Browsing Category: "Budgeting"
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There isn’t a driver in America right now who doesn’t cringe a little every time they drive up to the pump, I don’t care what you drive. So, in this world of daily rising fuel costs, tracking your gas consumption is a necessity if you want to ever see any relief from the pain. Enter FuelFrog, a new web application that launched last week, which aims to make tracking your gas mileage and consumption easier and thus (hopefully) eventually lower your bills.
FuelFrog is hugely simple, and incredibly useful which tons of potential. After each fill up, users enter their miles traveled since the last fill, the price paid, and the amount of gasoline in gallons. Then, over time, FuelFrog will track and graph your fuel consumption data so you can do things like identify trends in gas prices in your area, see how fuel efficient your car is, how much you’re driving, and how much you’re spending. Second Pixel (FuelFrog’s parent company) co-founder David Rasch said in a press release,
“We’re paying more attention to our impact on the environment today than we ever have before and FuelFrog is making it easier to track fuel consumption and the impact, not only on our wallets, but on the environment”.
Information can be entered via the web, or via Twitter (and, if you’re a Twitter user, go ahead and follow me here and Nate here), which means that you can log your fuel data immediately after filling up via your mobile phone.
For what its worth, FuelFrog also plans to give users access to aggregated data from other users, allowing you to compare your vehicle’s fuel consumption against another make and model, for instance, or your city’s average gas prices to those in another area.
Click here to check out FuelFrog for yourself.
Source: “FuelFrog: Track Your Gas Mileage” [ReadWriteWeb]
Popularity: 6% [?]
For those of you who will be still in school next year, or will be returning to school, 2008-2009 could prove to be a difficult year to get student loans. With the credit bubble bursting many loan providers are closing their doors or doing some belt tightening, which can mean you are left searching for a new loan provider.
According to Mark Kantrowitz of Finaid.org, “Pennsylvania’s higher-ed agency last month suspended their student lending. Numerous other private sources have exited as well, due to a profit squeeze.”
While not every lender is bailing out of the student loan game (for example Federal Stafford and PLUS loans will still be available), many are tightening their standards. Where in previous years a credit score of 620 for the student or cosigner was needed, that may be getting raised to 650 this coming year. What does this mean for you then?
As reported in a recent Newsweek article “Sallie Mae, the nation’s largest lender, might turn you down if you have a high debt load or your school has a high dropout rate. [Families] should call your school right now and see if your usual lender is providing funds. If not, start the hunt for other sources. You don’t want to be scrounging during the week before tuition is due.”
There are some other options as well, and as with all money matters it pays to shop around and see what kind of rates you can get elsewhere. Stafford loans carry a maximum percentage of 6.8%, which will be reduced by law for subsidized loans to 6% on July 1. You can find some better rates out there though, such as from MyRichUncle.com, which offers a 5.8% rate and may be cutting rates to stay ahead of the Stafford rates.
The major lenders out there are Sallie Mae, Citibank, Bank of America and Wells Fargo so get in touch with your school and check on your loan status for next year now. If you have to look around for a new lender, make sure to do your homework and try to negotiate the best rate possible. Just because the market is squeezing out some of the lenders doesn’t mean you have to accept whatever offer your lender gives you. In cases like these, it pays to do your homework.
Popularity: 11% [?]
Messages have been circulating this week through text message, email and social networking sites about an organized gas strike for today, May 2nd. I myself have gotten several texts and a forwarded email about it in recent days. The premise of the strike is for everyone to avoid purchasing gas today to show our displeasure with the ever-escalating cost of fuel. Personally, I am all for any type of organized efforts to lower the price of gasoline and if you feel that not purchasing gas today is a way to achieve that, then by all means participate.
My issue with this tactic is that it doesn’t really effect the overall consumption of gasoline at all; since most people will get the gas they need before or after the strike. The key to making a statement (and affecting the bottom line of the oil companies) is not using any gasoline for a day or a weekend. That way, with reduced consumption, comes reduced need and hopefully lower prices. For instance, I won’t be doing any driving today and plan on walking anywhere I need to go; something I need to incorporate more into my daily life anyway. Since this strike was going on today I thought you all might like to hear about it, and act accordingly if it’s something you see as worthwhile.
