How Save Money Or Pay Down Debt
It’s Friday and you just got paid! After sending off that last check to pay for necessities; food, car payment, rent, etc., you have $100 left. What should you do with it? Save it or pay down debt? It’s hard to give a one size fits all answer to that question. Everyone’s individual situations, goals and needs are different and questions need to be answered. First, what kind of debt do you have- mortgage loan, student loans, credit cards? Are you planning to make some large purchases such as a house or car? What are your investment goals/needs? For the next few weeks we will focus on ideas to get your savings, debt, and investing plan in order. First, who’s getting the most return on your savings account?
It’s hard, hard, hard to speak against saving money in any debate, except when you have credit cards charging you 18% interest per month, and you are digging yourself deeper and deeper into a hole because you can only pay the minimum. When you put money in a savings account or a CD (certificate of deposit), and the bank pays you a paltry 2% to 3% interest, they are actually earning much more. The bank uses Your money to lend to businesses, for individual loans, and mortgages, at much higher rates. The banks are making more money than you off your own savings - what number is that on your goals list? If helping the bank make money is not on your list, let’s see what to do with that $100.
Savings Account versus Credit Card
You have $100 to save OR $100 to pay down your debt.
Credit Card Balance = $5000
Interest Rate = 18%
Minimum Payment = 3% or $150 a month
Making the minimum payment of $150, it will take you 226 months to pay off this credit card AND you will pay $4799.06 just in interest.
If you take that extra $100, and increase your monthly payment to $250, you will pay off that same credit card in only 24 months and pay $989.13 in interest. That is a savings of 202 months and over $3800 dollars.
If you put that $100 into a savings account at 4.50% interest, in the same 24 months it would take you to pay off that credit card, you would have saved only $2615.80. (at 4.50% HSBC’s online savings account pays the highest interest rate in the United States)
Is it better for you to save the $100 or dig yourself out of debt? We all have different lives and different goals, but the perfect plan for you has to fit your individual lifestyle and needs. These are Your goals, Your dreams, Your needs; can you afford to lend money to the bank right now?
Wednesday, 25 March 2009
Monday, 16 March 2009
Clear your credit card debt
Clear your credit card debt
By Glen Hunt
One of the golden rules of financial planning and credit card debts is to clear your most expensive debts first, in other words your credit cards. OK, credit cards offer a convenient way to pay for goods and services but if you can't clear the balance every month, consider a low-cost loan as an alternative.
Do the sums: a credit card debt (APR 15%) of £2,200 over three years will cost £545 in interest. A loan at 6% will cost £209. A saving of £336.
Look for 0% balance transfers, for the short term.
Use any spare cash you have to clear these debts off, as your balance will soon start to add up if you are only paying the minium.
Clear your credit card debt
By Glen Hunt
One of the golden rules of financial planning and credit card debts is to clear your most expensive debts first, in other words your credit cards. OK, credit cards offer a convenient way to pay for goods and services but if you can't clear the balance every month, consider a low-cost loan as an alternative.
Do the sums: a credit card debt (APR 15%) of £2,200 over three years will cost £545 in interest. A loan at 6% will cost £209. A saving of £336.
Look for 0% balance transfers, for the short term.
Use any spare cash you have to clear these debts off, as your balance will soon start to add up if you are only paying the minium.
Clear your credit card debt
Sunday, 15 March 2009
Free Stuff Online
Shop Smart Online, it pays to look around.
Before you pay money for something online be sure to check if you can get it free anywhere, or at least discounted!!
There are thousands of website claiming to offer free stuff online anything from Free Graphics to Free softwear so it pays search.
On todays blogs i will help you get the best of the web by showing you the best places to search for these offers.
Free Chat
Free Cheat Codes Email Freebies
Free Competitions
Free Desktop Stuff
Free Digital Postcards
Education Free Stuff
Free Fonts
Free Games
Free Graphics
Free Jokes
Free Samples
Free Publications
Free sms and Phone
Free Softwear
Free webmaster Stuff
Free Webspace
Random Free Stuff
The website to find a massive amount of links to the best Free stuff is Funkycoconut.
Get the best of the web form here, it is my mission to save you money and time please follow this blog or add to favouires and come back soon.
Massive amount of Free Stuff Links: Click Here
Before you pay money for something online be sure to check if you can get it free anywhere, or at least discounted!!
There are thousands of website claiming to offer free stuff online anything from Free Graphics to Free softwear so it pays search.
