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Plug your financial leaks, and pocket the savings.
Has your budget sprung a leak?
Nearly everyone has spending holes. And as with other kinds of leaks, you may have hardly noticed them. But those small drips can quickly add up to big bucks. The trick is to find the holes and plug them so you can keep more money in your pocket. That extra cash could be the ticket to finally being able to save, invest, or break your cycle of living from paycheck to paycheck.
Here are 25 common ways people waste money. See if any of these sound familiar, then look for ways to plug your own leaks: 1. Carrying a balance. Debt is a shackle that holds you back. For instance, if you have a $1,000 balance on a credit card that charges an 18% rate, you blow $180 every year on interest. Get in the habit of paying off your balance in full each month. 2. Overspending on gas and oil for your car. There's no need to spring for premium fuel if the manufacturer says regular is just fine. You should also check to make sure your tires are optimally inflated to get the best gas mileage. And are you still paying for an oil change every 3,000 miles? Many models nowadays can last 5,000 to 7,000 miles between changes, and some even have built-in sensors to tell you when it's time to change the oil. Check your manual to find the best time for your car's routine maintenance. [Click here to check savings products and rates in your area.] 3. Keeping unhealthy habits. Smoking costs a lot more than just what you pay for a pack of cigarettes. It significantly increases the cost of life and health insurance. And you'll pay more for homeowners and auto insurance. Add in various other expenses, and the true cost of smoking adds up dramatically over a lifetime -- $86,000 for a 24-year-old woman over a lifetime and $183,000 for a 24-year-old man over a lifetime, according to "The Price of Smoking" (The MIT Press).
Another habit to quit: indoor tanning. There is now a 10% tax on indoor tanning services. As with cigarettes, the true cost of tanning -- which the World Health Organization lists among the worst-known carcinogens -- is higher than just the price you pay each time you go to the salon. 4. Using a cell phone that doesn't fit. How many people do you know who have spent hundreds of dollars on fancy phones, and then pay hundreds of dollars every month for the privilege of using them? Your phone is not a status symbol. It is a way to communicate. Many people pay too much for cell phone contracts and don't use all their minutes. Go to BillShrink.com or Validas.com to evaluate your usage and see if you can find a plan that fits you better. Or consider a prepaid cell phone. Compare rates at MyRatePlan.com. 5. Buying brand-name instead of generic. From groceries to clothing to prescription drugs, you could save money by choosing the off-brand over the fancy label. And in many cases, you won't sacrifice much in quality. Clever advertising and fancy packaging don't make brand-name products better than lesser-known brands. 6. Keeping your mouth shut. No one wants to be a nuisance. But by simply asking, you may be able to snag a lower rate on your credit card.
When shopping, watch for price discrepancies at the cash register, and make a habit of asking, "Do you have a coupon for this?" You might even be able to haggle for a lower price, especially on seasonal or perishable items, floor models or big-ticket purchases. Many stores will also match or beat their competitors' prices if you speak up. And try asking for a discount if you pay cash or debit -- this saves the store the cut it has to pay the credit-card company, so it may be willing to give you a deal. It doesn't hurt to ask.
[How You Can Get Richer This Year] 7. Buying beverages one at a time. If you're in the habit of buying bottled water, coffee-by-the-cup or vending-machine soda, your budget has sprung a leak. Instead, drink tap water or use a water filter. Brew a homemade cuppa joe. Buy your soda in bulk and bring it to work. (Better yet, skip the soda in favor of something healthier.) 8. Paying for something you can get for free. There's a boatload of freebies for the taking, if you know where to look. Some of our favorites include restaurant meals for kids, credit reports, software programs, prescription drugs and tech support. You can also help yourself to all the books, music and movies your heart desires at your local library for free (or dirt cheap). 9. Stashing your money with Uncle Sam rather than in an interest-earning account. If you get a tax refund each April, you let the government take too much money in taxes from your paycheck all year long. Get that money back in your pocket this year -- and put it to work for you -- by adjusting your tax withholding. You can file a new Form W-4 with your employer at any time. 10. Being disorganized. It pays to get your financial house in order. Lost bills and receipts, forgotten tax deductions, and clueless spending can cost you hundreds of dollars each year. Start by setting up automatic bill payment online for your monthly bills to eliminate late fees and postage costs. Then get a handful of files to organize important receipts, insurance policies, tax documents and other statements.
Finally, consider using free budgeting software such as Mint.com to see exactly where your money goes, making it much harder for you to lose track of it. 11. Letting your money wallow in a low-interest account. You work hard for your money. Shouldn't it work hard for you too? If you're stashing your cash in a traditional savings account earning next-to-nothing, you're wasting it. Make sure you're getting the best return on your money. Search for the highest yields on CDs and money-market savings accounts. And consider using a free online checking account that pays interest, such as ones offered by Everbank and ING Direct.
