May 2007
You are currently browsing the articles from General Finance written in the month of May 2007.
I think at times we all consider ourselves needing a money make over. Sometimes we have made a poor money decision or gotten ourselves into debt we cannot afford. But there is a way out of feeling this way, and a money make over will help you.
Examine your expenses and investments
- Determine how to lower your expenses
- Keep track of all your expenses, save receipts and see where your money goes each month
- Determine how to increase the worth of your investments
- If you own a home, what inexpensive improvements can you do in order to make it a better home, and make it worth more money.
- Savings/Money Market accounts: Do you have one? Do you have an emergency fund? Are you getting at least 5% in interest (that is the lowest you currently should be getting)
- Checking account: Go to online banks for better rates.
- Investments
- Retirement accounts: Are you diversified? Are you maxing out all your retirement accounts (401ks, Roth IRAs, Traditional IRAs, etc.)?
- Investment accounts: Are you diversified? Are you investing in mutual funds or EFTs. If not, do you know enough about investing in order to have individual stocks or other investments?
Doing these things are essential to doing a money make over and putting your financial life in order.
Written by Nagel on May 17th, 2007 with no comments.
Read more articles on Budgeting and Household.
All inclusive vacations are very popular with travelers for many reasons. An all-inclusive vacations can be at a resort or even a crusie ship.
They often include:
- Free Drinks, meals and snacks
- Taxes and Tips
- Resort entertainment
- Transfers from the airport
- Most water sports
If you are lucky they will also include:
- Free golf
- Free scuba diving
- Off-site excursions
Some all-inclusive vacations are family-oriented, adult-oriented, couples only and for honeymooners.
Popular resorts range from Cancun and the Caribbean to a cruise to other exotic destinations.
Ask friends and family what type they have used and what were the positives and negatives.
- What are the name brand chains that are the best?
- What time to go?
- Where to go?
- What package works best?
Once you have determined what the plan is then you need to search the net in order to find the best deal that fits your plan best. Your friends and families might have ideas on how to get a great deal.
Written by Nagel on May 16th, 2007 with no comments.
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Save money in college. Yes, it sounds like an oxymoron, but you can save money while getting a degree.
Here are some tips:
1. Make a budget and track your expenses. That means keeping all your receipts, and No Cheating! And do make make yourself an easy target to have your identity stolen.
2. Understand that you must pay your bills on time. Not doing so will hurt your credit score, which will make it difficult and more expense to get loans in the future for anything from a car to a house.
3. Credit cards are not a license to print money. Use them for Needs, not Wants.
4. Text books: Go to as many libraries as you can in the area and check out as many text books as you can that are required for your classes. I did it in grad school and saved hundreds of dollars.
5. You cannot have a car at school. While it might make your life a little easier, it is simply too expensive.
6. My momma told me, you better shop around. That is your mantra. Don’t sign-up for or buy the first thing you see. Find the combination of the best that has the lowest price.
7. Do not try to keep up with the Jones’s. It will exhaust all your funds, and you will probably go into debt just so you can dress your best.
8. College and college towns have many low-price if not free entertainment abound. Sometimes you just have to do some searching.
9. Odd-jobs, scholarships, part-time work; whatever you can do to make extra money and not have your grades suffer can go a long way.
Written by Nagel on May 15th, 2007 with no comments.
Read more articles on Budgeting.
Everybody is going green, many because of the riduculous prices for gas, electricity and heat/ac. You can get solar panels and a hybrid car, but that could be quite costly for the average joe.
So before you spend money in order to save money on energy by upgrading to the latest energy-efficient ideas, check out calculators to make sure that it is really worth it.
Climate
A typical household uses the bulk of its energy for heating and cooling, it can be up to 44% of the utility bill.
Programmable thermostats can reduce energy wasted heating or cooling a house when no one is home or everyone’s asleep. Can be 20-30% savings.
Ceiling fans: Moving air tends to feel cooler so you do not need as much air conditioning.
Lighting, cooking and other appliances
Lighting and appliances at about 33% of a typical utility bill.
Compact fluorescent lamps use up to 75% less energy than standard incandescent bulbs and can last up to 10 times longer.
Energy Star appliances are EPA approved for saving energy.
The refrigerator can comprise 10% of your electric bill
Water heating
Heating water is typically 14%-20% of your energy bill.
Hot water jackets can be great money savings.
Just some knowledge to take with you in order to try to save some money.
Written by Nagel on May 14th, 2007 with no comments.
Read more articles on Household.