On the subject of gas prices, I know we’ve mentioned ways to find the cheapest gas around to save money at the pumps, but I’ve recently discovered some additional ways that you can make your money work for you and show savings filling up your tank. Numerous grocery stores run programs where for every $X amount you spend using your store card, you will save 10 cents per gallon at participating gas stations on your next fill up. Both the Price Chopper and Stop & Shop have these programs down where I live, and are interesting options to consider.
Smarter grocery shopping is a great way to save money, but it may also make sense to find which of these (or other) stores has the best prices on the merchandise you want to buy and shop there exclusively. As you spend more at one store, your savings at the pump will increase. Over the course of a month, you could easily save upwards of 50 cents per gallon just by doing your shopping at one particular store. Something you should consider, at the very least - I know I am.
(image courtesy of planebuzz.com)
Popularity: 17% [?]
According to a recent MSN Money article, “If you begin saving for retirement at 25, putting away $2,000 a year for just 40 years, you’ll have around $560,000, assuming earnings grow at 8% annually. Now, let’s say you wait until you’re 35 to start saving. You put away the same $2,000 a year, but for three decades instead, and earnings grow at 8% a year. When you’re 65 you’ll wind up with around $245,000 — less than half the money.”
So it’s obvious that the key to a wealthy retirement is to start early. But I think it’s equally obvious that the number needed to retire comfortably is unique to every individual or couple, and depends upon their personal retirement goals. The number changes based on factors like marriage, children, and pre-retirement income, but as the above example demonstrates, if we start saving in our twenties, the better off we will be.
At a time when people are living longer, health care costs are rising, and traditional sources of retirement income are disappearing, Americans — even those of us in Generation Y — are heeding the call to plan wisely for their future; however, most people don’t know exactly how much they should be saving for their retirement, or how to go about achieving this number.
This is something that’d been kicking around my own mind for awhile, as I’m about to sign up for my company’s 401k plan. So I was excited when I received an email from reader Allison alerting me to a new program from ING Direct called “Your Number”.
I had seen a couple of “Your Number” commercials on TV in recent weeks but didn’t really get it. Apparently, the goal of the “Your Number” campaign is to “create awareness and help consumers better understand this essential part of retirement planning” (i.e how much they specifically need to retire comfortably). Apparently, the new site from ING leads visitors through an interactive, user-friendly experience that helps calculate their “number”. It also features a description of ING products and services, and links to financial advisors if they are interested.
For more about the “Your Number” view their TV commercial (via YouTube) below, or visit their website at ingyournumber.com
Popularity: 24% [?]
As I was perusing the Internet recently I found a couple of great of pieces I wanted to touch upon today. The first is a quote from a Colby College grad talking about her experiences after college. The whole piece was a filled with advice from graduates to their undergraduate counterparts – you can read them all here – but this one was the most pertinent to me:
“Every grad should know that, unless you’re going on to grad school, the first year out of college is one of the toughest you’ll face. Someone told me at my graduation party that it’s the hardest of your life. I’m not sure it made it easier, but when things were challenging, at least I knew it was normal. Why is it so hard? It’s something to do with having no structure and having infinite choice when you’ve spent the previous 18 years in an academic structure with many fewer choices.”
-Kimberly Schneider ’01
Adjusting to the post-college lifestyle can be very challenging for many people. I know I, for one, have had a huge problem with my sleep schedule since a 10:30AM meeting isn’t “optional”, the notes won’t be put online and you generally can’t schedule every Friday off. Many grads find the first year after college one of the toughest of their lives, for a number of reasons. A lot of these reasons are all the things we here at RealWorldReally.com talk about all the time: credit card debt, budgeting, building a savings, finding a job, dealing with roommates or doing your taxes.
The important thing to remember is that while things might be tough now, you aren’t alone and plenty of other people are out there on their own trying to make it work too. If things get overwhelming, talk to some of your friends or colleagues about what they did to get by and get settled out of school. After a short time dedicating yourself to making good financial decisions you can start clearing out debt, freeing up more income and eliminating a lot of the early sacrifices recent grads end up making. And of course, stay tuned here for tons of great info as well.
The other cool piece I found online was a short NPR radio clip talking with two young professionals living in NYC about their savings habits – they hit both of the extremes here. I thought it was a good listen and you can probably garner some great tips from both of them that will help you build financial assets, even without the benefit of a $200,000/year income like Mr. Levy.