Your stocks and mutual funds should be working hard for you, too. If they've been lagging behind their peers for too long, it could be time to say goodbye. Learn how to spot a wallowing fund or stock. 12. Paying late fees and missing deadlines. Return those library books and movie rentals on time. Mail in those rebates. Submit expense reports on time for reimbursement. And if you make a bad purchase, don't just stuff it in the back of the closet and hope it goes away. Get off your duff, return it and get your money back before you lose the receipt. 13. Paying ATM fees. Expect to throw away nearly $4 every time you use an ATM that isn't in your bank's network. That's because you'll pay an ATM surcharge, and your own bank will hit you with a non-network fee. Consider switching to a bank, such as Ally Bank, that doesn't charge ATM fees and reimburses you for fees other banks charge. Another way to avoid fees if there's not an ATM in your bank's network nearby is to get cash back when you make a purchase at the grocery store or drugstore. 14. Shopping at the grocery store without a calculator. Check how much an item costs per ounce, pound or other unit of measurement. When you comparison-shop by unit price, you save. For example, if a pack of 40 diapers costs $13, that's 33 cents per diaper. But if you buy a box of 144 diapers for $35, that's 24 cents per diaper. You save 27%! (Of course, buying more of something only saves money if you use it all. If you end up throwing much out, you wasted money.)
[6 Costs You Should Always Negotiate] 15. Paying for things you don't use. Do you watch all those cable channels? Do you need those extra features on your phone? Are you getting your money's worth out of your gym membership? Are you taking full advantage of your Netflix, TiVo and magazine subscriptions? Take a look at what your family actually uses, then trim accordingly. 16. Not reading the fine print. Thought you were being smart by transferring the balance on a high-rate credit card to a low-rate one? Did you read the fine print, though? Some credit-card companies now charge up to 5% for balance transfers. Also watch out for free checking accounts that aren't so free. Some banks are starting to charge fees unless you meet certain criteria. 17. Mismanaging your flexible spending account. For some people, that means failing to take advantage of their workplace FSA, which lets employees set aside pre-tax dollars for out-of-pocket medical costs. Other people fail to submit receipts on time. And the average worker leaves $86 behind in his or her use-it-or-lose-it FSA account each year, according to WageWorks, an employee benefits provider. 18. Being an inflexible traveler. You'll save a lot of money on travel if you're willing to be flexible. Consider traveling before or after peak season when prices are lower. Or search for flights over a range of dates to find the lowest fare. Booking at the last minute also can save you money because hotels and airlines slash prices to fill rooms and planes. And flexibility pays off at blind-booking sites, such as Priceline or Hotwire, which offer deep discounts if you're willing to book a room or flight without knowing which hotel or airline (or other details about the flight) you're getting until you pay. 19. Sticking with the same service plans and the same service providers year after year. Hey, we're all for loyalty to trusted service providers, such as your bank, insurer, credit-card company, mutual fund, phone plan or cable plan. But over time, as prices and your circumstances change, the status-quo may not be the best deal any more. Smart consumers are always on the lookout for bargains. 20. Making impulse purchases. When you buy before you think, you don't give yourself time to shop around for the best price. Take the time to compare prices online, read product reviews and look for coupons when appropriate.
Make it a policy to give yourself a cooling-off period in case you're ever tempted to make an impulse purchase. Go home and sleep on the decision. More often than not, you'll decide you don't need the item after all.
[14 Ways to Save Money on Groceries] 21. Dining out frequently. Spending $10, $20, $30 per person for dinner can be a huge drain on your wallet. Throw in a $6 sandwich for lunch every day and you've got quite a leak. Learning to cook and bringing your lunch from home can save a couple hundred bucks each month. When you do go out, consider getting carry-out instead of dining in (you'll save on the tip and drink), skip the overpriced appetizer and dessert, and search the Web for coupons ahead of time. 22. Trying to time the stock market. In trying to buy low and sell high, many people actually do the opposite. Instead, employ the simple strategy of "dollar-cost-averaging." By investing a fixed dollar amount at regular intervals, you smooth out the ups and downs of the market over time. If you take out the emotion and guesswork, investing can become less stressful, less wasteful and more successful. 23. Buying insurance you don't need. You only need life insurance if someone is financially dependent upon you, such as a child. That means most singles, seniors or kids don't need a policy. Other policies you can probably do without include credit-card insurance (better to use the premium to pay down your debt in the first place), rental-car insurance (most auto policies and credit cards carry some coverage), mortgage life insurance and accidental-death insurance (a regular term-life insurance policy will do the trick). 24. Buying new instead of used. Talk about a spending leak -- or, rather, a gush. Cars lose 20% of their value the moment they're driven off the lot and 65% in the first five years. Used models can be a real value because you can get a car that's still in fine working order for a fraction of the new-car price. And you'll pay less in collision insurance and taxes, too.
