Source: Flickr

Fred Schebesta writes for Savings Account Finder where he helps people save money and compare savings accounts.

When you are saving for a goal or to build up a financial buffer in the bank, it is not enough to simply open a high interest savings account and expect your savings to grow exponentially. Instead you need to develop and stick to certain savings strategies which will keep you on track and help you reach your goal, but before you think that this is all getting too complicated, the right savings strategies are easy to put in place, and even easier to stick to when you follow this advice.

Strategies for Long Term Saving

Everyone’s savings goal is different, but a long term savings goal is also very different to a short term goal . In the short term you don’t have to worry about losing focus, you don’t have to combat inflation and you don’t have to worry about the security of your savings account investment because you’ll probably remain covered by the government’s deposit scheme. However, when planning a long term savings goal, you need to keep these strategies in mind:

• · Look for a high ongoing interest rate as promotional rates are only competitive for a short time. Savings account providers will offer promotional or introductory interest rates on their savings accounts, but with a long term savings goal you are more likely to benefit from a higher ongoing rate, because after the promotion ends, the standard rates from these providers are not very competitive, and you’re in this savings plan for the long haul.

• · Be clear about your savings goal so you can remain motivated. An important strategy in long term savings is to remain focused because it is easy to lose your motivation over the course of several years of saving. Instead, choose a savings account which gives you strategies to track your savings and stay motivated – these savings strategies could be as simple as entering your savings target when you open the savings account so you can see your goal clearly, or your savings account may chart our progress on a graph in internet banking, or on your statements, so you can see how much you’ve saved, and how much more you have to save to reach your goal by your deadline.

• · Save for a good reason and one which will inspire you in the long term. You may choose for your savings plan to be a long term one because your target is quite large and you need to make a lot of savings to reach it. However, an important strategy in saving is to make sure that by the time your reach your goal, you’ll still want to achieve that goal. Perhaps you have set a savings target for a new engine for your car, or a kitchen upgrade – make sure you think about what you will be doing in your life in the year or two years later when you reach your savings target for this dream. Will you still be in the same house or will you have sold it and moved to a house with a better kitchen? Will you still have the same car or will you have grown out of it? Staying motivated in your savings goals is not only about making sure you are able and willing to make regular deposits to your savings account, but also that you are saving for something worth all the trouble too.

• Set up regular transfers to your savings account to keep you saving. This is one of the most important pieces of savings advice you will find anywhere because it means you can keep your savings on track without being tempted to let your deposits slide. If you set up a regular transfer from your transaction account to your savings account on payday, you are paying yourself first and ensuring that no matter what else you are tempted to buy that week, your savings contribution is taken care of. This strategy is particularly important with a long term savings goal as it is easy to lose interest in making your contributions, or simply forget.

Strategies for Short Term Saving

Saving for short term goals is an important financial skill to have because it allows you to develop good savings habits and still buy things for yourself and your family. By saving up for the short term for things you want and need, you can also avoid using your credit card, and can instead pay with your own money and buy things you can actually afford and this further cements your financial security, and sets a good example for your family.

• · Choose a high promotional rate on your savings account to get you to your goal faster. If you have a short term savings plan, you need to reach your goal as quickly as possible and a high introductory rate will help you do that. Promotional rates tend to run for three or four months and this is the perfect length of time for a short term savings plan – long enough to save without sacrificing too much, and short enough to remain motivated and fulfil your goals. A promotional interest rate on a high interest savings account can be almost 2.00% higher than the standard interest rate, and with interest calculated daily your savings can be steadily boosted from the moment you open the account.

• Calculate your contributions and make an automated plan. Whether you are setting a short term savings goal to get a feel for high interest savings accounts, or because you’ve seen something you want and want to avoid credit card interest, no matter how short your savings term, you still need to plan for it to keep on track so set up regular contributions from your transaction account to your savings account each payday. This means you can be saving without having to manage your savings and when a savings plan is easy, you’re more likely to stick to it.

