Tag Archive for: Money Matters

save money

Save on Summer Bills

save moneySummer is a great time to plan vacations, socialize with friends, and, most of all, go outside. Days are prolonged and hot. And, as a result, electricity and utility bills increase. The following are tips to save money this summer.

Fans

A/C units can drive up electricity bills significantly. Fans are an easy way to counteract that. If you must use an A/C, have a fan on at the same time to spread the cool air quickly. Then turn off the A/C unit when the house is cool. Even if you leave the fan on at this point, you’ll be using much less electricity with the A/C off.

Electricity Spikes

When you are using electricity—by running your A/C or dishwasher—think about what time of day it is. At peak use times, the cost of electricity is more than at low use times. Try running that dishwasher as you sleep, for instance, that way it’s not competing electricity at peak use time.

Go Outside

It’s a nice day. You’re hungry. Don’t turn on the oven. Fire up the grill! Save on gas or electricity by grilling during the summer. But you don’t have to fire up anything, really. When you’re hungry, eat in-season fruits or vegetables. Just fix a salad and enjoy! Most of all, enjoy the summer.

Power Strip

Your smart television uses electricity even when it’s off if it’s plugged in. So does your toaster, coffee maker, and iPhone when it has 100% battery! Get a few power strips and connect all irregular use items to it. That way you can switch them all off at once when they’re not in use.

Save money this summer by taking advantage of the season and taking steps to preserve electricity use. There are many more ways to save money. Let us know how you cut back this summer by telling us on Facebook!

2 Budget Breaking Habits

2 Budget Breaking Habits

2 Budget Breaking HabitsBudgeting allows you to buy the things you need now while saving for the future. It’s important that the habits you develop on the go don’t break your budget. Identifying whether you have these habits may save your money and your budget.

Savings

If there is a single reason to budget, it’s probably to save for the future. Having a savings account is a crucial step in this process. And, with some banks, you can link your savings to your debit card to protect you from overdraft fees and charges.

But more importantly, the purpose of savings is to save your money. So transferring money from your savings too often is a budget breaking habit. One way to ditch this habit is to exclude the money in your savings from your monthly planning. Don’t even consider it as a backup, in case you need more money for the month. Just let it sit in savings, indefinitely, collecting interest.

Smaller Purchases

A Starbucks coffee. A lunch from that restaurant at work. A video game. Another coffee from Starbucks. A shirt. Dinner from Little Caesars. These purchases add up. Pretty soon you could spend $50 to $100 in a day without noticing.

Purchasing on the go without accounting for it in your budget is a budget breaking habit. When you’re creating your budget, apportion money, weekly or daily, for small, miscellaneous purchases. This should allow some wiggle room for coffees and, maybe once in a while, a pizza. But whatever you do, don’t buy something if you haven’t accounted for it in your budget. That way, you’ll always be safe.

Conclusion

Creating a budget is an important step toward creating a better future for yourself. It’s an easy way to plan ahead and save. It’s also a stress-free way of enjoying yourself in the present: because you know that bill a month from now will be paid off with the money you’ve set aside for it. But a budget won’t work if you develop bad habits. If you have them, break these two habits, or they will break your budget.

renters insurance benefits

The Benefits of Renters Insurance

Rentersrenters insurance benefits insurance may seem like another unneeded expense. But it actually covers more than many people realize. And its benefits far outweigh its cost.

Cost

The average renters insurance is about $15-$30 a month. That’s as much as buying a Starbucks coffee four times a month. That’s it. It’s about a dollar per day or less.

Coverage

Your landlord’s insurance doesn’t cover everything, like your own possessions. Renters insurance typically covers your property when it’s stolen by thieves or damaged by disasters. Be sure to photograph your possessions and take inventory of everything you’d want replaced if the unexpected happened. This will speed up the process should anything occur. Plus it’ll give you peace of mind. In a time of misfortune, the last thing you’ll want to do is count up all the things you lost.

Protection

It may protect you if somebody gets hurt at your property. Accidents happen, especially in the winter months when ice accumulates. If you are legally responsible for a guest’s injury, renters insurance may help pay the bills.

But it doesn’t only cover injuries and possessions. A dead tree limb can significantly damage your roof. If your house is uninhabitable due to damage, renters insurance could pick up the bill for your living expenses during repair time. Make sure you’re covered.

tree in light bulb

4 Ways to Save Energy and Money

Untitled-1Saving energy can translate into big savings in your wallet. Here are 4 easy, cost-effective ways to save energy and money.

Use Power Strips

Yes, your phone charger does consume electricity, even if you aren’t using it. And your television. And your lamp. This “phantom load,” according to the EPA, can cost the average home about $100. Try to plug all these objects into the same power strip. Then you can just switch it on and off without unplugging any cords.