Cars aren't the only things worth buying used. Consider the savings on pre-owned books, toys, exercise equipment, children's clothing and furniture. (Of course, there are some things you're better off buying new, including mattresses, laptops, linens, shoes and safety equipment, such as car seats and bike helmets.) 25. Procrastinating. Time is an asset money can't buy. Start investing for retirement as soon as possible. For instance, if a 40-year-old saves $300 a month with an 8% return per year, he'll have $287,000 by age 65. If he had started saving 15 years earlier at age 25, he'd have more than $1 million.
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So there are lots of sayings out there, right...like age before beauty, beauty before wisdom, etc. Well every now and then a great combination comes along like cookies and milk so that we can all be reminded daily of the little things along the way that make all the difference. (DeMaster Thomas)
Written by Regina Brett, 90 years old, of the Plain Dealer, Cleveland , Ohio .
"To celebrate growing older, I once wrote the 45 lessons life taught me. It is the most requested column I've ever written.
My odometer rolled over to 90 in August, so here is the column once more:
1. Life isn't fair, but it's still good. 2. When in doubt, just take the next small step.
3. Life is too short to waste time hating anyone.
4. Your job won't take care of you when you are sick. Your friends and parents will. Stay in touch.
5. Pay off your credit cards every month.
6. You don't have to win every argument. Agree to disagree.
7. Cry with someone. It's more healing than crying alone.
8. It's OK to get angry with God. He can take it.
9. Save for retirement starting with your first paycheck.
10. When it comes to chocolate, resistance is futile.
11. Make peace with your past so it won't screw up the present.
12. It's OK to let your children see you cry.
13. Don't compare your life to others. You have no idea what their journey is all about.
14. If a relationship has to be a secret, you shouldn't be in it.
15. Everything can change in the blink of an eye. But don't worry; God never blinks.
16. Take a deep breath. It calms the mind.
17. Get rid of anything that isn't useful, beautiful or joyful.
18. Whatever doesn't kill you really does make you stronger.
19. It's never too late to have a happy childhood. But the second one is up to you and no one else.
20. When it comes to going after what you love in life, don't take no for an answer.
21. Burn the candles, use the nice sheets, wear the fancy lingerie. Don't save it for a special occasion. Today is special.
22. Over prepare, then go with the flow.
23. Be eccentric now. Don't wait for old age to wear purple.
24. The most important sex organ is the brain.
25. No one is in charge of your happiness but you.
26. Frame every so-called disaster with these words 'In five years, will this matter?'
27. Always choose life.
28. Forgive everyone everything.
29. What other people think of you is none of your business.
30. Time heals almost everything. Give time time.
31. However good or bad a situation is, it will change.
32. Don't take yourself so seriously. No one else does.
33. Believe in miracles.
34. God loves you because of who God is, not because of anything you did or didn't do.
35. Don't audit life. Show up and make the most of it now.
36. Growing old beats the alternative -- dying young.
37. Your children get only one childhood.
38. All that truly matters in the end is that you loved.
39. Get outside every day. Miracles are waiting everywhere.
40. If we all threw our problems in a pile and saw everyone else's, we'd grab ours back.
41. Envy is a waste of time. You already have all you need.
42. The best is yet to come...
43. No matter how you feel, get up, dress up and show up.
44. Yield.
45. Life isn't tied with a bow, but it's still a gift."
You have the power to be anyone you want to be from the inside out. You can be a leader and never serve in office. You can be a parent and never have any children. You can be a savior and never walk on water. You can be a hero and never leap a tall building in a single bound, because you have the power. You have the power to be a trusting son or loving daughter. You have the power to be faithful lover and dependable friend. You have the power to be an ethical person of principle and you have the power to be a believer in core values. You have the opportunity to share this power, everyday you live. You have the power to rule a kingdom simply by being the role model in your own home. Rules are not meant to be broken. They are meant to be rules. There is no such thing as an exception to the rule; otherwise it would not have been a rule in the first place. You have the ability to change the world without ever leaving your community. Just by being you. So today, choose to make a difference for yourself and the ones you touch along the way. Choose to be the best you can be for yourself and the ones you love.
