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Adopting a Frugal Lifestyle: How it Pays Off

August 2, 2011 By Leave a Comment

Adapting your lifestyle to be more frugal can be daunting. You don’t want to lose out on things you love, and you may not know what to cut from your budget. However, adopting a frugal lifestyle can save a lot of money—and you don’t have to sacrifice too much if you sacrifice wisely.

Downsizing

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In many instances, less is truly more. For example, if your family owns several cars, try to go down to one. You’ll save on the cost of car maintenance, car payments, and more. Downsizing an SUV to a smaller car will allow you to pay for less gas. And once you’ve determined the car, look for affordable car insurance—it will save you even more.

If you can’t completely eliminate something from your lifestyle, go smaller. You may be able to afford a bigger house or car, but you can probably survive with a smaller one. Making adjustments to your monthly expenses will ensure you will live comfortably, and have more to save.

Change Your Eating Habits

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Adopting new habits will not only save you money, but also help you eat healthier. This, in turn, will save more, as staying healthy saves time and money going to the doctor. Eating out less is one place to start. It’s much cheaper to buy groceries, and you can plan out and keep tabs on what you’re spending more easily. Likewise, pack a lunch when you go to work to stave off the temptation to grab a bite in a restaurant or fast food joint.

Consider Coupons

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It’s not like you can just stop grocery shopping. But that doesn’t mean you can’t spend less on what you were already planning to buy. Coupons make it easy to save on the stuff you really need. Organization is key. Make a list of everything you need. Check through newspapers and online to see if there are coupons available. Also, be sure to take advantage of the Web. Newspapers are still the biggest source of coupons, but the Internet has a wide variety of offers. Apps, will also help you find bargains. Look for apps that allow you to put in your zip code and then alert you of nearby bargains. Finally, know your store’s policy. Many stores will match competitors’ coupons, opening up a wider opportunity for you to save.

Benefits of Frugal Living

Finding accessible options, like affordable car insurance and clipping coupons, will allow you to keep what you like, and still save. Frugal living allows you to spend less than you earn. In turn, you can save, invest, or work off debts. This gives you more life options. The less you spend, the less you’ll need to earn. So you can work less, take breaks, and retire earlier—you can mold your life the way you want.

You can still buy everything you need when you adopt a frugal lifestyle. You’ll just save money doing it. What do you do to live frugally?

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Alternatives to the Killer Debt of Medical School

July 27, 2011 By Leave a Comment

The medical field is one of the most noble professions an individual can choose. Doctors dedicate their lives to helping others, and live under the oath: “First, do no harm.” Sadly, the very process of becoming a doctor causes a unique kind of harm to the doctor-to-be – astronomical debt. Between undergraduate work, medical school and residency, the process of becoming a doctor can cost hundreds of thousands of dollars. One recent study shows that the first year of college can cost between $20,000 and $40,000 in tuition and fees alone. Add in living expenses and many who are interested in the field give up before they have even begun.

With a little bit of ingenuity and hard work, however, it’s possible to find alternatives to the massive debt of medical school. Grants and service programs are two possible medical school alternatives that could make it possible for more potential doctors to get the education they need without having to face enormous once they begin work.

Education Granted

The government, as well as some private organizations, offer grants to help defray the cost of a medical education. There are not many of them, and the approval process can be brutal, but grants offer students money for school that doesn’t have to be repaid. Work with your school financial aid office and community leaders to find appropriate programs. Other areas to consider when searching for grant money include state medical associations, the National Institutes of Health (NIH) and minority grant programs.

Service Programs

Another of the excellent medical school alternatives to consider is medical service. Organizations are often willing to repay some or all of a student’s debt in exchange for the student’s contractual promise to perform several years of work for that organization. Rural communities, outreach programs, and some government programs offer this option. Start your working life as a doctor without any debt and look for your dream job a few years later than you planned. Or, perhaps you’ll find a job situation that will become your dream job.

Future Alternatives

Perhaps the best alternative to mounting medical school debt is still little more than a dream. The process of becoming a doctor is somewhat antiquated. Resources such as distance learning, online education, and developmental problem solving have yet to be integrated into the medical education field on a large scale. As technology continues to improve and grow, it is likely that these resources will become an integral part of the education of a new doctor and will lessen the overall cost of a medical education dramatically.

Dedicating your life to the service of others is admirable, but many doctors-to-be are afraid of the mounting costs of education in the United States. Take some time to explore your medical school alternatives, including grants and service opportunities to see what funding is available to you. Have you contacted your state medical board for assistance?

Filed Under: Debt Management, Financial Guidance, Saving

How Savvy Families Can Save Hundreds a Month

July 12, 2011 By Leave a Comment

Do you look with envy at your neighbors or friends because they never seem to be struggling financially? These are the people who always seem to have enough money to cover all their bills and obligations – like the necessary programming found on www.direct.tv – and even have extra left over! What they are doing is not rocket science; they just use a few tricks of the trade to save hundreds each month. Let’s take a look at some of those tips.

 

Your Television Package


Take a good, hard look at your television programming packages, whether you subscribe to cable or satellite. Are you paying for channels that you never watch? Today’s programming packages give you a lot more latitude and flexibility to pick and choose stations and services. So, don’t pay for the cooking channel if no one in your family is the least bit interested.

In the same vein, use your chosen package as an alternative to your regular entertainment options. Stay home and watch a movie. Today’s programming packages have lots of movies available, or you could subscribe to online programming sources such as Netflix. It only makes sense that you’ll be saving money — movie tickets and the popcorn can be expensive.

