Thursday, April 3, 2014

Six Items Or Services You Didn't Realize Are Draining Your Wallet

One of the best ways to get control of your finances is to focus on products and services that are not needed or you are simply spending too much money on. Once you become aware of your spending habits, you will most likely recognize issues specific to your own finances. The following are only six ideas, and some of them may apply to you.

Impulse items at the supermarket


Most of us waste money at the supermarket. Often it is due to not knowing specifically what you are going to buy, and you impulsively purchase something you could do without. The way around this is to make sure you have a list before you go to the store. 

Too much fast food


Getting into the habit of buying fast food is costly. Although it may seem cheap to buy fast food, making your meals at home and even making a lunch for work is lower in cost. It is healthier when you choose your food carefully, and quick meals can be made at home as well. 

Bottled water


It is difficult to convince people, but tap water can just as healthy as bottled water. While bottled water may be more convenient in some situations, using that as your only source of water can be very costly. Not only is it a drain on the wallet, but those plastic bottles are polluting the planet. Find yourself a good sports bottle that can be reused. If you prefer bottled water, consider getting a large, refillable cooler instead of buying cases of water bottles. 

Use your dealer for car repairs


Car dealers have certified mechanics, so they have the specific skills and parts needed to fix your car. They use the genuine replacement parts and honor all manufacturer warranties. Having the job done right the first time is a big money saver. Click here for more information about how you can save money in car repairs buy going to a dealer. 

Banking fees


The number of banking fees that a typical person experiences is high. Even when they are low, by the end of the year, they can add up to a larger amount than expected. The best way to reduce this drain on your wallet is to open an account with a credit union. The fees are lower, and in some cases, they will waive some of those fees. When the time comes to get a loan, you will find out that they have lower interest rates than banks. 

Insurance


Consumers often pay too much for their insurance policies. This is especially true with car and home insurance. One reason you may have too much insurance is that there are specific types of coverage that are not needed, or the value of the policy is greater than the asset. One of the biggest issues with paying too much money is not getting quotes. People get into the habit of paying for insurance with the same company year after year, not realizing there may be a much better deal with someone else.

These ideas are only a few possibilities. You need to take a look at your own expenses and search for possible money burdens on your wallet. Making simple changes to your spending habits can make a big difference in the amount of money you can save.

Tuesday, April 1, 2014

Retirement Questions: Four Things You Need to Know About Annuities

retirement
retirement (Photo credit: 401(K) 2013)
There are so many questions most of us have about retirement, and often, we just push them to the backs of our minds and wish we didn't have to answer them. However, it's important to get prepared as soon as possible. Many looking to prepare for retirement don't know much about annuities, or even know that they exist. This is an important option that should be looked into. Annuities are forms of investments that provide investors monthly payments during retirement. It is important to learn about annuities before purchasing an investment contract. Find out as much as you can about this type of investment. You can learn more by asking the right questions from annuity providers to avoid making bad decisions.

1. Are there fees involved with Annuities?


While annuities are designed to provide investors with ways of creating regular payment during their retirement years, investors have to pay certain amounts of money to purchase annuity contracts. The fees charged for this type of investment vary and are determined by the insurance companies. Investors may have to pay different types of fees including mortality and administrative fees among others. When investing in annuities, research the fees and charges of different annuity providers to make an informed decision.

2. What type of investment is this?


Different types of annuity contracts are available for purchase including fixed, variable, and equity-indexed annuities among others. Fixed annuities offer fixed interest rates on retirement and fixed payment during retirement. Variable annuities offer investors greater control of their investment options. The returns of variable annuities are tied to investment returns of the annuities. Finally, equity indexed annuities are tied to financial indices.

3. How do Annuities affect Investors’ Financial Rating?


Many people view annuities as guaranteed investments. While this is true, the investment is guaranteed by insurance firms themselves. This means that investors have to choose insurance companies with good financial ratings.

Various tools can help investors compare insurance companies. Examples of such tools include financial ratings provided by reputable financial rating entities. These entities provide data on how companies are performing financially and whether investors should be worried about their retirement investments.

4. What Happens to your Money when you die?


Some annuities come with death benefits while others do not provide any form of death benefit for beneficiaries of deceased investors. People should find out if their annuity contracts obligate their insurance companies to pay their beneficiaries for a certain amount of time after they die.

Some annuity investments provide lump sum payments to beneficiaries upon the death of an investor. If an investor’s annuity contract does not have this provision, the insurance company will keep all the money paid in the investment if the investor died before using the money. This can have a significant impact on the financial status of the beneficiaries. Annuities become very important as you prepare to enter retirement. If you set up a fixed annuity now, you would be able to receive the benefits during your retirement period. Fixed annuities offer stability, guaranteed interest, and a set amount of money each year that those who get them can rely upon. It can be difficult to know what exactly is the best place to start with planning for retirement, and even then, it's tough to know what choices to make. Educating yourself more thoroughly on your options is a great place to start, and you should certainly look for answers to all your questions regarding annuities and retirement. Once you're satisfied you at least have an idea what your ultimate goals are, you should likely talk with a professional that can help you sort out how best to treat your personal finances now to be as well off during your retirement as possible. 

Information credit to PNW Annuities Services Seattle.