Every life has reason. How that life came to be is nowhere near as important as how invaluable that life is once it is in the world. It is common to harp on how a child was conceived and far too common to live in regret believing that child's purpose is any less than another simply based on when, where or how the child came to be. Regardless, once you are here, guess what! You're here. Welcome.
Now that you are part of the incredible tapestry of life, what are you going to do with it? The options are indeed limitless. While they may not appear that way at first, they are. As a child, you will learn, grow, and develop your mind, body and spirit from your internal and external environment. While you may not necessarily contribute financially to your household, you bring joy, laughter, challenges, learning opportunities, moments of enlightenment, times of self-reflection and most importantly, you bring a message. A message that unconditional love is not a concept, but a reality. You are, for most parents, the focus, the point, the reason they carry on each day. Life without you is soon seen as a hazy blur in the rear view mirror. You are the gift and the purpose for a loving parent. You are literally a slogan-"you bring good things to life." So it is only fair that you live your life as the blessing you are-to the fullest. As a child, now is the time to take in as much as you can. Ask as many questions as your heart desires, but be prepared to accept the answers, whether it is what you want to hear or not. Know that if you are reared in love, you will reap the benefits of a healthy upbringing and while you may not like all the things you see and experience now, it will come into good use at some point in your life. All things and experiences can be used as tools for adulthood. -De'Master A. Thomas
Adults. Through your early years, you were told what to do and how to do it. Now is the time to put your skills and knowledge to work. You are an adult. It is only fair to ask that you act accordingly. When you were a child, you thought like a child, now that you are an adult, you will think like one. You will make rational decisions based on realistic facts with a hint of gut feeling to support your choices. You will not take advantage of others, but instead gain advantage by embracing opportunity for growth when you see it. You will find throughout these years that these are the most productive, most creative, most contributing years of your life. You will continue to ask lots of questions. You will continue to make mistakes and you will continue to learn from them. Career, family, professional and personal relationships will consume most of these years. So be sure that you are choosing wisely in all categories. If you don't like something-change it. Now is the time to explore, expand, and entertain those childhood dreams. As long as they are healthy and beneficial, go for it. This is the time to embrace responsibility, work hard, play hard and set yourself up for the future. At times it will seem like the struggles are not worth it, but struggles build character. Each experience shapes and molds you into the true man or woman you were designed to be. Find your unique gift, share it and be a blessing to yourself and others. If you do not know what your unique gift or ability is yet, be open to new ideas and avenues along your journey. You may not know your true calling, but your true calling knows you and knows just when and where to find you. If you have already set ground for a successful personal and professional life, reach one, teach one. "Maintain and elevate" and teach your children well. And while you may not like all the things you see and experience now, it will come into good use at some point in your life. All things and experiences can be used as tools for your senior years. -De'Master A. Thomas
Say it loud, say it clear. You have survived the living years. There were lots of moments filled with laughter and others filled with tears. You have come so far and struggled for so long and carried heavy burdens along the way. But you can now look back and say it is was all worth it; you did it all for this special day. The day you can say your wisdom, your time and your love are the reasons you never strayed. You stayed focused when faced with adversity and made a way when the path was not straight. If you have not done all the things you want to do in this life-do them now before it's too late. You spared nothing when it came to raising your children and always saw them through. Good thing you did, because the ones you took care of, will one day take care of you. Be wise when planning for the final hour, you can finally sit back and smile. We leave this life as we came in it, once an adult and twice a child.
Dear child, I noticed you sitting here and wondered if I may sit with you. I heard your thoughts, but it was so loud that when I answered you, you could not hear Me. I saw your tears, but it was so clouded, you could not see Me. I saw you fall, but you were so angry in fear, that you could not feel Me. So I thought I would write you this letter, and when you had a moment, you would read it and remember how much I love you.
When others called you ugly, I said you are beautiful. When others said you were mean, I said you are my friend. When others turn away from you, I call you my hero. When others have forgotten about you, I think about you everyday. I only want the best for you, if you want it for yourself. So when they tell you that you were a mistake, tell them I said you were made with purpose. I knew exactly what I was doing, when I brought you into this world. I will keep my promise I made to you, before the day you were born; to enjoy the laughter and smell the roses and help you endure the thorns. You see, you are truly, madly, deeply loved, so stay close, because it gets better. And if ever you need a reminder, know that I Am with you always, and go back and read this letter.
