Thursday, September 25, 2014

Money Tips #8: Plan Your Finances

Over the years, PF Stock has collected numerous money and tax saving tips from readers. In this series of posts, I have compiled some of the best money tips that I've received, each categorized by topic. In addition, I am including other money tips from the internet and from my own experience. I hope that this will come in handy my readers. Today's topic:

Tips for Planning Your Finances
  • Check your banking statements. Be careful of rewards programs where you might have to pay an annual fee!
  • Best tip for saving would be to set up automated withdraws to IRA's, savings accounts, etc... What you don't see in your bank account, you won't spend.
  • Don't necessarily choose the cheapest insurance, choose a company that will cover you in a loss AND has good premium costs.
  • This is not as much a money saving tip as it is a budget on a shoe string. I divide my monthly bills into my paychecks and pay that portion each and every paycheck. This was it is smaller amount and easier to budget.
  • The best tip would be to save more than you spend. Other solutions would be to always survey prices using certain apps that can scan barcodes and also to keep track of daily expenses with a limiting budget set for each month.
  • If you want a new car. Start saving the monthly payment for at least 6 months prior to ensure you will be able to afford it. Also if you save it for 6-12 months at $500 a month that is $3000-$6000 cash. You could use this to buy a used car paid in full and start saving the monthly payment again but 12-24-36 months. This will then give you $6000-$18,000 cash to pay for a very nice car including the trade in value of your car you bought for 3-6 grand.
  • Never spend change, just save it.
  • My best advice is to budget, budget, budget! And, like the above poster mentioned, saved change adds up in a hurry. Lastly, avoid impulse purchases like the plague lol.
  • I believe in setting realistic goals for myself when figuring out what I should be buying and saving. I know my needs vs. wants. I spend based on both, but I only spend on the wants if I have enough to cover those expenses. Too many people spend over the amount they really can afford because of impulse spending. That's bad budgeting. I've learned to plan ahead. Keep a "rainy day" account for those emergencies that may pop up. Plan for the future.
Thanks again to all of my readers who contributed most of these tips. If you have more money saving tips, please share them in the comments below. Your tip may be featured in a future compilation.

Friday, August 15, 2014

Money Tips #7: Live Below Your Means

Over the years, PF Stock has collected numerous money and tax saving tips from readers. In this series of posts, I have compiled some of the best money tips that I've received, each categorized by topic. In addition, I am including other money tips from the internet and from my own experience. I hope that this will come in handy my readers. Today's topic:

Tips for Living Below Your Means and Saving Money
  • Automate your savings so you'll be sure to pay yourself first.
  • Pay yourself 10% first. David Chilton's advice will serve you well. Also - don't pay bank fees! Get a no-fee bank account at PC Financial or ING. Use a no-fee credit card and pay off your balance. And finally and most importantly - Spend less than you earn! [PFStock: David Chilton is the author of the classic personal finance book, The Wealthy Barber.]
  • Do not carry credit card balances. Realize you cannot Keep Up With the Kardashians.
  • Make a budget and stay on it and always avoid the temptation to "keep up with the Joneses."Make a budget and stay on it and always avoid the temptation to "keep up with the Joneses.
  • Contribute the most you can to a 401(k) plan at work.
  • Read PFStock and other personal finance blogs.

Thanks again to all of my readers who contributed most of these tips. If you have more money saving tips, please share them in the comments below. Your tip may be featured in a future compilation.

Also See:
PF Stock Money Tips #1: Use Coupons
PF Stock Money Tips #2: Credit Cards
PF Stock Money Tips #3: Taxes
PF Stock Money Tips #4: Shopping
PF Stock Money Tips #5: Organize Your Purchases
PF Stock Money Tips #6: Reduce Wasteful Spending

Thursday, July 17, 2014

You Can Still Apply for a US Airways Credit Card

Even though US Airways and American Airlines have merged, it is still possible to apply for a US Airways credit card. Following the merger, the US Airways brand will eventually be retired. Even so, there is still a limited opportunity to apply for the US Airways Premier World MasterCard. The card gives you 40,000 bonus miles after your first purchase, but it carries an $89 annual fee.

If you fly on either US Airways or American Airlines, this is still be a good deal because 40,000 miles is more than enough miles for a domestic a round-trip flight. The reason why there is some urgency for people wanting to take advantage of this offer is that the offer will certainly disappear when the US Airways brand disappears.

