How Bad Habits Affect Your Wallet

Slim is in, but not when it comes to your wallet. A few dollars dropped here and there on bad habits, over time, can add up to the cost of a new car or a luxurious vacation. How much are your bad habits costing you?

Overspending

By nature we love to reward ourselves with things. Even if we are always getting "bargains," that sort of unnecessary spending adds up to about $1,200 a year, according to bankrate.com. If you saved that in an interest-yielding account, it would add up to nearly $95,000 over 30 years.

Another culprit when it comes to overspending is the lottery. Businessinsider.com said, "Assuming the average return on a $1 ticket is 47 cents, buying a dollar ticket every day for 60 years will set you back $11,600." 

Bad Eating Habits

Medical expenses, and life and health insurance costs are much higher for obese people than for non-obese people. A statistic from a study by GWU researchers says that the cost of being obese is $2,646 for men, and $4,879 for women annually.

It isn't just obesity itself that has a high price. For example, the same businessinsider.com article quoted above said that you can save up to $6 a day by packing your own lunch to take to work instead of buying.

Drinking Alcohol

Those who drink regularly face a yearly cost of about $1,560, and that is at a rate of only five drinks per week at $6 per drink. Binge drinkers, and those who get caught drunk behind the wheel face expenses even higher.

The social stigma that comes with being an alcoholic goes hand-in-hand with the cost to your health and to your overall quality of life. That is why alcohol rehab centers in Florida, and throughout the United States aim to help people conquer this costly habit. 

Smoking

Cigarettes get a bad rap, and rightly so. Not only do they destroy your health, they also hit your wallet hard. Bankrate.com says, "for a woman,the all-inclusive cost of smoking over a lifetime is $106,000; for a man, $220,000."

Cigarettes aren't the only smoke that comes with a big cost. According to businessinsider.com, smoking a $10 marijuana joint every day will add up to $219,000 over the course of 60 years.

Procrastination

When you procrastinate, you do more than give your relatives a reason to complain about why that anniversary card you sent them was six weeks late. Waiting to sign up for a 401(k), not cancelling that unused gym membership as soon as possible, or holding onto those grocery coupons until they expire all impact your wallet negatively. The total yearly cost of that type of procrastination is about $600.

It's a good idea to sign up for automatic bill payment for your credit cards. A monthly, $25 late payment is $25 dollars that you could have saved, or used to take your spouse to a movie.

How much money have bad habits already taken from you, and how much more money are you going to let them suck away? The answer is up to you.

5 Reasons You Should Have Credit Building Prepaid Cards

Prepaid Cards are issued against your own deposits with the concerned financial institutions that facilitate the same. A certain amount needs to be deposited for entitlement of a credit card and you spend as much as you deposit. Prepaid cards help you to build your credibility amongst others. Their unique features make them popular and increase their demand amongst large section of people across the globe that prefers this unique mode over other methods.

Enhance trustworthiness

Credit building credit cards are a good source to increase your credibility amongst the banking institutions, your friends and the vendors. Such cards do not permit more amount than the one deposited by you. So you are not in a position to release payments more than that. As you remain within your limits, only the genuine expenses will be made by you and you won’t go in for overspending that result in the enhancement of your credibility amongst others.

Avoid extravagance

As aforesaid, the credit cards are provided against your deposits by the financial companies. You can withdraw or purchase within the deposit limits of your credit cards that do not allow you to spend more than that. This way you save from making any additional expenses and ensure a secured amount with you. However, if there is no limit upon your spending through the credit cards and you are allowed to withdraw more amount than that of your deposits, you may spend more.

Easily available

Since the credit building credit cards are issued against your own deposits, the banking institutions provide with a smile without any much formality. You are not required to submit any salary proofs or fulfil additional documentation for issuance of such cards. In fact, the companies engaged in this business are happy to do the same because they get deposits for a considerable time against which they don’t pay much interest to you. As such, they don’t ask much about your credentials or credit history. Just make the deposits and be a proud owner of such credit building credit cards.

Convenience and security

The credit building prepaid cards are easy to carry. Just put them in your pocket and carry them anywhere you are going. While receiving such cards, you are issued a personal code for withdrawals or making payments for your bills. This way you save from any duping or deceit by the unscrupulous persons who often intend to rob you through their dishonest actions.

No extra charges

Since it is your own money that you withdraw or spend against your deposits through the credit building prepaid cards, the institutions that issue the same don’t charge anything for their valuable services. Thus you are saved from the banking charges through such prepaid cards whereas the other modes of payments may require you to pay the requisite charges. Some banking institutions do charge against their other services to the customers whereas no such charges are applicable in respect of the credit building prepaid cards that are released against the customers’ own deposits.