• · Budget for your contributions to reach your goal and use your interest earned as ‘cream’. The cream on top of your savings is the interest – the extra money you’ll have in your account on top of what you were expecting from your own contributions. To make a real difference to your finances, budget to reach your goal with your own contributions, not taking into account the interest you will earn. When you have reached your goal, withdraw your contributions and use your interest earned to kick start another savings goal, or reinvest it in a term deposit

When you have these few simple strategies in place, it is easy to win the war against all the obstacles which are stopping your from reaching your savings goals – time, motivation, focus and flexibility.

But first we will start with me.

Before I started my Netflix account, I signed up for the two week free trial from Blockbuster to rent movies.  I would then rent 1-2 movies a day and burn the  DVD’s so I can keep the movies for the future.  Once the two week trial ended I discontinued my service.  I was able to get a bunch of free DVD’s that way.

Now here are some of yours.

Crys

My personal money grubbing secret is to not buy things I want, but only need, and then ask for the wants as Christmas presents. For example, I love smelly soaps, but they’re expensive, so I buy the super cheap not nice ones. But for Christmas I ask for smelly ones.

Evolution of wealth

This book sounds funny so pretty funny. I’ll have to chime in for a shot at it. My secret is that I love McDonald’s straws. Whenever I go I like to grab a huge handful of straws to take with me. I admit it.

Mindy

I am a strictly clearance shopper and not just any clearance is good 75 percent off or better thanks

Carol

I take the clothes out of the dryer after they’ve been only a few minutes and I hang it all.

Mia

Go to Costco at lunchtime and make a meal out of all the freebies.

Geri

I use coupons whenever I can if you would consider that “money grubbing”…This looks like a great book that hopefully I could use some tricks to be cheaper yet…

Darcy

If I like a product I let the company know it–and often I’m rewarded with great coupons (often for free merchandise)

Jennifer

I grab an extra set of plastic flatware when I get takeout and keep it in my office.

Red

I ask for ketchup and BBQ packets when I go out, even though I have a large stash at home. I take plasticware with me from restaurants and use it as needed at home or at work. I don’t buy paper plates anymore because it’s much cheaper to just wash the real dishes. And lastly (and most disgustingly, I know), I don’t buy tampons to keep at home because my office stocks them in the ladies restroom. I just use them at work and then take one home with me.

Susan

I cut coupons, and recycle plastic forks…

Nicole

I make my own coffee, instead of going to Starbucks everyday. I also shop at thrift stores for clothing.

Miranda

I reuse my ziplock bags

Wendy

I take home the condiments that you get from fast food restaurants and use them instead of buying the full size version.

Ctreit

I cut the toothpaste tube open, when it is almost empty so that I can get a few more helpings.

Kelly

Store brand, store brand, store brand. I’ve discovered that some store brands are infinitely better than the name brand items!

Caren

I get free samples of new grooming products from sample offers off the Internet. My resulting collection of mini toothpastes is great for air travel.

Source: Flickr

This is a guest post by Charissa Cowart from eBillme | Secure Cash Payments

This holiday season you’re probably trying to find ways to spend less but still show your family and friends how much you care about them. Well I have a few ideas to help you on the way. Some of these are simple party ideas, some are gift-buying ideas and some are Do-It-Yourself ideas. So here they are, I hope they help… Knock your socks off!

1. Family Secret Santa – If you have a big extended family, like several aunts, uncles, and cousins who will all be with you on Christmas day but you don’t know them well enough to know what to buy… a good idea is to arrange Secret Santa!

Here’s how it works:

Everyone bring a wrapped gift (men bring a man’s gift, women bring a woman’s gift) and have them in two separate piles – decide on the price point ahead of time. One at a time each family member goes to the pile of gifts and picks one gift (don’t open it yet). Then after everyone gets a wrapped gift (you can not pick your own gift), everyone opens the gifts at the same time to see what you got.

This way you only have to spend money on one gift, but everyone in the family gets to go home with a gift.

