Saturday, February 20, 2010

LOWERING THE MONTHLY GROCERY BILL


By: D Beart 

Do you ever wonder how in the world you spend so much on groceries? If so, you are not alone. Each day millions of people just like you are scouring the internet for tips and tricks to lowering the monthly grocery bill. Groceries are astronomical and there is one sure fire way to achieve this that is almost too simple to be true! But it is!

The trick is to NEED LESS. When you grocery shop you are actually being subjected to so many subliminal sales messages and marketing pressures that you spend more actually believing you saved money some how. Buy one get one free, bulk loads of food that are cheaper and sales or coupons, end cap impulse buys and new or special deals are everywhere. They are hard to resist because they are capitalizing on your desire to save money but in the long run you are actually spending more. If you go to the grocery store, armed with a list of items that you actually need and commit to it, you can easily feed a family of 4 for much less than you spend now.

The other thing that costs tons of money is the convenience factor. Packaged foods, perfect for sending to school with the kids are up to ten times more per unit price than a whole bag of off brand chips and some Ziploc baggies. It might not be as easy, but the extra 60 seconds it takes to pack up some goodies for a kid’s lunch can be worth hundreds of dollars spread out over a year’s time. The same goes for meal deals that make dinnertime a snap. They might be easier, but you are paying for those easy to open cans and bags nutritionally and otherwise.

Another way to lower your grocery bill is to idealize a per meal budget. If you decide that spending $10 a day on food for your family is enough then try to shop when you have some extra time to make that so. You may find that tuna sandwiches for lunch and some chicken drumsticks with macaroni and cheese for dinner can cost much less. If you spend too much per meal you are essentially spending just as much as it takes to eat out three times a day. When you consider $10 a day for food, that means it is only costing about two and half bucks per person to eat for an entire day (based on a family of 4). That isn’t really that expensive.

Coupons can also save a heap of money. More than likely you have tried all the grocery shopping sites that help you to get groceries for free when you mix coupons with sales and rebates, but you don’t even have to do that. Clipping coupons, scanning ads and timing your shopping to a tee can be time consuming and your time is money as well. Just be sure that when you clip a coupon it is for an item you really need, already like or prefer to have in your pantry. Often coupons are available on items that are overstocked or that aren’t moving through the stores well hoping people will be excited by the thought of getting a dollar off. Additionally, many grocery stores actually raise the price of something before it goes on sale or before a coupon comes out. If you clip the coupon for items you use everyday anyways you will at least know that your dollar has been saved. If possible shop during times that offer double coupons.

Another way to save money is to be frugal when it comes to meats. Realize that just because something is cheaper per pound doesn’t mean it will cost you less. Likely the grease or bones will cause you to need twice as much in order to make a meal. It is better to pay ten to twenty cents more per pound for healthy, lean means that won’t disappear into a pile of grease. Additionally, if you can hit grocery stores early in the morning, many of the meats that are about to past date are available and can be had for half the cost. When it comes to meats you can spend a lot of money and shopping around from store to store and watching ads is important. If you can stock up on these staple items when they are on sale buying an extra freezer will eventually pay for itself.

The last bit of advice is to reevaluate your needs versus wants. What is really important to you? Would you rather have name brand shampoo or laundry detergent or can you curve spending in these areas to accommodate otherwise. Do you really need 20 cans of soup that will take up space in the cabinets and will your family really eat a 30 pound bag of potatoes before they sprout roots. So much of what you buy is probably wasted which is just as good as throwing money in the trash. While having a stocked fridge and pantry feels good, it really is unnecessary. When many of us shop thinking we need something the reality is we have plenty of food around the house to prepare some creative and well balanced meals for our family. Wanting things and needing things are not the same and lowering the monthly grocery bill can be as simple as taking inventory on your emotional spending while at the grocery store.
Realize that just because something is cheaper per pound doesn’t mean it will cost you less. Likely the grease or bones will cause you to need twice as much in order to make a meal.


David Beart runs the Professors House. Our family based site covers everything from finances to raising children, health, nutrition and marriage advice.

