Many of us think that putting our money in the bank is a secure and wise way of saving. Yes, this is true if we are wise in dealing with banks. Banks are not charitable institutions, these are profit-driven entities which charge different kinds of fees and do all sorts of schemes to take away some of your money. The savings that you can get in being wise in making bank transactions can add up after some time and let you use your money where you want to.

Here are some tips on how to effectively save money in the bank:

Banking Fees – Shop around
Think about the factors that are affecting your money in the bank. Are there fees that the bank is asking you to pay for keeping and using your own money? How much? Are they requiring a minimum balance for holding an account? You might be interested in other alternatives that are available out there, waiting for your investment. You should always factor in the opportunities that you are deprived of because you are putting your money in the bank. You might also be interested in taking a look into the terms of other banks, or credit unions. Probably the bank that can best suit your needs is out there waiting for you.

Check Book Balancing
Always bear in mind to have your checkbooks balanced at the end of every month. Issuing bounced checks can cost you a lot. The average fee for issuing checks with insufficient funds is $20, but can be much higher. If you are not aware of the problem, you can easily issue several bounced checks in a certain period of time and this is very costly indeed.

Watch the ATM Machines and their Fees
The best practice in using ATM machines is to avoid using ATM machines of other banks. This way, you will save on ATM fees. However, it wouldn’t hurt if you also knew the ATM machines of other banks which do not charge fees.

E-banking
With the advent of globalization, everything is becoming electronic. This is also true in the banking world and technology is quickly becoming a benchmark of competition. E-banking can save you some money from transportation costs and more importantly, it will save you time. The time you spend waiting at the bank can be used for some other productive activities. It is also easier to transfer funds between your accounts so you can maximize your interest more easily.

Truly, putting your money in the bank is a wise way of saving money, but only if you are wise enough to prevent the bank from chipping away your wealth. In saving, it is not only the benefits such as annual returns which you should consider, you should always think about the costs involved in the process.

There is no such thing as a free lunch. Moreover, there is no such thing as free medication. Some time or another, all of us will need medical treatment. Whether it would be for simple colds or for serious illnesses, these things would hurt us and burn our pockets.

According to a recent study, Americans spend more money on medical expenses than any other nationality in the world. As prices get higher and life gets harder, saving some money from your medical expenses will definitely benefit you.

Here are some practical tips on how to cut your medical costs:

Mind Your Health

Prevention is always better than cure. Being fit and healthy seems to be a 21st century fad and it wouldn’t hurt us if we join in the bandwagon. An analysis of the 1987 National Medical Expenditures Survey revealed that people who are more active spend less on medical expenses than those who live lethargic lives. The analysis equated the benefit of being physically active to $330 (1987 dollar value) per person.

For smokers and drinkers, reducing cigarette and alcohol consumption is an option which you may find feasible. You will not only reduce future medical costs but also reduce direct costs from purchasing these products.

Go Generic

Taking generic drugs is the way to go. Patents are used by manufacturers to be able to set a price so as to recover their costs in developing their products. But these patents don’t last forever and sooner or later, generic versions of these drugs will be available. Generic drugs are basically the same as the branded ones in terms of ingredients and quality.

Going generic can save you a lot of money. According to the Association of Chain Drug Stores, the generic drugs are priced at $24 on the average in 2004, while the average price of the branded ones is $96 dollars.

Deal with your Doctor

Take time out to discuss things with your doctor, for this can also save you a lot of cash. Don’t be shy to ask him about the possible alternatives that you can take. Ask him if there is a generic drug that you can take if he prescribes you a branded drug. If you are going to have surgery, try to schedule wisely, so as to prevent overstaying in the hospital. And most importantly, do as you are told. If he asks you to quit your vice, quit it. If he tells you to be active, then you’d better be!

Medical expenses can really dig a hole in your pocket. Try to be wise in your medical transactions and more importantly, take care of your health.

Having a credit card is very convenient since carrying a lot of cash becomes unnecessary and you might even have a hard time leaving your credit card at home. But with its advantages comes also its disadvantages. Since you can always buy things without carrying cash around, you are always tempted to buy something that you come across. If you have excellent control on your finances then good for you. If you have a hard time managing your credit card, then these pointers can help you.

Get organized

First thing’s first, obtain your credit card records to have a better idea of your spending. Be sure to double check the records for errors and ensure its accuracy. A good example would be to find out if you have outstanding debts that should not be there as well as the accuracy of the listing of your former and present address.

