The Money Saving Fifty (50)

You’ve finally set a date for your wedding. When you begin planning, you realize how much a wedding can cost. If you plan ahead and do your research, you can save money on nearly all aspects of your big day. Here are some ideas of how to save money on wedding stationery.

Most brides-to-be realize how important their invitations or announcements are in setting the tone for their wedding. These are the first indication your friends and family may have of your impending nuptials, so you want to find wedding stationery that matches your personality.

You may be aware of formal invitations, but what do you do if you and your fiancé are far from formal people? Simple designs are often the least expensive because they don’t have ribbons, double envelopes, or multiple pieces of vellum – all of which adds to the price.

Buying software to design and print your own wedding stationery is another option you may want to consider. You can create a single invitation or you can create a number of designs and print them on your own printer at home. If you’re comfortable doing Calligraphy, you may want to order blank cards and hand write your stationery depending upon the number you plan to send out.

Local office supply stores may print your invitations for less than if you have them printed professionally. This may be a valid option if you’re not comfortable printing the invitations at home.

Check online to see if there are discount internet printers who may offer printing services in your budget range. Quite often you can save up to 50% compared with traditional printing shops. If you choose anything other than standard ink, you may have to pay extra. Take time to compare online printers to get the best price.

Depending upon what skills you have, you may be able to barter for the price of your wedding stationery. How would you do this? You may be able to offer tax advice to the printer if that’s your skill. If you’re experienced in marketing or advertising, you may be able to help them market their business in a more effective way. Think of what skills you have that you may be able to barter with and receive free printing.

Technology is another way in which you can save money on wedding stationery. Create your invitation and then send it via email. Digital invitations will work for those friends and family who have access to this type of media; however, you may still want to purchase some invitations to send through the mail for those who don’t. This will save on both printing and on postage.

Learning how to save money on wedding stationery is one of many ways to make your wedding more affordable. Remember, this is your wedding and you want your stationery to convey your personality as you’re letting friends and family know of your big day. You can have the wedding of your dreams without going broke.

With the hubbub going on about a new healthcare plan and what it bodes for the country, people are wondering if universal healthcare is the answer. Many people have lived without health insurance for some time. They’ve managed to learn how to survive being uninsured. Here’s how you can do it, too, if you were suddenly faced with losing your health insurance.

Estimates claim more than 46 million people either don’t have health insurance or are underinsured. Studies also comment that half of all bankruptcies are due to excessive medical bills. There are also some reports stating those without insurance are more likely to die from major diseases because they don’t receive preventative care to catch these diseases as they begin. They are also more likely to miss work due to being ill.

Here are some options to help you survive being uninsured:

If you’ve recently lost your job and previously had health insurance, you should be able to get COBRA insurance for up to 18 months. You will, however, have to pay for this coverage which could cost anywhere from $500 to $1,000 per month for a family. Costs would be considerably less for an individual.

High-deductible polices are offered by many major medical health insurance companies. You may have to pay more for routine visits to see your doctor, but they do cover catastrophic health care bills. How much you pay per month will be determined by how much of a deductible you choose, the co-pay, and whether you’re single or need family health care.

* Almost every state offers low- or no-cost health insurance for children. These children’s insurance plans are based upon income, so if you’ve recently lost your job at least your children’s health care can be covered. Check with your county’s health department to find out what the options are for your family.

* Check for state health department clinics or low-cost clinics which charge based on your family’s income.

* Look in the newspapers or pay attention to see if there are health fairs sponsored by community organizations or local employers. These fairs may provide low-cost or free screenings for diabetes, high cholesterol, blood pressure, or more. This won’t replace a visit to a doctor, but it could cost considerably less and will at least let you know about possible health problems that do need to be seen to.

* You may have seen the commercials recently for drug companies offering breaks on the cost of prescriptions. Contact NeedyMeds or Partnership for Prescription Assistance to see if you qualify.

* See if there is a Lion’s Club International campaign available. They offer free vision screenings and can provide recycled glasses if you can’t afford to pay for them. You can also check with the American Optometric Association to see if they know of a doctor that offers optometry exams for free.

* Dental issues can often be dealt with by a dental school in your area. While you may not enjoy going to a dentist, and the prospect of a dental student doing the work makes you shudder, it may be the least expensive way to get your dental needs met.

It is possible to learn how to survive being uninsured. These suggestions may be what you need to help you maintain your health while facing financial difficulties. It is possible to be seen if you have a health issue without health insurance and these suggestions can tell you how.