Six DIY Projects You Can Do At Home To Save You Money

In this age of rising costs, people are looking for ways to save money. There are certain services you may have paid for in the past, but you can save more by doing them at home yourself. Before you pay for another service, ask yourself if it’s something you can handle doing at home to save money and boost your financial position.

New Window Treatments


You don’t have to be a whiz on the sewing machine to make new curtains. You can actually buy fabric that you love and use nothing more than an iron and special no-sew ironing tape to create a hem. Next, attach wide ribbons to the top using the same iron-on adhesive. Make it a little more secure by sewing decorative buttons at the base of each tab, and you’ll be rewarded with sharp window treatments that cost a fraction of the money.

Weed Control


Rather than paying the professionals high fees to spray your yard with pesticides, do this yourself. There are attachments that you can hook to your own garden hose to spray herbicides on the lawn. You can also buy the spray bottles and just spot treat weeds as they rear their ugly heads. You’ll save money and keep your yard safer for your pets and children.

Car Repairs


Some repairs are best left to the professionals, but there are others that you can handle at home. While you may not know how to fix a transmission, replacing a damaged bumper isn’t nearly as difficult. When you need to replace one of your auto parts, start by finding what you need at 99 Truck Parts, which offers new and used selections. This allows you to save even more when you do the work yourself.

Lights and Plumbing Fixtures


You want a new light or kitchen faucet, but you dread the cost of hiring a professional. The good news is that you probably don’t have to hire someone for help. New lights and faucets usually come with directions for installing them. Remember to shut down the water or power to the fixture you’re working on, and prepare to change it out yourself to save money.

Paint


If you’re looking to change the colors around your home, remind yourself that it’s just paint. You’ll want to invest in some drop cloths, quality paint brushes and remover in case of accident. Move the roller slowly across the wall for the best paint distribution and smallest mess. It will take several hours of your time, but you’ll save a small fortune in labor. This is a great way to update the look of your home without having to pay for a costly remodel. 

Recycle


There are countless ways to recycle items around your home, and most of them will help you save money. Rather than going and buying a new bathroom vanity, learn how to turn an old dresser into a fantastic and unique vanity. Instead of buying candles, learn how to make your own from the kids’ old crayons. You can even make your own compost for fertilizing by saving your kitchen scraps and yard clippings.

There are plenty of DIY project you can do at home to save money. While some are more decorative, others will help you save money while keeping your home and car in top condition. Don’t be afraid to do it yourself and reduce your expenses at the same time.

Friday, March 28, 2014

Financial Debt management -- Tips and Benefits

If you are looking forward to get rid of the debts that you have build in the past you must take some steps to actually see things happening. You must manage your debt efficiently so that you could avoid the seriously bad effects that they could have on your financial future. The debt management plan in the US helps its people who have taken loans to restructure them in order to repay their loans on time and in an effective manner. If you make a clear plan on how you should manage your finances then you will get an approximate idea of the time that you may take to complete the repayment of the loan.

You should take a firm decision for your financial condition which may include your credit card debt also.

1. EVALUATE YOUR DEBT AMOUNT:


Before going through any repayment plan of your debt , you should get an exact idea of your finances. Combine all your debts and calculate the exact amount. Then calculate the exact amount of your monthly income and make an estimation of how much you can devote to your debt management plan.


2. CHECK THE FEES OF THE COMPANY


If you want any debt assistance then you should also be aware of the charges that these help may take . Some charge you with the reasonable amount while others charge you heavily for the , so before proceeding for any assistance you must first ask about the charges the company is asking for. 

3. THE REPUTATIONOF THE COMPANY


Before moving any further with your plan you must ensure that the company is worth trusting or not . You could find out, by going through the complaints and feedback of the previous customers. This will give you a rough idea whether to trust the company or not.

4. BENEFITS OF ENROLLING IN A DEBT MANAGEMENT PLAN


When your credit card accounts are given to the collection agencies and you start living in fear of your financial limitations. The debt management plan can be your saviour, it could act like a shelter in the mid- noon. Here are some advantages of the plan

5. OFFERS EXPERT HELP AND DEBT ADVICE:


Once you consult the debt consultants they will provide you with the best help that they could and can tell you some effective money management tips. These are experienced people and it is on the basis of the same that they offer solutions to people depending on the kind of situations they are facing.

6. REDUCES INTEREST RATE AND CHARGES:


The debt negotiators are trained in such a way that they could negotiate your debt drastically with your creditors. You could see the effective results as soon as the negotiation is done. With this you would have to pay low monthly instalments and you could get rid of the debt very soon. However, do not leave everything on the debt settlement agencies. Use your knowledge, contacts and the expertise to get a hang of your financials and taken an informed decision.

7. STOPS CREDITOR CALLS:


The debt negotiators will take the calls from your creditors. the debt management will help you to pay your instalments on time and in return the debt collectors will stop bothering you every now and then you could get the peace of your mind back and soon you will be able to pay back the cash loans no credit check.

The most important step towards getting a financial resolution to your debts is to know how they are poised. If you have multiple debts, you need to have a complete understanding of how they are going to impact your monthly and the payments your are required to make.


Join 1000's of People Following 50 Plus Finance
Real Time Web Analytics