Cut Your Food Budget


Speaking of food and cooking, take a look at your food and grocery expenditures. You don’t have to always purchase top-shelf, brand names. Look at purchasing store or generic brands — your family may not even recognize a difference in taste, but you’ll see the savings immediately.

Other food cost-cutting measures can include:

  • Use coupons. It may take a little time and effort to get into this habit, but in the end, you’ll be saving money. You can even purchase those name brands when you use a coupon or two.
  • Buy in bulk. Purchase items that will store well, such as canned and frozen items. You can even share these bulk purchases with friends and neighbors. Split those bulk packages up and both of you can still save over single item purchases.

Save Energy

This does not mean that you and your family discontinue any outside or other activities and remain sitting on the couch. This means looking at how you use your household energy systems such as electricity and water. You could be looking at surprisingly easy money-saving actions.

  • The most basic of all is to turn off those lights when you are not in the room. This may be the most minimal of savings, but every bit helps.
  • Look at your refrigerator. If it’s an older model, it’s probably sucking you dry in terms of electrical usage. Think about purchasing a newer, more efficient model. Also, see if your local power company offers rebate programs for these newer appliances.
  • Replace your light bulbs with those interesting-looking compact fluorescent light bulbs. While the actually energy costs will be minimal, the fact is that these types of light bulbs last longer, thus saving you money because you won’t have to replace them as often.
  • Check that thermometer, no matter the season. Statistics show that 50% of energy costs are the heating and cooling of the home. Just a 1- to 2-degree change can make a huge difference. Depending on the season, just pull out an extra sweater or open a window and you’ll be seeing those energy cost savings in no time! In addition, consider installing a thermostat that automatically sets the temperature for different times of the day. There’s nothing more inefficient that heating or cooling your home when there’s no one home.
  • Your laundry could be costing you money. Change that temperature setting to cold. Not everything needs to be washed in warm or hot water. All you need to do differently is use a laundry detergent that is formulated for cold-water use. In addition, consider line drying some of your laundry if you can. What’s better than the scent of fresh sheets that were dried by sunshine?
  • Turn off all those electronic devices when they are not in use. This means the computer, video gaming devices and other such items.

Even More Tips

  • Look at your windows and doors. Check for drafts and leaks. Caulk and weather-stripping are not expensive; however, you will see energy saving returns when your doors and windows are tightly sealed.
  • Take shorter showers. You will be saving both heating and water costs.
  • Take a look at your Internet access charges. You may be able to bundle this cost with your cable television package for savings.
  • Vacations can cost huge sums of money. Look into alternatives such as renting vacation rentals rather than staying in hotels. You can save money by being able to prepare some if not all of your meals, rather than eating out in expensive restaurants.

CONCLUSION

While it make take a little bit of doing and some thought, these tips can help you become much more savvy on the financial front. In addition, by following these great money saving ideas, you’ll soon be on your way to being the envy of your neighbors, friends and family.

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Saving Money in the Kitchen

May 29, 2011 By Leave a Comment
Example of an American grocery store aisle. 

Image via Wikipedia

Many people across America are feeling the pinch of their purse strings in these challenging economic times. They don’t call it a global financial crisis for nothing. You may not realize it, but there are things you can do around your home, especially in your kitchen, which will save you a few dollars here and there.

The kitchen is somewhat of a black hole when it comes to money. The cost of constantly buying groceries and keeping a bunch of electrical appliances running can add up quickly. Here are a few tips to cut back on costs.

  • If you are going away for an extended period of time, prepare your kitchen leading up to the trip. Plan it so you can switch off your fridge and not spoil any food. Fridges use a lot of electricity and therefore a lot of money. Switching it off while you are away will save you.
  • Switch off and/or unplug any appliances you are not using. Many people leave a host of appliances, such as the coffee maker, kettle or toaster on standby. This can add to your electricity bill. By unplugging them you will save yourself some money.
  • Make a shopping list. Many people go grocery shopping without knowing what they already have at home. You might buy something and then get home and realize you already have it. This only wastes money.
  • Plan your nightly meals. This way, when you go food shopping you will only be buying what you need instead of randomly throwing items into the shopping cart that you will hope will go together somehow.
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Saving Money on Business Costs

May 4, 2011 By Leave a Comment
Image representing Offers.com as depicted in C... 

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When you run your own company, you come across many different types of expenses. You have bills to pay, services to use, supplies to buy, and possibly employees to pay. But there are several ways you can help keep your business costs down.

Supplies probably take up a large chunk of your expenses. Offers.com can help you save money on supplies and services. You’ll find coupon codes and daily offers from the suppliers you use most, including Office Depot, Home Depot, Dell, and Geeks.com

If you have employees, another large expense you have is payroll. If you’re business is small enough you may want to think about running the payroll yourself. There are several different software programs available to you to do your own payroll from home. These programs allow you to do your payroll and taxes, print paychecks, and provide W2 forms to your employees.

Advertising is another large expense you have to pay for. To generate new customers, you have to let them know you exist. You can save money on advertising by using your computer and the Internet. Yahoo Small Business allows you to set up a website for your business that will help you market it to a large number of people. The steps are simple to follow, and there is a support service to help you every step of the way.

By using services that help you keep your costs down, you’ll be able to save your business a lot of money on its expenses. Utilize these tips to start saving today.

 

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