Save Money With A Yearly Business Cost Evaluation

(Photo credit: patrick h. lauke)

For a business to survive and be profitable it must keep costs and overhead down. There is something that occurs in all businesses called expense creep. It is the slow and progressive increase of a companies business expenses. It has as many forms as there are expenses in a business. Taking a yearly look at business expenses to see if they are necessary or if you are over paying for services is a necessary task to keep more money in your pocket.

Office Supplies.

Today we have many sources to purchase office supplies. It can be on the phone, a salesman coming to your business, the Internet, or your local Office Depot. Are you doing all you can to shop around for the best deal. 

Phone Service.

Your phone and Internet service are major costs to your company. Even if you are a small company, savings can really add up by reducing expenses. Check your phone and Internet bill, line by line, to see if any unnecessary services can be canceled. Phone companies offer special business class packages like 0845 phone numbers to help you save money.

401(K) Expenses.

It's commendable that you offer your team a 401(k) retirement plan. But you should be careful that you do not over pay for the administrative costs. They can unusually be high, which may make the plan to expensive to continue. Why not shop around and check what other companies are charging for running your plan. 

Insurance Costs.

This a major cost to any business. A business has to deal with many kinds of insurance. Your business has many types of assets to insure. There is also liability insurance for your products and services. It pays for you to do a yearly audit of your insurance to see if costs can be cut. Insurance is one of the easiest expenses to relocate to a cheaper provider. Insurance companies provide package deals and new customer discounts. Take advantage and shop around.

And that's not all. Here are 5 more ways to save money in your business.

• Postage and shipping in bulk and contract discounts.
• Upgrade old and high maintenance computer networking gear.
• Set up systems to avoid paying late fees on bills.
• Be sure your purchasing office always buys in bulk with the greatest discounts.
• Evaluate your in house services and outsource your business needs to keep expenses down.

You can probably add many more ways to save money in your business. We are so busy as business people trying to bring money in that we neglect keeping an eye on the ways we can reduce costs and save money.

How to Use Credit Cards During Retirement

 (Photo credit: Wikipedia)If someone told you ten years ago that they paid $60 to fill up their gas tanks, you would have thought they were crazy, or that they were filling up 40 gallon drums, not vehicle tanks. But with the national average cost of one gallon of gas hovering just under $4.00, it's not at all uncommon to hear about people paying $60, $70, and even up to $100 to fill up their tanks.

Boy, have times ever changed.

But there is a way to make the most of the rising cost of gasoline — credit cards with gas rewards. Ben Brockwell, a director at the Oil Price Information Service, says that "approximately 80% of consumers are using credit cards to pay at the pump, and that figure will increase if gas prices continue to rise."

Many credit card companies now offer cash-back or reward programs for gas purchases, whose savings are better even than the discount many gas stations offer for customers who pay with cash.

Retirement comes with its fair share of benefits, but even retirees aren’t safe from rising gas prices. After a lifetime of using credit, most retired people don’t have a problem with credit, but a gap in your credit history will drive your score down, and you don’t want to be turned down when trying to buy that new RV or boat you’ve had your eye on for 20 years because your credit score has been slowly dropping.

Instead, consider getting a gas credit card, which will keep your credit score steady, and can help you save for the important things. Here are some of the best options out there:

Pentagon Federal Credit Union Platinum Rewards card: This credit union pays 5% cash back on all gas purchases. That adds up. Even better, the card doesn't charge any annual fees, though consumers will have to shell out $15 to join if they don't qualify for membership in the union.

American Express Blue Cash Everyday card: The Blue card doesn't pay quite as handsomely as the Pentagon card, but still gives 2% cash back for gas purchases, and is typically easier to obtain. American Express cards usually have annual fees, though, so be sure to read the fine print.

Costco / American Express TrueEarnings card: Members of warehouse clubs like Sam's Club and Costco save on gas just for being members (in most cases) but some clubs have credit cards that pay a percentage cash back for all gas purchases. Costco's TrueEarnings card, for example, pays 3% on all gas purchases up to $3,000 and 1% after that.

Brand cards: Shell, Exxon/Mobil, Chevron, Valero, and almost any other major gas chain also have gas reward cards as well. With any of these cards, however, be very aware of the interest rate, which generally ranges from 17% to 27%. If you decide to go with one of the brand cards, pay your balance in full each month to avoid the steep interest charges.


This is a guest post by Eliza Morgan who is a full time blogger. She specializes in writing about business credit cards. You can reach her at: elizamorgan856 at gmail dot com.