Change Lightbulbs

Lighting represents about 11% of your home’s energy bill. By replacing incandescent, old lightbulbs with CFLs or LEDs, you can save up to 75% on your annual lighting bill. You could save that money up for a new fuel efficient car.

Change Shower head

The typical shower head flow rate is about 4 gallons per minute (if your home is older than 1980, it could be above 5 gallons per minute). For a ten minute shower, that amounts to 40 gallons of water! However, by installing a low-flow shower head, the flow rate could drop from 2.5 gallons per minute to as low as .75 gallons. That’s about 25 gallons of water compared to 40 gallons per ten-minute shower.

Toilet Tank Hack

Toilets use anywhere from 3.6 gallons of water per flush to 1.6 gallons. A quick, cost-effective way to reduce toilet water consumption is by filling up an old 2-liter bottle, or one-gallon jug, with gravel or sand and placing it in the toilet tank. That’ll save you at least a gallon of water per flush. Think about how many times the toilet is flushed per day.

Saving energy doesn’t have to break your bank. In fact, it can put more money in your pocket. Try out these energy-saving tips and let us know other ways you save energy!

the advantages of renting

The Advantages of Renting

the advantages of rentingDeciding between renting an apartment and buying a house? Of course, buying a home gives the stability of a mortgage. And renting a house or apartment allows for tremendous flexibility of location and residency duration. But there must be more, right? Is flexibility the only reason to rent?

Many pro-and-con lists are created for this type of decision. Realtor.Com has a convincing video for the pros of renting. For example, if you rent, you may have access to amenities that, as a homeowner, would not typically be in your reach. Similarly, renters often do not make home repairs. Rather, property managers and landlords take care of them. What renters lack in ownership they gain in freedom. If you don’t like your neighborhood, feel an itch to move, or want to explore the world, renting is a good option for flexible people. Leases aren’t mortgages. With renting, you aren’t locked in for 30 years.

The Khan Academy has published a video on the difference, mathematically, between renting and buying. They challenge the notion that “buying is always better than renting.” Many people have also challenged the claim. If you haven’t heard, renting is on the up-and-up. According to Appfolio.Com, “2 million new renter-occupied households were added in 2014, while the number of owner-occupied households decreased by more than 350,000.”

Renting has many appeals, from communal living to practically maintenance-free appliances. And renters don’t need to acquire realtors. Many apartment complexes have their own websites. If websites are the “For Rent” signs of the internet, you no longer need to drive milest Utilizing the tool ApartmentsForUs.Com proves the many advantages renters have over traditional home buyers because of the rise of digital marketing.

Amenities are an often overlooked but important aspect of renting a unit in an apartment complex. If you buy a house, not many conveniences are included. Gyms typically require a $30-$50 a month payment plan. You may have to drive to a far location to play tennis or basketball, or swim. And, almost certainly, your home will not come with a playground. Imagine all these expenses as monthly fees in addition to your mortgage. However, many apartment complexes include such amenities and more.

The last thing you want, after closing a house for hundreds of thousands of dollars, is to hear your water heater or roof leaks, and your foundation is shifting, etc. With renting, you have nothing to fear. Everyday maintenance issues are taken care of by property owners or landlords. Furthermore, you may wake up to an upgraded Wi-Fi network, new central air unit, or a renovated carpeted hallway.

The decision to rent or buy is one of the more important decisions you’ll have to make. The worst thing to do is listen to clichés. As we have seen, renting isn’t just for people who want flexible living arrangements. There are reasons to rent long-term.  It is not accidental that rental properties are thriving.

 

Photo credit: frankieleon via Foter.com / CC BY

apartment exterior

Why You Should Rent

Blog1-830x1030If you haven’t heard, renting is on the up-and-up. According to Appfolio.Com, “2 million new renter-occupied households were added in 2014, while the number of owner-occupied households decreased by more than 350,000.” But why?

The decision to rent or buy forces a common gridlock, “If I rent, I can move when the lease is over. But if I buy, then I can probably pay lower monthly payments.” Yet both renting and buying are more than monthly payments and lease dates.

For example, homeowners have the privilege of ownership. But with great privilege comes great responsibility. Maintenance is the homeowner’s duty, on top of home insurance, property taxes, and other home owner fees.  Sure, the monthly mortgage payments are low, but you’ll have many unexpected and inbuilt fees.

On the other hand, if you rent, you may have access to amenities that, as a home owner, you would not. You could have access to a 24 hour gym, bark park, and pool. Similarly, you won’t have to repair leaky faucets or clogged drains. Apartment complexes take care of maintenance. Another key advantage to renting is location. Most large cities don’t have room for houses. An apartment building fits the same lot space but, with tall, multi-unit designs, houses more people.

Renting has many appeals, from communal living to basically maintenance-free living. It is not accidental that rental properties are thriving: the numbers don’t lie.