Stress-reduction techniques are often sought after when pressures mount. But when that pressure comes from financial difficulties, stress-reduction needs to be economical as well as effective. Thankfully, you really don’t need a lot of money to take advantage of some simple stress-relieving techniques. Here are some suggestions to get your body and mind relaxed.

1. Breathe deeply
You breathe all the time; how can doing more of it help you relax? Breathing to relax is not the same as the breathing you do every day. Specifically, deep breathing helps center your focus and delivers much-needed oxygen to every part of your body. Take in air slowly into your lungs, visualizing the air going all the way to the bottom of your lungs and body. Pause, and then exhale slowly through your mouth. Yoga, Tai Chi, and other Eastern disciplines use variations of this technique.

2. Exercise
Stress puts your body into “fight or flight” mode, which can exhaust your adrenal glands and cause a build-up of toxins in your system. Exercise reduces these toxins by increasing circulation. The increased blood flow helps relax tight muscles. Keep the exercise fairly gentle – injuries and muscle soreness are not what you are aiming for.

3. Herbal teas
Herbal teas are non-habit forming and affordable. Most grocery stores carry blends geared toward relaxation or relieving tension. You can also try a single herb tea – lemon balm and catnip are pleasant-tasting and known for their relaxing properties. Try to grab a quiet moment to sip your tea, and/or sip throughout the day. Of course, if you are pregnant or nursing, or taking any medications, check with your doctor before drinking any herbal teas.

4. Prayer or meditation
A big part of reducing stress is shifting focus. Getting your mind off of the situation and onto a higher power helps put your problems in perspective and helps relieve the mental burden.

5. Stretch/Massage
Muscles tighten up in response to tension. If continually tense, muscles can pull bones and joints out of alignment. Stretching relieves the tightness and lets the joints fall back into place. Yoga and other Eastern disciplines offer excellent stretching techniques.

You don’t have to pay for a class, although the social aspect can help a lot with relieving stress. There are books and online instructional videos to help you get started. While you are stretching, pray or meditate as noted above so that you don’t spend your entire session worrying about your finances. That defeats the purpose of stretching!

6. Eat light
The digestive system seems to bear the brunt of our stresses. Take care of your digestive system by consuming healthy, whole foods without preservatives and other additives. Be sure to eat foods with “good” bacteria in them, such as yogurt. It’s tempting to eat a lot of sugar or starch when you’re stressed, but indulging in these kinds of foods can actually increase your stress in the long run.

Many of us are feeling the economic pinch these days. But financial difficulty does not have to ruin your health or well-being.

The current financial circumstances have many people nearing retirement age wondering if they’ll even be able to retire. They wonder if it might be best to continue working to make and save as much as they can until the economy improves. The following are strategies for retiring in bad times you may want to consider.

Most financial experts agree the first five years of retirement are the most important. The first five years may very well determine how much money a retiree has available to them, especially when economic times are questionable.

* Get help. If you don’t already have a financial advisor you trust, you may want to find one soon. There are so many variables to think about when considering retirement that you may not have all the information you need. A financial advisor will be able to help you understand your options and make decisions based upon what is best for your family.

* Leave your money where it is. You may be tempted to take your money out of the stock market, especially after watching it fall so dramatically. However, most financial experts feel the stock market will rebound. While you may have lost some money, you may still be able to regain those losses by leaving your money where it is.

* Consider postponing retirement for a time. By postponing your retirement until economic circumstances improve, you can possibly make more money to go toward your retirement if you follow the advice of financial planners. They will be able to guide you into wise investments you can make now, rather than retiring and using money from your already lowered retirement account.

* Get a part-time job. If you’re ready to retire from your current position but are unsure about your finances, you may want to get a part-time job to help you keep from spending your retirement funds. Even if you’re not making as much in a part-time job as you would in your current job, you may make enough to meet your regular financial needs. This would help you maintain your financial nest egg rather than depleting it.

Despite our country being in a recession, that doesn’t mean you have to put your retirement plans on hold. Talking with a professional financial advisor may help you to see your options and decide whether or not you’re fiscally ready to retire. An advisor can also give you ideas on how to stretch your retirement account to meet your needs for years to come.

These strategies for retiring in bad times are by no means the only ones. They may help you see that retirement doesn’t have to be postponed. They may also help you think of other things you can do that will allow you to retire sooner rather than later.