Source: http://www.articledashboard.com/Article/Lowering-the-Monthly-Grocery-Bill/1365460

HOME BUDGET SOFTWARE

In trying to make your life much easier financially, you have to focus on advise from professionals who have helped those get out of debt and live within their means. So there is a few steps that a software that some people have used has been able to help them focus on the importance of their personal financials. Here are a few steps that the software will help in; first you will know how you spend your money. What it will do is start with evaluating your current expenses and how much money you have left to spend.
The next step is it will help you become a better money manager by helping you categorize all your transactions and quickly spot areas that you are spending money quicker than other areas. It will show all of your total expenses and income in charts and graphs that make sense. Next, it will help you set up budget goals and help you achieve them. This means it will track you budget progress anywhere or anytime even on your phone. And finally, it alerts you if your accounts are getting low or available credit you have to help from not overspending. Moneystrands is a great money system program to help you live within your means.

check out HOME BUDGET SOFTWARE it will definitely help you a lot!!!

Friday, February 19, 2010

WHAT DOES RICH WOMAN STAND FOR?

As I was browsing the net for more infos on personal finance, I bumped into this website called "RICH WOMAN". I wasn't aware that Robert Kiyosaki, the Rich Dad Poor Dad author also has a powerful best-selling author wife - Kim Kiyosaki. I am so greatful to have found this out and there is so much to learn on this website about being financially free. I immediately signed up and did some clicking and reading on the site. Its very informative and uplifting to achieve your goals. 

Check this out @ http://www.richwoman.com 

What is a Rich Woman? I often hear women say, “I’m rich in spirit,” “I’m rich in family and friends,” “My life experiences make me rich.” I agree with each of these interpretations. However, I don’t agree with this comment: “I lead a very rich life, but I have no money.”
The Rich Woman philosophy supports all the above statements, except the last one. You can argue about it, which is fine, but it’s just not the Rich Woman philosophy. When we talk about Rich Woman, we talk openly about money, investing, cash flow, and taking charge of your financial life.
Why? Because the bottom line is that money has tremendous power. It has the power to set us free, but it also has the power to enslave us. Money enslaves us by keeping us in an unhealthy relationship because of the money, sending us to a job that we don’t like every day for the paycheck, or causing us to deny ourselves things important to us because we lack the money to buy them. Rich Woman is about setting women free.
In the Rich Woman point of view,
a woman cannot be free until she is financially free.
Financial independence begins with a rich mindset. A Rich Woman has a healthy attitude towards money. She doesn’t make excuses if she doesn’t have it. She doesn’t vilify those who do have it. Money, by itself, is not good or bad, it’s just money. How people use their money is most often what causes controversy.
I define money very simply. Money is freedom. It allows me to do what it is I truly want to do. It allows me to give my gifts and my talents as I was meant to give them.
Money is a very powerful tool, and when women take charge of their money, they take charge of their lives – and magic happens.