Learn Different Ways Of Saving Your Money

Some say love makes the world go round. Many now say money make the world go round. Money is truly a critical factor to living life on the earth as it is. Money defines power and capability. All issues in one way or another lead to money. Even the good book used by the Christians says, "Money answers all things". However, it is never about spending all the time. It is definitely wiser to save than you spend. This assures you of financial security and teaches virtues such as inner discipline, self-control and contentment. Here are a couple of ways you can save money

Cost effectiveness

Different brands are there on the market when you go buy stuff. Make sure to do your research before you use your purchasing power. This enables you to know what product is best; thus, your money never goes to waste. Without compromising on quality, you are also well equipped to choose what product to buy as the prices from different brands of products. It may seem like a small margin but cumulatively it amount to quite a lot, which is utilizable for other purposes or even save it. 

Avoid luxury

As the word suggests, they are not necessary and so it is best to avoid them when and if you can. If you will not need a new function, it is better not to buy the newest phone on the market that is fancy and instead remain with your former. Businesspersons would say there is no return in that investment. Some people even have the tendency of purchasing stuff without proper knowledge of it, just because it is new and advance. You would rather remain with your old school brand if it suits you comfortably. New is not always better. 

Save as you earn

Do not save what remains after spending. Instead, spend what remains after spending. In fact, such habits like smoking, which are expensive can be turned around by indulging good e-cigarettes to help you quit. This is an ideal practice, especially for those who expect something at the end of the month or the week. Develop the habit of setting aside a certain amount of money once your wages and income gets to you. It is best if you transfer it elsewhere and forget about it. It may come in handy during a rainy day, dealing with disasters and emergencies. It is always best if you are prepared. 

Avoid being spendthrift

Being spendthrift should be a great vice for one aiming at saving money. It creates the tendency of spending money in a way that you had not intended to in the first place. One, you get to buy something that you do not really need. It was never initially on your mind as you went out. Most probably, you liked it because of its attractiveness or good bargain. Two, you purchase the item at the expense of another. It is always best if you do not walk around with cash in close range e.g. in your pocket if you have this habit.

Remember that wasting is the opposite of saving. Therefore, apart from setting money to the side, it is also quite helpful if you cut down on costs, especially those that might be unnecessary.

Author Bio

Alisa Martin is a renowned financial adviser all over the country. She also has a passion of keeping her followers informed, thus writing various and diversified topics in her blogs. She is also in the lead front in technological advances, well known in the light of ego ce4 and much more.

To Save or Not to Save: What Financial Tricks Will Work for You?

There are lots of financial tips out there, but not all of them will work for you. How are you supposed to save $500 from not buying cigarettes if you don't currently smoke? How are you supposed to be able to save 15% of your income if you're living paycheck to paycheck? Often the saving tips we hear are not applicable to the current personal situation. Here's some ideas to help you think of your own ways to save. 

Spend Less

Many financial experts say that credit cards are a good thing if you use them wisely. The thing is, most people don't use credit cards the right way. Cut up your credit cards and only spend what you earn, if you can't pay with cash, don't buy it. If you "need" credit cards to pay your truck or house payment, downsize. You might be able to pay all your bills, but you don't have enough to put money in the bank or spend on entertainment. It doesn't matter what your situation is - if you don't have a comfortable amount of wiggle room in your budget, keep getting rid of expenses until you are able to stop living from paycheck to paycheck.

Earn More

There might be certain things you feel like you can't live without, but just don't have enough money for. If this is the case, start earning more. This could mean asking for a raise, trying to get a promotion, finding a different job, getting a second job, or starting your own business on the side. Whatever you decide to do, just remember to find a balance between having spare time and having spare money. The more you work, the less time you'll have to enjoy that money. When you can earn more, it can mean a lot more responsibilities, so be sure to keep that in mind.

Make Out Your Will

Once you've reached your golden years, you will have hopefully saved some money. You're going to have to decide what to do with it before your time on this world is up. Most people tend to believe that retirement is easy to finance for, and it can be when you do it right. Just make sure you have enough in reserve to cover even the most unexpected problems that may arise in the future. To do this, try making a revocable living trust. Since it's revocable, you can change any part of your will while you're alive if you want to. Websites like FindLegalForms.com can help you find out more. Take time to talk to an adviser or family if you need to get affairs in order for everyone.

People in the personal finance industry try to make becoming wealthy seem harder than it really is. To have more money, you only need to do two things: spend less, and earn more. Also, make sure to have everything in order so you can leave something behind for your loved ones. When you really look at it, personal finance can be a breeze. Just make sure it fits into your own lifestyle.

The Keystone State Helps With HELP: Three Things To Know About HELP Loans

English: Series of air conditioners at UNC-CH. (Photo credit: Wikipedia)

Over the last decade the environment has become an increasingly important political topic, and politicians are doing everything they can to show that they care about the fate of the environment and that they care about environmental policy. In Pennsylvania one of the ways that the state is show a commitment to environmental issues is through the HELP (Home Energy Loan Program) program. Through this program, homeowners can secure low cost loans that will help them upgrade their homes to greater energy efficiency, and save money on their utility bills. Before applying for HELP, there are three things you need to know.

Who is eligible?