Statistics claim that two of every three college students have at least one credit card. Statistics also prove that many of those first-time credit card owners will end up in financial trouble because they haven’t learned to properly use them. There are smart ways to use your first credit card, though. Here are some tips:

Learning how to properly use credit cards can help build your credit history instead of leaving big black marks on it. The benefits of having good credit means:

* Qualifying for lower interest rates on car loans or mortgages
* Getting a reduced cost for insurance
* Getting a decent apartment because many landlords check your credit these days

A good first credit card is one that doesn’t charge an application fee, has no annual fee, has a decent interest rate (approximately 14-17% for college students), and reports to all three major credit bureaus. If it doesn’t report to credit bureaus it won’t help you build credit and you’d want to find another.

Apply for only one credit card at a time. When you’re just starting out, you really don’t need more than one. Wait several months to a year before applying for more. Two credit cards may help establish your credit history, but more than that could easily result in problems.

Study the information you receive about your new card. It will explain the interest and any fees. You’ll have one interest rate for purchases you make, one for transferring credit from another card, and still another for making cash withdrawals. You’ll also want to know about late fees or over-the-limit fees. Do your best to avoid these fees as they are too high.

What is your credit limit? On most cards college students get, the limit is $500. However, after you’ve had the card for a while and have made your payments on time, your limit may be raised. Try to avoid spending more than 30% of your credit limit.

When is your payment due? When does the statement period close? And what is the toll-free telephone number for the card? You’ll want to know this information in case there is a question or problem with your card.

Remember, your first credit card is a tool that can greatly influence your financial future. Misusing credit can haunt you for years to come. Cash advances have a high interest rate, so avoid them. Late payments mean a fee of $30 or more and may increase your interest. Missing a payment entirely will knock 100 points from your credit score. Going over your limit can also cause a large fee.

Pay your balance in full each month; never pay only the minimum payment. The minimum payment, usually 2% to 3% of your total balance, will take you years to pay off and will result in having to pay an exorbitant amount in interest. The best idea is to pay the balance off each month and if you can’t do that, then it would be better not to make the purchase.

If you have a steady source of income, have your payments taken from your account automatically. This will ensure you won’t have a late payment. Just don’t forget to deduct that amount from your account or it could cause other problems.

There are smart ways to use your first credit card. By following these ideas, you may learn to avoid the same financial problems that many college students find themselves in the middle of. Remember, credit cards are tool; use them wisely.

The two general categories of loan are secured and unsecured. What are the differences, and which one is right for you?

* Secured Loans

To qualify for a secured loan, you must own something that will serve as collateral – that is, assets the lender can claim in case you fail to make payments on your loan. Usually, lenders require that prospective borrowers own real estate and/or a home. That means that the lender has something to fall back on should you default on your loan. If you own a home or other significant collateral, or if your credit history is less than perfect, a secured loan is an option.

Characteristics:

1. Larger loan amounts
Secured lenders are more willing to give big loans. If you need a significant amount, a secured loan will probably be the way to go.

2. Longer payment period
Many secured lenders provide long payback times. This, of course, will make your payments smaller. If you prefer to pay low monthly amounts for a fairly long period, you may consider a secured loan.

3. Lower interest rates
Because the lender has recourse in case of default, they are able to offer lower interest rates. Once again, this will make your payments lower and possibly make your payback time shorter.

* Unsecured Loans

An unsecured loan is established on mutual trust between you and the lender, usually based on your credit history. The logic behind an unsecured loan is: if you’ve made timely payments on loans in the past, you are likely to do so now. Such a loan carries more risk to the lender, who has no recourse should you go into default. (Credit cards are an example of an unsecured loan.) If you are a renter or otherwise do not own real estate, and you have a good credit history, an unsecured loan is a viable option.

Characteristics:

1. Smaller loan amounts
If you need a fairly small amount of money, an unsecured loan makes sense. The borrower has little to lose and the lender has much to lose, meaning the lender views an unsecured loan as one carrying less incentive to pay. Obviously, a smaller loan amount minimizes the risk to the lender.

2. Few payback options
The longer a borrower takes to pay back a loan, the greater the likelihood that the loan will go into default – thus a greater risk to the lender. This is why unsecured loans usually offer shorter payback periods, which will make your payments higher. If you foresee being able to repay your loan quickly, considering an unsecured loan is a possibility.

3. Higher interest rates
Lenders usually have higher rates on unsecured loans to provide some fiscal protection.

Some loans can be either secured or unsecured – that is, if you are applying for an unsecured loan of $15,000 and your credit rating is not up to par, the lender may consider giving you the same loan as a secured one if you have the collateral.

Financial experts recommend saving up to six months’ worth of expenses so you’re prepared for emergencies. An emergency fund might cover expenses when you’ve lost a job, had unexpected medical bills, or you have to take a leave of absence from work to care for a loved one. If you don’t have money coming in, should you use your savings to pay off credit card bills?