This US Airways credit card is issued by Barclaycard. The American Airlines version is issued by Citibank. To be honest, I had canceled both my US Airways and American credit cards a while ago. I had applied for them long before airlines started offering such generous sign on bonuses.

But if you don't fly on either US Airways or American, it is probably not a good idea to apply for this card. In that case, I suggest the Barclaycard Arrival World MasterCard with no annual fee as it is my favorite travel card. Travel rewards can be used on any airline or actually for any type of travel. This one gives you 20,000 miles (approx. value $220) as a one-time bonus. They also offer the Barclaycard Arrival Plus World MasterCard which offers a 40,000 mile ($440) bonus, but has an $89 annual fee after the first year.

Let me know if you have US Airways MasterCard, or have other comments. Thanks.

PFS

Monday, June 23, 2014

Money Tips #6: Reduce Wasteful Spending

Over the years, PF Stock has collected numerous money and tax saving tips from readers. In this series of posts, I have compiled some of the best money tips that I've received, each categorized by topic. In addition, I am including other money tips from the internet and from my own experience. I hope that this will come in handy my readers. Today's topic:

Tips for Reducing Wasteful Spending
  • My best money saving tip is to reduce wasteful spending like cigarettes, liquor, eating out... and to coupon when you can... you will save money faster than one might think.
  • My best money saving tip is to reduce the amount of monthly bills you have to the smallest number possible. For example get rid of cable, you do not need it. You can get rid of all the monthly bills except electricity and phone.
  • I try to save my money because I am a college student.
  • My best money saving tip is to buy something even if you don't need it (except foodstuffs) when it's on sale, especially if you use it, because then you won't need to buy it when you need it.
  • A saving money tip I suggest is don't spend on unnecessary. Spend on needs, not wants!
  • One money saving tip is loose your cable company. With today's platform integration, who needs regular TV? There are so many free options with internet TV and YouTube. I say who needs it?
  • Stock up when commonly used items are on sale.
  • Money Saving Tip~ BUY GENERIC EVERYTHING. Generic is just as good as brand name!
  • Lots of good tips. I try to buy whatever I need when it's on sale and try to save every extra cent I can, which is hard to do today with the high price of rent, etc.
  • I grow a garden in the summer and try to put up as much as I can to have fresh veggies and fruits during the summer and preserved food the rest of the year.
  • I set aside a food budget. I do not use any other money outside of the food money. It helps us plan better and get what we really need.
  • Shopping around and comparing prices... never buy right away!
  • My best tip is wait one week before buying any large ticket (non-essential) item. It truly gives you the time to think about the item and stops you from an impulse buy. It seems so simple but I have really instituted this rule in my life for anything over $100.00 and I have saved a large amount of money doing this. The time also gives you an opportunity to shop around and decide if you really need it and maybe, yes maybe, you forget about the item. If you do, you have saved money and realized eventually that it wasn't that important (when you think about it again in the future).
  • In addition to using coupons and shopping around to get the best price you should work to keep the things that you have in good working order so that they don't need to be replaced and get as much use out of everything as you can - for example, you can use less than the recommended amount of laundry detergent and still have clean clothes; you can use half as much toothpaste and still get clean teeth, reuse disposable items (with care, you need to be sure that they CAN be reused without harmful effects) or don't use disposable at all.

Also See:
PF Stock Money Tips #1: Use Coupons
PF Stock Money Tips #2: Credit Cards
PF Stock Money Tips #3: Taxes
PF Stock Money Tips #4: Shopping
PF Stock Money Tips #5: Organize Your Purchases

Thanks again to all of my readers who contributed most of these tips. If you have more money saving tips, please share them in the comments below. Your tip may be featured in a future compilation.

Friday, May 9, 2014

Win an iPad

PFStock is doing it again! We are giving away another Apple iPad. This time there are two ways to enter: sign up for Personal Capital and/or Tweet about the giveaway.

Personal Capital is an account aggregation service like Yodlee or Mint. It is free to sign up. They will ask you for an Email address and telephone number. Someone with Personal Capital may try to contact you. If you are not OK with this, then don't sign up.

In order to enter the drawing, you must sign up for Personal Capital AND link at least one financial account to your portfolio (10 entries). I will also allow one entry for tweeting about the contest.

Sign up for Personal Capital by using the link, or by clicking the banner ad.



