The holiday season is upon us! This time of year can be stressful, especially if you overspend on gifts and and end up in debt. Use these tips to help you save money and get more out of your holiday spending.
Tip 1: Start shopping early.
Waiting until the last minute to do your shopping can blow your budget in a couple of ways. First, you might end up having to pay full price for gifts if you don't give yourself time to comparison shop and keep an eye out for deals. And second, if you do most of your shopping online, you’ll have to add on the cost of expedited shipping if you wait too long. So start your shopping early this year and give yourself time to look for deals and take advantage of free shipping!
Tip 2: Use your smartphone.
Shopping around for deals has never been easier thanks to technology! If you have a smartphone, apps like ShopSavvy, pic2shop, and Goodzer can help you comparison shop to make sure you’re getting the best price. By scanning the barcode on an item you can see if you can find it for less at another store nearby or online.
Tip 3: Avoid shopping with credit cards.
Studies have shown that people tend to spend up to 30% more when paying with credit cards as opposed to cash. To make sure you don’t blow your budget, decide ahead of time how much you’re going to spend for each person and carry cash when you shop.
Tip 4: Keep your receipts.
Not only will keeping the receipt help someone exchange or return a gift you give them, but it can also save you money. While you're doing your holiday shopping you might find that an item you bought has gone on sale shortly after your purchase. Most stores will refund you the difference if the purchase was made within a couple of weeks, so keep that receipt!
Tip 5: Give the gift of time.
Consider donating your time if you don’t have room in your budget for gift giving. Anyone with young children would probably appreciate you offering to babysit more than a gift anyway! If you’re handy, you can offer to help people with any unfinished projects around their home. And if you’re good with computers you can offer to help people fix their old computers or set up their new gadgets.
To learn more about our company - and find out how we are different from other financial advisors - call (210) 587-6433 or visit www.VannoyAdvisoryGroup.com.
Showing posts with label budgeting. Show all posts
Showing posts with label budgeting. Show all posts
Saturday, November 9, 2013
Tuesday, October 29, 2013
Tips For Saving Money And Spending Less
Smart consumers are always trying to find ways to stretch their dollars. After all, the first step of financial success is to live below your means! Follow these tips to help you find ways to save money, spend less, and improve your finances.
Tip 1: Deal With Your Debt
The place to start saving money is by dealing with money you’ve already spent. Overspending can lead to credit card balances, expensive personal loans, and other high-interest debt. Unless you develop a plan to pay off these debts - and then stick to that plan over time - the odds of paying them off aren't in your favor!
Set aside a specific dollar amount for debt repayment each month, and make sure this amount is above the minimums due on all of your debts. Pay the minimum due on each of your debts and then direct the remaining amount toward the debt you'd like to pay off first.
Paying extra toward the debt with the highest interest rate is the best way to go mathematically. But if you're dealing with multiple debts, starting with the debt with the lowest balance might be the best way to go since you'll start reducing the number of your outstanding debts faster.
Tip 2: Implement A Cooling-Off Period
Impulse purchases are a big reason why many of us overspend. Even if your spending habits don't lead to you having debt, they could still hurt you by taking away money that could be used for your financial goals.
One way to cut down on impulse purchases is by implementing cooling-off period. And remember it's not just big-ticket items like TVs, smartphones, and cars that can lead to trouble; smaller purchases add up quickly! Consider implementing a cooling-off period of a week or two before making purchases. Use this time to see how the purchase will affect your budget and to determine whether the purchase is a “need” or just a “want.”
Tip 3: Stick To A Shopping List
How many times have you gone to a store like Wal-Mart or Target for just a couple of items and come out with a cart full of stuff? Making a list before you go shopping – and sticking to it once you’re there – can help you spend less.
It also helps to go directly to the part of the store that has what you're looking for. Wondering around a store aimlessly or carefully going down every aisle are two great ways to end up buying things you don't really need!
Tip 4: Use Automatic Bill Pay
Late payment fees are expensive and can add up quickly. You can make sure you never miss a due date by setting up automatic bill pay for your credit cards, utility bills, phone bills, etc. Not only will this make sure you're never charged a late fee, but it will also free up some of your time.
Most banks offer automatic bill pay, or you could have your bills charged directly to your credit card. I prefer to have my bills charged to my card and then have my card automatically deduct the full statement balance from my checking account at the end of the billing cycle. That way I get reward points and only have to worry about one draft from my bank account each month.
Tip 5: Check For Recurring Charges
It’s easy to lose track of how much you’re paying for magazines, newspapers, credit monitoring services, video services like Netflix and Hulu, and other recurring subscriptions. So go through your bank statements and credit card bills to see what you’re paying for and determine whether or not it’s worth keeping.