Graduating With A PhD - No Longer Guarantees You A Job

 (Image credit: Getty Images via @daylife)

Watch out college students seeking PhDs, your degree no longer guarantees you a job. Even the benefits of multiple degrees won't put a paycheck in your hands. Most likely you may soon be on food stamps. The number of PhD's on food stamps has more than tripled between 2007 and 2010 to 33,655, according to an Urban Institute analysis cited by the Chronicle of Higher Education. The number of graduates on food stamps and other forms of aid, from masters programs, has almost tripled during the same period to 292,029 according to the same analysis.

Overall, the number of Americans on food stamps rose 43 percent over the past three years to 46.3 million Americans as of February 2012, according to the Department of Agriculture.

College graduates with law degrees are seeking other lower paying jobs because law firms are just not hiring. Even tenured college faculty positions are being cut back in favor of lower paying adjunct faculty positions.

Between cut backs in state and private job markets and a down economy more than 5,057 janitors jobs are filled by PhDs degree graduates, looking for work.

Which States Have The Most People On Food Stamps?

1. Mississippi:

Percentage of Population on Food Stamps: 20.7 percent

Annual Change in Food Stamps from 2010: 8.4 percent

2010 Total State Population: 2,967,297

2. Oregon:

Percentage of Population on Food Stamps: 20.1 percent

Annual Change in Food Stamps from 2010: 9.6 percent

2010 Total State Population: 3,831,074

3. Tennessee:

Percentage of Population on Food Stamps: 19.8 percent

Annual Change in Food Stamps from 2010: 17.9 percent

2010 Total State Population: 6.2 million

4. New Mexico:

Percentage of Population on Food Stamps: 19.8 percent

Annual Change in Food Stamps from 2010: 17.9 percent

2010 Total State Population: 2,059,179

5. Michigan:

Percentage of Population on Food Stamps: 19.7 percent

Annual Change in Food Stamps from 2010: 11.4 percent

2010 Total State Population: 9,883,640

6. Louisiana:

Percentage of Population on Food Stamps: 19.2 percent

Annual Change in Food Stamps from 2010: 7.5 percent

2010 Total State Population: 4,533,372

7. Kentucky:

Percentage of Population on Food Stamps: 18.8 percent

Annual Change in Food Stamps from 2010: 5.9 percent

2010 Total State Population: 4,339,367

8. West Virginia:

Percentage of Population on Food Stamps: 18.7 percent

Annual Change in Food Stamps from 2010: 2.4 percent

2010 Total State Population: 1,852,994

9. Maine:

Percentage of Population on Food Stamps: 18.6 percent

Annual Change in Food Stamps from 2010: 8 percent

2010 Total State Population: 1,328,361

10. South Carolina:

Percentage of Population on Food Stamps: 18.2 percent

Annual Change in Food Stamps from 2010: 7.1 percent

2010 Total State Population: 4,625,364

Food Stamp Assistance Program Data

According to the USDA, we are approaching 50,000,000 people using the food stamp programs benefits. This assistance came at a cost of $71,813,402,544 for FY2011.

Learn The Stock Market Without Losing Your Money

This is a Sponsored post written by me on behalf of Smart Stocks. All opinions are 100% mine.

 

The stock market is a fascinating place to many people because the lure of making a quick fortune. Yet in reality the majority lose most of their money before they even catch on how the market functions and how difficult it is to show a positive return. If there were some way to get some hands on training before jumping in with real money. The website that does that is called Smartstocks.com, there they have a virtual stock market game.

 

On this virtual stock market you can buy and sell stocks just like at the real stock market. Here you buy and sell real companies and you're given $1,000,000 to get you started. As in the real market your virtual portfolio rises and falls as if you own the actual stocks.

 

As your learning to invest and develop trading strategies you are not alone. There are many other investors using the virtual trading game. They form groups where they discuss investing and you can join the groups to swap trading war stories. You will find others there, like yourself, who are trying to hone their trading skills. Already there are many trading groups of friends and classmates discussing the stock market. Many colleges and business schools are using Smartstocks.com to learn the basics and get some hands on training. 

 

Smartstocks.com ranks all investors and keeps track of who is doing the best. They are ranked by groups, your own or others. You can see the top 100 investors or the bottom 100. When checking out the rankings of others, a little competition starts and it makes it all the more interesting.