Popularity: 21% [?]
Today being Friday, and a rainy one here at that, I decided that I didn’t feel like making myself a lunch to bring to work today. I’m all for rewarding yourself with some take-out on a Friday after a long workweek and a rainy day is an even better excuse to pick up some comfort food. This got me thinking though, how often do I opt to pick up lunch instead of bringing something with me - and how many other people are doing the same thing?
After taking a look at my checking account statement, the results were astounding as to both the frequency with which I chose to get fast food and how much it was costing me each week. While it seems stupid when I look at it now, at the time it made sense that if I grabbed a sub from Subway, or a few items of the dollar menu for lunch that it wasn’t going to cost me much more than what it would in resources bringing my own lunch.
Not only is this just wrong, as it turns out I was spending nearly $20-$25 per week on lunch (obviously getting going in the mornings is a daily issue for me) but it wasn’t remotely healthy either. Consider that you can buy a loaf of bread, pound of lunchmeat and cheese at the grocery store for about $10 and you can see that there is a considerable amount of savings to be had here, not to mention health benefits. If you have similar AM motivation problems as I do, prepare a lunch the night before and put it in the fridge.
After doing some quick searching, I found I am not alone. According to Cynthia Sass of the American Dietetic Association:
“People who don’t plan to either bring in a healthy meal or go out for one, or wait too long before eating, find themselves rushed and starving and will often opt for the most convenient foods — those from a vending machine, the office candy bowl or a nearby fast-food joint.”
While many of you may not be spending as much as I have been, or even leaving the office - opting for a cafeteria on site instead – the point still remains that you need to be conscious of your lunch choices. Once in awhile, sure, treat yourself to some take-out instead of a bag lunch. Day-to-day though you are better off making yourself a lunch or bringing leftovers to re-heat with you. Not only will you save money, but odds are it’ll be much better for you too.
Source: Pitfalls of Desktop Dining [herladtribune.com]
Popularity: 23% [?]
Ladies & Gentlemen, there’s a new financial website taking the Interwebs by storm: SmartyPig.
What is SmartyPig? Well, essentially, SmartyPig is a social networking (of sorts) financial site which allows you to deposit any amount of money you’d like (over the $25 minimum) in the West Bank bank — an FDIC insured bank with $1.3 billion in assets — where it will earn a whopping 4.30% (APY) interest.
From there, you can set up “savings goals” for various projects (e.g. a trip to New York or a new Nintendo Wii), and activate automatic monthly ACH transfers until the goal is met. SmartyPig also offers incentive boosts from top retailers (like Amazon.com) who sell exactly what you’re saving for. But here’s the twist: you can make your account public and invite friends and family to help you achieve your goal.
For more on SmartyPig, check out this brief introduction video:
Popularity: 24% [?]
photo credit: LightmashOne of the biggest expenses for us recent grads, outside of rent, utilities and insurance, is food. Taking a trip to the grocery store can put a serious hurt on your wallet if you aren’t careful and don’t go in with a plan. Luckily for you, I’ve got a few easy tips you can follow to not only make your grocery shopping experience faster, but also less costly.
1. Make a List:
One of the biggest mistakes everyone makes when grocery shopping is not writing down what they need when they go shopping. Sure, you may feel a little bit like your parents making a list of things to buy, but it will prevent you from wandering up and down every aisle aimlessly and impulse buying things you didn’t need. Stick to your list and you’ll come out ahead every time.
2. Be Realistic:
When taking stock of what you have on hand at the house make a point to pick up only the things you’ll need in the next 1-2 weeks. Doing this will reduce the amount of food that spoils before you can eat it, and will prevent you from having a bloated pantry that looks like my mother’s – eerily reminiscent of an emergency bunker. While I’ll always encourage buying in bulk to reduce the unit price (more on this later) sometimes you just won’t physically drink a gallon of milk before it spoils. Keep in mind what you need and how much you use when making your selections.
3. Comparison Shop:
Every store will have varying sales week-to-week and it may be worth your while to see where you can get the best prices on the items you buy frequently. While Shaw’s has the best prices on some products, Stop & Shop or Hannaford is cheaper in others. Look around for the best deal you can get and do your shopping there; it could change each week. Also, make a point to look at the unit price and compare it to the larger packages on your non-perishable items. For instance, it may make some sense to buy a 24-pack of toilet paper instead of the 12-pack, since it will be cheaper per roll that way.
