1. Revisit the budget – Every household should have a budget to restrain expenses throughout the year. Families that do not live by a budget are not cognizant of the actual number of dollars that are being consumed by various bills each month. A study of the past 12 to 18 months actual expenses will provide a concrete explanation of why there does not seem to be enough money each month.
2. Plan ahead – Gasoline, food and household necessities can be less costly with some serious planning. Errand outings that are planned will use less gas since the route will be pre-determined and all of the sales and specials will be known ahead of departure. Last minute purchases can consume up to 30 percent of the discretionary income each month.
3. Break old habits – Money-saving habits run contrary to reflexes that cause the shopper to visit the same stores on the same days of each week. Adopt a habit of shopping according to the sale fliers that are in the paper to create a menu for the week. Stop by the stores to pick up a flier if one is not sent. Items in the fliers are meant to draw shoppers to the store, but the intention is to have every visitor buy non-sale items because they have not planned ahead.
4. Never pay full price – The latest gadgets are priced to pay for the research and development costs of creating and marketing the most innovative products on the market. A savvy shopper will wait six months and pay a low price on the previous model when a new one is released. Patient consumers allow others to pay full price in the stores around town and online while they wait for incredible deals.
5. Collect coupons – Have a bright-colored envelope that holds all the coupons that might be used in the coming weeks. Always have the envelope handy when running errands and shopping online. Know what is in that envelope to optimize the savings at every stop. Never buy an item simply because there is a coupon, which causes budget creep. Search the internet for coupon codes that can save money on online purchases at favorite retailers and websites.
6. Adjust the thermostat – On warmer winter days and cooler summer days, adjust the thermostat to save energy. Lower the temperature on bright, sunny winter days and open the drapes to allow the solar energy to enter the home. Energy savings will add up quickly when effort is made to wear a sweater and slippers throughout the cold months. A similar practice can lower summer cooling bills.
7. Find new stores – Major retailers have some good specials, but there are great deals to be had at smaller businesses throughout most towns and cities. Set aside an afternoon to explore a certain area to find unique stores that might become a frequent haunt that will save money on necessities. One new approach to grocery shopping is called a salvage store that offers tremendous savings on all types of food products and other sundry items.
8. Avoid last-minute purchases – When a gift is needed for a special occasion, spend an extra hour shopping for a great deal. If at all possible, shop for gifts weeks or even months ahead of the event to find the best price. Most last-minute purchases are disappointing in creativity and value. Choose an item in January that can be given to all give recipients throughout the year. Then always have that item on hand after buying it on sale.
9. Conduct insurance review – Life can be very busy, and details tend to slip through the cracks; especially when it comes to insurance. Car and house insurance policies should be reviewed to adjust coverage and ask for every possible discount. Switching insurance companies is not always the best approach to saving money on annual premiums.
10. Become penny-wise and not pound-foolish – Whenever fuel prices jump for the current season, there are homeowners and drivers who will spend thousands of dollars to avoid paying the higher prices. Prior to making a major home improvement or buying a new car, calculate the price and all associated costs that will be incurred with the project. Calculate how many months or years required to realize savings.

Saving money requires planning and creativity. Most consumers learn to manage money when the household income is reduced by a substantial sum. Even in prosperous times, everyone could use money more effectively with some research and conscious effort. Good spending habits are the best way to teach the next generation to live a frugal lifestyle and use money wisely.

Andy co-founded the SavingUp.com.au savings comparison website where Australian consumers can compare a range of savings accounts. He has also helped curate a collection of money-saving guides to help consumers save money in everyday life.

Some would say the world is getting lazy, others would say we are impatient, and need accurate information fast. The infographic aims to do this. It is more likely that a person could read and understand the information on an infographic than if they were to read an article or book. When the visuals are added, it not only makes the entire piece more attractive, but it can later be used as a trigger for remembering certain facts. Since about 65% of the population consists of visual learners, this method can be very significant.

