Chasing dollar…..always

Archive for the ‘Personal Finance’ Category

Simple ways to save money in 2011

Saving money is a topmost priority for people choosing the frugal way of life. No wonder these are the people who are never bothered by bad credit or debt. If you are not careful with your finances, you are just paving the path to future debt. Listed below are some tips which can help you save some cash this New Year. Read on to know what you can do to get more prudent with your money.

1) Track your spending: This is a common problem with most people. They do not keep track of their money which consequently results in spending beyond their means. Keeping a track of one’s expenditure is very important. This is the only way you can weed out unnecessary expenses. It helps you to stay within your budget and greatly reduces your chances of falling in debt.

2) Food expenses: Spending money on food consumes a major chunk of your expenses. How about setting a food budget? This can help you in ways more than one. Use coupons to get discount on food items. Use leftovers the next day in your menu plan and always buy sale items. These are just some of the ways you can opt to save cash.

3) Wait is the word: This one works at the psychological level but why not utilize it in your financial life too? Make a list of all the items you need to purchase from the supermarket. Now wait for a few days before you finally go to the market to buy it. Often, you will see that you will be in a position to strike out some items from the list. What you need to buy today might not be so necessary after a certain time.

4) Use cash: This one’s too clichéd but it can’t be stressed enough. Stop using your credit cards and start using cash to make your payments. If you can’t afford something, simply give up the urge to buy it at all. Using credit cards to meet your needs is unwise and will only put your financial life in danger.

5) Recycle: We always throw away things which we think cannot be used for any useful purpose. The trick is to be innovative. How about using your newspapers as wrapping papers or worn out socks as dust rag? Hey you can even use that coffee can as storage for pens or kids crayons! Just a little creativity from your end and you will be surprised at the amount you can save up.

These are just a few suggestions you can utilize to save money. Have you planned out a few yourself already? All the best!

How can you save more money every month?

One problem that you often seem to face is saving money. You just can’t seem to save enough for yourself. Every month you make a determination to save a little more the next time, but you always fall short of your target. Well, don’t worry! You are not alone; almost every second person seems to have the same problem. If all this is making you feel that saving money is a tough task, you are wrong. Read on to know how being a little determined can help you reach your goal month after month!

Before you start, keep this thought in mind that saving as little as $25 weekly can change into $100 at the end of the month!

1) Determine how you are spending your money. Keep a notebook and write down every time you spend your money on something. This way you will be able to keep track of your expenses and this will help you to know how you can weed out unnecessary expenditures.

2) Cut down on your cable TV viewing and try out an economical package on the cable offer which is wallet-friendly.

3) Cut down on your monthly telephone bills by sticking to just one phone. Never use more than one phone; these days youngsters usually keep a number of mobile phones. Keep a tab on that.

4) Be a little responsible and reduce your household energy costs. Most people use more energy that what is required. Use it as discreetly as possible.

5) Just because you have a car does not mean you have to use it every time you step out. Cut back on petrol costs and instead walk small distances. This will keep you and your environment healthy, too!

6) If you are in credit card debt, it is very important that you clear your higher interest rate cards first.

7) Refinance your house using a slower engagement; this can save a decent sum every month.

8)  Get your insurance policies reviewed

9) Plan out a budget and stick to it. This will greatly cut your expenses and help you to save money.

10) Most of us spend a lot eating in restaurants. Stick to home-made food. Besides saving money, it will also make sure that you are having healthy food.

These steps will work for you only if you are serious about saving your hard earned cash. Devise a foolproof plan and you will be well on your way to secure your financial future!

Are you managing your finances wisely?

The global recession has left thousands of people jobless and burdened with mounting debts. In such a scenario, it is very essential for you to start managing your finances wisely. This will help you achieve a stable financial standing as well as fight your debt successfully.

The following tips will help you understand how you can go about managing your hard earned dollars wisely:

  • Keep a proper track of your tax and debts.
  • Inform your creditors if you are unable to pay your installments. Keep in constant touch with them and let them know about the financial hardship that you are facing.
  • You might not be in a position to make regular payments to your creditors. It is advisable that you still make regular payments, even if the amount that you are paying is much less than the payable installment. The regularity of your payment would help to win your creditor’s confidence.
  • Try not to stake your assets.
  • Prepare a budget and try your best to stick to it. By not crossing your monthly expenditure limit, you can weed out a lot of needless expenditure.
  • Avoid making investments on unnecessary luxury items.
  • Last but not the least, try to save some money each month.

Stick to these, and you will be well on your way to pave your path to financial success!