Big Lessons We Should Learn From Our Grandparents to Save Money

Each of us wishes to spend money within defined budgets but this becomes almost impossible for us just because of the increased fantasies, daily expenditures, family demands, and much more. Instead of trying useless tricks for saving money, we should consult our elders or grandparents to guide us in a better way. This is because they have always tried their level best to have maximum savings and have spent worry-free lives. How can they help us in saving more? Let us discuss it here. 

Define your Limits:

Saying this is extremely easy but to act is very hard. Our grandparents used to save a lot of money by the end of month just because of this simple golden rule. They used to set up a limit for saving and saved that amount by any possible means. For example, my grandfather used to save at least $500 every month without considering that how he will manage the rest of his responsibilities. In this way, he had a lot of savings in the end. This is what we do not do. We do our calculations at the end of month by just regretting that we have lost a lot of money in buying useless things and this is just because lack of planning.

 

Parties on Specific Days:

No doubt, our grandparents loved to have parties too but not on regular basis, like the one, we do. They preferred enjoying parties mostly on the weekends by considering their budget. Sometimes, for better financial management, they used to have one-dish parties. In this way, they enjoyed their life as well as saved money too. This is what we lack nowadays. We like to party almost every day and spend a lot of our money on lots of unnecessary events, which spoils our monthly budget most of the times. 

Cooking Budget:

Instead of eating junk food daily, our grandparents preferred to design a weekly menu in order to have maximum savings by enjoying balanced diet in a month. On the contrary, today, our demands, eating preferences, and menus vary almost every day resulting in huge wastage of money. 

Prefer Durable Utensils:

Have you noticed that grandparents usually prefer to use durable utensils normally made up of copper, silver, or metal? Do you know why they used such type of utensils? It is just because these type of utensils are durable and can be polished on frequent basis to give them a new look. On contrary, these days, we use plastic made utensils, which we have to buy almost every month because they are not that much durable. Trust me that buying these utensils repeatedly ruins our budget. 

Take Time While Shopping:

How much time do you spend while shopping? Maximum 30 minutes or an hour, is it? Our grandparents used to spend a day for purchasing best possible stuff. Can you do this for you? Purchasing stuff in short time is not an art but purchasing high-quality stuff with some delay surely is. Grandparents never wasted their time but made best use of their time to achieve fruitful results. Spending maximum time in a shop or mart gives you an idea of current market prices along with the best purchase of items within your defined budgets. 

Final Words:

However, there is a change in culture, generation, and living styles yet ideas cannot change if followed properly.

Author’s Bio:

Mudasar began his career in finance at Speedyloan. Now, he helps people getting loans. To get more details, visit over here.

6 Rules for Coupon Etiquette

Coupons (Photo credit: iateapie)

The growth of online shopping has offered many new opportunities for buyers to get even better deals. They are able to get much better deals because competition by online retailers has driven down the costs of the goods we need. Not only from direct competition but also because retailers are using coupons as incentives to get buyers to their websites.

When using your online coupons with retail websites it is a straight forward approach of entering the your coupon code in the inappropriate place. It is very simple. Other coupons that you print for use at local businesses has a different approach. Retailers appreciate your business and are happy to take your coupons because it mean more business for them and maybe they will get you to return again.

Recently many stores have changed or updated their coupon rules to clear up any questions of how the coupons are to be used. Our local supermarket has published a new use of coupon rules in each store because things have gotten out of hand. The problem is some shoppers are abusing the use of coupons and this may make it harder for the average couponer to shop.

If you are an avid coupon user there are a few simple rules to follow to make the whole experience a little less stressful for the cashier and the people in line behind you.

Rule #1 Check out coupon websites before shopping. Before you begin your shopping it's important to check out coupon websites like Fat Wallet, Retailmenot, and Couponraja. When you check for coupons you not only find good deals for what you need but also discover new shopping destinations that you can visit. Every year new websites pop up to serve the needs of shoppers. Also it adds a little fun to the process of finding these good deals.

Rule #2. Be organized. When checking out have all your coupons organized and not just in a messy pile facing all different ways. It shows respect for the cashier and the people waiting in line behind you. Also make sure the coupons are not expired and that you are following the rules of the store in their use.

Rule #3. Try to plan your shopping at a slow time of the day. Holding up the line with coupon redemption at the peak shopping times shows bad form and is inconsiderate of other people. It irritates other customers when you are trying to use so many coupons, so go when you know its the slowest time of the day. 

