Financial Tips Blog Carnival #2

Welome to our June Financial Tips Blog Carnival!

Madeleine Begun Kane presents Cautionary Verse posted at Mad Kane’s Humor Blog.

Tip Diva presents Top Ten Tips - Protecting Your Wallet posted at Tip Diva, saying, “Losing or getting a wallet stolen is a very stressful experience, especially if someone takes your money, gets access to your accounts or even steals your identity. But there are ways to prevent or mitigate the damage caused by a lost wallet”

Nadege presents Learn why allocating your paycheck is the key to becoming wealthy posted at fabulous finances.

Robert D Flach presents EVERYBODY OUGHT TO HAVE A WILL posted at ANYTHING BUT TAXES!.

Mag Herrera presents What I like about Credit Cards posted at Life. Money. Development., saying, “A balanced review of credit cards’ nature and usage.”

Jeremy Zongker presents How to Stop Debt Collector Harrassment posted at Destroy Debt.

Jeremy Zongker presents What NOT to do when a bill collector calls (by a former bill collector) posted at Thoughts from a Former Bill Collector.

Sean Reynolds presents Creativity posted at Creativity.

KCLau presents When should you rewrite your Will? posted at KCLau’s Money Tips, saying, “On what you should look out for when considering rewriting your will”

Budget Tips

R.Pettinger presents Ten Tips To Get A Better Credit Rating Score posted at Mortgage Blog, saying, “Ten Tips To Get A Better Credit Rating Score”

Trevor McKay presents Top Ten Most Misunderstood Auto Insurance Terms posted at All About Auto Insurance.

Brice Hogan presents 6 Ways To Keep Your Food Bill Down posted at Financialzip.com, saying, “Because of the rise in food and energy cost I thought it appropriate to give 6 good tips to help you save money on your grocery bill.”

Heather Johnson presents 10 Free Things To Do When You’re Bored This Summer posted at Fiscal Musings.

Richard McLaughlin presents Shopping@UK.Shopping.com posted at Oh, the Places You’ll Go, saying, “I ran into a pretty cool site today for We Europeans, Shopping.com in the UK Searches a range of goods from computers, garden products, furniture, lingerie, jewelery & clothing - pretty much anything that you could want to buy, and they include product reviews both for the products reviewed and for the stores selling the product.”

Debt Tips

William Blake presents Getting Help Paying Off Student Debt posted at Becoming Debt Free.

Michael Geoffrey presents How to Get Out Of Debt posted at Debt Smackdown.

Jimson Lee presents 7 Common Sense Tips to Eliminate Credit Card Debt posted at No Debt Anymore .org, saying, “5 common and 2 not so common tips to Eliminate Credit Card Debt now!”

Hanna Kassis presents Employers Check Your Credit Too! posted at College Finance 101, saying, “Visit our site.”

Stephan Grindley presents Debt Consolidation: The Scare Tactics posted at The Debt Consolidation Advisor.

Christopher Johnson presents Smart Personal Finances posted at christopheraaronjohnson.net.

Michael Geoffrey presents Some Simple Debt Solutions For Getting Out Of Debt Faster posted at Debt Smackdown.

Jimson Lee presents Complete Guide to Credit Repair - Part 1 posted at No Debt Anymore .org, saying, “A detailed 5 part complete guide to Credit Repair”

Brice Hogan presents Micropayments Make Cents posted at Financialzip.com, saying, “Make a huge debt by making some small payments.”

Michael Bass presents Tell Debt Settlement Co’s to Kiss Your Ass posted at Debt Prison, saying, “(THE big rules of these companies is that you can not talk to the creditors or the collection agencies) like they told me not too, so now I have no idea what these companies are doing. They could be working towards a judgment against me or my husband as we speak.”

Christopher Johnson presents >Four Steps To Surviving Debt posted at christopheraaronjohnson.net, saying, “Steps to avoid banruptcy”

Gratitude presents Apr 6, Be Debt Free posted at Gratitude’s Personal Development Blog, saying, “Get rid of debt and live an abundant life.”

Frugal Tips

FIRE Getters presents Top 5 Ways To Trim Our Grocery Bills! posted at FIRE Finance.

Helen Anderson presents 7 Secrets to Personal Finance Success at Best CD (Certificate of Deposit) Rates, Money Market Rates, High Interest Accounts posted at Bankaholic.

David presents The 10 Best Advices on Becoming a Millionaire posted at Worldwide Success.

Leaving The Folks presents Building a Good Credit History posted at Real World Advice, saying, “Good credit is vital in even the smallest financial transactions today.”

Income Tips

James& Miel at Dual Income No Kids presents Our Top Nine Ways to Make Extra Money posted at Dual Income No Kids, saying, “Hi Guys,

This posting has been pretty popular. The title isn’t the most descriptive, but it does have some good ideas so I think its appropriate for the carnival. Hope you can fit us in!

