Tag: money

Make It a Green Winter With These Energy-Saving Tips

November 1, 2018MBEhleAdvice, DIY

Conserving energy is a great way to protect the planet and save money. While energy bills might be highest in summer thanks to air conditioning units, certain factors around a house can make winter more wasteful and costly than it needs to be.

Energy bills are influenced by a variety of factors, including geography and how energy-efficient a home is. For example, according to data from the U.S. Energy Information Administration, the average monthly utility bill in Connecticut in 2015 was $153.13, while New Mexico residents paid slightly more than half that amount ($79.23) on average. Homeowners cannot control winter weather, which can greatly affect how much energy homeowners consume between December and March.

However, there are other ways for homeowners to curtail their energy consumption and save money throughout winter.

Address any leaks or drafts

Drafty windows and doorways can make the air inside homes feel warmer in the summer and colder in the winter. As autumn weather grows colder, homeowners can perform simple inspections around windows and doorways to determine if they have any leaks. On a cold and/or windy day, place a hand near all windows and doors to feel if there are any leaks. Use caulk or another type of sealant to address leaks so you can keep cold air out and set your thermostat to a reasonable, eco-friendly temperature.

Inspect air vents, faucets and plumbing fixtures

Air vents, faucets and plumbing fixtures attached to exterior walls should be inspected for leaks. Such inspections might need to be conducted from outside the home, which can make it more difficult to detect if cold air is entering the home. Look for gaps in the insulation around these areas, filling in those gaps as necessary.

Inspect heating systems at the start of each new season

According to EnergyStar.gov, heating systems account for 29 percent of the average homeowner’s energy expenditures. Inspect your heating or HVAC system before the start of winter, making sure all gas or oil connections are operating properly. EnergyStar.gov notes that dirty burners and cracked heat exchangers can cause heating units to operate less efficiently and may even pose a safety risk. Inspect the air filter of the heating system at least once per month, as filters can quickly become dirty during a heavy-use season like winter. Dirty filters cause the system to work harder to keep a home warm, unnecessarily wasting energy as a result.

Install a Wi-fi enabled programmable thermostat

Some programmable thermostats can be very difficult to use effectively, making it far too difficult if not impossible for homeowners to set their thermostats for various temperatures in a single day. Wi-fi enabled programmable thermostats that allow homeowners to control their heating and cooling systems via their smartphones can be more user-friendly than many other programmable thermostats, ensuring homeowners are saving money and not wasting energy heating empty homes.

Winter utility bills can be costly, but homeowners can reduce their cold weather energy consumption in various ways without sacrificing comfort.

How College Kids Can Save When Dining Out

August 9, 2018MBEhleAdvice, Entertainment, Food, Shopping

Dining halls may be the eatery of choice for college students, but that does not mean students don’t enjoy dining out. Tight budgets may make it difficult for some to dine out very often, but there are various ways for students to make dining out more affordable.

Take advantage of your student status.

Many restaurants in the vicinity of college campuses offer student discounts to patrons who present their college identification cards to their servers or cashiers. Students who patronize such restaurants can save substantial amounts of money.

Look for discount nights.

Just like many college-area restaurants offer discounts to customers who present their student ID cards, others may host discount nights when certain items on their menus are offered at substantially discounted prices. Such discounts are traditionally offered on nights that would otherwise be slow nights for restaurants. Mondays, Tuesdays and Wednesdays tend to be slow nights for many establishments, and students might be able to find great meal deals on these nights.

Abstain from alcohol.

College students who are of legal drinking age can save money on date nights by abstaining from alcohol. A bottle of wine tends to be considerably more expensive in a restaurant than it would be if customers were to purchase the same bottle at a nearby liquor store. College students who still want to enjoy a drink during their next dinner out can save money by visiting BYOB restaurants.

Embrace food sharing.

Some restaurants offer food sharing or “family style” options to parties that exceed certain sizes. This can be a great way for college students to dine out and save money, as the cost per person might be less when sharing plates than it would be when each person is paying for his or her own entrée.

Tight budgets may prevent college students from dining out too often, but various saving strategies can make dining out more affordable for college students.