4. Buy Store Brand:
In my experience, buying the store brand on most products is the most cost-effective way to go and I’ve noticed little difference in taste or quality from the “name brands.” Everyone has different tastes and so this may not work for you, but if you hadn’t considered it before try out the generic brand once. Since the generic brand is often considerably lower in price, big savings can be had.
5. Use Coupons:
I talked about coupons the other day, so feel free to refer to this post for more info, The thing to remember is, coupons are a great way to save on things you already buy!
Technorati Tags: personal finance, frugal, groceries, budget, college, graduation, real world
Popularity: 22% [?]
photo credit: desi.italyIn the last few years while living in my own apartment my mailbox has been periodically inundated with flyers, leaflets and packets of coupons offering a wide variety of discounts. Being the lazy college student that I was, I often just recycled these packets without even taking a second look at them. Now that I am outside the safety net of the dining halls and awesome campus giveaways I’ve needed to be a little more vigilant with how I spend my money and I’ve actually started browsing through those coupon packets. Surprisingly, there are great deals to be found in there.
Coupons are a great way to save money on the things that you frequently buy, and coupled with purchasing sale items, are a great way to save a good chunk of change. If you aren’t careful though you can actually end up spending more then you would have normally and have a house full of products you didn’t need.
Some great coupons that often show up in my mailbox are for discounted oil changes, 15-25% off of car maintenance and buy one, get one free coupons for local eateries. All of these are great ways to save on regular purchases and can provide a great opportunity for savings. The best part about these is companies send them right to your door for you to peruse.
It’s easy to get carried away with coupons though and end up buying things you don’t want or need. For instance, tons of coupons show up for food/home products that will give you $1-2 dollars off – only if you buy 5. Most households don’t need 5 bottles of window cleaner or a freezer full of Hot Pockets. By offering the discount if you buy in bulk, companies get consumers to spend more then planned and leave feeling like they got deal, which is often not the case.
Next time you head to the mailbox, take a second look at all those coupon offers you find there. But use common sense when selecting which ones to use so you don’t end up with a closet full of cleaning solution and an empty wallet.
Popularity: 24% [?]
One of the benefits of living close — but not too close — to my parents (they live in a small town about 45 minutes north of my apartment) is that those evenings I’m able to get up to visit them, I’m (almost) always rewarded for it. Often it’s the chance to save some quarters by doing my laundry at their house, or some lucky visits its a free meal out. That’s just what happened this evening. But the downside (and believe me, it’s the only downside) of a great dinner and a couple of pints of great microbrew is now I’m too stuffed and too tired to write a totally original post.
So I figured I would at least show some link love and point you all in the direction of some other great and helpful posts from across the Interwebs. It’s the least I could do, really.
photo credit: Brian SawyerFirst, Trent at The Simple Dollar lists 20 valuable questions to ask yourself about, well, yourself. And your relationship with money. Ranging from “1. What five things do you most truly love doing? Think of things that you both enjoy in the moment and also enjoy looking back on later. Do any of these cost money?” to “11. Where do you want to be in one year? Describe your life in as much detail as you can. Can you name five actions you can take in the next week to lead you to that goal?”
Secondly, J.D. from Get Rich Slowly featured a guest post today entitled The Lazy Man’s Guide to Groceries on a Budget, which certainly hit home for me - being both a lazy man and on a budget. The recommendations included buying vegetables from a Farmers’ Market (when the season’s right), where they are typically half the price they are in grocery stores to, most importantly, never letting anything go to waste. Nothing will screw up a grocery budget faster than having to throw expired food away.
And thirdly, Ginger from Girls Just Want to Have Funds — who has an AWESOME new look to her blog that everyone should check out if they haven’t already — wrote a tell-all tale of her Disillusionment and Resentment with Graduate Education, in which she outlines her objectives, resentments and ultimate decisions with her graduate degree program; something that I think most graduates grapple with after completing their undergraduate career. Ginger also touches on the decision of pursuing passion & purpose, or pursuing a career - something I debate with myself about on an almost daily basis.
Alright, on that note - I think it’s time for a chapter or two of The Tipping Point
Popularity: 31% [?]