Thanks,

James”

Christopher Johnson presents Making Money Online posted at christopheraaronjohnson.net.

Investment Tips

Abdulrasool Sumar presents Trade Off Between Closing Costs & Mortgage Interest Rates posted at Mortgage Loan Calculator, saying, “You might be surprised to find out that your neighbour next door has a lower interest rate on his mortgage than you do, even though you bought your properties at about the same time. This has happened to thousands of Americans countrywide but we’ll tell you why that is the case. Being so competitive, the mortgage market always has a tradeoff between loan closing costs & interest rates charged. Your neighbour who got the lower interest rate may have paid a lot more in closing costs than you did, and that’s why he has a lower interest rate. What’s more, a large portion of those closing costs may have been added to the loan balance, making it seem like he got a really good deal (because he did not have to pay cash for closing costs). So how can you balance the tradeoff between closing costs & interest rates making sure to pay the least in closing costs and getting the lowest interest rate possible? We will show you how to shop for mortgages and compare their real costs of borrowing.”

Trevor McKay presents What Kind of Mortgages are Available? posted at All About Mortgage Calculators.

Trevor McKay presents Does Anniuty Fraud Exist? posted at The Annuity Professor.

Ken presents Stock Investment Resource: Stock Market Investing Tips - Growth vs. Value Investing posted at Stock Investing, saying, “The pros and cons of investing in growth vs value stocks.”

Barb A. Ryan presents 10 - Independent Investment Counselors and Financial Advisors posted at Pasadena Financial Planner.

Investing Angel presents Some Thoughts On Google (GOOG) » Free Stock Market Investing Tips posted at Stock Tips, saying, “A few thoughts about the google stock”

Investing Angel presents Why Most Investors Buy High And Sell Low » Free Stock Market Investing Tips posted at Stock Tips, saying, “Most investors buy stocks when they are overvalued since they give into herd mentality.”

Mark Runta presents 20 Trading Tips & Techniques posted at Smart Investing & Money Management.

Leon Gettler presents Investor crystal ball gazing posted at Sox First, saying, “With the credit squeeze and soaring energy prices, it’s worth asking whether investors can see that far ahead. How do investors read trends and make the right calls?”

Brice Hogan presents Use Investors Business Daily posted at Financialzip.com.

kozen presents Why you should go short in Oil - I do! posted at Market Thoughts for Profitable Investment.

Jim presents Remember Certificates of Deposit During Fed Rate Cuts posted at Blueprint for Financial Prosperity.

Investing Angel presents Investment Mistakes To Avoid » Free Stock Market Investing Tips posted at Stock Tips, saying, “Some investment mistakes that you need to avoid to make a lot of money.”

Value Seeker presents Are Mutual Funds For You? posted at Stock Investing, saying, “Figure out if mutual funds are the right thing for you to invest in.”

Savings Tips

KCLau presents Don’t be stupid! Keep paying. posted at KCLau’s Money Tips, saying, “About why paying premiums for existing policies can be the best savings you can have.”

GP presents The 10 Commandments of Fiscal Fitness « Innstyle Montana- Your Home on the Range posted at Innstyle Montana- Come on Inn, saying, “The 10 Commandments of Fiscal Fitness”

Chris presents 9 Surefire Strategies NOT to Retire Early posted at nomad4ever.

Larry Russell presents The Top 25 Low Cost Best US Money Market Funds posted at THE SKILLED INVESTOR Blog.

Christopher Johnson presents Financial Planning For Retirement - A Must posted at christopheraaronjohnson.net.

Kevin Heath presents Gas Saving Tips posted at More4kids, saying, “Families everywhere are really getting severly pinched or hurt with the price of gas these days, and there is no end in sight. Here are some tips to help and save money…”

Spending Tips

Christopher Johnson presents Tax Rebates, Economic Stimulus, And Annual Bonuses posted at christopheraaronjohnson.net.

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Have you ever become overwhelmed at the thought that you are supposed to be saving for your own retirement, and then realized that you technically should be saving for your children’s college expenses, too?

Sometimes, different situations arise that cause you to not be able to save for either one, let alone both.  So, in the event that you can only afford to save for one, how do you make that choice?  Your children are always number one in your life, so it seems selfish to save for your retirement in place of their college, right?  Well, here are some reasons why you should place your needs in front of their own in this instance.  It’s okay if you do not agree, but it is my hope that it will make the decision a little easier to handle.

You spend your adult life taking care of and providing for your children.  You can only work so hard for so long before you have to let your children take care of themselves and focus on yourself again.  Yes, you may be able to (if it exists as an option when you are eligible to retire or receive) get benefits like Social Security.  However, not only is this not usually enough to live on in the first place; it should never be what you rely on anyway. 