1. Gift Cards – Gift cards can seem like very impersonal gifts, but there are ways to make them fun! You can attach a gift card to a canvas and paint around it to make it more personal and unique. You can create your own gift basket with small things like inexpensive candles, candy, magazines, etc. and include the Gift Card. Gift Cards are great gifts because it allows the recipient to get whatever he/she wants and it eliminates the need for him/her to have to take back a gift that doesn’t fit or they may already have.

1. Create Your Own Board Game – This is a neat idea! Check out this eHow article on How to Make Your Own Board Game. It could be really fun if you create a game about your family and give it to mom & dad, or grandma & grandpa but explain that it’s a game for everyone to play! They family would love it and might start putting in orders for their own game!

1. Shop Online – Decide to do all your shopping online this year! There are many benefits to shopping online. You don’t have to fight for a parking spot in the holiday traffic for one. eBillme.com is a great site for shopping online and you can pay cash online! The cool thing is, you can even earn 1% cash back on every order you make. You’re practically making money while shopping!

1. Bring out the Cookbooks – Your local Kinko’s can be your best friend when it comes to making things yourself. Gather up old recipes, family recipes, or new recipes from Paula Dean and Rachel Ray then take them to Kinko’s and have them printed in the form of a cookbook! It would make a great gift for any females in your family.

These are just a few ideas to help you give great gifts this year but not have to take out a loan to do it.  Plus, you’ll have fun making your own gifts or playing Secret Santa with the family.

Let us know your money-saving tips for holiday shopping in the comments.

Source: Flickr

In these challenging economic times, when the holiday season rolls around, many people find themselves overwhelmed financially when trying to buy gifts for friends and loved ones, throw holiday parties, and decorate their homes for the season. Many turn to credit cards, and experience the dreaded “holiday hangover” when their bloated credit card statements arrive in January. How can this be avoided? Your best plan of action is just that—a plan. Here are some tips for saving money now for next year’s holiday season.

Set your budget

This year, keep track of how much money you are spending on presents for family and friends, entertaining and decorations. This will give you a general idea of what you’d need to put aside for next year’s festivities (although it might be wise to “pad” your budget with an extra $100 or so, to account for unexpected expenses). Then, figure out how much money you would need to save each month in order to have the necessary funds available by the time next year’s holidays begin. Once you have that magic number, there are a number of ways you can reach this goal.

Find ways to save

When trying to reach a financial goal, every little bit helps. Look at your where your money is going, and think of ways to “trim the fat” from what you’re spending… that daily $4 latte, although tasty, could equal $120 per month towards your holiday budget. Cutting coupons, buying in bulk, there are so many ways to put a little more aside every month while still enjoying the same lifestyle. Sites like www.budgetpulse.com and www.wisebread.com are very helpful in terms of helping you mapping out every penny you spend, and living well on a smaller budget.

Open a holiday account

Many banks and lending institutions offer holiday savings accounts, which can often be opened with as little as $5! Contact your bank to see if this option is available to you, or just open a separate savings account that you’ve set aside for holiday expenses. You can deposit money into this account, or better yet, have the money debited automatically (soon enough, you won’t even notice this automatic withdrawal—even small amounts add up if consistently deposited over time.

Discipline, discipline, discipline

It’s hard sometimes, to stick to your guns about saving, when your goal seems so far away. But the sooner you start saving, the more money you will have to enjoy next year’s holiday season—without the dreaded credit card debt waiting for you in January. That might be the best gift of all!

How are you trying to save?

From his site he claims to be regular guy who created this site back in early as a way to share my own experiences with successfully managing my money, and to connect with others who were heading in the same direction.

He recently entered the FNBO youtube video challenge contest where he create a rap about paying yourself first.  I love it and have already watched it several times through.

Here is his excellent video, enjoy.

Click here to view the embedded video.

