Money saving advice for your teenager

Let’s face it, we are a consumer society which means that we buy products, use them, and dispose them, and then buy more of the same product, this is mostly due to advancing technologies and strong marketing campaigns. MoneySaving will show your teen how to save money. Teenagers are responsible for a big percentage of tech product purchases, and as a teenager you are being trained to become a long term consumer of products that you don’t necessarily need, and by the time you reach the age of 25 you would have accumulated at least two credit cards and are already in debt. A better way to manage your financial life is to start saving money at a young age, ask your Mom and Dad to open a savings account for you and contribute $100 per month into it, if you start at the age of 14 by the time you graduate from high school you would have saved $100 x 12 months x 4 years = $5,000, that is enough to buy yourself a very decent used car that will take you to college, and out with your friends. Being a saver is a positive thing, it may not be “cool”, but the long term benefits are way cooler. Here is some money saving advice and a few tips that will give your teen a financial head start:

  • Open a savings account for your child, and teach them to save money, no matter how little, this will train them that money should not all be spent.
  • Show them financial news and learning websites, and train them to shy away from shopping websites.
  • Make them understand that they can make money by selling products, and be the more profitable side of the shopping experience.
  • Give them weekly financial advice, this will help them as well as help you, and train them to give other financial advice.

 

MoneySaving would like to thank you for reading this article. Please feel free to post comments and feedback.

Money saving tips at the grocery store

How to save money grocery shopping

There are two important things you should do before going to the grocery store, which should help reduce your bill and save you money in the short and long term.

1) Have a good meal before going to the grocery store, this will prevent you from buying unnecessary foods and products, I’m sure you’ve heard that shopping while hungry will lead to excessive and unnecessary buying, the food which will stay in the fridge or cupboard for months, and eventually go to waste.
2) Prepare a list of food items you need, do not buy in bulk as you will overeat, or will throw away after expiration. Buy for a week, or maximum two.

Now that you are at the grocery store there a few things you can do to save money.

Only buy groceries for the coming week, some people buy for a month and sometimes more, food will end up staying in your fridge for months, expire, and you will throw them away, this is a waste of food and money.

Buy good quality foods. Junk food will cause you digestive problems or worse and you will end up spending money on over the counter medication, and in some cases medical bills, doctor visits, prescription drugs, time off of work, etc…

Foods which are on sale are usually about to expire, or of not such great quality, again think about the quality of food vs quantity. It is better to pay $5.00 for a small steak, than $25.00 for a package of 10 large steaks. Cheap food is cheap in quality and you will end up paying the cost in medical bills.

Buy heavy duty grocery bags and reuse them, this will reduce cost for the grocery store, or you if you have to pay for them.

Your trip to the grocery store should be planned on the way back from other trips, this will save gas.

Finally do not let advertisers and coupons dictate what you are going to eat, you will eventually go back during the week and buy the items that you wanted in the first place.

Car loans money saving according to experts

Many people believe that negotiating a great price on a car is better than saving money on a car loan. What most experts say is that to get a great deal, one must separately shop for the loan and the car.

If you want to save up to thousands of dollars, do not go straight to a car dealer. Instead, begin researching on car loan application. If you are a credit union member, it will help you save significantly as credit unions often have very competitive rates. There are also online lenders that have available car loan offers. You can also score good offers at your present auto insurance company. Banks, however, are where most buyers turn to for car financing.

Now, the next step is to secure the approval of your loan. It is a good thing to be very familiar with your own credit. There are credit rating companies that can provide you copies of your credit reports for free or for a small amount. You wouldn’t have to worry so much about your rating, however, because what may be low for a mortgage may already be good enough for an auto loan. Never assume the best, however, but follow another good car loans money saving tips
– regularly check auto loan rate tables of various banks online to find the best rates available. You will find out that there is one thing they call ‘prequalification’ in auto financing. When you get one, you will be able to go to a dealer with a blank check in hand, which means the check is good up to a specified amount. Communicate with the dealer and negotiate and see if the dealer can offer a better financing than the one you already have. That’s a very useful car loans money saving.
– Before closing the deal, study the loan. With the base amount and the monthly payments, you may think you are saving money when you actually are not. Interest can go way up that can drive the total cost if you do not make the best decisions on the terms of the payment. The loan term affects both the monthly payments and the total financing cost. Short payment terms require higher monthly payments than long ones, but long payment terms mean higher interest. This means short payment terms actually mean lesser total amount paid at the end of the loan. This is one car loans money saving tip to be mindful of, as monthly payments are fixed, but interest is variable. Another reason why you should shorten the term length is that the longer you finish paying for your loan, the higher the worth you owe on your car compared to the worth of the car itself. If you bought the car with the intention of selling it after a period of time, you won’t get a price that’s better than the amount you owe on the car. This is because vehicles depreciate in value overtime, while interest rates generally tend to go up. If you are planning to buy a car in the next few months, it is recommended that you follow these car loans money saving tips provided by most experts.