Before you run to empty your savings account to pay off one or more credit card bills, there are some things you may want to consider.

If you have limited income, try to pay the minimum payment rather than paying the balance off each month. However, as soon as you’re back to work, it is important to start paying more than the minimum payment so you can get your balance back down to a reasonable level. Paying at least the minimum will keep your credit in good standing.

What do you do if you know you won’t have any income? Contact the credit card company and explain your situation. Let them know you’ll be laid off or whatever the problem may be that will keep you from making your payment. Try to see what arrangements can be worked out. They may be willing to lower your interest rate, postpone payments for a couple of months, or both. Do your best to abide by the agreement made.

Pros of using savings

If you have an emergency fund and won’t deplete it by paying off your credit cards, it might be worth doing so. This could be especially true if the cards have a high interest rate. The most interest you’ll probably earn for a traditional savings account is 5% and you’ll be lucky if you earn that. However, when you consider you could be spending as much as 19% or more interest on your credit cards, it’s easy to see how paying those off with savings could look like a good idea.

You could choose to leave your money in your savings account. However, if you choose this option, you may end up missing payments which could make your interest rate go up and ruin your credit. You may also be sued for the balance. Using your credit can help you avoid this possibility.

Cons of using savings

Since experts recommend having an emergency fund set aside for emergencies or the unexpected, using your savings account means you won’t have that fund. Sure, you can begin to build the balance in your savings account back up, but how long did it take to amass that balance the first time?

You may also feel that once you have the credit card paid off, it’s alright to use it again and drive the balance back up. When and if you use your credit card, be sure to pay the balance off each month to avoid paying interest on your purchases.

The choice of how to use your savings is entirely up to you, but it’s good to have others’ opinions on whether or not you should use your savings to pay off credit card bills. If you need further advice, be sure to speak with a qualified financial counselor to give you the best advice based on your own circumstances.

If you are in your thirties, you’ll most likely retire when you’re quite a few years older and you may not really be thinking about retirement at all. But even at this age it’s important to think about your financial future.

Many people in their thirties are beginning to realize how reckless they may have been in their twenties when they thought they had the world by its tail. They are beginning to see how spending like there was no tomorrow was wrong; tomorrow is now here. They may also be thinking about buying their first home, and retirement is in the not-too-distant future.

Beginning to think about your financial future while in your thirties is a great idea. It really is a time when you can create your financial foundation and then build upon it as you age. Here are some financial things you may want to begin working on now rather than waiting until later.

Pay off your credit card debt rather than continuing to add to it. If you’ve been able to keep your payments up, call the credit card company and ask for a better interest rate. Having a good credit score may encourage them to reduce the rate so you can begin paying down principal instead of just interest.

Create a budget so you can work on paying off the remaining credit card debt you have. If you can get your monthly spending down to necessities, you can take the remaining income and use it to pay down debt. Start paying off the card with the lowest balance. Double up that payment and pay the minimum payment on any other debt. When you have paid off that card or loan, use that money to pay toward the next lowest balance. Before you know it, you’ll have your credit cards paid off. Pat yourself on the back; that’s a huge accomplishment.

Fund your retirement account. Don’t be like over one-third of employees in their thirties who don’t have a 401 (k) or other form of retirement account. Gone is the time you can expect to draw from Social Security when you retire, so it’s important to invest whatever you can in your own retirement while you’re young. Take some risks rather than being too conservative. You can’t expect a large payout if you’re afraid to take any risks.

If you can, buy your first home while you’re in this age bracket. Most mortgages are for at least 30 years. If you continually pay your mortgage payments, you should have your home paid off about the time you retire, which means you won’t have that payment to worry about come retirement time.

Along with paying off your debt, funding your retirement account, and buying your first home, you’ll also want to create an emergency fund. As much as you’d like to think you can stay at the same company until you retire, that simply isn’t how things work any longer. You also may have unexpected medical bills. Having an emergency fund of at least three to six months’ worth of expenses will give you enough to live on until you can return to work.

Speak with a professional financial advisor or planner to help you make decisions about retirement. This money advice won’t provide the information that speaking with a professional can. Remember to start thinking about retirement now and you’ll be prepared when you reach that age and can retire, knowing your financial future is taken care of.

Beginning to save for the winter holidays early is realistic and sensible. Maybe you don’t want to think about all the holiday hassle too far ahead, but the holidays will be a lot less of a hassle if you start saving for them now.