The concept of the infographic has been around since the 1800s, but only recently has it been used so widely as a way of effectively distributing information for a company, idea, issue, charity, etc. Many businesses and organizations have jumped on the infographic bandwagon because they can reach multiple goals for one price and with one piece. They are able to advertise, get across broad or specific points, and entertain their audience.

© 2011 Taylor Homes

Travelling Overseas

• Book in advance: Early bird specials are usually better than last minute specials (especially when booking for the school holiday period).
• Avoid school holidays: If your kids are young, travel outside of the school holiday period (travel is educational too!)
• Pay for your trip up front: Save up and pre-pay for your holiday rather than put it on the credit card to deal with when you get home.
• Save money with an all-inclusive deal: Consider an all-inclusive package holiday such as a cruise or meals included trip to Fiji etc. This way most of the holiday costs are covered before you even leave.
• Keep an eye out for specials: They’re out there, so don’t just jump at the first deal you see.
• Last, but most importantly: You’re taking the time to go on a holiday, so enjoy it! If you’re going to be a 1,000 times happier staying at the place across the road that costs $50 more a night, then stay there.

Travelling in Australia

• Beach & camping road trip. Need we say more? The options are endless! My most favourite trip as a child was the two week road trip my mum took us on to Uluru.

We stayed in Broken Hill, bunked under-ground in Coober Pedy, Camped at Uluru, then moved on to Kings Canyon and Alice Springs. Almost all of the activities we did were free and, if they weren’t free, were pretty cheap.

On trips like these, buying food is often the biggest cost that adds up. So be prepared and take food with you. It’s much cheaper to buy potato chips in bulk from the supermarket than it is to buy a few packets at a service station on the way. And it’s much cheaper to share a tin of baked beans than it is to buy a few meat pies – just remember it’s all about the experience!

If you’re not up for a big road trip then consider camping by the beach. Holidays don’t come much more relaxed or chilled out than this. Just don’t forget to take a pack of cards or a board game for the inevitable thunder storm.

Whether you want to travel locally or internationally make sure to save up before you go and pre-paying as much of the trip as possible. Try to avoid using your credit card at all.

Also, do your research. Ask friends and search online for the best places to stay as well as the best free activities around. The following sites provide a lot of useful information for Australians when considering a holiday with your children.

• http://www.byokids.com.au/
• http://www.holidayswithkids.com.au/hot_deals

Have a great break!

This post has been contributed by Spank Your Bank. View their Blog at www.spankyourbank.com.au/blog

The Truman Show

Double Indemnity

Memento

The Incredibles

To Catch a Thief

The Thomas Crown Affair

Inside Job (Documentary)

If you are using your card in another country, be prepared to pay a surcharge. In some countries, the surcharge may be up to 3% to process the transaction. Some banks have a strong international business infrastructure and will not charge a surcharge at all.

Capital One and Pentagon Federal Credit Union (PenFed) both do not charge any surcharge when traveling in foreign countries. Bank of America, Chase and Citi have 3% surcharges – the highest surcharges of any US-based bank. Discover and American Express have surcharges at 2.7% and 3%, respectively.

2. Know the Currency Conversion Surcharge

When traveling outside of the country, the bank, typically, charges 1% to convert dollars to local currency and another fee for the transaction. This second fee is usually 2%. The fee may be the surcharge or they may be separate. If the credit card company charges both a surcharge and a transaction fee, the cost per transaction may increase quickly.

For instance, 3% of a $500 transaction is $15. This amount will be charged on a $5 transaction or a $5000 transaction. The international transaction fee will appear on the credit card statement.

3. Contact Your Bank Beforehand about Fees

In addition to transaction fees, banks may also charge a fee for withdrawals outside of the country. Using a credit or debit card at foreign ATMs may be very costly. The banks can let you know ahead of time what to expect. Travelers are urged to determine what the partner banks are out of the country to avoid fees while traveling.