Rule #4. Be polite to the cashier and other customers. You may know more about coupons than the cashier but it's no excuse to be rude or impatient. Use your manners and stay calm if there is a problem. Ask to speak to the head cashier if extra help is needed. Also alert customers behind you that you have coupons and that there may be a delay. Let people behind you in line go ahead if they only have a couple of items.

Rule #5. Don't clear off the shelves when you make purchases. It's bad form for you and keeps other shoppers from cashing in on the great deals. Also the store may not know the shelves are emptied out, so its better to only purchase a small amount. If you must make a large purchase either call ahead to the store so they can arrange to put aside enough items for your purchase and not have bare shelves. Also make your large purchase not just in one store, but spread it over a couple of stores.

Rule #6. Follow the rules. Know the rules of the store your shopping at. Don't be pushy with your coupons. If you are having a problem with the use of the coupon just skip that particular one. It's not worth arguing over something like that, it's better to not be known as the neighborhood coupon freak. It's better to build a friendship with the store and the cashiers that work there. Also make sure you have the correct item for that coupon and that the coupon is not expired.

Shopping with coupons will save you a lot of money. Following these few rules will make the experience pleasant for all.

Selling Your Structured Settlement for Maximum Cash - An Illusion or Reality

What a Structured Settlement Is and Why Some Plaintiffs Opt to Sell Their Future Payments?

Senior couple signing financial contract (Photo credit: SalFalko)

As you probably know, people who get injured in various accidents usually receive a structured settlement. This is actually a monetary compensation paid by the insurance company in a stream of fixed installments over time. Such financial agreements typically arise as the result of a lawsuit from various personal injury cases, like traffic accidents, medical malpractice, work related injuries, wrongful death and some others. There may be also cases with no relation to personal injuries, like legal malpractice, worker's compensation, commercial cases, etc. However, in any of these circumstances the entire amount of monetary award assigned to a plaintiff is spread out over some time period and distributed in the form of monthly, quarterly or annual payments, rather than in a single lump sum.

Of course, any structured settlement owned may become an excellent source of substantial additional income. Though many structured settlement holders who face sudden life circumstances change and unforeseen financial burdens, find that they need pretty much more cash than their periodic payments provide. There is also a group of plaintiffs who consider it rather stressful and inconvenient to be tied up to the inflexible schedule of small periodic payments and, therefore, wish to unlock their future payments and get access to their legal money in full now to use it however they need: either to eliminate current financial obligations or meet some short-term or long-term goals.

For both groups of structured settlement recipients turning their future payments into a lump sum of cash is definitely the most deliberate choice. Since 1988, it has become legal to sell structured settlements, annuities, insurance policies and some other related financial agreements in US in return for a lump sum of cash. In such a way, funding companies, also known as settlement funders, have quickly emerged on the asset-backed market. They are dedicated to accomplish such transactions allowing payment recipients to gain absolute control over their finances.

The truth is that many plaintiffs hesitate to sell their structured settlements, even when facing the dire need in cash, mainly influenced by a rather widespread opinion that a settlement sale transaction may dramatically reduce their monetary reward. But what actually happens with your money when you sell your future payments to a funding company? How much is your structured settlement worth in fact? What should you do in order to get most cash for your settlement or is it still wiser to keep to the initial payment schedule with small periodic installments coming over time? Let's clean the air on these rather crucial questions for each and every plaintiff.

Roots of the Misconception

Indeed, there is a strong belief that getting maximum cash after selling a structured settlement is no more than a myth and a plaintiff would get a dramatically reduced amount of his/her money. In fact, settlement sale transactions owe their bad reputation to non-direct funders. Unfortunately, there are some funding companies on the asset-backed market that partner with intermediate brokers and use some third-party assistance.

They typically require certain fees for their services, and it is rather obvious, that every broker in this chain will cut off a piece of your monetary award. As longer this chain is, as less money you may expect to get. And like many other promises and guarantees connected with third-party companies, adequate settlement cash payouts may also turn to be just an illusion.

When Getting Maximum Cash is Real

But the situation may go the whole different way, if you are dealing with a direct funder. Established and reputable funding companies operate typically as direct funders avoiding any intermediate brokers during the whole transaction process. While applying various solid financial and legal instruments, they are able to provide plaintiffs with maximum cash advances for their structured or annuity settlements. When you hand in all related papers, their financial consultants will determine the value of your settlement and tailor a package meeting all your specific needs and goals.

It's also worth to point out that an established settlement funding company imperatively submits every single transfer agreement directly to the local court for review to ensure that the proposed cash payout option is in the best possible interest of a plaintiff and a purchasing company works in the fullest compliance with both state and federal laws.