The first question that you need to be concerned with is whether or not you are even eligible for the HELP loan. Homeowners are eligible for the HELP loans if they need the money to make an energy efficient improvement to their home. These loans are applied for just like a traditional loan, so your income level and debt will greatly affect your ability to get the loan. The loans are competitive, so if you have poor credit, you will probably not qualify for the loan, but it never hurts to put in an application.

What kinds of things qualify?

Now that you have determined your eligibility as a homeowner, it is time to think about what improvements you want to make and whether or not those improvements qualify. Home systems that are rated Energy Star by the Federal government can qualify for the HELP program. These systems include things like air conditioning, heating and anything that can make those systems more effective. You can get a HELP loan to install solar panels and you can get a loan to upgrade the insulation to the home. You can check with the HELP office or with your contractor to make sure that all of the improvements that you want to make are covered under the program so that you will not be blindsided when the work is done. Larger projects, such as whole house upgrades and geothermal units, qualify for additional funding and have slightly different terms than other HELP loans. For more information you need to discuss the program with your contractor.

What is the process like?

The actual process of applying is not very difficult, and you should know in a matter of days whether or not you qualify. You can visit www.keystonehelp.com and follow their links to the online application and you can get the application in the works. Because of the number of people who are applying to the program, and the limited funds that are available, it is advisable to get your application in well before you want the work to begin. This will give you plenty of time to find other funding sources if the HELP loan does not go through, and it will give you some time to plan for the improvements if you do qualify.

The Keystone HELP loans are a great way to aid the people of Pennsylvania in their desire to become more environmentally conscious. With these loans people can make the upgrades that they need to their home without the high costs usually associated with taking out a home improvement loan.

I am Amanda Sullivan, and I wrote this article to talk about the eligibility for the Keystone HELP program. I have worked in the HELP office for several months, but I still run into people every day who never knew the program existed, yet who need an upgrade to the air conditioning Lancaster PA homes currently have. I try to point them in the direction of contractors like Vertex Mechanical (www.vertex-mechanical.com) because I know that they are on the approved contractor list and I advise people to discuss their home improvement dreams with a contractor to find out if they qualify for the loan.

Home Improvement Tips to Save Money This Summer

Summer means great outdoor weather, fishing trips, lying on the beach, camping with the family, BBQ with the neighbors, and many more fun activities. On the other hand, it also means having to deal with soaring electricity bills because of the oppressive heat. Homeowners can push back by initiating fairly simple renovations geared towards reducing power consumption. They can finance these projects with a small fund and recoup the cost through long-term savings. Some excellent examples are listed below: 

Seal the Gaps

Air can leak through tiny cracks on the walls as well as through gaps around doors and windows. These force the cooling system to work extra hard to maintain the desired temperature. A practical way to deal with this is to use caulk to seal the cracks. Weather stripping can also be employed when necessary. These are low cost, high impact solutions to the energy problem. The first thing to do is to locate each of the air leaks. Utility companies may offer this service for free or charge a nominal fee. List them down and sealed them off starting with the biggest gaps for maximum effect.

Insulate the Shell

Heat can quickly build up inside the house if the walls and ceilings are not properly insulated. Remedy the situation and slash up to 30% off of the problematic air-conditioning bills. The type of insulation that should be used depends on the existing house materials and the particular application. There's fiberglass, vermiculite, urethane foam, rigid foam, cellulose, and mineral-fiber, among others. Hire a reputable contractor for this project to ensure a thorough sweep. Good insulation keeps homes cool in the summer and warm in the winter so this project will be beneficial all year long.

Mind the Windows

During daytime, draw the curtains to let the sunlight in. Having the rooms bathed in natural light means that the artificial ones can be kept off until night falls. The windows could even be flung open to allow the breeze to flow inside the house. Opening two opposite windows creates cross-ventilation, a technique to cool the house naturally by promoting air circulation. Of course, if the air-conditioning unit needs to be used then the windows have to be closed shut. Consider replacing them with modern argon-filled double glazed windows, which have better insulating properties.

Color It Light

Physics has taught us that dark colors absorb light, which explains why dark things heat up faster than light ones. This is also why we wear light-colored clothing during summer. It only makes sense to do the same for our homes. Dark roofs contribute to the heat inside the house. If the roof is painted with a more reflective coating, then the interiors could remain relatively cool despite the harsh summer sun. The air-conditioner will not have to draw as much power as before to do its job, reducing the energy bills to a more manageable level.

Maintain Efficiency

Cooling systems must undergo periodic maintenance to make sure that they continue to operate at peak efficiency. Oftentimes, problems with the air-conditioner can be traced to clogged filters. Clean these regularly for better cooling. Check the ducts for any leaks and seal them off right away. Insulate parts that run through unconditioned spaces so that they don't affect the air temperature.

These simple home improvement tips are easy to finance and are certain to result in substantial savings. Consider implementing some or all of them to bring down the cost of your energy bills so that summer can go back to being the fun season that it was always meant to be.

Author Bio William Stevens is a writer who creates informative articles in relation to technology. In this article, he describes a few home improvement techniques to save money and aims to encourage further study with an Ohio University Online Master in Electrical Engineering.