Expenses abound from Thanksgiving to New Year’s, and being prepared will help you relax and enjoy the friends, food, and family that accompany the holiday season. Beginning to save now gives you five months to accumulate sufficient funds to cover anticipated and unexpected expenses. Think of it this way: it’s better to spend five months saving than five months paying off credit card bills with high interest rates.

What, exactly, is so expensive about the holidays? Why does it take five months to save up for them? Here are some potential expenses associated with the holiday season you may not have considered.

* Travel
With gasoline prices ever-changing, it’s good to prepare for the most expensive scenario and save accordingly. Your car may need repairs, too, and if you get those taken care of in the slower summer months it will be one less expense to deal with during the busy holiday season. If you’re traveling by air, saving money for air fare and booking flights well ahead gives you time to look for good deals. The same is true for hotel reservations.

* Hosting
It’s easy to underestimate the cost of hosting a holiday party, or having overnight guests. Food, party decorations, favors, etc. all need to be considered. Also, your house guests will use more utilities such as electricity and water. And let’s not forget the cost of that attractive party outfit you’ll be wearing!

* Food
The holidays are a time when special food is served, from elegant chocolates to shrimp cocktail to turkey. These are all expensive items that tend to increase in price around the holidays. Saving in the summer, when food costs tend to be lower, will pay off when the holidays roll around.

* Gifts
You’ve probably thought of gifts already, but do you have a specific amount in mind that you can spend? Have you considered actually buying Christmas gifts in the summer? Determine your gift budget and start saving, and once you have made your gift list (and checked it twice), you can keep an eye out for summer sales and the “perfect” gift. If you wait until the holiday season is underway before buying, there’s always the risk that the gift you want will be out of stock, and the crowds of holiday shoppers can be daunting. Starting early also helps you avoid the last-minute panic that may cause you to buy a less-than-ideal gift that costs more than you can afford.

* Accessories
The little things can really add up ? cards, postage stamps, batteries, wrapping paper, decorations, etc. Remember how much last year’s Christmas tree cost? It will probably be just as much if not more this year!

The holiday season is a wonderful time of sharing good food, traditions, and building new memories. Begin your holiday saving now and when it comes time to get into your new outfit, prepare a turkey dinner, or give your friends meaningful gifts, you will be able to enjoy the festivities without the stress of figuring out how to pay for it all.

People considering a large purchase may be concerned about their credit score and how it might affect their eligibility for a loan. Don’t despair; there are ways to raise your credit score. Try following some of these ideas to bring your credit score up.

Many people don’t realize how important their credit score is, especially if they’re just starting out. Like your social security number, however, your credit score is intrinsically linked to your name for your entire adult life. If you want to borrow money of any amount the creditor will check your credit rating.

* Each year, order copies of your credit report and check it for errors. Knowing what is in your report will enable you to get any errors corrected which could increase your score dramatically. If you have extenuating circumstances concerning anything on your credit report, you have the ability to write a letter explaining your situation and have that included in your report. Depending upon the reason, this information could encourage a creditor to approve a loan request.

* Pay your bills on time. Each time you are late on payments your credit score is adversely affected, often within two months after the payment is missed. The reverse is also true; if you pay on time your score goes up; however, it can take six to twelve months for the good reports to be added.

* Avoid opening accounts you won’t use. No initial discount offered for opening an account is worth the potential black mark on your credit score.

* Transferring balances is risky business, so try to pay your credit cards off rather than transferring the balance to a lower rate card. The reason being, transfers may change the ratio of credit owed and open credit lines which hurts your credit score.

* If you do use credit cards, pay them off every month or use them sparingly. Your goal is to have as small a balance as possible when compared to available credit. Keeping the balance owed below 25% of the total available is good for your credit score.

* Choosing to close older accounts you no longer use could have a negative effect on your credit rating. Creditors want to see a long credit history, so you may want to leave older accounts open – at least until you’ve received the loan you’re seeking.

* Do everything you can to avoid having to file for bankruptcy. Even though you may have an immediate reprieve, in the long run it will be disastrous for your credit score.

* If one or more of your credit accounts is past due, bring them current as soon as you can.

Ultimately, if you know you’re going to have problems making payments at any point, it is better to call your creditor immediately and discuss your situation with them. They may be able to reduce your interest rate or postpone several payments. The important thing is to let your creditors know so you can work with them to keep your credit in good standing.

There are ways to raise your credit score if you’re going to be making a large purchase such as a house or a new vehicle. Remember to keep an eye on your credit report and correct any errors as soon as you find them to ensure your credit report is accurate and your good credit is maintained.