Wednesday, February 17, 2010

MASTER PERSONAL FINANCE BASICS


By Ariel Pryor 


Managing your money effectively provides incredible rewards in your life, including more free time to pursue your interests, better means to help your loved ones, travel etc. Yet I am constantly surprised at how many people have not been taught the rudiments of finance, the personal finance basics that if followed undoubtedly lead to increase and wealth. Let's cover some of these personal finance basics that will serve you well as you begin your life of healthy financial management.
The first rule of personal finance and most basic precept that must be absorbed for successful money management is to believe that managing your money is important and deserves focus and energy. You are capable of managing your own money, and making sound financial decisions with your own given common sense. Finance and money management is not magic, it is not so complicated as necessitating a high paid expert to tell you how to spend your money. Develop your own common sense money instincts and then follow them over the advice of any others, ultimately you are responsible for your personal finances.
The next personal finance rule is to focus on spending less than you make and earning more than you do today. Personal finance basics are all about discipline, and setting yourself on a long term track for growth with sound financial habits. Set yourself up for success with a constant focus on reducing your monthly spending and increasing how much you make. This should be a constant, lifelong, focus and worth of your effort. Learn the use of budgeting and projecting as tools to help you understand your financial present, past, and future.
The next basic rule of personal finances that will lead to your success is to make understanding how money works important in your life. Dedicate a little time in your life to understand the various financial instruments, investment tools, and successful business practices that exist today. In creating wealth you will have extra savings in need of investment and you should know what the options are available to you. Mastery of personal finance basics will lead you to more advanced financing techniques, constantly expand your capabilities.
Finally, it is essential to give back, and learn the power of giving. A tried and tested staple of personal finance is the incredible rewards of giving. Create excess in your life and then freely help those in your life you can, when you can, with money, charitable donations or other tools. Why it works, this article on the basics of personal finances is too short to cover, but giving 10% of what you make each month will bring back much more.
In summary, master the personal finance basics, your life depends on it.
Ariel Pryor is a consumer credit expert who helps people with Bad Credit to find financing with loans and or credit options despite their credit history. Let me help you get back on track to wealth building, check out Bad Credit Loans. Let me help rebuild and get back to the financial rewards you deserve.

Tuesday, February 16, 2010

EMERGENCY FUND

Everyone should have an emergency fund. Advisers suggest having enough savings in an easily accessible account to cover your living expenses for three to six months. This financial safety net will give you peace of mind about how you'll meet your most basic financial obligations in the event of illness, job loss, or other serious emergency. The fund can also be used for unplanned expenses such as major house or car repairs, or medical costs not covered by insurance.

Now that you have a budget in place, you can easily calculate how much money you'd need to cover your basic, no-frills living expenses if you had a sudden loss income. Write down your goal for your emergency fund and decide on an amount to contribute to each month, using the "pay yourself first" rule. If you may, keep the fund in a separate account, so you are less tempted to dip into it. Since emergency fund might be needed without notice, they should be kept in liquid accounts  that are easy to cash in quickly.

Decide on a percentage of your income to designate as savings. Planners suggests 10 percent, but if 8 or 5 percent is all you can handle, start with that. Set up a separate savings account.

If you feel forced to dip into your savings in an emergency, consider it a loan. If you can't pay it all back at once, set up a repayment plan and pay yourself as though it were a regular bill. Otherwise, you may never replenish your savings.

Tuesday, February 9, 2010

BDO VIRTUAL CARD

My Husband received a BDO VIRTUAL CARD today. I really have no idea what this card is all about. The courier said that it is a credit card. So I researched this over the net and found this on the BDO Website under the Credit Cards Section

BDO Virtual Card
Ready to shop ONLINE!


Now, online shopping is just a click away with the BDO Virtual Card – with added benefits suited to your online purchasing needs.

FREQUENTLY ASKED QUESTIONS
What is BDO Virtual Card?
BDO Virtual Card is a virtual credit line for use in virtual environments like the Internet. You’re given a credit line that’s part of your BDO credit card credit limit. You’re also assigned a different card number to protect your regular card number and credit line. 

How does the use of BDO Virtual Card protect me?
Your BDO Virtual Card has a different card number from your regular credit card number so you don’t use your existing credit card data in the Internet preventing data interception or misuse. You also have a smaller credit line. This limits your exposure as the full regular credit line will not be compromised. 

What is my BDO Virtual Card credit limit and how does it work?
Your BDO Virtual Card’s credit limit is only a sub-limit of your BDO credit card account. This virtual credit line is the maximum amount that you can use for your internet transactions. Each time you use your virtual credit line, you also reduce your BDO credit card’s available regular credit limit. Being only a sub-limit of your regular credit limit, your line availability for internet use depends on your available regular credit limit. If your regular credit limit has been maxed out, you can no longer use your virtual credit line until your available regular credit limit frees up.

Your virtual credit line is the same every month even if the internet transactions in the previous months are not paid in full, for as long as your regular credit card has an available credit limit.

It is initially pre-assigned but you have the option to have it reduced or increased according to your online purchasing needs. Simply call the BDO Customer Contact Center at 631-8000 to request for an increase/decrease in your virtual credit line. 
 