Your children will better be able to put themselves through college than you will be able to put yourself through retirement.  Your children will be youthful, and working a job to support themselves and their families.  Of course, any college savings you can pull off will help, but it’s not going to prevent them from going all together.  What I mean is that they will be able to afford to put themselves through school because they will be able to work; whereas if you do not have money saved toward retirement, you are less likely to be able to work to earn money to help yourself survive–because the essence of retirement is that you are done working, because you have done enough of it…retiring from your career should never mean that you have to work a less demanding job to compensate for having quit your career.  This is easier for people who are still physically able to work; but you may reach a point where you cannot even do that.  In providing for yourself in that manner, it will assist your children in not having to worry about you; so in a sense, you’re doing more for your children in the long run.

There are loans for higher education, but not retirement.  Your children can get loans to ensure their attendance to college, and deal with paying them back after they have the higher earning potential that college helped them to get.  Yes, they may have trouble paying off the loans; but, you cannot borrow money to live on if you cannot pay it back, you know?

Retirement funds need to last longer. You need more money saved for retirement than college, just because retirement funds are meant to take care of your life the way working does now.  College expenses will cease after a few years, and likely never add up to what you need for retirement anyway. 

If you cannot decide which one to focus on, or feel that this reasoning is faulty; compromise and save the amount you planned on anyway.  If you can only afford $50 a month in savings toward one or the other; look at as $25 in each fund.  Then, whatever money you have saved can be used for whatever purpose you see the most appropriate.

What are your thoughts?  Am I wrong in my logic?  Do I sound selfish?  Share your opinions below.

Since the money you get paid for working probably is not going up anytime soon, and if you do get lucky and find a better job or get a raise it probably will not be enough to compensate for the rising cost of living; this week’s tips are on how to reduce utility costs.

1. Lower the thermostat on your water heater. 120 degrees is safe.  Any higher and you risk burning yourself, and raising your electric bill.  The savings may or may not be noticeable if this is the only technique you employ; but it will make a difference over the course of time.
2. Keep your indoor temperature regulated. This way the heating or cooling is only running when needed, as opposed to all the time.  78-80 degrees is an ideal setting for comfort and energy conservation.  For each degree warmer you keep your home, you save 7-10% on your energy bills.
3. Use efficient light bulbs. Use appropriate wattages, or switch to the compact fluorescent bulbs
4. Grill or Microwave your meals. This uses less electricity, prevents the house from warming up excessively in the summer, and reduces your overall cook time.  Save money on energy and eat sooner?  Win-Win, if you ask me.
5. Evaluate your Telephone, Television and Internet costs. Make sure you are not paying for services you do not use regularly.  Consider reducing your packages.
6. Make sure your home is properly insulated and check weather stripping. You do not want to let your air out, and outdoor air in, regardless of the season.  Ensuring windows and doors are properly sealed increases your efficiency.
7. Limit the time you spend in the shower. The more water you use, the more you spend, so keep it reasonable.
8. Clean and replace filters regularly. If clogged, dirty, or old, the furnace will work harder (using more energy) to produce the same effect.
9. Keep lighting fixtures clean. If your fixtures are dirty, your lights are going to appear dimmer, so you may be inclined to increase your wattage, burning more electricity to achieve the same result.

What are some things I’ve missed?  What do you do to conserve?  Share your thoughts below.

The video to your left is a Brady Bunch parody about a family who needs help with their college fund for their nine children.  If you watch, at the end, you will see the Upromise logo.  What the heck is Upromise?  Glad you asked, because that’s what will help you in your quest to save money for college for your children.  The program allows you to save money for college through your everyday spending. 

Here’s How It Works

By registering your debit/credit cards, along with any local store savings cards (stores must be participants in the Upromise program, and you will be provided with a list of participants in your local area during sign up) and shopping as usual, a percentage of your purchase will go into an account to use for college related expenses later.  This percentage will vary depending on the merchant, and sometimes the product you purchase.  Certain purchases will be a percentage of the entire amount, and others will be a percentage of the price of the qualifying product.  I know this sounds confusing, but if you check out the site and look at the details, you’ll understand.  It is more difficult to explain than it is to demonstrate.

When you sign up, you will be prompted to list the name of the children you wish to save for, along with their birth date, and the percentage of total savings to allocate for this person.  These percentages can be altered at any time, and are meant to serve as a mechanism to divide your savings evenly amongst all your children.

Another awesome feature is that you can invite your family and friends to sign up and designate all, or a portion of their savings to your child.  This means that aunts and uncles, grandparents, and friends can support your child, too.  Refer to the web site for details on how to use this feature.

So, what are you waiting for?  Go sign up now at: http://upromise.com. 

If you already use this program, tell us how it’s working for you.