As if you had to ask. Look. Our society and progressive sexual revolution have led us astray. We have only one body - one mind - and one "heart." To believe that overindulgence in carnal pleasures is healthy is a complete scam to rope you into buying pointless products that do more damage than good. And to lure you into doing irreparable damage to yourself physically, mentally and emotionally. It starts in the home. That's right. Sounds old fashioned, but proper care of the body and mind starts with the parent and child relationship. What you learn as a child, you take with you into adulthood. What you teach or fail to teach your children they will learn somewhere else and then it may be too late. Never lie to a child. About anything. Including fully educating your child on the proper use of their bodies. After all, it is "procreation" not "recreation" and while it may feel great for the moment, every time you lay down with someone you give a small part of yourself away that you will never get back.
So ask yourself. It is worth it? Is the price of lust worth the value of love? Obviously there can be no wager on something that is priceless. We all live with temptation. We are all born with natural desires, wants, and needs to be desired in return. Sex is a beautiful and fantastic expression of love between two people who are committed to each other on every level. Did you catch that? Sex is an expression of Love. When it is equally shared between two people who are committed to each other. Ask yourself. What better way to show how I feel about someone than to give myself completely to them? But there must be an all 4 points bond or it is only sex-not making love. The outcomes are irreversible and so is the passion or pain depending on which role you play. Learn what is natural and maturely seek to share your love with someone. You will find that true love and happiness in a relationship requires no special effects to be magical and spectacular. Take your time with love and be mindful of how you treat your body. Indeed you will get out of it what you put into it so if it is a landfill you are planning then so shall it be trash that you put in it. If it is warmth, compassion, ecstasy, and the embrace of your deepest connection with this person, then unleash the beast and go for it.
Indeed the body is amazing, attractive and exciting. But the mind is strong, wise and careful. Let your mind be the guide of your body-not the other way around. If it is not appropriate for children, it is not appropriate for adults. Adults, lead by example and know that those who follow are watching. If you are careless and destructive with your sexuality and make hurtful decisions with negative outcomes, then there is a greater chance the child to follow will make the same choices. So choose wisely in your quest to find a life partner. If you are not ready for love then you are not ready for sex. Plain and simple. If you are not completely and totally ready to bring a life into this world in a two parent household that is stable and prepared to raise a child, then you are not ready for sex. If you believe that lust is love - then you are definitely not ready for sex. There is this great illusion we have fooled ourselves into believing; that it is okay because we can always use protection. Again I say to you, if you have to invite any type of external devices into your bed with your life partner, including contraception, then you are not ready for making love. Sex between two people with any type of foreign object is not love. Because love knows no boundary and knows no border. So if you think you are doing yourself a favor by strapping up or plugging up-think again. You are purposely manipulating the design of intercourse to become strictly recreation and taking away its original purpose: to bring a life made out of love into this world.
And there you have it. K.O. knockout, first round. Love wins with one hit to the heart and lust loses with all its empty body blows to the senses. Be wise in your step and let your mind be the guide for the body.
Forgiveness. It is not a concept. It is a fact. Forgiveness is always a win-win solution. It does not matter what the reason was. Far too often you hear people say well that's unforgivable. Literally speaking, there is no such thing. Humans are conditional beings. We forgive, but we do not forget. This is also on purpose; by design. If you forget, you do not learn from the mistakes and remember to avoid them in the future. I have been known to say forgiveness is not for them - it's for you! I say this because of the incredible relief it brings to the heart and mind to finally "let it go" and of course, it lets the other person know that you are no longer holding that negativity over them.
Here is a little exercise in forgiving deeply. If you have a picture or are in the presence of the person you wish to forgive, say this aloud to them with sincerity. If it is yourself you need to forgive, say this aloud and put your name first. (Example: mom, dad, son, daughter, their name or your name here and keep going....) If the other person is not ready to listen, write them a letter or leave a message. Either way, the healing begins now. If the other person needs to say these same words to you-be prepared to listen and be forgiven!
"( insert name here ), today - I forgive you. 100 times for a 1000 things, I forgive you. It was not your fault that (state issue(s) here) happened. Even if it was, I still forgive you. To wish (__) was never born is to wish (__) was never loved and that is not truly how I feel. I may have let outside influences determine what I think about (__). I can see the lies from the truth. I am ready to accept the truth. It is time for me to enjoy my life completely without the stress of being angry. So today (___), I forgive you. I forgive you for (list all the things you can think of here). I have to start taking better care of me. I will no longer bring these things up as a way to hurt you or to get back at you. In return, I ask that you forgive me for anything I may have done along the way and know that I will do all I can to learn and grow from this."
To be most effective, choose a quiet setting where all parties can listen and speak without interruption. It is crucial that the listener holds their response until the end. Do this and you will be fulfilled. To forgive is to love and to love is Divine.
