Saturday, January 21, 2012
10 STEPS TO IMPROVE YOUR FINANCIAL SITUATION
1. Pay Yourself Weekly
This may seem a bit odd, but this is an excellent way to start building a substantial savings. On a weekly basis, pay yourself $25-$50 and immediately put it in a safe place. You can even open a special savings account where this weekly "payday" can by placed to help minimize or eliminate impulsive spending. Think about it this way, if you paid yourself $25 a week, in two years you'll have accumulated $2600 (not including interest)!!! That's almost $3000 from just putting $25 aside every week! Take advantage of this money-saving opportunity. Simple, yet very effective.
2. Don't Shop
For those of you that love to shop, you may find that this is one tip that could save you hundreds, maybe even thousands every year. Start using the "Need or Want" strategy. Before you spend a single dollar on anything, ask yourself, "Do I really NEED this item, or do I just WANT it??" You may find that many of the items we purchase, we do so just because it "caught our eye" or it was "an impulse buy" or "my friend bought the same thing". All these excuses just add up to wasteful spending. You can probably get by without another sweater, or a new pair of jeans, so just buy what you absolutely need, and pass on those items that aren't necessities.
3. Use Your Bank's Own ATMs
Some banks will charge you money for using other ATM machines. Even though you will be able to withdraw money using your ATM/debit card from literally any machine, banks will charge you $2 (generally) for using a machine other than theirs, in addition to a standard $1.50 charge the machine charges for its use. In other words, if you use the ATM at your local 7-11 to take out $20, you'll most likely end up paying $3.50 in additional charges! If you do that 5 times a month, you'll lose $17.50 for that month, or $210 per year! What a waste! Try and stick with your own bank's ATMs whenever possible.
4. Track Your Spending
Take the time to track your spending habits for one week. Take note of every single dollar you spend, even those sodas and candy bars purchased here and there. This will give you a "birds-eye" view of exactly where your money is being spent, thus allowing you to refine your spending habits to essentially save more money.
5. Lower Credit Card Balances
Another very important tip that many often overlook. Pay off those pesky credit cards as soon as possible because you are losing up to 19% of the total. What a waste of your hard earned money! Keep chopping away at the balances until you get to an amount that is reasonable $100-$500 dollars.
6. Use Your Debit Card Instead of Credit Cards
Get in the habit of using your debit card instead of your credit cards. For the most part, debit cards are accepted anywhere a credit card is accepted, however as you know, with a debit card the amount is taken directly from your checking account whereas credit card usage is billed at a later date (along with a hefty interest rate).
7. Changing Jobs? Roll-Over that 401(k)
When people change jobs/careers they will be faced with a decision to either "rollover" their 401k (retirement plan) or to withdraw it. It will be ever so tempting to withdraw the money since it will be a substantial amount, but don't! You will be charged fines and penalties for an early withdrawal that will cut YOUR total by 40%-60%! That's like giving half of your earned retirement savings away to a stranger. Why would you do that? Even though you may want the money now, resist the temptation and roll it over. It will be well worth it in the long run.
8. Avoid Getting Too Many Credit Cards
Why have eight credit cards? That's just going to provide you with more opportunities to go further into debt. It's fine to keep 1-3 cards to build credit, establish yourself, and for emergencies, but credit cards are double-edged swords. They can help or hurt you depending on your self-control.
9. Check Your Credit Score/Report
It's important to know where you currently stand as a consumer and since your credit report is the most important historical list of your financial past and present, it's a very good idea to check it from time to time. There are a number of places where you can get your credit report, however the most detailed compares information from the top three national credit bureaus: Experian, Equifax, and TransUnion. Once you get your report, look through it carefully to see if all the information is accurate. If there are any discrepancies, get those solved as quickly as possible to improve your credit rating - a score of up to 800. Often times, consumers are unaware of unsettled accounts, or accounts that are still open/active when they should be closed. Pay close attention to this when inspecting your report.
10. Finally: Review - Revise - Retry
Once you start implementing these tips and become more familiar with the money saving opportunities you have, take the time to REVIEW your progress. Check and see where it may be possible to REVISE some of your techniques or where you can implement new ones. Once you have revised your plan, RETRY to see if your results improve. The more frequent you review, revise, and retry your saving ideas, the more "in tune" you'll be with your finances and spending habits, and learn what works and what doesn't for you.
Article copied from savingssecrets.com
This may seem a bit odd, but this is an excellent way to start building a substantial savings. On a weekly basis, pay yourself $25-$50 and immediately put it in a safe place. You can even open a special savings account where this weekly "payday" can by placed to help minimize or eliminate impulsive spending. Think about it this way, if you paid yourself $25 a week, in two years you'll have accumulated $2600 (not including interest)!!! That's almost $3000 from just putting $25 aside every week! Take advantage of this money-saving opportunity. Simple, yet very effective.
