Frugality
Emergency Fund: How Much Do You Really Need?
Posted June 23, 2009 by Bernz
Keeping an emergency fund available for unforeseen crises is a financial planning tip that is widely quoted. Any number of situations could come up where you may need to dip into this short term savings fund, such as loss of job (a more likely occurrence with the current economic situation), emergency medical expenses, or home repairs.
But how big does this emergency fund really need to be? Some financial planners suggest three months salary is a good general rule. If you would ask Suze Orman, (yes I do watch her show especially the “Can You Afford It” segment) she will say 6-8 months or even one year if you can afford is more advantageous. However, the right answer for you will depend on your circumstances and the risks that you are trying to cover. Some of the risks that people put aside savings for can be covered less expensively with insurance.
Take home repair for example. If your air conditioner or furnace were to quit for good, the expense of buying a new one might damage your current cash flow. (more…)
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Tags: emergency fund, Saving Money
Posted in Financial Education, Financial Goals, Frugality, Investing in Real Estate, Retirement Planning, Saving Money, Wealth Building | 2 Comments »
Are You Wasting Money On Water?
Posted June 7, 2009 by Bernz
I just found out from my wife yesterday that our water bill was up by almost 20% from previous and started investigating for possible leaks and sure did find that one of my faucets outside the house (by the deck) was leaking. I readily replaced the shut off valve and then realized that this maybe a good topic to post here. Hope that you find these tips valuable.
The cost of water is not something that most people think about. The price of water has actually risen at double-digit levels compared to several decades ago. And with scarcity becoming a serious problem in different parts of the world, it is safe to assume that the price of this commodity will increase even more in the near future. The amount being forked over every month for this commodity is not something to be sniffed at. Significant savings can be realized by simply conserving water. (more…)
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Tags: save on water bills, Saving Money
Posted in Frugality, Saving Money | No Comments »
Would You Like to Trim Your Utility Bills?
Posted April 1, 2009 by Bernz
Everyone knows that not turning off the lights, fans, and televisions, and other utilities can put a dent on your pocket. In today’s economic downturn where lay-offs and unemployment are the norm, it is important to cut your bills where you can and save money. Aside from the obvious money-saving techniques you can put into practice, there are other ways to save on your utility bills. Below are some ingenuous ways that can help you save a significant amount of money every month:
Control Your Indoor Weather
Depending on your current heating system, using electricity for warmth can be eating up a big part of your utility budget. Try to look into programming thermostats to control the indoor temperature. If the residents at the house are awake, you can keep the temperature at 68 degrees. And once they are asleep, you can drop it to 55 degrees. Generally, the lower your home temperature, the more money you save. The savings can add up especially during the winter season.
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Tags: Frugality, heating bills, Saving, saving gas, Saving Money, telephone bills, utility bills
Posted in Frugality, Misc, Saving Money | No Comments »
5 Money Savings Tips You Can Benefit from Today
Posted March 27, 2009 by Bernz
When people become concerned about money, their first thought is that they’re simply not making enough at their current job. Well, switching jobs or even getting a significant raise are both tough things to accomplish within a short period of time. So, what can you do if you need more money? The answer is simple, look to you.
Most people are spending hundreds if not thousands of dollars each and every month on things that they do not need or are simply unaware of the money that they’re losing from not keeping track of it properly.
Below are five money-saving tips that you can begin using today to help you save hundreds of dollars or more every month.
Make a budget
Making a budget seems like a simple thing to do, but most people never do it. Simply writing down every single expenditure that you have on a monthly basis as well as writing down every single thing you buy will help you get a fantastic picture of just exactly where your money is going. Simply start crossing off the items that you don’t need and reap the benefits of the savings.
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Tags: Frugality, investing money, save money, Saving Money, savings, savings bonds, savings tips
Posted in Financial Education, Financial Goals, Frugality, Saving Money | No Comments »
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