In such a way, whether getting maximum cash for your structured settlement is an illusion or reality is the matter of your deliberate choice only. If you would like to share your personal experience of cashing out future settlement payouts, feel free to do that in the comments below.

Author's Bio

Derek Wrend is a PR manager at OzarkFunding - a settlement funding company offering the maximum lumpsum of cash for structured settlements.

Your Financial Life After 50. Are You Planning Right?

As you get closer to retirement age, you start to wonder if you are taking the right steps to prepare for your financial future. When it comes to preparing for your golden years, there is no such thing as too late. There are steps that everyone can take after the age of 50 to make sure that they are ready for the life changes to come.

Have The Proper Insurance

In most cases, couples have long-term financial plans that involve the two of them contributing funds to reach certain goals. If something were to happen to one of the spouses, then the other could be left in financial ruin. It is critical to have all of your plans insured to protect against any kind of potential disaster. Term life insurance can help protect a home while the mortgage is still being paid and it can also be used to make sure that a surviving spouse is still able to survive if the other is to pass away before financial goals can be reached. Life insurance will also help offset the costs of your final arrangements and help relieve your next of kin of any of the debt that you leave behind. Image via Flickr by moolanomy

Think Long And Short-Term

Good financial planning includes short-term and long-term goals that need to be achieved in order to maintain the lifestyle that you want. When people reach the age of 50, they start to think in terms of long-term needs as opposed to any short-term requirements. But immediate goals such as paying off your mortgage or buying a new car are just as important as providing for your retirement income. Be sure that you attend to all of your financial goals as you get ready to celebrate the next stage in your life. Image via Flickr by NRMA New Cars

Get An Expert Involved

Pride can sometimes get in the way of good planning. As we get older, we often feel that we have everything under control. For example, when we get a little tight on money, we know that we can use Arizona payday loans to take care of things until our paychecks arrive. But it never hurts to have a financial planner review your arrangements and make sure that you are doing everything you can to prepare for your future. An experienced professional can help point out areas that could use improvement and make sure you are on the right track. Image via Flickr by norfolkdistrict

Look To The Future

The biggest mistake that people make when they start discussing their financial goals after the age of 50 is to dwell on the past. Any decisions that were made years ago are done and over. If you want to make solid plans for your financial future, then let the past stay behind you and stay focused on the future.
You have plans for after retirement that will need to be funded in some way. As you draw closer to your anticipated retirement, it is essential that you review your financial plans and make sure that you are taking the steps you need to live the life you have always dreamed of. Image via Flickr by Nature Pictures by ForestWander

About the Author
Shaun Chatman is a well published author on many authority sites. He lives in Dunedin, FL, and spends his free time playing with his kids or advising friends on his pet subjects: tech, gadgets, travel and finance.


Resources:
http://www.realty-1-strategic-advisors.com/life-stages-of-financial-planning.html
http://moneyexcel.com/2991/new-year-resolutions-for-a-better-financial-life-2013
http://usatoday30.usatoday.com/money/jobcenter/jobhunt/salary/2002-11-14-financial-future1_x.htm

More Structured Settlement Questions

Have you been awarded a large amount of money from a lawsuit? If so, you might be curious about structured settlements. The court will offer you a choice of how and when you want to receive your cash reward. You may choose to receive it all at once, or you can set up a long term payment plan. This long term payment plan is what is known as a structured settlement. Before you make any decisions regarding your reward money it is a good idea to learn as much as you can about how structured settlements work. Here are some more answers to your structured settlement questions.

Why Would I Want to Create a Structured Settlement?

There are many advantages to receiving your reward money in the form of a structured settlement. It will save you in interest taxes on any investments you make. It will also allow you to set up a steady stream of income so that you can properly plan for your future. Structured payments help ensure that you don’t accidentally spend all of your compensation at one time. Studies clearly show that compensation recipients tend to spend less of their reward if it is provided for them through several payments over a long period of time.

Will My Reward Be Any Less if I Choose a Structured Payout?

No. The amount that the court has awarded you will not change. You will receive the same amount whether you choose a structured payout plan or if you choose to get all of the money at once. However, structured settlement payments can help save you money in the form of taxes.

How Much Will a Structured Settlement Save Me in Taxes?

The amount that a structured settlement could save you in taxes could be substantial. You can expect to save approximately 25% to 35% of your total reward in state and federal taxes on any income your reward will generate. All settlement funds are tax free, but you will be taxed on any interest you accrue if you invest any of your reward. If you invest the single large lump sum you will end up paying more in taxes than if you invest using a structured payment plan.

