit. Here are some practical money saving tips that can help you save money and stay focused on your budget:

1. Have a clearly defined budget.
The best way to stick to a budget would be to have a clearly defined one, that means it needs to be written down. Know how much you want to spend on everything every month. Call it a spending plan to make it more fun. Prepare your plan for spending and then stick to it. In case you overspend on something, make up for it by cutting back elsewhere.

2. Careful with those credit cards.
Carry only one or two credit cards (or better still, none) with you and use them as sparingly as possible. Only charge those purchases you can pay off fully in the next month.

3. Utilize Rewards programs when available.
Get a card with a rewards program so that whenever you use your card you end up earning points which can be redeemed for discounts or freebies.

4. Shop during sales.
Make it a habit to shop only at sales. My goal is to never pay more than 50% of the retail price. Buy your Christmas and birthday gifts when clearance sales are going on. Target and Walmart have huge discounts on toys after Christmas, so stock up for the following Christmas and for birthdays throughout the year.

5. Buy secondhand to save money.
Put your mother’s ‘old is gold’ advice to good use. Garage sales, second hand cars, electrical equipment, cell phones etc. are great as long as you manage to find them in good condition.

6. Eat the majority of your meals at home.
Eating out frequently is a huge waste of money. Not only do you pay exorbitant prices for the food, but with the taxes, tips and everything included, it does add up to quite a bit. Eat at home as much as possible, and save yourself loads of money.

7. Carpool to work or when dropping your kids off at school.
Avoid taking the car if you only have a few blocks to go. Walking or public transportation can be great alternatives.

8. Make a grocery list every time you go shopping.
It seems like such a simple thing to do, but having a written grocery list can help to keep your budget in check. Prepare your menu ahead of time and make your grocery list from that.

9. Look for deals, coupons, and specials before you buy anything.
Look for deals and promotional offers before you buy anything. Apply this principle wherever possible- right from plane tickets to when ordering pizza.   I always make a point to check the latest price for the item I am looking for on Amazon.com.  Try Amazon Prime 30-Day Free Trial

10. Avoid shopping on impulse.
Give yourself a day to think before you indulge yourself in something expensive. You may change your mind if you rationally think about whether you actually really need it.

11. DIY is a great way to save money.
Learn to do basic repairs around the house. Start a garden in your backyard. Paint the walls yourself instead of hiring someone.

12. Set reminders to pay all your bills on time.
Late fees and extra charges on your bills are unnecessary expenditure and are best avoided.