To learn more about our company - and find out how we are different from other financial advisors - call (210) 587-6433 or visit www.VannoyAdvisoryGroup.com
Tip 1: Deal With Your Debt
The place to start saving money is by dealing with money you’ve already spent. Overspending can lead to credit card balances, expensive personal loans, and other high-interest debt. Unless you develop a plan to pay off these debts - and then stick to that plan over time - the odds of paying them off aren't in your favor!
Set aside a specific dollar amount for debt repayment each month, and make sure this amount is above the minimums due on all of your debts. Pay the minimum due on each of your debts and then direct the remaining amount toward the debt you'd like to pay off first.
Paying extra toward the debt with the highest interest rate is the best way to go mathematically. But if you're dealing with multiple debts, starting with the debt with the lowest balance might be the best way to go since you'll start reducing the number of your outstanding debts faster.
Tip 2: Implement A Cooling-Off Period
Impulse purchases are a big reason why many of us overspend. Even if your spending habits don't lead to you having debt, they could still hurt you by taking away money that could be used for your financial goals.
One way to cut down on impulse purchases is by implementing cooling-off period. And remember it's not just big-ticket items like TVs, smartphones, and cars that can lead to trouble; smaller purchases add up quickly! Consider implementing a cooling-off period of a week or two before making purchases. Use this time to see how the purchase will affect your budget and to determine whether the purchase is a “need” or just a “want.”
Tip 3: Stick To A Shopping List
How many times have you gone to a store like Wal-Mart or Target for just a couple of items and come out with a cart full of stuff? Making a list before you go shopping – and sticking to it once you’re there – can help you spend less.
It also helps to go directly to the part of the store that has what you're looking for. Wondering around a store aimlessly or carefully going down every aisle are two great ways to end up buying things you don't really need!
Tip 4: Use Automatic Bill Pay
Late payment fees are expensive and can add up quickly. You can make sure you never miss a due date by setting up automatic bill pay for your credit cards, utility bills, phone bills, etc. Not only will this make sure you're never charged a late fee, but it will also free up some of your time.
Most banks offer automatic bill pay, or you could have your bills charged directly to your credit card. I prefer to have my bills charged to my card and then have my card automatically deduct the full statement balance from my checking account at the end of the billing cycle. That way I get reward points and only have to worry about one draft from my bank account each month.
Tip 5: Check For Recurring Charges
It’s easy to lose track of how much you’re paying for magazines, newspapers, credit monitoring services, video services like Netflix and Hulu, and other recurring subscriptions. So go through your bank statements and credit card bills to see what you’re paying for and determine whether or not it’s worth keeping.
To learn more about our company - and find out how we are different from other financial advisors - call (210) 587-6433 or visit www.VannoyAdvisoryGroup.com
Monday, August 13, 2012
Money Saving Tips For Back To School Shopping
Tip 1 – Keep your school supplies list with you.
Always keep your school supplies list with you because you never know when you'll come across a bargain. Along with helping you take advantage of unexpected sales, keeping your list with you will help you avoid spending money on unnecessary supplies.
Tip 2 – Don’t shop too soon.
Waiting to shop for clothes until after school starts will give you an opportunity to take advantage of Labor Day coupons and sales. It will also give your child a chance to see what the other kids are wearing.
Tip 3 – Search online for coupons before hitting the stores.
Take a few minutes to do an internet search for coupons for the stores you’re planning to go to. You might be able to find better prices online, free shipping, or a coupon to print out and take to the store.
Tip 4 – Take advantage of tax-free shopping.
Texas allows for tax-free purchases of clothes, backpacks, and school supplies priced under $100 during the weekend of August 17-19. That will save you about $8 for every $100 you spend.
Tip 5 – Look around the house first.
Before you hit the stores, look around the house for extra pens, pencils, scissors, binders, and other supplies that are in good condition that your children can use. There's no reason to spend money on something you already have.
Tip 6 – Avoid buying lunches.
Making your child’s lunch will save a lot of money during the school year. When making lunches, you can save even more money by buying things like juices and chips in bulk and using reusable thermoses, plastic bags, and plastic containers.
Tip 7 – Don’t forget to add names.
Make sure you write your child’s name on his or her backpack, lunch bag, jacket, and other items to help you recover them if they get lost. This will save you from having to replace them.
To learn more about our company - and find out how we are different from other financial advisors - call (210) 587-6433 or visit www.VannoyAdvisoryGroup.com.
Always keep your school supplies list with you because you never know when you'll come across a bargain. Along with helping you take advantage of unexpected sales, keeping your list with you will help you avoid spending money on unnecessary supplies.
Tip 2 – Don’t shop too soon.
Waiting to shop for clothes until after school starts will give you an opportunity to take advantage of Labor Day coupons and sales. It will also give your child a chance to see what the other kids are wearing.