How Much Flexibility Will I Have to Set Up This Form of Payment?

Structured settlements offer a tremendous amount of flexibility in determining how and when the payments will be made. You can set up equal payments over a set number of years. An example of this would be to receive $1000 a month for 20 years. You can set up payments on a per week basis, or you can set up monthly or bi-monthly payments. The payments do not have to be equal either. You could set up specific periods of time that pay out more than others. For example, if you were injured in an accident and require a new motorized wheelchair every 5 years, you could set up a payment plan that pays out more money every 5 years in addition to the regular monthly payments. This would allow you to pay for what you need when you need it.

What If I Change My Mind?

Once a structured settlement has been created it cannot be changed or altered. So if you currently receive $500 a month from a structured settlement and you need $1000 the next month, you cannot change your agreement. You can sell part of your total monetary reward to a company in exchange for receiving a lump sum of money now, when you need it.  The result of this form of transaction will be that you get all of your money upfront, but you will lose a percentage of it to the company.

Overall, structured settlements are very helpful to plaintiffs, but it is not recommended that you pursue this form of payment until you speak with a lawyer or tax professional. 

Top 4 Tips on Buying Gold Jewelry as an Investment

A couple of 14-carat gold wedding rings. Picture taken in Brazil, where 14-carat is the most common kind of gold used in jewelry. (Photo credit: Wikipedia)

While gold coins may look better on paper, for those who want an investment that they can actively enjoy, gold jewelry is an excellent choice. Many people choose gold for women’s and men’s wedding bands, but you don’t need to stop there; gold jewelry can easily supplant the bulk of your costume jewelry as well. Here are four tips on buying gold jewelry as an investment.

Choose a higher karat grade. Gold is a naturally soft metal, and as such it must be alloyed with a harder metal if its intended use is as jewelry that will be worn on a regular basis, such as wedding rings for men or women. Pure gold is 24K, but the most common karat purities seen in gold jewelry are 10K, 14K and 18K; the higher the karat grade, the more pure gold used. To quickly calculate how much pure gold is in a particular karat purity, simply divide the karat grade by 24. For example, 18K gold is 18/24, or 75% pure gold. Needless to say, higher karat grades are more expensive due to the presence of more pure gold.

For gold jewelry that you intend on wearing frequently, 18K is your best bet for both investment and durability purposes. While 10K and 14K gold jewelry may be harder and somewhat more durable due to the increased presence of alloying material, both of these karat purities are significantly less valuable. If purchasing gold jewelry that you intend to wear less frequently, or jewelry that is less likely to acquire any damage through wear (such as earrings or a necklace), you might also consider 22K gold, which is fairly soft but very valuable.

Be discriminating when it comes to alloying material. Not all alloying materials are created equal when it comes to gold jewelry. Higher karat purities of gold like 18K and 22K tend to use higher quality alloys, but you will still want to find out exactly which alloy or alloys was used prior to making a gold jewelry purchase. Alloying material will to some degree depend on the color of gold that you are purchasing; gold is naturally yellow, but other common colors found in gold jewelry include white gold and rose gold. For white gold in particular, the quality of alloying material can vary greatly, from less expensive nickel to high quality precious platinum group metals (PGMs) like platinum and palladium. The quality of the alloying material should ultimately factor into the price that you pay for your gold jewelry.

Buy wholesale. When purchasing gold jewelry as an investment, the last thing you’ll want to do is to pay full price at a high end jewelry store. While some designer brands like Tiffany or Cartier are considered to hold a certain value that is completely independent from the material used, the higher cost of these items may start to detract from the overall investment value.

To get a sense of how much you’re paying for a particular piece of jewelry versus the actual value of the gold that it contains, use the weight of the item and current gold prices to calculate worth versus cost, taking into account that lower karat purities will not have the same value as pure gold. If you are buying an item that you have no immediate intention of selling (such as women’s or men’s wedding bands), do some comparison shopping online to make sure that you are getting the best price for your desired item. 

Watch the market. Part of what makes gold jewelry such a good investment is its consistency in the market, especially when compared to more volatile precious metal commodities like platinum. Nonetheless, gold prices still experience normal market fluctuations, so try to buy gold jewelry whenever there is a dip in gold prices. On the flip side, if you are thinking of selling your gold jewelry, make sure the market favors you before unloading it. In an ideal world, you will be buying wholesale during a dip in the market, and selling retail when the market is high.

Tanya Naouri writes articles on gold men’s wedding rings for men for JustMensRings.com.