Travelers will have to plan ahead to find banks where they can withdraw money without incurring a charge. Bank of America charges a $5 withdrawal fee in addition to a 1% international transaction fee. Chase, on the other hand, charges a $3 withdrawal fee for non-Chase withdrawals in addition to a 3% conversion fee. Citi charges customers a 3% fee after the currency conversion and $1.50 per transaction.

4. Be Aware of Interest Rates on Foreign Cash Advances

Not only will you be charges a transaction fee and a currency exchange fee, but the interest rate on your transaction may be higher. For instance, your normal interest rate may be 4%. However, the bank may charge a 25% interest rate on cash advances from the credit card if the money is withdrawn in another country. You must plan ahead to avoid astronomical interest rates while traveling abroad.

6. Always Have the Numbers of the Banks with You at All Times

Questions may arise while you are traveling out of state. You may not be able to withdraw money or a fraudulent transaction may occur. Always keep the phone number of the banks you intend to use in close proximity at all times should a problem arise. Representatives should be on call to handle your concerns or issues.

7. Notify the Bank before You Travel

Good banks keep an eye on your transactions and notice when you have transactions that are not similar to your usual transactions. The bank may suspend access to funds and the card temporarily if they suspect fraudulent activity. The account may be suspended for 24 hours after contacting the bank. This may place the customer in a precarious situation if they suddenly do not have access to funds.

8. Take a Second Card Abroad

Take a second card abroad with you in the event that you have an emergency. One card may be turned off if fraudulent activity may occur. Keep in mind that not all cards will be accepted in all locations abroad. Determine beforehand what your itinerary will be and determine if your card will be accessible in the locations you plan to travel.

9. Use a Credit Card for Protection

Credit card purchases over $100 from companies that are not International are advised. This will help clients protect themselves if something happens to the product. The credit card company will refund the cost of the merchandise if something happens to the item that was purchased.

This post was contributed by FinanceChoices.co.uk, a UK based credit card comparison service that independently reviews balance transfer deals for consumers.

The most common benefit of having owning a gold card is the point system. You earn points for the money you spend that you can redeem to get rewards from your credit card provider, shopping online and everyday purchases. You may be lucky enough to get a credit card with double cashback on certain promotional offers.

As someone who uses his credit card quite often, I would recommend to anyone that they get their own gold card. Simply pay off what you’re buying with cash at the end of the month and you’ll be good to go! Getting points and reward for buying simple things like my groceries, petrol, clothes, etc. Also, owning a gold card has a certain prestige around it.

The only problem is qualifying for a gold card. How do you qualify? The first requirement is to have a good credit score and keep it. You will also need to keep your good credit score your gold card, you have to keep your credit score in good standing, otherwise, there’s not much point in them continually rewarding you for having the gold card by giving you all the points to get all the free rewards.

So, how can you get your credit score high enough to qualify for a gold card? Simply start using it more! However, there’s a catch: even though you’re using your card more, you’re going to have to pay it off at the end of the month and whatever other debt you owe. Getting a gold card isn’t hard, it just requires you to be good at controlling your spending and buying habits.

If you can do that for 5-12 months, go to your credit card company and ask them how to get a gold card. They’ll probably sign you up on the spot – and believe me it’s worth having. Continue to use your card monthly and paying off at the end of the month, and you’ll start to see tons of free trips, meals, discounts, etc. thrown your way.

It is suggestive from the name that this is a simple financial tool. Enter the required data and this tool will tally your savings against your investments and display the result. This tool also helps you with advice on the kind of investments that will work for you. SimpliFi will suggest you suitable steps to take after analyzing your situation. This may include paying off a certain debt or buying insurance. However, it’s not advisable to follow its advice blindly. After all, it’s just a financial tool. Though SimpliFi is registered as a financial advisor with “Securities and Financial Advisor”, sometimes the results it produces are a bit general and can even turn out to be faulty at times.