How to Save Money on Vacation

May 4, 2017MBEhleAdvice, Coupons, Saving, Summer, Travel

“Travel can be expensive, but savings are possible when travelers know where to look.”

Going on vacation often means throwing a little caution to the wind and indulging here and there on purchases or experiences a person wouldn’t normally make at home. According to a 2015 CBS News poll, the average American is entitled to 16 days of paid leave each year, and the average Canadian worker 19 days. Such time off is an opportunity to fit lots of fun into a relatively short period of time. Frugal travelers may want to be sure they’re spending their hard-earned money in the smartest ways. Traveling without breaking the bank enables the average person to take more vacations and continue to make invaluable memories. Here are some suggestions on making a getaway, whether it involves lots of traveling or staying close to home, more affordable.

Be flexible.

Travelers who are flexible in their departure dates and times can usually find great rates because they have the ability to shop price instead of date. Various airline websites and travel discount services show the average flight prices across several days. Frugal fliers can select the lowest price. The same can be true when booking hotels and other vacation components.

Pack light.

Many airlines now charge extra for baggage fees — especially for suitcases that exceed the weight limit — so don’t bring along unnecessary items. Hotels typically provide toiletries for free, so save space and money by removing such items from your luggage. Chances are if you didn’t pack an item, you can still find an affordable alternative at your destination.

Use coupons.

Coupons aren’t only for getting cents off your favorite brand of tissue at the supermarket. Coupons and discount codes are available for just about any purchase — even vacations. Check all travel websites to see if there are any deals to be had. Don’t overlook discounts related to your membership in clubs such as AAA or AARP or those linked to your alumni or military organization. According to RetailMeNot, having a social media account can help, too. Travel deal sites and airlines may post about flash sales.

Plan meals.

Look into economical restaurants before departing. Know where you’ll be eating and when, including packing a lunch or enjoying a hotel-provided breakfast. Enjoying a big lunch can be more frugal than indulging on dinner.

Rent small.

If renting a car, choose the smallest model that will fit your needs. In addition, there’s no need to pay for a large room that you don’t plan to spend much time in, so resist the temptation to book large hotel rooms.

Consider public transportation.

Investigate the public transportation options at your destination. Such options may not be as convenient as taxis, but they may be more economical.

Book based on currency.

Stay abreast of currency exchange rates. Such rates can make a big difference in choosing a destination, particularly if your money will be worth more internationally. Also, try booking a vacation through the local country’s version of the same travel site.

Skip tourist hotspots.

Talk to the locals to find out where to get the best deals. Try local foods, brews and more for a cost savings. Travel can be expensive, but savings are possible when travelers know where to look.

How to Save Money on Everyday Expenses

May 1, 2017MBEhleAdvice, DIY, Food, Saving

Saving money on everyday expenses is a goal for many adults. Certain expenses, such as loan payments, may be more difficult to pare down than others. But there are ways adults can save on everyday expenses without drastically overhauling their daily routines.

Transportation

Transportation is a significant expense for many adults. The Federal Highway Administration notes that the average American family devotes 19 percent of its monthly budget to transportation costs, while Statistics Canada points out that Canadian families spent slightly less than $12,000 on average on transportation in 2014. A 2011 report from the American Public Transportation Association found individuals who ride public transportation can save more than $10,000 annually. That figure is closely tied to fuel costs, but even when fuel costs are low, adults can still save substantial amounts of money by utilizing pubic transportation instead of driving themselves to work every day.

Even adults who live in auto dependent exurbs, where families devote 25 percent of their monthly budgets to transportation costs, can save by carpooling to work, which allows commuters to split fuel and toll costs while also reducing wear and tear on their vehicles. That reduced wear and tear will add years to a vehicle’s life, saving auto owners money as a result.

Food

Food is another daily expense where many adults can likely save some money. A 2013 survey from Visa found that the average person goes out for lunch twice per week, spending $10 each time. That adds up to more than $1,000 annually. By bringing their own lunches to work, working professionals can save hundreds of dollars per year. In addition to the financial benefits of brown-bagging lunches, adults can reap nutritional rewards by packing healthy meals for themselves. Men and women who eat out for lunch each day will have to eat whatever the eateries near their offices have to offer, whether those offerings are healthy or not. Individuals also can save more money by bringing their own coffee to work each day rather than relying on coffee shops to satisfy their morning java fix.