Will I be given a card for my account?
You will be given a reference card. This will help you remember your virtual card number as you transact online. Your BDO Virtual Card is only a reference card and may not be used to make purchases in regular stores where a credit card plastic is required to be presented for payment.

The BDO Virtual Card may not be used for “Dual Mode” transactions meaning transactions where items purchased over the internet that subsequently require presentment of a physical credit card bearing the same account number as the virtual card used to make the online purchase. 

How much is the annual fee for the BDO Virtual Card?
Your BDO Virtual Card is FREE with your regular BDO MasterCard credit card. So long as you keep your BDO credit card active and in good standing, your BDO Virtual Card remains active as well. 

Will I earn loyalty points for my transactions with my BDO Virtual Card?
Yes, you will continue to earn loyalty points in the same spend-to-point value as your regular BDO MasterCard credit card. 

How will I be billed for my BDO Virtual Card transactions?
Your BDO Virtual Card transactions will be reflected in your regular monthly billing statement. All your transactions will be billed in Philippine Pesos. However, If your regular BDO credit card a Dual Currency card, you will receive separate billing statements for your local and international transactions. All your transactions in currencies other than Philippine Peso will be billed in US Dollars and will be reflected in your Dollar Monthly Billing Statement. This is separate from your transactions in the local currency billed in Philippine Peso and reflected in your Peso Monthly Billing Statement. Your Dollar Monthly Billing Statement will have the same statement cut-off as your Peso Monthly Billing Statement. 

What will I do if my BDO Virtual Card reference card gets lost or stolen?
Simply call the BDO Customer Contact Center at 631-8000 so your virtual card account may be blocked immediately. You will be given a new virtual card account number and reference card. 


 
 

Sunday, February 7, 2010

CREDIT CARD

From Wikipedia.org - A credit card is part of a system of payments named after the small plastic card issued to users of the system. It is a card entitling its holder to buy goods and services based on the holder's promise to pay for these goods and services.The issuer of the card grants a line of credit to the consumer (or the user) from which the user can borrow money for payment to a merchant or as a cash advance to the user. Usage of the term "credit card" to imply a credit card account is a metonym.

I have two credit cards. One is my BDO Shopmore Mastercard which is for my personal use and the other one is a supplementary card from my husband that is for our emergency household needs. Whenever I get to use these two cards, I make it a point that I'll be able to pay the outstanding balance after I received the bill in order to save from the finance charge that the bank could get from me if I paid only the minimum payment required.

My husbands card has a renewal fee of 2,400 this year. We inquired about how we can remove that renewal fee ( if there is a way of waving it) Good thing that they offer a free renewal fee if you purchased an amount of 5000 from January - February for this year. So we used the card to buy Emilys milk, some medicines, diapers, and groceries. We immediately informed the bank about the amount that we purchased and then when they verified it, our application in waving the renewal fee is approved.... another way of minimizing the spending and maximizing the use of credit cards wisely...

Thursday, February 4, 2010

FIRST RULE.


PAY YOURSELF FIRST. This is the first rule in personal finance. In preparing your spending plan, make savings an expense category, with a set amount that you pay to yourself monthly when you pay your bills. Don’t plan your savings around what’s left over when you paid everything else. Chances are, there won’t be anything there.

If you are in your twenties or thirties, give yourself the biggest gift you can by paying yourself first with every salary. Treat yourself to secure a retirement – one where you’ll be able to afford to buy yourself someday. 



This is the one thing you can do right now. The most painless way to do that is to make it automatic: deposit an amount directly to your account right after you received your salary then get busy with your other bills and you wont even see the money you're putting away. Out of sight, out of mind, IT WORKS!

THE SPENDING PLAN

In other words – BUDGET. Some thinks that they can reach their financial goals without a spending plan. These are the ones who are most likely disappointed. Creating a spending plan is the most basic step anyone can take towards making their money work, regardless of how high or low is their income a month.