Evaluate your credit card

Go over your recent credit card records and look at the interest rates. Some credit card companies have promos wherein they offer lower interest rates for a period of time and this promo may already be over yet you have no idea and are already paying at a higher interest rate. Also take note of the membership fee which they charge annually since some have very high membership fees. Consider cancelling this if you are not using it frequently.

Pay on time

It is important to pay your bills on time since it can have a negative effect on your credit record or rating. You will also be able to avoid getting charged because of not paying on time. Try asking the credit card company to remove the overdue charge if you have forgotten to pay it on time for the first time.

Manage your debts

If you see that you have more debt than what is comfortable, think ahead and plan out how you will repay it or at least reduce your debt. Devise a way to pay more than what is required of you so that you will have a reduced payment schedule. Prioritize the card that has the highest interest rate. Do not bring your credit card always when you go around since temptations abound.

Don’t bite more than you can chew

As the saying “don’t bite more than you can chew” goes, do not spend more than you can afford. True, a beautiful gold bracelet may be enjoyable to wear but its price tag may mean paying a lot for the next months. If you are bent to save money when using your credit card, unnecessary items like jewelry and the like should be at the bottom of your considerations.

Saving Money is one hard task. There are lots of things to be considered, primarily on how to budget your cash on hand so that ideally you can manage to have excess left money at the end of the month. Budgeting is really a pain in the neck. Allocation of electric bills, water bills, phone bills, etc. are just few of the many things being considered on how to utilize your cash wisely. Food is no exception. We have to have it, so we prioritize the budget to our money, reducing the money spent without sacrificing the food allocation. We mainly buy necessities in groceries. It helps if you list the goods you have to buy together with their prices (if possible, or a rough approximation) so that the budget allotted for food is about what you spend, or less, of course. If it going to be more, then you could trim down your list or think of a cheaper alternative. Here are some tips.

– List goods that should always be found in the kitchen. Examples of which are coffee, milk, sugar, soy sauce, vinegar, salt, onion, garlic. These goods are necessary, so they are always being bought.

– Plan your weekly meals ahead of time. This means you avoid overspending on goods or missing some ingredients that are needed. This would not just clear your worries but it would also save your time.

– Don’t buy branded goods; instead choose a product that has the same quality of those expensive goods. You’ll get the same benefit without spending more.

– Buy goods that have dual purpose. A good example of which is mayonnaise. You can use it as a sandwich spread or make macaroni salad instead. In a way, you could enjoy eating both without spending too much.

– Buy less expensive cuts of meat. List recipes that the cuts won’t matter. At least, you won’t be sacrificing the taste of the food and at the same time you’ll have the chance to buy a larger quantity.

– Pay in cash. You might be tempted to buy unnecessary goods. This would avoid you from going over your card limit.

– Try to be inventive and creative at the same time. Leftovers could be precooked in a way that it would look appealing again to your appetite.

– Bring some snacks whenever you travel. This could be good relief for your hunger and reduces the chances of being tempted to stop for a snack on the way which can really blow a budget.

– Keep a list of prices of goods you always buy. At least, with those products you’re sure of how much you’ll be spending.

– Shop only once or twice a month. In that way, less time will be spent on going to a grocery store and at the same time, chances of overspending will be minimized. However, you may have to go more often to stock up on fruits and v.

Often times, the family budget is a source of conflict. Most of the time, the major earner makes the final financial decision, which isn’t always a welcome deal for the rest. Since money is such an intrinsic part of family life, families need to achieve accord in this aspect. There is a four-step cycle in budgeting the family money to maintain peace and harmony.

1. Set your priorities.

Priorities are different from goals. They are aspects in your family’s life that you, as a family, want to set focus on, say health or children’s future. While goals are specific targets that support priorities.

In setting priorities, do not set too many as it defeats the purpose. Ideally, there should only be one, but because life is not ideal, 2 to 3 are reasonable.

As the priorities are set and agreed upon, write them down. Post the paper where everybody can see them to remind them of what your family is focused on for the next few years.

2. List down your goals.

Once the family has set and agreed on priorities, the next step is to set the goals. Goals are specific and measurable conditions that, when achieved, will support the priorities.

In setting goals, establish a target that is both challenging yet achievable. A 10-15% of the family’s income is a good savings target for a child’s future education: stretching yet reachable.

Try to limit your family into setting 1-2 goals per priority, to maintain focus.