Tip 3 – Search online for coupons before hitting the stores.
Take a few minutes to do an internet search for coupons for the stores you’re planning to go to. You might be able to find better prices online, free shipping, or a coupon to print out and take to the store.
Tip 4 – Take advantage of tax-free shopping.
Texas allows for tax-free purchases of clothes, backpacks, and school supplies priced under $100 during the weekend of August 17-19. That will save you about $8 for every $100 you spend.
Tip 5 – Look around the house first.
Before you hit the stores, look around the house for extra pens, pencils, scissors, binders, and other supplies that are in good condition that your children can use. There's no reason to spend money on something you already have.
Tip 6 – Avoid buying lunches.
Making your child’s lunch will save a lot of money during the school year. When making lunches, you can save even more money by buying things like juices and chips in bulk and using reusable thermoses, plastic bags, and plastic containers.
Tip 7 – Don’t forget to add names.
Make sure you write your child’s name on his or her backpack, lunch bag, jacket, and other items to help you recover them if they get lost. This will save you from having to replace them.
To learn more about our company - and find out how we are different from other financial advisors - call (210) 587-6433 or visit www.VannoyAdvisoryGroup.com.
Sunday, April 22, 2012
Unique Ways to Gift Money to Children
My parents let me open a checking account when I was 15. I'm thankful they did because having that account - and having to balance my own checkbook and make sure I didn't bounce checks - helped me learn smart money habits at a young age.
Here are a few suggestions on how to turn a gift of money into a learning experience for your children.
1. Teach them good money habits by gifting money through a checking or savings account.
Setting up a checking or savings account is a great way to teach children how to balance a checkbook, budget, and the importance of saving for a rainy day. Parents of children that aren’t old enough to have individual accounts can open an account under their name and let their children treat it as if it were their own.
2. Turn college savings into a learning experience by gifting money through a 529 college savings plan.
Saving for college is something that most parents want to do for their children, so why not turn it into a learning experience? Children that understand bank accounts can relate to 529 plans as a “savings account" designed for a single goal: education. You can use a 529 plan to teach younger children about saving, and you can gradually bring them in on the investment selection process as they get older.
3. Help them get a head start on retirement by gifting money through a Roth IRA.
While it might be tough to convince a teenager to invest part of his or her paycheck, there isn’t a requirement that IRA contributions have to come from your child's earnings. As long as they have earned income, you can make the contribution for them up to the maximum they are eligible to contribute. This is a great way for kids to learn about investing and will give them a huge head start on their retirement.
4. Help them save by gifting money through a custodial account.
If you want to gift money to your child, but don’t want to dedicate it toward a specific goal like college or retirement, a UGMA or UTMA custodial account is a great option. These accounts are available at most financial institutions and allow the custodian – usually a parent – to maintain control of the assets until the child turns the age of majority, which is18 for UGMA accounts and 21 for UTMA in Texas.
To learn more about our company - and find out how we are different from other financial advisors - call (210) 587-6433 or visit www.VannoyAdvisoryGroup.com.
Here are a few suggestions on how to turn a gift of money into a learning experience for your children.
1. Teach them good money habits by gifting money through a checking or savings account.
Setting up a checking or savings account is a great way to teach children how to balance a checkbook, budget, and the importance of saving for a rainy day. Parents of children that aren’t old enough to have individual accounts can open an account under their name and let their children treat it as if it were their own.
2. Turn college savings into a learning experience by gifting money through a 529 college savings plan.
Saving for college is something that most parents want to do for their children, so why not turn it into a learning experience? Children that understand bank accounts can relate to 529 plans as a “savings account" designed for a single goal: education. You can use a 529 plan to teach younger children about saving, and you can gradually bring them in on the investment selection process as they get older.
3. Help them get a head start on retirement by gifting money through a Roth IRA.
While it might be tough to convince a teenager to invest part of his or her paycheck, there isn’t a requirement that IRA contributions have to come from your child's earnings. As long as they have earned income, you can make the contribution for them up to the maximum they are eligible to contribute. This is a great way for kids to learn about investing and will give them a huge head start on their retirement.
4. Help them save by gifting money through a custodial account.
If you want to gift money to your child, but don’t want to dedicate it toward a specific goal like college or retirement, a UGMA or UTMA custodial account is a great option. These accounts are available at most financial institutions and allow the custodian – usually a parent – to maintain control of the assets until the child turns the age of majority, which is18 for UGMA accounts and 21 for UTMA in Texas.
To learn more about our company - and find out how we are different from other financial advisors - call (210) 587-6433 or visit www.VannoyAdvisoryGroup.com.
