Friday, November 4, 2011

Do you know how much money you have?


Check your balance

Now this might sound obvious, but how often have you avoided checking your bank balance before a night out. I’ve been known to (gasp) put my hand over the screen when my balance flashes up. Sometimes you really just don’t want to know. Especially not if you know you had a big night out at the weekend. And that’s fine, as long as it doesn’t become a habit. You should know to the nearest hundred how much money you have. You know what’s worse than your face falling when you realise you’ve spent too much? The sinking feeling when you try and take money out and you’ve spent it all a week before pay day.

Set up text message alerts

Most banks these days will text you at a certain limit on your account. Most banks will text you every day if you ask them. This is key to you knowing where your money is going. I forget a lot of things I buy, and I don’t think I’m alone. You go to the shop to buy biscuits, you buy three magazines and a packet of cigarettes and pop it all on your card. But you only remember the biscuits and have no idea where your money is going. Even a weekly text alert is better than guessing. Your brain will only ever guess in your favour. Your brain is almost always wrong.

Write down your online spending

Get a massive pen and piece of paper. Stick it above your desk. Every time you spend online, write this down and tot up at the end of the week. When we’re not actually handing over any cash, or physically paying for something, I think we forget that we’re spending money at all. By writing it down and having it staring you in the face, you’ll remember. And possibly think twice about that extra pair of shoes. You’ll also remember those little extras like delivery charges that we don’t factor into our spending.

Set up standing orders

Standing orders mean that you know where your money is going, as well as when it comes in. It’s not easy for me to deal with standing orders – as I’ve mentioned, I don’t always know when I’m getting paid. But if I can keep track of where my money is going, I won’t get a massive shock when I think I’m rich on minute and the landlady is calling me the next day to find out where the rent is. This has happened. It’s not fun. This way you control what day your cash is leaving your account.

Use cash

Want to really keep track of your money? Take cash out instead of using your cards. Once you know how much cash you’re taking out this week, you’ll be more aware of where it’s going. Banks and technology are doing their very best to make spending simple. But it’s a really issue if you’re trying to stick to a budget and I’m going back to cold hard cash for a while.

What are your tips for keeping up with your finances? Do you know how much money is in your account?

Wednesday, November 2, 2011

Ten Ways to Save on Filling Your Tank




With the average price of gas more than $1 higher than this time last year, American consumers are feeling the pain at the pump as more of their income goes to keeping their cars on the road.
Here are 10 money-saving tips from the U.S. Department of Energy for everyone fed up with filling up at the pump:
Tune ups add up: Keeping your car engine tuned can improve mileage by four to 40 percent while saving 12 cents per gallon.
Pressure tactics: Save nine cents per gallon by keeping your car tires inflated to their proper pressure.
Don’t fool with fuel: Use the octane fuel recommended in the owner’s manual and save three-to-six cents per gallon.
Remove the junk in your trunk: Save between four and eight cents per gallon by reducing the weight in your vehicle by 100 pounds.
Slow down to save: You can assume that each five miles per hour you drive over 60 will cost you an extra 24 to 87 cents per gallon.
You better shop around: Comparing prices at different stations can save you hundreds of dollars a year. Consider paying for gas with a credit card that offers gas rebates or buy gas gift cards to use at the pump with a credit card that offers rewards.
Lose the lead foot: When driving, avoid fast starts and stops, and maintain an appropriate speed. Over time, you will save hundreds of dollars on lower gas and maintenance costs.
Time for a change: Use motor oil with friction-reducing additives labeled “Energy Conserving” on the API performance symbol.
Don’t get tripped up: Instead of making several different trips in a week to run errands, map out a plan to tackle several errands in one outing and minimize the number of miles driven.
Log on before starting out: Use smart phone apps and resources such as gasbuddy.com, which will show you where you might be able to find the cheapest gas near you.