3. Work towards your goals.

After setting your priorities and goals, start living by them. All of the family’s activities will be geared towards working at your goals. Track progress, particularly on financial goals, by using an income and expense-tracking tool. The simplest way is to get a notebook and list down all expenses and incomes and set a budget for future spending. There are those that invest in computer software or a family accountant. Whatever it is, the important thing is to have a system of monitoring the family’s performance towards achieving their goals.

4. Evaluate your family life.

At a certain point in time, when you feel like it’s time to evaluate your life, check how your family is doing against the goals. Goals that have been achieved can be checked off the list, and new ones can be formulated.

At times, in major changes, say a career move, or when a family member goes away, it may be time to re-evaluate priorities. When such a time comes, then the cycle begins, just like what it’s for: life!

Thinking of cutting down your expenses on food? Then you should read the following tips. They will surely help you on reducing your food expenses. They are by no means comprehensive but they will be very useful.

For coffee drinkers

It is a good idea to re-use the grounded coffee once. Using coffee grounds two times or more will not greatly affect the taste of the coffee. It is highly encouraged to do this using a filter that is permanent and avoid the paper variety. Keep the grounds refrigerated until using it the following day.

For bread lovers

Grocery stores sell bread that was made the day before at a much lower price. There is nothing wrong with eating bread that was made the day before since it still is good to eat. If you have a lot of space in your refrigerator, store a lot for bigger savings. If you will eat the bread, you can defrost it using your microwave oven. Re-heat it every 30 seconds to prevent the edges of the bread from getting too hard.

When buying from the grocery

Before going to the grocery, you should have already made a list of all the things that you really need. Prioritize basic goods and avoid buying things that you do not really need. Observe the prices indicated on the displays. Remember, branded products cost considerably more than store brands. It is also a good idea to keep the receipt of your previous trip to the grocery and make it as a basis for your purchases on your next trip. To have higher savings, buy more of the product. You can always store it in your refrigerator or in the house to minimize your trips to the grocery store.

When eating outside

If you are going to eat in a pricey restaurant, the best time for you to go there would be during lunch. Food during lunch usually costs less and this will be to your advantage. When staying at the hotel on your trips, it is a good idea to check if they also include breakfast in your total room charge. You should also find out where the locals eat. Chances are, they will eat where the food is great and the price is even better. When going around, carry with you some snacks. A chocolate bar, chips, and cookies will go a long way while strolling around.

Eating cheaply does not necessarily mean eating bad food. Look around and you will be surprised at the options you can choose from. Take time and consider your choices so that you will not only eat a lot but save some money also.

The price of gasoline is on the rise, still. This is truly a great concern if you are following a tight budget. So how can you save some money on gas? Read these tips.

The carpool system
This is a great idea for employees and students alike. Since all of you will have the same destination, there is no need to bring extra vehicles if you can all fit in one car or van. If you are with your co-workers, it is a good idea to bring your cars alternately or on rotation. If you have children that you bring to school or social events, exchange driving responsibilities with your friends.

Commute to work
You can always take the public transportation system when going to the office. This is also a good way to relax since you are not driving. You can even take a short nap while on your way.

Look at the prices of different gas stations
Take time to drive around and check the pump prices of the gas stations near your neighborhood. Keep in mind that a few cents difference can add up to a lot if you continually have your car re-filled in the same gas station all the time.

Shed some sweat
A good way to save money on gas and keep yourself healthy at the same time is by walking or riding a bike to your destination. It saves time since you do not have to look for parking and also makes you healthier from the exercise. Utilizing these alternatives will also keep you from getting stuck in traffic which will surely waste a lot of your time and gas.

Keep your car in very good condition
It is necessary to keep your car’s engine in good running condition so that it will not consume a lot of fuel. When driving around on errands, plan out your route before you even get out of the house. This will minimize your trips going back and forth. If is also ideal to use the air conditioning as little as possible since it drastically increases the car’s fuel consumption.

Check your car’s tire pressure
Keep it a habit to check your car’s tires so each one has the right amount of pressure. Having unequal pressure can greatly affect the car’s fuel economy. It is also advised for you to refrain from accelerating too fast since this means burning a lot more fuel.

These are some of the things that you can do to save on gas. Gasoline is not a renewable resource, therefore using it wisely is very important to conserve this valuable commodity.

With the institution of malls, affordability of technology, and rising cost of health care, loans, and rising inflation, it has become very difficult for one to spend less and save money for future use.