Before buying financial software, narrow down your options by determining what you need from the software, and what is not necessary. Here are some questions to ask yourself:
- Do you need to manage several various accounts and investments?
- Do you need to plan for your financial future, or just need to balance your checkbook?
- Do you need to manage your money while away from home?
- Do you want the convenience of having access to your financial data online?
Once you have pinpointed the features that are essential to you you can begin your search. There are several reputable budget management software solutions out there at a variety of pricepoints with a variety of bells and whistles. Try to cut the number of choices down to 2 or three and then do extensive research to see if they fit your needs. Also, surf the web to find actual consumer feedback on the products you are considering. These opinions can raise flags that can lead you to what software will be the best fit for you.
Written by Nagel on May 13th, 2007 with no comments.
Read more articles on Budgeting.
The other day I was examining my property tax bill, my first one. It is interesting to see how expensive it is, and where the tax money goes.
Taxes: County
- I am paying for a county airport that no one uses.
- I am paying for county employees pensions funds. That is fine, but because of the solvency of the county and state, those employees may never see their pensions.
County taxes are fine, but i think they will be wasted. Local taxes go mostly to schools and that is fine, but a closer examination of county taxes is necessary.
Township and Village taxes are reasonable, but it would be nice to see them re-examined. Like everyone, I would like to pay less taxes, but I am not holding my breath.
Written by Nagel on May 12th, 2007 with no comments.
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I do watch Jim Cramer’s Mad Money, but I do not watch it for stock tips. I watch it for the investing learning experience. Though I consider myself rather savvy as an investor, I always learn something new about investing.
Cramer gives thumbs up or down to callers stock picks. The problem with his picks are that he influences stocks. If you watch the after hours trading or early next morning market trading you often see Cramer’s positive pick shoot up. So if you are interested in investing in one of his picks you can miss out on an initial percent or two. Sometimes, if you wait for the first couple hours of trading the stocks can come back to earth.
But does it really matter? To me, it currently does not because of my stock market views. I think the sky might be falling and getting out of the stock market is what I think is prudent. So if you are bullish, stick with Cramer; if you are bearish then forget about it.
Written by Nagel on May 11th, 2007 with no comments.
Read more articles on Investing and Stock Market.
529 Plans were created to help parents save money for their children’s future college tuition. There are contribution requirements and guidelines you need to follow when opening a 529 Plan. Saving money is difficult, and 529s allow anyone to contribute. And when the money is withdrawn it is taxed at the child’s income level. The funds must be used for educational purposes or a 10% penalty will be levied.
You are allowed to use any state’s 529 plan, not just the one where you reside. Bankrate.com provides an excellent resource by aggregating all the state plans (the the District of Columbia).
Written by Nagel on May 10th, 2007 with 1 comment.
Read more articles on Budgeting.
Last summer I discussed my misgivings about the market run-up and how I thought we were due for a stock market correction. Obviously, there was a slowdown last May because of the Federal Reserve lowering the fed funds rate. My discussions came after this, because I thought more downturns could follow because so many factors were against stocks continuing to do well. I was wrong.
However, the past few months I have had the feeling we are due for another stock market correction. Unemployment is low, stocks are doing well, but not many other economic factors are trending well. Iraq continues to seem to get worse and more expensive. The housing market is taking a once-in-a-generation hit because prices were inflated and many sub-prime borrowers have defaulted.
I still own individual stocks, but I have sold most of them. I still hold mutual funds, and I always do for the long term. But I might sit on the sidelines for a little while to see how things shake out the next weeks and months.
Written by Nagel on May 9th, 2007 with no comments.
Read more articles on Stock Market.
Is affordable healthcare in America possible? It was just about 5 years ago when healthcare costs in the United States were tolerable, but since then there has been a steady climb in prices. This rise in costs affects almost all Americans and that is why the issue has been pushed to the forefront of politics. If it were not for the Iraq War, healthcare costs would probably lead all issues for candidates attempting to become their party’s nominee for president in 2008.
Until then, we need ideas and tips in order to try to save money on healthcare costs. Try some of the following:
- Try negotiating the final price of your medical bill
- Search for tax breaks involved in your medical costs
- Do your homework and compare costs
- Before going to a doctor, ask how much services cost
- Ask for generic prescription drugs
These are a few methods to try in order to save some money. Search the web for other ideas. In the meantime, keep the drumbeats of change so healthcare costs remain on the nation and local scene so a change comes.
Written by Nagel on May 8th, 2007 with no comments.
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