Flickr: Striatic

By Heaven Stubblefield

When I first went off to college, my mother once told me to do my grocery shopping at stores where the elderly shop.  Her reason: the elderly, who are on a fixed income like social security or a pension, are very thrifty shoppers.  So I began finding those people, and then did my shopping there.  Unfortunately, their pension or retirement must have been a lot more than my starting salary, because I was gasping every time I checked out of the grocery store or went clothes shopping.  So I began purchasing the Sunday newspaper and shopping at Walmart for clothes.  But even then, cutting coupons for the 3 or 4 things I would buy that were there was not cutting my bill.  Fortunately, today, the internet makes it easy to find savvy shoppers and the best deals in your neighborhood.  Here are some sites that will help you with various types of shopping.

Grocery Store Shopping

Coupons.com is a website that enables you to print coupons on your computer.  It is a free site, thanks to companies advertising.  As long as your grocery store accepts these types of coupons, you are good to go.  You won’t have to worry about your store acknowledging the sale because when you go to the site you enter your zip code and can see sales happening in your back yard.

CouponMom.com is another website that will help feed your family, both inside and out.  With offers like links to discount gift certificates to your favorite restaurant and printable coupons for your grocery staples, you are sure to save money on this free site.

Department Store Shopping

If you are shopping online, CouponCabin.com offers specific instructions on how to save at your favorite department or clothing store.  For example, it will list promo codes to use when checking out online and their staff checks at least 3 times a day to ensure the codes work.  An added bonus to this website is that they email you on Mondays with the latest deals and offers.

Finding Savvy Shoppers

Fortunately, you don’t have to leave home to find savvy shoppers.  In a world where people do enjoy giving advice, advice abounds when it comes to shopping and saving money.  Most of the coupon sites listed above have forums where people can share their news or successes in the trenches of retail.  Whether it is a deal that might make a night out less expensive (and therefore more enjoyable), or a post about milk being on sale, people are out there to help you save money.

If you consider yourself a savvy shopper, then most likely you are surrounded by the same in your circle of friends.  And if you are a mom, that gene became stronger with the birth of your child.  Talk about money with your friends, whether you saved or splurged, and you will get advice from them on their saving successes.  Enjoy helping yourself and other.  Saving money is an instant gratifier!

Flickr: Ellievanhoutte

Don’t you just love going to sporting events?  The crowd, seeing your favorite players, being part of the action is all exhilarating and makes for a great day.  Unfortunately, after you pay for you ticket, it seems you can spend a lot more money enjoying yourself at the event.  With consumers being more conscientious about their money, there is still a way to enjoy your seats without breaking your wallet or trying to figure out where the money went at the end of the day.  Here are some ways to save while rooting for your favorite team.

Food

Don’t eat at the game!  Not only is that food incredibly unhealthy for your body, it is extremely unhealthy for your wallet.  Ever notice that after you have spent 2 hours eating at the event you are ready for a meal to celebrate or mourn your team’s outcome?  It is because the food you are consuming is not filling or you are consuming a lot of something else (I’ll get to that in a minute).  Tailgate in the parking lot with food you brought from home.  Also, some venues will let you bring in your own food, especially if you have a doctor’s note saying you have a condition that prevents you from eating anything they offer.  Other venues are simply pleased as punch that you bought a ticket and don’t mind if you choose to save money by not purchasing their food.  An empty seat is worse than someone whose belly is filled with their own food.  If you are set on eating with friends, why not pick a restaurant close by, and if the event is on a weekday, try choosing a place that has a happy hour so you can eat and drink on a saved dollar.

Drink

Beer: the root of all evil at a sporting event.  It makes the crowd rowdier, the stands dirtier, and your wallets emptier.  I went to a concert last month, the beers were $11.00!  Can you believe it?  I could have bought a case of beer, drank it in the parking lot and still had a great time.  So we did, the same goes for sporting events.  Tailgating is allowed at most sporting events, so to keep yourself safe and your wallet a little fuller, do the following.