2. Don't Shop
For those of you that love to shop, you may find that this is one tip that could save you hundreds, maybe even thousands every year. Start using the "Need or Want" strategy. Before you spend a single dollar on anything, ask yourself, "Do I really NEED this item, or do I just WANT it??" You may find that many of the items we purchase, we do so just because it "caught our eye" or it was "an impulse buy" or "my friend bought the same thing". All these excuses just add up to wasteful spending. You can probably get by without another sweater, or a new pair of jeans, so just buy what you absolutely need, and pass on those items that aren't necessities.
3. Use Your Bank's Own ATMs
Some banks will charge you money for using other ATM machines. Even though you will be able to withdraw money using your ATM/debit card from literally any machine, banks will charge you $2 (generally) for using a machine other than theirs, in addition to a standard $1.50 charge the machine charges for its use. In other words, if you use the ATM at your local 7-11 to take out $20, you'll most likely end up paying $3.50 in additional charges! If you do that 5 times a month, you'll lose $17.50 for that month, or $210 per year! What a waste! Try and stick with your own bank's ATMs whenever possible.
4. Track Your Spending
Take the time to track your spending habits for one week. Take note of every single dollar you spend, even those sodas and candy bars purchased here and there. This will give you a "birds-eye" view of exactly where your money is being spent, thus allowing you to refine your spending habits to essentially save more money.
5. Lower Credit Card Balances
Another very important tip that many often overlook. Pay off those pesky credit cards as soon as possible because you are losing up to 19% of the total. What a waste of your hard earned money! Keep chopping away at the balances until you get to an amount that is reasonable $100-$500 dollars.
6. Use Your Debit Card Instead of Credit Cards
Get in the habit of using your debit card instead of your credit cards. For the most part, debit cards are accepted anywhere a credit card is accepted, however as you know, with a debit card the amount is taken directly from your checking account whereas credit card usage is billed at a later date (along with a hefty interest rate).
7. Changing Jobs? Roll-Over that 401(k)
When people change jobs/careers they will be faced with a decision to either "rollover" their 401k (retirement plan) or to withdraw it. It will be ever so tempting to withdraw the money since it will be a substantial amount, but don't! You will be charged fines and penalties for an early withdrawal that will cut YOUR total by 40%-60%! That's like giving half of your earned retirement savings away to a stranger. Why would you do that? Even though you may want the money now, resist the temptation and roll it over. It will be well worth it in the long run.
8. Avoid Getting Too Many Credit Cards
Why have eight credit cards? That's just going to provide you with more opportunities to go further into debt. It's fine to keep 1-3 cards to build credit, establish yourself, and for emergencies, but credit cards are double-edged swords. They can help or hurt you depending on your self-control.
9. Check Your Credit Score/Report
It's important to know where you currently stand as a consumer and since your credit report is the most important historical list of your financial past and present, it's a very good idea to check it from time to time. There are a number of places where you can get your credit report, however the most detailed compares information from the top three national credit bureaus: Experian, Equifax, and TransUnion. Once you get your report, look through it carefully to see if all the information is accurate. If there are any discrepancies, get those solved as quickly as possible to improve your credit rating - a score of up to 800. Often times, consumers are unaware of unsettled accounts, or accounts that are still open/active when they should be closed. Pay close attention to this when inspecting your report.
10. Finally: Review - Revise - Retry
Once you start implementing these tips and become more familiar with the money saving opportunities you have, take the time to REVIEW your progress. Check and see where it may be possible to REVISE some of your techniques or where you can implement new ones. Once you have revised your plan, RETRY to see if your results improve. The more frequent you review, revise, and retry your saving ideas, the more "in tune" you'll be with your finances and spending habits, and learn what works and what doesn't for you.
Article copied from savingssecrets.com
Saturday, January 7, 2012
Prevent Frozen Pipes
The best way to prevent pipes from freezing is to insulate them. Adding pipe insulation around accessible water pipes is economical and saves you money.
Step 1. Check Your Pipes
To locate water pipes in your home that may need to be insulated, look for water pipes that pass through unheated spaces. These include crawlspaces, garages, attics and the pipe leading directly from your hot water heater.
Step 2. Take Measurements
Before you insulate, measure the outside circumference and length of each section of pipe. Be sure to check the hot water lines as well. Hot water lines freeze slower than cold water lines, but they are more likely to burst. Add up the lengths for each size of pipe and add about 10 percent to that amount to account for waste or error.
Helpful Tip:To determine the pipe's diameter (which you'll need to know for purchasing insulation), measure the circumference of the pipe with a cloth tape measure and divide that number by 3.14 (pi).
Step 3. Get Insulation
Once you know what size and how much insulation you need, you can purchase various types of pipe insulation kits at your local True Value hardware store. Be sure adhesive tape or contact cement is included for sealing. The most widely available pipe insulation is tubular foam that is slit lengthwise to slip over existing pipes. However, tubes without slits (designed for installation over new piping) can easily be slit with a sharp utility knife.