Many of us don’t really realize that we are spending more than what we earn until we are deeply in debt. Spending without knowing how much money we have would cause a major problem.We should decide earlier on how we put our money into use instead of wasting it unconsciously. Without a spending plan, we are letting our money to control us instead of us controlling our money.                                                      

Budgeting and tracking our expense shows us where our money goes and make us see how our expenditures go up over time. We must track our expenditures so we can make conscious decisions about how to spend or invest our money. This is the difference between never having enough money and being able to afford the things that are really important to you like paying off a credit card, saving for a house or buying a brand new car. 

Another side benefit of budgeting is that it can improve your relationship with your spouse or partner. Money matters are the single largest cause of marital breakdown so budgeting, financial goals and working together toward those goals can have positive effect on your relationship.

Wednesday, February 3, 2010

KEEPING TRACK OF YOUR MONEY

1.       WRITE IT DOWN.
Always have a little notebook on your bag to record all your savings and expenses. Most of us have troubles for the things that we forget to register. Keep this little notebook with you wherever you go and jot down all your transactions every day.  This is just a little chore that can be done while you are in a supermarket waiting in line or inside a taxi cab on your way home. Or you can even do it in front of the computer every night and record your day’s savings and spending.

2.       ROUND IT OFF
When you shop in a department store using your credit card or ATM card, try rounding off when doing your record, say you shop for 2,316. Record your spending as 2,400. You’ll be off when you reconcile with your bank statement. Some people do it the other way around like depositing an amount of 5,000 but recording only 4,500 on their little notebook and live their lives on the 4,500 and forgetting the hidden 500. This method of hiding can save you on spending more.

3.       USE WHAT WORKS FOR YOU.
There are actually a lot of methods for keeping track of your monthly finances with or without this little notebook or your checkbook. Just decide what’s best for your skills and interests. Some uses labeled envelopes for utility bills, savings, food, etc. when they get their salary, they segregate their money on these envelopes. Others prefer the more traditional checkbook/bankbook method like “deposits, withdrawal, and balance”

Tuesday, February 2, 2010

THE NET WORTH STATEMENT

Your net worth is the difference between all the things of value that you own and all the debts you awe or in financial terms it is your assets minus your liabilities. When calculating your net worth each item should be in their fair market value.

The net worth statement gives you a snapshot of your financial condition at this moment in time. This will tell you whether you owe more than you own or vice versa. Exercise this once a year. Use it as a starting point, a baseline against which to measure future progress and as a tool to identify your weaknesses then seek solutions. If you find that your liabilities are greater than your assets then it is time to put yourself on a diet

SETTING UP YOUR FINANCIAL GOALS.

Save up for anything particular. Start by asking yourself, “What is important to me? List down everything that matters to you and then organize it in order of priority.

Make a list of everything like owning a home, having a family, buy a car, and donate in a foundation for the homeless. Establishing goals and priorities will help make those lists easier. Once you’ve committed to going for one of your goals, you’re spending and saving choices will become automatic.

There are three types of goals:

A SHORT TERM GOAL is something you want to do within the next year. It might be paying off a credit card balance or saving up money so you can pay cash for your holiday gifts this year, instead of charging everything. Maybe you want to splurge on a brand new cell phone or a digital camera.

A MIDTERM GOAL is something with three to five year time horizon. Buying a new car, saving for a trip, or having a particular amount on your savings account.

A LONG TERM GOAL covers a major expense such as buying a house and lot, education for the kids, and your own financial security in retirement. Buying a home should be on top of your list.

Monday, February 1, 2010

LET'S GET IT STARTED

An average high school graduate lacks fundamental money management skills and basic understanding of earning, spending and saving money. These are not taught in our schools and parents aren’t teaching these to their children as well. That leaves it up to you to teach yourself about personal finance principles if you don’t want to stumble through your life by trial and error
Your twenties are the best time to develop good personal finance behavior before you get into debt that you have to pay off or make other financial failures that you’d spend years recovering from. Thirties is still not too late to turn your financial life around if you’re walking on the wrong path.
Controlling your money is way better than letting your money control you. Watch your investments grow and feel how rewarding it is to see your financial goals and dreams becoming a reality.
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