Current statistics show that banks are showing a considerable decline on each bank account holder’s savings and have shown an increased in the number of withdrawals per month leaving people little money to spend before the next salary strikes their account.

Along this fact shows a relative increase in the amount of spending made in private institutions marketing different products.

While these facts and a host of temptations are a commonplace scenario in the real world, there are many ways by which you can keep yourself from getting into the hype and aid you in creating and developing your personal and unique habit of saving a few dollars from your basic salary.

* Compulsive Buying – Given enough money, 7 out of 10 people lure into the idea of buying a personal item they like in a store at a first glance.

In a simulated sociological study, people who originally planned on window-shopping ended up buying personal stuff if they are taking their personal bank cards with them.

If you are doing window-shopping, limit your spending to a few bucks and try making your list the next time you plan on buying such items. Buy only the store items you need and abandon those that do not satisfy an immediate need.

* Budgeting – Along with your pursuit to saving money, it is also important to keep an organized and effective, yet reasonable budgeting technique. Budgeting eliminates buying temptations that would tend to build up during malling and help you save money along the process due to preformed lists of items you need to buy.

* Performing Price Comparison – The World Wide Web provides a great avenue on providing a checklist of prices on specific items that you plan on buying.

This is great for you if you are into bulk buying and plan on conducting your malling activity in one place. This will give you a good idea if the usual store from where you usually get all your everyday household needs provides you a reasonable price for specific products.

* Take All the Convenience At Home – Lunch, snacks, and major meals are something which you can prepare at home. If you are serious on saving money, you can prepare all this from home and get away with some amenities of the gut by replacing soda with water. This is not only beneficial to your pocket but does a great deal for your health as well.

Budgeting is truly the turf of most mothers. Aside from the traditional role imposed on mothers as the one who budgets the family finances, mothers have the instincts and foresights on what might happen in the future.

But how do moms really stretch the budget? She neither uses complicated formulas nor magic tricks but simple ingenuity and common sense. Peek in through moms’ secrets in budgeting and learn. Role modeling is a good way to encourage attitude, especially towards money.

1. She clearly knows where all the money goes. Usually it goes to child care apart from the housing, health insurance, food and clothing. It is unlikely for her to cut cost on her children.

2. She studies all options given to her in terms of child care. Before she decides, she examines all aspects like safety, health and education.

3. To understand more, she talks to local child-care specialists and works out schedules with her employer for bonding time with kids.

4. For working moms, it is double the effort. They take care of the house and the children and at the same time work. She incorporates practical ways to accomplish both roles by

– Wearing professional clothes than trendy ones.
– Stays elegant but simple through a combination of basic colors.
– Dry cleaning costs a hefty amount, so, she dons on wash-and-wear clothes.
– Tone down on accessories.
– She engages in a lot of do-it-yourself habits like in cleaning spots and ironing wrinkles in her personal wardrobes.

5. Moms always shop with a list in her hand to keep track of her budget and expenses. She makes sure she does not exceed. Also, she has no time for checking out tempting stuff at the shopping mall.

So you are loaded down with bills to pay each month and are wondering how you can begin a savings account for emergencies and other high-expense endeavours. In other words, where can you find that extra cash to put away for later?

Firstly, when configuring your budget, plan for your savings first. You will grow richer each month if you begin to pay yourself first. Before paying any bills, decide on a set amount that you will pay yourself first – maybe five or ten percent – or whatever you decide – of your paycheck. Then, deposit the amount into a savings account before paying any bills.

When you do this at the beginning of the month, your entire paycheck will not suddenly slip through your fingers. If you wait until the end of the month, there may be nothing left to save. Paying yourself first will give you a systematic way to make your money grow. Regardless of your profession or your income, this system will work if you stick to it.

Another technique you may try for saving money is to empty your extra change into a coffee can or a jar each day. At the end of the month, roll the coins and put them into your savings account. You may be able to save 30 or 40 dollars each month just with your spare change.
Remember that good money management is more than just a mathematical formula. It’s too closely tied with the ups and downs of living to be just that. Your money management plan is always subject to change if your life situation changes. The object of a good budget is to make your money go the farthest in helping you reach your goals, it is not there to force to you to abide by rules.

Don’t get discouraged if the budget plan doesn’t work perfectly right away. It may involve some revising and editing until it fits your needs. Then, make sure to review it often, and be sure it is making the best use of every penny! Because we know how helpful those spare pennies can be!