Entertainment

Entertainment is another area where many adults can likely save money. NBC News reported in 2015 that the average cable bill was $99 per month, and that was before 2016 rate increases were announced by a host of providers, including DirecTV, Dish Network and Time Warner Cable. Streaming services such as Netflix ($9.99 per month), Amazon Prime ($99 per year) and Hulu Plus ($7.99) combine to cost a fraction of that figure, and such services continue to increase their offerings. Adults interested in trimming their daily expenses can access all three services for less than $320 per year, or a little more than three months’ worth of cable bills.

Reducing everyday expenses is a goal for many adults, and doing so is simpler than men and women may know.

Coupon Tips for Deal-Seekers

February 22, 2017MBEhleAdvice, Coupons, Saving

Although many people will not go to extremes when using coupons, when used wisely, such discounts can help save a good deal of money.

Coupons can help people, and parents in particular, save substantial amounts of money. While television shows have documented the efforts of people who take coupon usage to the extreme, many shoppers simply want to earn modest savings on their grocery bills, recognizing that saving a few dollars here or there can add up to significant savings over time.

But even if you have no desire to spend hours on end hunting down the best deals, there are some ways to make the best use of coupons without taking up much of your time.

Understand stores’ coupon policies
Begin by researching if stores you frequent have restrictions on coupon usage. Some stores will double the value of coupons and others will not. Stores may set limits on the number of coupons one register can process or how many coupons a particular shopper can use at one time. It may be possible to use two different coupons for the same item, provided one is a manufacturer’s coupon and the other is store-based. The more you know about the coupon policies at your favorite stores, the more likely you are to use those policies to your advantage.

Get Organized
Using coupons effectively requires some organization. Develop a system for categorizing coupons by type or expiration date, which should ensure you don’t miss out on discounts because you lost coupons of they have expired.

Subscribe to several newspapers and coupon websites
Newspapers and store circulars are still great resources for coupons, so subscribe to your local newspaper, which likely still includes inserts advertising the latest sales and coupons. You also can subscribe to coupon websites, many of which are free and deliver coupons to subscribers’ email inboxes on a daily or weekly basis.

Consider a coupon-clipping service
A coupon service will clip coupons for you and send them to you for a fee. This enables you to collect coupons from various regions where coupon values may be higher than where you live.

Join a store loyalty program
Those cards supermarkets and other stores scan at checkout do more than just track your purchases. They typically entitle members to discounts that other shoppers are not privy to. These discounts come off the bill automatically, saving you time and money. Furthermore, being part of a store loyalty program may entitle you to emails or other advertisements on special sales not open to the general public.

Learn how to stack coupons with store sales
Many blogs tell you which stores are running sales and how they compare to coupons in recent newspapers and circulars. This enables you to not only get the sale price on a particular item but also earn the coupon discount. This is a good way to save even more money.

Get to know the standard prices of products
The only way to know if a coupon is a good deal is to be familiar with the going rate of the products you buy on a regular basis. When visiting the grocery store, make a note of how much your favorite items cost at full price. This way you will know when a sale is truly a sale.

Be prepared to stock up
Some of the best deals to be had involve buy one get one free, deals which are often referred to as “BOGO” or “B1G1.” When such deals can be combined with a coupon, the savings are substantial. Set aside a rack or area of the home for stockpiling your BOGO purchases.

Don’t forget about paperless coupons.
Paperless coupons, or ecoupons, are often linked to store loyalty programs. Many ecoupon services require shoppers to sign up online and provide some basic information about themselves. When you go to check out at the store, you will swipe your customer card and any available ecoupons will automatically be deducted from your purchase. Ecoupons are usually redeemed at face value and cannot be doubled or shared.

Try competitors’ coupons, too
Some stores will honor coupons from their competition. If one supermarket is offering a particular BOGO deal, clip the coupon and bring it to your local store to see if they will match the discount.