1.  Designate a driver; they will probably get free soda at the event if they tell the vender and you will have no question in your mind that you are getting home safely.
2.  Get to the game early, and once you are walking into the stadium, drink water.  It will make you feel better and perhaps you will remember the game.
3.  Don’t impress your date by buying her mixed drinks.  I have seen them priced as high as 7.00 for a well-made drink.

Transportation

Paying for parking is a pain.  You can risk it by parking in an unattended lot for $2.00 or feeling secure that your vehicle won’t get vandalized, pay $10.00.  My suggestion, take public transportation.  For 4 dollars, we didn’t have to designate a driver and we took the train downtown and caught a hotel shuttle from our original destination to our event.  Fun was had by all.

You don’t have to break your bank when attending a sporting event.  So, have some fun rooting for your team and your budget!

What tips do you have for saving money at sporting events?

By Heaven Stubblefield

While it seems summer is coming to a screeching halt and Halloween costumes are sprouting up in department stores,  it is not too late to prepare your fall finances.  Here are some things to keep in mind has we say goodbye to summer and hello to fall…

1. Gas Prices

You have probably noticed that the price of gas begins to drop as fall weather sets in.  Don’t be fooled.  As a mother, I know my mileage always goes up when school starts.  I am making more trips to friends’ houses because the pool is not available, and the simple running around of summer to the grocery store is now doubled with trips to buy sporting equipment, clothes and school supplies.   On the same note, if you have a gas furnace, those cold nights might require more than an extra blanket, so don’t forget to budget an increase in utility bills if you don’t have a fixed rate per month.

2. Clothing

Last month, I went through my closet and donated clothes that were too big (from my post baby days), too small (from my pre baby days), and simply worn out.  Because of my savvy saving this summer, I have a chunk of change to spend on some fall clothes for work.  Make sure you take into account keeping your clothes clean.  A friend of mine works in a dry cleaning shop and shared with me how much more busy she is once school starts.  It seems the mom’s who were donning t-shirts and jean shorts this summer are returning to work and breaking out the pant suits and blazers.  Make sure you have money for both the clothes and keeping their upkeep.

3. Fall fun

Things get more expensive in the fall when it comes to entertainment as outdoor venues, aside from the Friday night high school football game or season tickets at your favorite sports arena, start to dwindle.  Having fun comes at a swelled price.  Your child may want spend the day at a gaming station or simply home watching television.  While both activities are not superb for your child, if it becomes a habit in the fall, it will come with a price.  Make sure you have plenty of low-cost options for fall fun.

Budget conscience planning

Getting ready for fall does not just mean being aware of what you are going to need to buy.  Revisit your finances.  Did you or your spouse get a raise?  Is it time to increase your fund allocation to your retirement account or child’s college tuition plan?  If you have had a change in salary, make sure you look ahead at your new income.  In my household, when I stopped working full time and went to work part time, my husband and I were able to look at our finances with a clear lens so that there were no unexpected surprises.  Make sure you look at those things first, then make your list of the things that you know will be needed this year.  It will make fall more fun, and winter more bearable.

What are you doing to be ready for your fall finances?

By Heaven Stubblefield

It seems these days everyone and everything is go, go, go.  Kitchens have become another room that holds your things without ever being used.  The restaurant business has skyrocketed simply because people are spending less time in their kitchens and more time in the hands of other people to cook for them.  If you are a frequent diner, or simply want to save money on your once in a while excursions, here are some tips to help you save money.

1. It’s all about H2O. The average nonalcoholic refillable beverage will cost you between 2 and 4 dollars.  If you are imbibing from the bar, double it.  Most drinks, whose prices are not published, run between 4 and 10 dollars.  And those are not bottomless drinks.  When you go to a restaurant, order water.  Your server might think you are a cheap table, but you can always say you are watching your weight or “parched.”

2. Save up birthday presents. When my family asks me what I would like for my birthday and Christmas I always share that I want gift cards to my favorite restaurants.  Then, instead of using them as I get them, I hold onto them for special occasions.  When I was in college, I received a gift certificate to the nicest restaurant in town.  Instead of using it the next weekend, I saved it for an anniversary dinner with my boyfriend (now husband). The same thing goes now, six months later; I still have gift cards from Christmas that I will use for my husband’s birthday or a girl’s night out.