Voyant

This is our second financial planning tool that is built on a smart interface. Voyant will help you to make your financial plans through a step by step process. This tool will show you in a graphical manner your probable future savings after entering some data. If there is any apprehension regarding your new plans, Voyant is capable of presenting your possible financial situation in different circumstances. For example, here you can guess the possible growth rate of your investments. This financial planning tool also has a bunch of other features like divorce, child birth and new business that can have an effect on your finances. Further, Voyant has a forum where you have the opportunity to interact with others who can tell more about this tool or about financial planning. However, the number of financial planners available in this forum is pretty less.

ESPlannerBasic

ESPlannerBasic is a financial planning tool that is quite different in its approach from the previous two. This will ask you a series of questions taking half an hour and then start analyzing the data. After this, it’ll provide you with some recommendations on your savings, spending and retirement plans. However, ESPlannerBasic will ask you some weird questions like what can be your possible salary at the time of your retirement. ESPlannerBasic also has a paid version that is supposed to provide forecasts and recommendations more accurately.

Now these three financial planning softwares can certainly help you to manage your finances more efficiently than before. Further, they will also help to lead a blissful and debt-free life. Just go and try them out.

Marc works at OVLG, a specialist in offering consumers their tailored debt management program.

Regardless of whether you feel you are on top of the world financially or drowning in the depths of debt, a budget is an essential part of your overall financial health. A budget is a component of any personal financial strategy. It outlines the incoming and outgoing travels of money and a good budget is updated and reviewed frequently.

Why People Resist Budgeting
A budget is a commitment one must make to their financial life but often people will view it more as an annoyance that really isn’t necessary. They balk at creating and sticking with the financial tool because it takes too much of their time or they are too busy to bother.

The reality is that no one will ever be financial stable unless they incorporate a budget into their financial life. To manage money effectively and be prepared for what may come, a commitment and time are necessary on your part. You have taken on financial responsibilities by opening accounts, making purchases, and earning an income and you must continue to manage those responsibilities wisely or face the consequences.

Late payments, missed payments, and forgotten accounts are often the result of poor money management skills and not a lack of income. If spending is tracked and income accounted for, you should know well in advance of money troubles rather than finding out at the last minute and having to pay more money in fees, interest and expenses that could have been avoided.

Starting the Process
It is relatively easy to get started with regular budgeting. You do not need fancy software for the computer – all you need is a paper and a pen. If you feel overwhelmed at the prospect of constructing your initial budget, you can always use free budget templates to give you a head start. Templates offer basic information which can make it easier to customize a budget to meet your needs.

Once you have selected a budget worksheet template, you need to gather your monthly account statements and essentially fill in the blanks with your own numbers for al of your monthly expenses. Your next step will be to compile your income resources and total how much you bring home each month. You will then subtract the amount of expenses you have each month from the amount you bring in from your income sources. You may be surprised to find there is very little actual money leftover once the bills are paid which means you have been living and spending above your means.

A budget can then help you make the cuts you need to save more cash. You may have to consider cutting out certain expenses, if only temporarily. You will not have to go looking for the data to deal with because it will be available to you at a glance on your budget spreadsheet.

Just as important as establishing the initial budget, it is equally important to continually update your budget based on your spending and income changes. By constantly staying in touch with your finances through budgeting, you will develop a healthier, more stable financial life and likely be motivated to set more financial goals and have a plan for debt reduction and savings for the future.

Debbie Dragon is a professional freelance writer, specializing in personal finance. She frequently writes for Vertex42.com which offers a large selection of free spreadsheet templates and financial calculators.

Being optimistic about a recovery is fine, but being prepared for a double dip recession can help protect you, your family, and your finances. Here are a few tips to consider in preparation for another dip in the economy.

1. Pay Off Debt

Going into a double dip recession with a reduced debt load might allow you to breathe just a little bit easier. Paying off or paying down credit cards, paying off a car loan, and generally reducing the amount of credit you are paying interest on can make handling a second recession easier on you and your finances.