A winner will be selected approximately 3 weeks after the close of the contest. This is to allow time to verify valid entries with the sponsor. The winner will receive a new Apple iPad mini (16GB, WiFi version). The winner also has the option to select a $300 Amazon gift card in place of the iPad.

Update: The iPad giveaway is now over. Thanks everyone for entering. The winner has been selected and notified. Thanks everyone for entering.

If you have any questions, please Email me. Good luck to everyone!

PFS

Wednesday, May 7, 2014

Create a Budget in Less Than an Hour

If you’re looking to become financially secure, the first thing you need to do is get a good understanding of your current finances. In order to do this you’ll need to work out a budget. It’s actually pretty simple to create one.

By following just a few simple tips you could have a detailed budget ready within one hour.

Working out your incomings and outgoings
The first step to creating a budget is to write a list of all of your outgoings and your incomings. That way you’ll soon see whether you’re spending more than you’re earning.

It’s important to write absolutely everything down. Include not only your bills, but your daily spending too. How much do you spend on food and entertainment? Do you allow yourself small treats on a daily basis? It can help to keep a diary for a week and see exactly how much you’re spending.

The Money Advice Service offers free useful calculators to help you work out where your money is going. Using online calculators is a great idea as it saves you a lot of time and effort. It will automatically calculate the total and show you exactly how much money you have left over.

Making adequate savings
Once you know exactly what’s coming in and going out, you can then work out where you could potentially save money. For example, could you save on those daily expenses? Instead of driving to work every day, could you share a car some days to save money? There are many ways you can cut back on your budget; you sometimes just have to think outside of the box.

As well as cutting back, you may also be able to figure out ways to earn a little extra money. If you have a creative talent, you could use it online to bring in a little extra income each month. Web designing, photography, wedding planning and writing are all talents that can be used to bring in a little extra.

Dealing with unexpected outgoings
Your budget isn't going to be the same every month. Every now and again you’ll come across unexpected emergency bills that need to be paid. If there isn't enough money in your budget to accommodate them, you may want to think about taking out a payday loan.

Designed for short term cash flow problems, payday loans can give you the money you need the same day you are accepted. It takes just a few minutes to apply for a loan from lenders like From lenders like wonga.co.za. However this would only be advisable in an emergency, the more prudent course is of course to try your best to budget for these unexpected events. This is best dealt with by budgeting a percentage of your earnings towards the clichéd ‘rainy day’ - this is money that you put away for these kind of emergency payments, the priority is that the cash must be in an account that is easy for you to access as soon as you need it, which means you’ll be omitting this cash from investments and high interest savings accounts (which will penalise you if you make a bulk withdrawal more often than not.)

Often you don’t realise just how much you’re spending until you start adding it up. A budget is a great way to stay on top of your finances and make necessary improvements. Writing down a list of your outgoings and incomings is the easiest way to work out how much available cash you have left over each month.

If possible, it’s recommended you save a portion of the leftover funds for times of emergency. This isn't always possible, but once you've made cutbacks to your overall spending, the money you save could easily build up over time.

Friday, April 18, 2014

Money Tips #5: Organize Your Purchases

Over the years, PF Stock has collected numerous money and tax saving tips from readers. In this series of posts, I have compiled some of the best money tips that I've received, each categorized by topic. In addition, I am including other money tips from the internet and from my own experience. I hope that this will come in handy my readers. Today's topic:

Tips for Organizing Your Purchases
  • Coupon, and organize with a list - the time invested will be worth it.
  • Always make a list and never ever buy on the spot for big purchases.
  • Always use your grocery store's discount card and always look for coupons before you go shopping.
  • Carry your store affinity cards in a coin purse, separate from your wallet. This way, all of your store cards are all in one place and easy to find.
  • Make a list before shopping and stick to it. Resist those impulse buys.
  • My best money saving idea is to take a list when you go shopping and stick to it.
  • Stay out of stores! Only grocery shop with a list - and stick to it.
  • I sign up for loyalty rewards from my favorite stores. Besides that I earn points whenever I use it, I also get special discounts.

Also See:
PF Stock Money Tips #1: Use Coupons
PF Stock Money Tips #2: Credit Cards
PF Stock Money Tips #3: Taxes
PF Stock Money Tips #4: Shopping

Thanks again to all of my readers who contributed most of these tips. If you have more money saving tips, please share them in the comments below. Your tip may be featured in a future compilation.