Tag: saving money

Budget-Friendly Family Vacation Trips

April 7, 2016MBEhleAdvice, Coupons, Saving

Family vacations provide wonderful opportunities for families to bond and make lasting memories. But such opportunities do not come without a price, and that price is oftentimes very steep.

According to the 2015 TripBarometer study from popular travel website TripAdvisor, travelers across the globe are open to spending more on travel in 2016 than they have in the past. The study, conducted on behalf of TripAdvisor by the independent research firm Ipsos, analyzed more than 44,000 responses from travelers and hoteliers across the globe. Thirty-three percent of respondents plan to spend more on travel in 2016 than they did in 2015, while 31 percent admitted that they plan to spend more on travel because it’s important for their health and well-being.

Those figures are good news for the travel industry, but travelers, especially parents who plan to vacation with their children, should expect to encounter rising room rates when planning their trips. That’s because nearly half of all hoteliers surveyed indicated their intentions to increase room rates in 2016. While that might scare off some budget-conscious travelers, parents should know there are ways to cut the costs of family vacations.

· Consider alternative accommodations. Families accustomed to staying in hotels while on vacation may be able to save by exploring some budget-friendly alternatives to hotels. Vacation rental properties, which may include private homes or condominiums, may charge less per day than four- or five-star hotels in the same city. Before booking accommodations, parents should explore all lodging options, including online bed and breakfast websites that may showcase private homes that boast lower nightly rates than large hotel chains.

· Book through a travel agency. Many travelers now book their own vacations through popular do-it-yourself travel websites such as Orbitz, but going it alone may not be the most cost-effective approach for families. Many travel agency representatives are accustomed to working with travelers who are on a budget and building vacations that include all the sights their clients want to see for the amount they’re willing to spend. Travel agency representatives typically have considerable connections in the countries they specialize in, and those connections can produce memorable experiences at lower costs than travelers would likely pay booking the trips on their own. In addition, many travel agencies include the cost of admissions to various sights in their packages, making it easier for travelers to budget for their trips.

· Scour discount websites for deals. E-commerce marketplaces such as Groupon aren’t just for date nights at home. Such websites and services also provide domestic and international travel deals. Families can book entire trips through such websites, many times at considerable discounts, or scour the sites for deals on sightseeing opportunities in the cities where they will be vacationing.

· Plan to cook. Meals can quickly consume travelers’ budgets. The Consumer Expenditure Survey released in 2015 by the U.S. Bureau of Labor Statistics indicated that food and alcohol can take up about 16 percent of the budget for international travelers, and 27 percent for domestic travelers. Such estimates seem low and might reflect the difficulty surveyors had distinguishing between travelers who visited friends and family, and subsequently spent little on food, and travelers who had to purchase all of their vacation meals. Families can cut meal costs by planning to do some of their own cooking. Rental properties and extended stay hotels are typically equipped with full kitchens, which can help parents save money without sacrificing the quality of their vacations.

Families looking forward to their next vacations can implement several strategies to make those trips affordable. FP165052

Top Ways You Might Be Wasting Your Money

March 21, 2016MBEhleAdvice

Many consumers waste money every day without even noticing it. Yet, rethinking our habits could provide savings that add up quickly over time. Here is a list of the top ways we waste money. Are there any areas where you could improve?

Paying credit card interest – Always aim to pay off credit card debt as soon as possible. Consider moving balances from high interest credit cards to one with a lower interest rate. This will allow you to pay off debt faster.

Buying bottled water – Did you know that most bottled water isn’t any better for you than tap water? In fact, some bottled waters come from municipal sources and are repackaged for consumer consumption. Switch to tap water and a reusable bottle to save money and the

environment.

Wasting food – The average household throws out about $600 worth of food each year. Meal planning and budgeting for food can reduce waste significantly. Learning how long food keeps and the truth about expiry dates can also help, as can cooking in bulk and freezing meals.

Wasting energy – Every month, many homeowners throw money out their doors and windows through energy loss attributed to poorly insulated or maintained homes. Combat the problem easily for instant savings. Top up attic insulation with an easy-to-install batt product, like Roxul Comfortbatt, which can also be used to insulate crawl spaces, basement headers and walls for greater energy efficiency. Caulk cracks and crevices around doors and windows and invest in a programmable thermostat.

Choosing the wrong plan, option or service

provider -Many of us overspend on our phone, cable and even our mortgage. Have you stayed with the status quo for convenience? It might be time to rethink your options. Right-size your phone plan – perhaps an unlimited plan is unnecessary – to reflect actual usage and shrink monthly bills. Consider alternate sources for television and movie viewing. Always shop around for mortgage or car insurance and consider using a broker who has access to dozens of potential lenders/insurers.