 

I signed up for a free account and did some stock trading. The interface is easy to navigate and very easy for the new investor to use. Smartstocks.com is keeping track of my portfolio and showing me my gains and loses daily. I haven't spent all of my million dollars yet because I'm still looking for some bargains. That's my trading strategy and trying it out in a virtual stock market takes away all the stress and leaves only the fun. 

 

For the beginner, the stock market can be confusing, Smartstocks.com makes learning easy and they even have interesting videos teaching core concepts. 

Baby Boomers Spending More Cash On Their Family, Than On Their Own Future

 (Photo credit: Tax Credits)In a study, released today by Ameriprise Financial, 93% of Baby Boomers have provided financial support to their adult children and 58% have assisted their aging parents.

This is a subject that I can relate to and confirm in my own life. I have parents in their 80's who do not suffer financially or health wise, thank God. But I do have the adult children side of the problem. With three in college, thankfully almost done, it has been a strain on our finances. As the study confirms the casualty of this financial help is my own retirement plans.

My income has suffered, along with many others, because of our country's economic problems. This left us scrimping and budgeting like never before. We find it difficult to save for retirement at a reasonable rate. It will definitely effect us when we are in retirement.

The study also reveals, in 2007, when the original Money Across Generations study was conducted, 44% of boomers claimed they were trying to grow their savings. Now only one in four (24%) say they’re putting away money for the future and just as many (24%) report simply trying to maintain what they have.

Many boomers have to assist their parents financially. More than half (58%) report assisting their aging parents in some way, including helping them purchase groceries (22%) or pay medical (15%) and utility bills (14%).

No one can ever say Boomers are not generous people. The Money Across Generations study says most boomers surveyed (93%) say they have provided some kind of support to their adult children. A majority have helped them pay for college tuition or loans (71%) or helped them buy a car (53%). Many are also helping their kids pay for car and health insurance, as well as cover basic expenses like rent, utility and car payments.

Impact on their retirement goals

Only 10% of boomers admit that helping their parents has slowed down their retirement savings, while one-third (34%) feel the same about the support they’ve provided their adult children.

If the Boomers aren't digging into their retirement accounts, then where are they getting this cash to help their families? Most say they are just using their income and normal cash flow. Unfortunately, they are short changing their own retirement savings plans which will only come back to bite them when they are well into their retirement.

But the problem for many boomers is that they may not have a choice in helping their families. Health care costs for their aging parents are on the rise and what child would turn down a parents request for help.

During this time of year when many college students are graduating they are finding a shortage of jobs. This is forcing many of our children to come home. With no means of support, mom and dad have to step up with financial support and even help paying back college loan debt.

Boomers are generous and do not mind helping

Despite uncertainty around meeting their own financial goals, a majority of boomers (86%) say that if they had to do it again, they would still support their adult children financially. Meanwhile, 20% express guilt about not being able to provide financial assistance to their adult children who currently need it.

What's a parent to do? Is it our job to offer unconditional financial support which can devastate our own goals and plans? It's hard to say no to a family members request for help. Part of any discussion of financial need is first the boomer should talk openly about how any financial help would effect the boomer's plans and goals. By putting all the cards on the table the party in need of help may learn their request will cause negative repercussions down the line for the other party. Openness is the key to any for any financial discussion.

Link to original discussion at Ameriprise.com

Baby Boomers Dole Out Cash to Family Members Despite Uncertainty About Their Own Financial Future

For Many 67 Is The New 65 When It Comes To Retirement

A new poll By Gallup has found 26 percent of people expect to retire before age 65, with 27 percent expecting to retire at age 65 and 39 percent after age 65.

The percentage that expects to retire after age 65 was up from 21 percent in 2002 and 12 percent in 1995. 

The Gallup poll found an increase in the average age at which retirees actually retired -- from age 57 in 1991 to age 60 today. The average retirement age first reached 60 in 2004 and has generally held there since.

That average should increase in future years if current non-retirees delay retirement, as they say they will.

The younger non-retirees were more optimistic about being able to retire at an earlier age than those closer to retirement. Those currently age 40 and under expect to retire at age 65, compared with an expected retirement age of 68 for those 40 and older

The survey also indicated a new low of 38 percent of non-retirees who said they will have enough money to live comfortably in retirement, down slightly from 42 percent last year and 59 percent in 2002.


It's easy to conclude that the dream of retirement is going to stay just a dream for many. The majority of retiree's  in their 60's, 70's, and 80's will continue to be employed out of necessity.