Step 4. Insulate and Seal
Open the pipe insulation along the slit, press it onto the pipe and seal it with an adhesive tape or contact cement to prevent summertime condensation.
Helpful Tips:
Double up. On particularly vulnerable sections of pipe, use two insulating tubes. The first tube is to fit the pipe circumference and the second tube is to fit the outside circumference of the wrapped pipe.
Don't insulate pipes while they are hot, and (if possible) wait 36 hours after you've applied insulation and adhesive before circulating hot water.
Step 5. Make Adjustments If Needed
When you're covering areas where pipes meet, it may be necessary to make adjustments by cutting the insulation to fit. For best results, use a miter box saw and either a serrated knife or a hacksaw. Use a single-edged razor blade for detail cutting. After making the appropriate cuts and confirming a good fit, use adhesive tape to seal the joint.
Step 6. Insulate Valves and Seal
After insulating the straight sections of the pipe, you will need to protect the valves. Preformed valve covers are the easiest and most effective method. Simply fit the two halves over the valves and seal the edges with adhesive tape. For hard-to-cover valves, you can use strips of foam or fiberglass that are designed to wrap around pipes or fittings.
To provide maximum protection for pipes that are highly vulnerable to freezing, add electrical pipe-heating cable to foam insulation. Prior to adding foam insulation, simply attach the cable to the length of the pipe, or wrap around the pipe and connect to the power supply.
Safety Alert!If using electrical pipe-heating cable, always follow the manufacturer's instructions for safe and proper installation.
Helpful Tips:For greater prevention against frozen pipes, do not set your thermostat below 60 degrees.
Leave under-sink cabinet doors open at night or on very cold, windy days.
Keep a heat lamp in a relatively confined space, but exercise caution.
Disconnect outside hoses and lawn sprinklers during the winter months.
Add outdoor faucet protectors to prevent faucets from freezing.
Article from "True Value" Project Planner
Step 1. Check Your Pipes
To locate water pipes in your home that may need to be insulated, look for water pipes that pass through unheated spaces. These include crawlspaces, garages, attics and the pipe leading directly from your hot water heater.
Step 2. Take Measurements
Before you insulate, measure the outside circumference and length of each section of pipe. Be sure to check the hot water lines as well. Hot water lines freeze slower than cold water lines, but they are more likely to burst. Add up the lengths for each size of pipe and add about 10 percent to that amount to account for waste or error.
Helpful Tip:To determine the pipe's diameter (which you'll need to know for purchasing insulation), measure the circumference of the pipe with a cloth tape measure and divide that number by 3.14 (pi).
Step 3. Get Insulation
Once you know what size and how much insulation you need, you can purchase various types of pipe insulation kits at your local True Value hardware store. Be sure adhesive tape or contact cement is included for sealing. The most widely available pipe insulation is tubular foam that is slit lengthwise to slip over existing pipes. However, tubes without slits (designed for installation over new piping) can easily be slit with a sharp utility knife.
Step 4. Insulate and Seal
Open the pipe insulation along the slit, press it onto the pipe and seal it with an adhesive tape or contact cement to prevent summertime condensation.
Helpful Tips:
Double up. On particularly vulnerable sections of pipe, use two insulating tubes. The first tube is to fit the pipe circumference and the second tube is to fit the outside circumference of the wrapped pipe.
Don't insulate pipes while they are hot, and (if possible) wait 36 hours after you've applied insulation and adhesive before circulating hot water.
Step 5. Make Adjustments If Needed
When you're covering areas where pipes meet, it may be necessary to make adjustments by cutting the insulation to fit. For best results, use a miter box saw and either a serrated knife or a hacksaw. Use a single-edged razor blade for detail cutting. After making the appropriate cuts and confirming a good fit, use adhesive tape to seal the joint.
Step 6. Insulate Valves and Seal
After insulating the straight sections of the pipe, you will need to protect the valves. Preformed valve covers are the easiest and most effective method. Simply fit the two halves over the valves and seal the edges with adhesive tape. For hard-to-cover valves, you can use strips of foam or fiberglass that are designed to wrap around pipes or fittings.
To provide maximum protection for pipes that are highly vulnerable to freezing, add electrical pipe-heating cable to foam insulation. Prior to adding foam insulation, simply attach the cable to the length of the pipe, or wrap around the pipe and connect to the power supply.
Safety Alert!If using electrical pipe-heating cable, always follow the manufacturer's instructions for safe and proper installation.
Helpful Tips:For greater prevention against frozen pipes, do not set your thermostat below 60 degrees.
Leave under-sink cabinet doors open at night or on very cold, windy days.
Keep a heat lamp in a relatively confined space, but exercise caution.
Disconnect outside hoses and lawn sprinklers during the winter months.
Add outdoor faucet protectors to prevent faucets from freezing.
Article from "True Value" Project Planner
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