Splurging on coffee – Cafe^a-quality coffee is an indulgence, and a cup of Joe-to-go can cost between $2 and $7. Consider investing in a quality coffee maker or espresso machine for your home or office, and put your daily savings to better use.

Buying lottery tickets – Quite simply, the odds of winning the lottery are not in your favor. Most of us have a better chance of getting struck by lightning. Spending just $10 a week over 20 years adds up to more than $10,000. Put that into a savings account, and you’ve already won.

Impulse buying – A little self-control can go a long way to lining your wallet. Become a smart shopper by researching prices and options before making significant purchases. Plan ahead to save additional money by packing lunches or snacks instead of eating out.

It’s doesn’t take big sacrifices. Resolve to make some small changes more often to save. TF163978

3 Ways Families Can Reduce Everyday Expenses

March 6, 2016MBEhleAdvice, Coupons, Saving

The costs of raising a family can be considerable. In its 2014 “Expenditures on Children by Families” report, the United States Department of Agriculture estimated that parents in middle-income households with a child born in 2013 can expect to spend $245,000 raising a child up to age 18. While estimates regarding the cost of raising children in Canada are widely varied depending on the source of the approximations, it’s fair to assume that raising children in Canada can be costly as well.

Thanks to the costs of food, housing, childcare and education, many parents find themselves looking for ways to trim their everyday expenses and create more room in their budgets. Fortunately, such cost-cutting can be done without forcing parents to alter their lifestyles dramatically.

1. Consume less energy.

Reducing energy consumption does not mean parents and their children will spend their nights in darkened homes illuminated only by candlelight. Technology has made it easier than ever before to cut energy costs around the house. If you don’t already have one, install a programmable thermostat at home so you are not paying to heat or cool your home while no one is there. Though their price tag might be higher than traditional light bulbs, energy-efficient lightbulbs also can cut costs, as they consume considerably less energy without reducing light output and last far longer than traditional bulbs. Parents can also reduce the temperature on their water heaters. Manufacturers may set water heater temperatures as high as 140 F, and it requires considerable standby heat to keep waters at that temperature. Lowering your water heater temperature to 120 F won’t make showers any less enjoyable, but you might notice considerable energy savings over the course of the year.

2. Conduct an entertainment audit.

Home entertainment options have expanded considerably in the 21st century. Many families still pay for cable or satellite packages, but they’re now also paying for streaming subscriptions to services such as Netflix or Amazon Prime. Audit your entertainment consumption, determining whether your household relies more on cable/satellite service or streaming subscriptions. Consider reducing your cable/satellite package to the basic plan, if not cutting the cord entirely. If your family is less reliant on streaming subscriptions, cancel those subscriptions to save money. If you rely on both equally, consider cutting one for a month to see if you can live without it. With so many entertainment options available, chances are you won’t even notice the missing service.

3. Become a smarter food shopper.

Frequent trips to the grocery store waste gas, add unnecessary wear and tear on your vehicle and increase the chances you will make impulse purchases. Try to get all of your grocery shopping done in one weekly trip, using a list so you are less likely to make impulse purchases. Make the most of sales by buying sale items with longer shelf lives, such as cereals, in bulk.

Saving more money is a goal for many families. While saving more often means making sacrifices, those sacrifices do not always necessitate drastic lifestyle changes. FP165051

Best Buys for the New Year!

January 7, 2016MBEhleAdvice, DIY, Organize, Projects, Repair, Seasonal, Shopping

Smart shopping involves making budget-friendly purchases. Never paying full price is a mantra shoppers can follow to help keep their finances in check.

In addition to coupons and other discounts, shoppers can usually score deals based on which time of year they shop for particular items. Each year, various consumer resources offer advice on the best time to buy certain items.

The beginning of the year is often an ideal time to purchase certain items. Consumers who take advantage of sales offered at the start of the new year can save substantial amounts of money. Now that the holiday season has passed, consumers can begin to find deals on items for themselves.

· Clothing: Post-Christmas sales are booming, and stores are looking to sell what’s left of their inventories to make room for spring and summer selections. Even though the weather outside is still cold, sweaters, pants, coats, and more are usually available at a discount come January. It may take some digging through the racks, but there’s an excellent chance to discover some great items.

· Boats: Wintertime is boat show season, but it’s also the offseason for boaters who live in cooler climates. These factors combine to make it easier and less expensive to find a new boat. According to boat-buying retailer Boatline, consumers can probably get one of last year’s models at a good price.

· Air conditioners: If the warm-weather season was particularly steamy this past year, it might be time to revamp the HVAC system or invest in some new portable units. Bankrate offers that the first few months of the year are prime times to shop for air conditioners. While you may not get the latest model, it’s likely you can find a reliable unit at below-market cost.

· Theater tickets: January and February are not especially busy seasons for theaters, which means there will be greater opportunity to get discounted seats for many popular shows.