3. Promotion, Promotion, Promotion: I am a big fan of restaurant week in my hometown.  During this time, high end restaurants will serve you for a flat rate.  It helps them promote their wonderful restaurant and helps the average diner eat from a more pristine table cloth for an evening.  What would normally cost at least $100 for a meal for a table of two will typically cost $20 during restaurant week.

4. Don’t do the cooking, but do carry it out: Carry out has become the new phenomenon of many restaurants, and not simply chains.  I frequent a local Chinese restaurant, which we’ll call “George.”  When we dine in, we order drinks, and leave at least a 20% tip.  By carrying out, we drink what we have at home, or bring a bottle of water with us, and eliminate the tip.  We still get an excellent meal at “George” and it comes with a great savings.

5. Share. With the exception of when I was pregnant, I have never walked out of a restaurant without a doggie bag.  My husband and I often order the same thing when we eat out.  In addition, we rarely order from the kids menu for our daughter, who is less than 2 years old.  If you are dining in, you may incur a slight charge for sharing;  however, most restaurants, who appreciate that you came in at all and will not have a problem dishing one portion onto two plates.  If you both order a salad or side, it might make your server a little happier to serve.

I hope these tips will help you enjoy eating out without worrying about the bill.  Happy dining!

What are some tips you use to enjoy eating out without spending a lot of money?

By Mala Lal

As a freelance writer, I am always looking for ways to keep my finances in order. Here are my top 10 benefits of using an online personal finance tool.

10. It works on my time: With my tool being online, I never have to make an appointment to go over finances. There are times when I can’t sleep because I think I may have forgotten about a bill or wanted to make sure my paycheck went in the bank. Regardless of what time I want to update or check my finances, I am able to help myself without interrupting someone else’s schedule or having to wait.

9. Organization: At times, my life is going a million miles a second. And sadly, my house doesn’t look like Martha Stewart’s. With an online personal finance tool, I am able organize my bills in one convenient location that I can constantly refer to, even if the rest of my home isn’t so organized.

8. I am in control: When I first established my budget, I was able to look at all sorts of variables. Just like a new game, book, or song, the more times you listen, play or read it, you get different things out of it; the same is true for a finance tool. You can play around with your numbers, and can explore different options for yourself without making a decision. You get control of your money.

7. It’s private: While some people like sharing their money concerns with others, I am a private person. Aside from my husband, I don’t want other people in my financial business. When my husband and I received a sum of money that wasn’t expected, we didn’t feel obligated to talk with anyone about what to do with the money. Our online personal finance tool helped, but we were in charge and were able to keep our privacy.

6. There are no hurt feelings: If you hire a personal financial specialist, you might be expected to go with their decisions. I am all for listening to a teacher about ways to educate a child; however, I don’t want to hurt anyone’s feeling if I choose to take a different route than what my financial specialist suggested. With an online personal finance tool, I feel o.k. if I don’t listen to my computer.

5. It’s user friendly: I won’t call myself a technology guru; in fact, some may consider me technologically challenged. But, my tool is easy to understand and use without having to call for technical support.

4. There’s no contract: God forbid, but if I ever lost my job, I probably couldn’t afford a personal financial specialist. With my personal finance tool, I am not under a contract or have a financial obligation to keep.

3. There are lots of options: While I use BudgetPulse.com, there is a plethora of free programs out there to choose from. What I like about mine is that it is not connected to a single computer. If I am away on business or like to maintain things from work and home, as long as I can connect to the internet I am able to take care of my financial business.

2. Budget, Budget, Budget: I never have to worry anymore about money because I am in total control. An online personal finance tool helps me keep my credit score up, and helps relieve some of the stress in my life.

1. It’s free! Aside from the expense of my internet connection and the electricity needed to power my laptop, my tool is free. Enough said.