On todays blogs i will help you get the best of the web by showing you the best places to search for these offers.
Free Chat
Free Cheat Codes Email Freebies
Free Competitions
Free Desktop Stuff
Free Digital Postcards
Education Free Stuff
Free Fonts
Free Games
Free Graphics
Free Jokes
Free Samples
Free Publications
Free sms and Phone
Free Softwear
Free webmaster Stuff
Free Webspace
Random Free Stuff
The website to find a massive amount of links to the best Free stuff is Funkycoconut.
Get the best of the web form here, it is my mission to save you money and time please follow this blog or add to favouires and come back soon.
Massive amount of Free Stuff Links: Click Here
Thursday, 12 March 2009
Make Your Car More Fuel Efficient
How to make your car more Fuel Efficient
Less Weight
A loaded-down roof rack cuts fuel economy by as much as 5 percent. But clear the trunk after a trip — and clean out your backseat. An extra 100 pounds reduces fuel economy by 1 to 2 percent. Smaller cars are affected more when they carry extra weight because the reduction is based on the percentage of extra weight relative to the vehicle’s weight. So, if you’ve been putting off cleaning out your trunk or emptying your roof carrier, there is no time like the present. Sure, maybe your garage will be more cluttered, but your gas mileage will increase.
Set your cruise control to 55 mph.
Cruise control applies the throttle more smoothly, reducing fuel consumption. More than 50 percent of the energy required to move a car is spent overcoming aerodynamic drag (pushing air out of the way). The faster you drive, the more aerodynamic drag increases and fuel economy decreases. Increasing your cruising speed from 65 mph to 75 mph will drive up fuel consumption by about 20 percent. Reducing your speed from 65 mph to 55 mph improves fuel economy by about 10 percent. And try to anticipate changes in traffic flow so you can ease into stops and starts. Driving at a steady pace saves gas.
Drive off promptly to prevent wasting fuel.
Don’t leave your engine running when you first start up. Cars these days do not need to be warmed up before you drive them. Drive off straight away if you can, but drive gently until the engine has reached its normal operating temperature. This doesn’t increase fuel efficiency as such, but it does mean your engine is switched on for less time.
Switch off your engine.
There are two schools of thought on this one. Switching your engine off for short periods of time can actually increase fuel consumption, as it requires more fuel to get the engine started. Also your catalytic converter will no longer be running at full temperature and so your car will be less efficient, increasing the amount of pollution you cause. However if you are stopped for more than a few minutes then your car will simply burn less fuel with the engine stopped.
Keep your tank above one third full.
If your fuel runs low, the engine might not receive a steady supply of gas (since it will splash around while you’re driving and it might momentarily splash away from the tube that leads gas out of the tank). Not having a steady supply of gas will make your engine less efficient. The benefits of having a full tank will outweigh the drawbacks of having the added weight.
Go easy on the air conditioning
Roll down your car’s windows and let in the summer breeze. Using the gas-hogging air conditioning as sparingly as possible will give your car’s fuel economy a real boost. Air conditioning can drag down your car’s fuel economy by 10 percent to 20 percent.
On days when air conditioning is a must, first try cooling your car the old fashioned way — rolling down the windows, opening the vents, peeling back the sunroof. You’d be amazed how much hot air you can clear out of your car just by opening up for awhile.
Flipping on the air conditioning full blast as soon as you hop into a hot car is a big waste of gas and money.
Tires effect fuel efficiency
It is estimated that about 50 percent of tires on the road are under inflated. Aside from increasing the rate of wear, this wastes fuel and decreased your fuel efficiency. Check your tire pressures every fortnight. Worn tires will also decrease fuel efficiency (and your safety!), so check the tread regularly. If you are replacing tires then consider some of the newer “Eco” tires that are designed specifically to increase fuel efficiency.
Replace air filters
Keep a close eye on your engine’s air filter. When the engine air filter clogs with dirt, dust and bugs, it causes your engine to work harder and your car becomes less fuel-efficient. Replacing a clogged air filter could improve your gas mileage by as much as 10 percent and save you 15 cents a gallon. It’s a good idea to have your engine air filter checked at each oil change. The Car Care Council recommends changing your car’s air and oil filters every three months or 3,000 miles or as specified in your owner’s manual.