Car Loans Money Saving: How to Get Your Dream Car

Your dream car may be the one of the hardest items to strike out of your bucket list because it will cost you most if not all of your savings. However, whether it is a sedan, an SUV or a sports car, you can have it as long as you take note of these car loans money saving tips.

Apart from credit card purchase, many people opt for car loans. You want to shop around for a good deal so why not shop for better car loans. Two most common types of auto loans are car loans from dealerships and from banks and other financial institutions. The key is to compare available loans to be able to find lower interest rates. Currently, car loan rates play at around two to four percent. Financing through dealerships can offer unbelievably low rates, as shown in very enticing ads, but most of the time, banks are the better car loans money saving option.

Car loan from banks is simply a form of borrowing. The bank, credit union, or even an insurance company will loan you an amount based on which, they will charge interest. Car loans from dealers work almost the same as with banks, with the exception that in this case, you will be directly indebted to the dealer. Both types of loan can be very strict on credit scoring standards so it is best to study your credit history through credit reports which can be acquired from major credit reporting agencies. Banks commonly have very conservative policies that accommodate only those individuals with generally good credit references. Low credit may still get you a car loan, but probably not the one for your dream car.

If for an instance, you chose financing through a bank, you should keep an eye not only on the APR, but also on the payment term. You should ask help from experts regarding monthly payment calculations. An extended payment plan may sound good, as it allows you to pay for the loan over a longer period of time, but it only means higher interest charges. A short payment term requires higher monthly payments, but is lesser in total cost compared to a long payment term. Shorter terms can save you a great deal of money, and is thus one of the best car loans money saving strategies.

The APR, or the annual percentage rate is another thing to focus on. Lower annual percentage rates help generate significantly huge savings.

This may be hard to believe but another car loans money saving strategy is to prefer new cars to used ones. Generally, loans on new cars have lower interest rates compared to pre-owned automobile loans.

Getting your dream car may be hard work, but if you apply these car loans money saving tips, you will definitely get the most out of your budget. Remember not to do the biggest mistakes most people do in financing. Do not go directly to a dealership without shopping for a good car loan beforehand. Do your homework, check your credit, study the terms and score the best financing.

Money saving on hotel reservations – Tips

Whether you’re an experienced traveler or a first-time adventurer, you always want to be able to work within a budget while traveling. Hotel reservations often use up a huge portion of your funds, especially during peak seasons when hotels are almost always fully booked. The good thing is that there are proven ways on money saving on hotel reservations, which will be of great help in making your dream vacation come true.

The first thing to do is plan ahead. At least one or two months prior to your desired travel date, browse the Web for rates and do a simple canvassing of hotels for proper comparison of rates. There are also some amazing and very useful downloadable apps that you can use to search for affordable hotels in various countries. Sometimes, they even come with a map feature to help you get to the place and see places of interest nearby the hotel.

Hotel rates tend to vary per day, so make it a habit to check prices online for at least a week. This will provide you a great deal of help in money saving on hotel reservations. You can also find popular booking sites that let you choose from a variety of hotels and which frequently offer lower rates. Be mindful though, and keep a lookout on hidden charges.

It is also always a good idea to book cancellable reservations. This does not only secure your refund whenever things go awry, but this also awards you more time to look for a place that can offer you the same type of room for a lower rate, or even room upgrades for the same rate. It is one of the cleverest ways of money saving on hotel reservations because it lets you have an assured room reservation with an option to withdraw should you find a better hotel deal.

Another tip on money saving on hotel reservations: Travel during off-peak seasons. Not only will you find the lowest cost, you will also avoid crowds from the airport to your destination. This will make your sightseeing more enjoyable and your hotel stay more peaceful. Travel on weekdays instead of during weekends. Prices are higher on weekends, even during off-peak seasons.

You might also want to consider hotel rewards programs offered by your credit card company. Some credit card companies with affiliated hotels reward you points every time you use your card. For a minimum amount of points, for example, you will get to stay at an affiliated hotel for free or for a discounted price. This is one of the best ways of money saving on hotel reservations because not only do you get low-cost rates, you also may get perks for staying at your credit card company’s affiliated hotel.

To be effective in money saving on hotel reservations, follow these tips — plan ahead and check rates online, try checking booking sites, book cancellable reservations, travel during off-peak seasons, and make good use of your credit card’s hotel rewards and offers.

There are many more ways to cut costs on hotel reservations, but the abovementioned tips are incredibly helpful. Use these tips for your next dream trip and you will definitely enjoy every bit of your journey without having to shell out so much money.