· Linens and bedding: John Wannamaker was a retail entrepreneur and had a few department stores in New York and Philadelphia. Wannamakers held the first “white sale” in 1878, and since then many stores have continued the tradition. January is a great month to buy towels, sheets, bedspreads, and more at a discount.

· Motorcycles: Riding a motorcycle is a fair-weather hobby, and retailers are aware of this. The easy riders of tomorrow might be able to find great deals today.

· Video games: Those who haven’t purchased their fill of video games for the holidays can benefit from post-holiday drops in price.

· Furniture: Many furniture manufacturers begin to churn out new inventory in February, so last season’s items will need to move quickly. Shoppers can often negotiate some good deals now and upgrade their homes’ decor.

· Wedding-related services: Couples who don’t mind the chilly weather can enjoy steep savings by hosting their weddings in January. Spring and summer are by far the more popular seasons to tie the knot, but reception halls, musical acts, florists, and other vendors may heavily discount their services in winter.

TF161799

Managing Money after 50

March 20, 2015MBEhleAdvice, Healthy, Saving

Investors know that money management can be difficult. The ebb and flow of the economy can be similar to a roller coaster, with soaring highs followed by steep drops, and those changes all affect investors’ bottom lines. It’s no wonder then that many investors over 50 envision the day when they can get off that roller coaster and simply enjoy their money without having to worry about the everyday ups and downs of the market. But managingmoney after 50 is about more than just reducing risk.

Reducing risk as retirement draws near is a sound financial strategy that can safeguard men and women over 50 from the fluctuations of the market That’s true whether investors put theirmoney in stocks, real estate or other areas that were not immune to the ups and downs of the economy. But there are additional steps men and women can take after they turn 50 to ensure their golden years are as enjoyable and financially sound as possible.

* Prioritize saving for retirement. Men and women over 50 know that retirement is right around the corner. Despite that, many people over 50 still have not prioritized saving for retirement. It’s understandable that other obligations, be it paying kids’ college tuition or offering financial assistance to aging parents, may seem more immediate, but men and women over 50 should recognize that their time to save for retirement is rapidly dwindling. Just because you are retired does not mean your bills will magically disappear. In fact, some of those bills, such as the cost of medical care, are likely to increase. So now is the time to make retirement a priority if you have not already done so. It might be nice to finance a child’s college education, but that should not be done at the expense of your retirement nest egg. Kids have a lifetime ahead of them to repay college loans, while adults over 50 do not have that much time to save for retirement.

* Start making decisions. People retire at different times in their lives. Some people want to keep working as long as they are physically and mentally capable of doing so, while others want to reap what their lifetime of hard work has sewn and retire early. Finances will likely play a strong role in when you can comfortably retire, so start making decisions about your long-term future. Do you intend to stay in your current home or downsize to a smaller home? Will you stay in your current area or move elsewhere? These decisions require a careful examination of your finances, and many will hinge on how well you have managed your money in the past and how well you manage it in the years ahead. Managing moneyafter 50 requires more than just allocating resources. Soundmoney management after 50 also means making decisions about your future and taking the necessary steps to ensure those decisions come to fruition.

* Pay down debt. Men and women over 50 are not often associated with debt, but that’s a misconception. Thanks in part to the recession that began in 2008 and led to high unemployment, many people in the baby boomer generation, which includes people born between the years 1946 and 1964, went back to school to make themselves more attractive to prospective employers. While that might have been a sound decision, it left many deeply in debt. According to a 2013 report from the Chronicle of Higher Education, student loan debt is growing fastest among people over 60, and that debt is not inconsequential. In fact, the Federal Reserve Bank of New York reported in 2013 that the average student loan debt of those over the age of 60 who still owe moneyis more than $19,000, a considerable increase from 2005, when the average debt was $11,000. Men and women over 50 who are still carrying debt should eliminate consumer debt first, as such debt tends to be accompanied by higher interestrates than mortgages and student loan debt. Paying down debt can help reduce stress, improve your quality of life and free up money for living and recreational expenses once you retire.

* Examine your insurance policies. Your approach to insurance should change as you get closer to retirement. For example, you want to maximize your liability insurance on homeowners and auto insurance policies. This ensures the money you have set aside for retirement won’t be going to a third party should you be at-fault in an auto accident or if someone suffers an injury at your home. Experts recommend liability insurance be substantial for men and women over 50, with some suggesting it be as high as twice your net worth.

If it wasn’t already, securing long-term disability insurance should be a priority once you have turned 50. A sudden accident or illness at 55 that prevents you from working could prove devastating to your financial future if you do not have disability insurance. Some employers offer long-term disability, though many people are left to secure policies on their own. Regardless of how you get your disability insurance, make sure you have it and that it provides adequate coverage should you succumb to an illness or injury and be unable to work.

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