Less Weight
A loaded-down roof rack cuts fuel economy by as much as 5 percent. But clear the trunk after a trip — and clean out your backseat. An extra 100 pounds reduces fuel economy by 1 to 2 percent. Smaller cars are affected more when they carry extra weight because the reduction is based on the percentage of extra weight relative to the vehicle’s weight. So, if you’ve been putting off cleaning out your trunk or emptying your roof carrier, there is no time like the present. Sure, maybe your garage will be more cluttered, but your gas mileage will increase.
Set your cruise control to 55 mph.
Cruise control applies the throttle more smoothly, reducing fuel consumption. More than 50 percent of the energy required to move a car is spent overcoming aerodynamic drag (pushing air out of the way). The faster you drive, the more aerodynamic drag increases and fuel economy decreases. Increasing your cruising speed from 65 mph to 75 mph will drive up fuel consumption by about 20 percent. Reducing your speed from 65 mph to 55 mph improves fuel economy by about 10 percent. And try to anticipate changes in traffic flow so you can ease into stops and starts. Driving at a steady pace saves gas.
Drive off promptly to prevent wasting fuel.
Don’t leave your engine running when you first start up. Cars these days do not need to be warmed up before you drive them. Drive off straight away if you can, but drive gently until the engine has reached its normal operating temperature. This doesn’t increase fuel efficiency as such, but it does mean your engine is switched on for less time.
Switch off your engine.
There are two schools of thought on this one. Switching your engine off for short periods of time can actually increase fuel consumption, as it requires more fuel to get the engine started. Also your catalytic converter will no longer be running at full temperature and so your car will be less efficient, increasing the amount of pollution you cause. However if you are stopped for more than a few minutes then your car will simply burn less fuel with the engine stopped.
Keep your tank above one third full.
If your fuel runs low, the engine might not receive a steady supply of gas (since it will splash around while you’re driving and it might momentarily splash away from the tube that leads gas out of the tank). Not having a steady supply of gas will make your engine less efficient. The benefits of having a full tank will outweigh the drawbacks of having the added weight.
Go easy on the air conditioning
Roll down your car’s windows and let in the summer breeze. Using the gas-hogging air conditioning as sparingly as possible will give your car’s fuel economy a real boost. Air conditioning can drag down your car’s fuel economy by 10 percent to 20 percent.
On days when air conditioning is a must, first try cooling your car the old fashioned way — rolling down the windows, opening the vents, peeling back the sunroof. You’d be amazed how much hot air you can clear out of your car just by opening up for awhile.
Flipping on the air conditioning full blast as soon as you hop into a hot car is a big waste of gas and money.
Tires effect fuel efficiency
It is estimated that about 50 percent of tires on the road are under inflated. Aside from increasing the rate of wear, this wastes fuel and decreased your fuel efficiency. Check your tire pressures every fortnight. Worn tires will also decrease fuel efficiency (and your safety!), so check the tread regularly. If you are replacing tires then consider some of the newer “Eco” tires that are designed specifically to increase fuel efficiency.
Replace air filters
Keep a close eye on your engine’s air filter. When the engine air filter clogs with dirt, dust and bugs, it causes your engine to work harder and your car becomes less fuel-efficient. Replacing a clogged air filter could improve your gas mileage by as much as 10 percent and save you 15 cents a gallon. It’s a good idea to have your engine air filter checked at each oil change. The Car Care Council recommends changing your car’s air and oil filters every three months or 3,000 miles or as specified in your owner’s manual.
Multi Currency Mortgages
Do you have an Investment Property?
The MCM Programme can be used to simulate a multi currency debt reduction strategy - equivalent to switching loans or debt between various major currencies with the aim of reducing both the value of the loan or debt, and the amount of interest paid.
The system can be applied to enhance individual, corporate or mortgage debt reduction strategies. The key to debt reduction using currency switching is being in the right currencies at the right time. In order to reduce debt, the debt is required to be in a weakening currency. The MCM programme is actively managed and so reduces the inherent currency risk associated with fixed foreign currency loans / mortgages. The system seeks to profit from medium term trends in the currency markets.
The programme can also be viewed as an investment allowing diversification away from traditional equity and property based portfolios providing exposure to the major foreign exchange (FX) markets.
Get a free quote on a Multi Currency Mortgage: email me
Welcome to Money Saving Expert The Blog
Welcome to Money Saving Expert The Blog, First of all i would like to say this blog is not associated with the popular website moneysavingexpert.com
I hope to give you piratical advice to help save your hard earned cash, I have seen life from both sides, form being very poor and living on next to nothing to taking a very good short term income.
I have worked in retail, sales and finance.
My goal is to help you save money full stop.
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