Wednesday, July 13, 2011
Mid-Year Financial Tips
My wife and I are huge baseball fans, and as such, the All Star Game marks the middle of summer and hence the middle of the year for us. Now that the All Star Game is over (Go National League!), it's a great time to review your finances and make midyear adjustments as needed.
Check your retirement plan contributions
If you have a retirement plan like a 401(k) or a 403(b) through your work, take time to review how much you’re contributing. Start making contributions if you haven’t started yet. And if you are contributing, make sure you're contributing enough to get the full match offered by your employer. (Repeat after me: Never turn down free money!)
The 401(k) and 403(b) contribution limit for 2011 is $16,500, or $22,000 if you're age 50 or older. This limit applies to your contribution, so your employer's match is on top of this amount.
Check your IRA contributions
Anyone with earned income is eligible to make contributions to an IRA. Contributions to a Traditional IRA are tax-deductible when made and taxable when withdrawn. Contributions to a Roth IRA aren't deductible but withdrawals are tax-free. Pairing after-tax Roth IRA contributions with pre-tax 401(k) or 403(b) contributions is a great way to balance current and future taxes.
The IRA contribution limit for 2011 is $5,000, or $6,000 if you're age 50 or older. You have until April 15, 2012 to make a contribution for 2011.
Check your portfolio allocations
The recommended mix of stocks and bonds for your portfolio will depend on things like your age, time horizon, and risk tolerance. But whatever your ideal mix is, your actual allocations will vary over time due to market fluctuations.
Rebalancing your portfolio back to your ideal allocation helps manage risk since it forces you to "sell high" (i.e. decrease exposure to investments that have gone up) and "buy low" (i.e. increase exposure to assets that have gone down).
Evaluate your estimated tax situation
Do you normally receive a large tax refund? Then you should consider changing your withholding to have less money withheld throughout the second half of the year. On the other hand, if you usually owe money at tax time, then you could increase your withholding to avoid having to write out a check to Uncle Sam next year.
Since taxes can be complicated - and penalties incredibly steep if you make mistakes - consider having a CPA or EA review your situation and make recommendations.
Start budgeting for the holidays
It’s no secret that the holiday season can strain our budgets. By starting to plan for now for the expenses associated with travel and gift giving at the end of the year you can avoid getting yourself into financial trouble. You can use www.bankrate.com to find a great high-yield savings account for your holiday savings fund.
To learn more about our company - and find out how we are different from other financial advisors - call (210) 587-6433 or visit www.VannoyAdvisoryGroup.com
Check your retirement plan contributions
If you have a retirement plan like a 401(k) or a 403(b) through your work, take time to review how much you’re contributing. Start making contributions if you haven’t started yet. And if you are contributing, make sure you're contributing enough to get the full match offered by your employer. (Repeat after me: Never turn down free money!)
The 401(k) and 403(b) contribution limit for 2011 is $16,500, or $22,000 if you're age 50 or older. This limit applies to your contribution, so your employer's match is on top of this amount.
Check your IRA contributions
Anyone with earned income is eligible to make contributions to an IRA. Contributions to a Traditional IRA are tax-deductible when made and taxable when withdrawn. Contributions to a Roth IRA aren't deductible but withdrawals are tax-free. Pairing after-tax Roth IRA contributions with pre-tax 401(k) or 403(b) contributions is a great way to balance current and future taxes.
The IRA contribution limit for 2011 is $5,000, or $6,000 if you're age 50 or older. You have until April 15, 2012 to make a contribution for 2011.
Check your portfolio allocations
The recommended mix of stocks and bonds for your portfolio will depend on things like your age, time horizon, and risk tolerance. But whatever your ideal mix is, your actual allocations will vary over time due to market fluctuations.
Rebalancing your portfolio back to your ideal allocation helps manage risk since it forces you to "sell high" (i.e. decrease exposure to investments that have gone up) and "buy low" (i.e. increase exposure to assets that have gone down).
Evaluate your estimated tax situation
Do you normally receive a large tax refund? Then you should consider changing your withholding to have less money withheld throughout the second half of the year. On the other hand, if you usually owe money at tax time, then you could increase your withholding to avoid having to write out a check to Uncle Sam next year.
Since taxes can be complicated - and penalties incredibly steep if you make mistakes - consider having a CPA or EA review your situation and make recommendations.
Start budgeting for the holidays
It’s no secret that the holiday season can strain our budgets. By starting to plan for now for the expenses associated with travel and gift giving at the end of the year you can avoid getting yourself into financial trouble. You can use www.bankrate.com to find a great high-yield savings account for your holiday savings fund.
To learn more about our company - and find out how we are different from other financial advisors - call (210) 587-6433 or visit www.VannoyAdvisoryGroup.com
Subscribe to:
Posts (Atom)