This article sponsored by:

Understanding Health Savings Accounts

January 25, 2017MBEhleAdvice, Healthy

Navigating health insurance plans can be confusing. One health insurance product that’s relatively easy to understand is a health savings account, or HSA. This type of account can help account holders save money on the costs associated with their healthcare.

What is an HSA?

HSAs are like any other savings account, except they can be used for medical, vision and dental expenses. HSAs are tax-advantaged, meaning that income can be deposited into an HSA before it is taxed. HSAs can only be opened and used in conjunction with a high-deductible health insurance plan, or those with a deductible of at least $1,300 for an individual or $2,600 for a family.

HSA details and eligibility requirements

Although HSAs have contribution limits, they’re advantageous in that the savings accumulated can be used to pay for noncovered, qualified medical expenses, such as copays, vision and dental care and even deductibles.

HSAs may be established through an employer-sponsored insurance plan or through a bank or other financial institution. To qualify, a person must be under the age of 65 and have a high-deducible health insurance plan.

What are the advantages and disadvantages of HSAs?

There are advantages and disadvantages to HSAs. HSA account holders can control how their saved money is spent, and there’s no risk of losing the money at the end of the year because it rolls over. Taxes are not paid on money going into the HSA. In addition, employers can contribute to HSAs, and account holders do not lose their balances when they change jobs.

Disadvantages include the challenge of setting aside money to put into the HSA, especially if finances are tight. One who has certain medical situations that are urgent may find that budgeting for an HSA is impractical.

A retirement saving vehicle

In addition to the other benefits mentioned, HSAs can be used as a way to invest in retirement. The resource NerdWallet, which offers financial tools and objective advice to help people understand their options and make the best possible decisions, says an HSA is a good retirement savings option, especially for high-income earners who can’t make deductible contributions to a traditional IRA or any contributions to a Roth IRA. HSAs can help offset healthcare costs and even help with long-term financial planning.

This article sponsored by:

Get a Head-Start on Tax Season

January 19, 2017MBEhleAdvice, Organize, Saving

While the deadline to file returns may be several months away, getting a head-start allows men and women the chance to organize their tax documents so they aren’t racing against a deadline come April. The following are a handful of ways to start preparing for your returns now.

The dawn of a new calendar year often marks the end of the sometimes hectic holiday season. This time of year marks a return to normalcy for many families, as the kids go back to school and parents return to work.

The beginning of January also serves as a great time to start preparing for tax season. While the deadline to file returns may be several months away, getting a head-start allows men and women the chance to organize their tax documents so they aren’t racing against a deadline come April.

Ways to Start Preparing for your Returns Now

Find last year’s return. You will need information from last year’s return in order to file this year, so find last year’s return and print it out if you plan to hire a professional to work on your return.

Gather dependents’ information. While you might know your own Social Security number by heart, if you have dependents, you’re going to need their information as well. New parents or adults who started serving as their elderly parents’ primary caretakers over the last year will need their kids’ and their folks’ social security numbers. If you do not have these numbers upon filing, your return will likely be delayed and you might even be denied potentially substantial tax credits.

Gather your year-end financial statements. If you spent the last year investing, then you will have to pay taxes on any interest earned. Interest earned on the majority of savings accounts is also taxable, so gather all of your year-end financial statements from your assorted accounts in one place. Doing so will make filing your return, whether you do it yourself or work with a professional, go more quickly.

Speak with your mortgage lender. Homeowners should receive forms documenting their mortgage interest payments for the last year, as the money paid in interest on your home or homes is tax deductible. If these forms are not received in a timely manner, speak with your lender. You might even be able to download them from your lender’s secure website.

Make a list of your charitable contributions. Charitable contributions, no matter how small, are tax deductible. While it’s easiest to maintain a list of all charitable donations you make as the year goes on, if you have not done that, then you can make one now. Look for receipts of all contributions, contacting any charities you donated to if you misplaced any receipts.

Book an appointment with your tax preparation specialist now. As April 15 draws closer, tax preparers’ schedules get busier and busier. The earlier you book your appointment, the more likely you are to get a favorable time for that meeting. In addition, if you have gathered all of the information you need by early February, then booking your appointment early means you can file earlier and receive any return you might be eligible for that much quicker.

This article sponsored by:

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

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.

[LP143950]