2. Review and Reduce Expenses

As a sort of continuation to paying off debt, it might not be a bad idea to review and at least be ready to reduce your expenses. You may not have to cut expenses right away, but having an idea of where you can cut and by how much can make it easier if or when the time actually comes.

3. Review Assets

Before a double dip recession hits, it can be a good idea to do a review of your assets. This doesn’t just mean tallying up how much money you have, but where your assets lie, how quickly you can get to them and how fast they can be converted to cash. You may have plenty of money socked away in property investments, stocks, bonds, art, antiques, etc. but when a recession hits and you need cash it can be important to understand where and if you can covert these items to cash and just how long it will take.

You may also want to review where you might be able to gather extra sources of income and increase revenue streams such as part-time work or side jobs.

4. Boost Emergency Fund

While you’re reviewing your assets, you might want to take a minute to plan how you could boost your emergency fund before another recessionary dip occurs. Stocking up a little extra cash can give you more time to weather the storm should it hit.

5. Postpone Major Purchases

If you think the recession isn’t quite over and is ready for another round, you might consider putting off making any unnecessary major purchases. Buying a new car, a home, boat, recreational vehicle, appliances, or similar big-ticket items (unless necessary) can allow you to save cash and avoid taking on more payments during an unstable economic time when you might not have the ability to cover such expenses a short time down the road.

6. Family Discussion

While you might be prepared for a double dip recession, your family may not. It can be a good idea to sit the family down and talk about what might happen and what things would change if another recession hits. This way everyone is on board with you, they can offer ideas and opinions about how to make the best of the situation, and discuss what sacrifices they could make or how they could contribute to the cause.

7. Thinking of Retirement? Think Again

If you are considering retirement, but think a double dip recession might occur, it could be a good idea to waylay your retirement plans until things calm down. This way you don’t put the cart before the horse and end up living a retirement lifestyle that is less than what you expected due to the recession.

8. Plan, Plan, and Plan Some More

In the time between now and when another dip in the economy begins (should it occur), it can be a good idea to be planning all the while. Even if another dip never happens, constantly being on the lookout for new ideas and ways to prepare can help you to be ready if it does. You never know what is lurking just around the corner and being as financially prepared for the future as you can be, can help you better avoid financial hardship it the economy takes a turn for the worse.

This post was written by Tom Becker, a personal finance commentator from Australia who writes at an Australian home loan comparison service called Money Choices that allows home buyers to find a mortgage that reduces their monthly expenses.

1. Contact your credit card company – You won’t be able to get anything done until you get in touch with your credit card company. The thing about credit card companies is that some of them will allow you to transfer balances, while some of them are a bit more restrictive.
2. Search for the best deals – You don’t want to just jump on the first credit card that offers you the right to balance transfer. This is foolish and it is not taking advantage of the many great opportunities on the market. You should, instead, look for credit card companies that are going to offer you a good deal. Credit card companies are usually looking to lure in customers, so they will offer zero percent interest with balance transfer cards for a set period of time. Be aware that there is a fee to arrange the transfer; it’s typically either a percentage of the balance being transferred or a fixed amount, whichever is more.
3. Find out the process at your credit card company – Some companies will send you a check and some of them will want to send a check directly to the company that you owe. Find out what your credit card company offers and how long it will take to setup. This will help you determine what your next move is.
4. Get the money – The next and most important step is that you get your hands on the money. If your credit card company completes balance transfers by sending you the money directly, then wait for the check or wire transfer. If they insist on sending the checks directly to the people you owe, then you will have to supply them with account numbers and the address where they can send the check.
5. Send the money directly – One of the problems with balance transfers is that you can sometimes get distracted with the money. If your credit card company sends you a check, then you should cash it and directly send the money to the company that you owe. If you wait too long, you may end up spending the money on something else and that can be a bad mistake.

The balance transfer procedure is relatively painless and quick. Done properly, a balance transfer can mean the difference between paying back hundreds of dollars per month in interest and getting rid of your credit card debt once and for all.