Wednesday, March 24, 2010

Tips To Save Money On Gasoline

save money on gasoline
The cost of gasoline can really bite during a recession. You know, when you receive a pay cut but still have to drive around for groceries and job-hunting. Balancing the household budget becomes that much harder.

You will be glad to know that there are actually several ways to save money on gasoline.

1. Carpool.

If you have neighbors or colleagues who are traveling to work at the same time as you, it may be a good idea to carpool and save on the cost of gasoline. A simple arrangement could be where one buddy drive this week and another the next.

Depending on how many people you are commuting with, you could save a significant amount of money on gasoline costs and reduce wear and tear on your vehicle.

2. Maintain a cruising speed.

When you accelerate and/or brake quickly, you will use more gasoline. The harder your vehicle has to work, the more gasoline it will use. Thus, driving cautiously and maintaining a cruising speed is an economical way of saving extra money on the highway.

3. Downgrade your vehicle.

The super jumbo SUVs guzzle gas like nobody's business. Can you imagine how wasteful it is to propel a heavy vehicle around town with only a driver in tow?

Scaling down to a smaller vehicle will help you to save at the pump. When shopping for a more economical choice in automobiles, look for one that has good gas mileage per gallon. Some vehicles carry a fuel efficient badge. Or you can even go for electric car hybrids.

4. Fill up when prices are down.

You can save a significant amount of money by filling up your vehicle when gas prices are low. Depending on your automobile, it may be difficult to top up a lot of gas all at once, but it will save you money in the long-run.

5. Dont leave your motor running unnecessarily.

Many people leave their automobile air-conditioner running when they go into stores, especially during the warm summer months.

Think of it as money being burned away just to keep the car cool. Furthermore, children and pets should not be left in the vehicle for prolonged periods in case of carbon monoxide poisioning.

Hence, for the sake of your wallet and safety, just roll down the windows or wait until you return to the car and turn the air conditioner back on.

Monday, March 15, 2010

How A Fresh Graduate Can Spend and Save Wisely?

My neighbor's son is graduating soon and his parents are complaining that he spends recklessly and doesn't appreciate that earning money isn't easy.

I am not surprised... if a fresh graduate is living the good life using pocket money or credit, it is hard to impress on him that such a lifestyle is unsustainable and credit card debts will destroy his future.

It is a good idea to give a fresh graduate some tips to spend and save wisely. Hopefully, these tips can help him overcome the initial fears of planning his finances:

1. Don’t spend on impulse.

I know it is cool to throw your pocket money or earnings from summer work on clothes, gadgets, furniture, etc. But resist that urge. The products you buy today will become obsolete in months, if not weeks, and you are left with something of little value.

2. Set aside 20-30% of your salary for savings.

Set up a direct deposit each month into a savings or money market account. If the money is locked up, you have less temptation to spend it!

Better yet, start an IRA or contribute to your 401K plan. By saving your money, you can watch it grow, and eventually use it to for a down payment on a home.

3. Exchange gift cards for cash.

There are websites which offer you money for your gift cards. You may not receive the same dollar value of the card, but you can take the cash and pay off debt.

Or save the gift cards and use them during the holidays to buy presents for family members; or simply re-gift them. Your relatives won’t know and even if they do, they will understand you just graduated and have little disposable income.

4. Pay off your credit cards immediately.

The best gift you can give yourself is to start your career debt-free. Think of it as an investment that yields an 24% return. That’s how much you’ll save by paying off that expensive credit card debt.

5. Get a roommate.

After years of living in cramped quarters, you may want to strike out on your own and live by yourself. That’s a noble idea, but with rent prices skyrocketing, you will reduce expenses by living with someone.

If that’s not an option, at least move in with Mom and Dad for a short time, until you are more financially stable.

6. Cut back on going out.

With your first taste of adult freedom, you might be tempted to live it up by dining out and hanging out at nightspots. Those little indulgences are costly.

Why not meet friends at a coffee bar or play tennis at a neighborhood park? You’ll be healthier, both physically and financially.

Financial lessons cannot be picked up from textbooks but it is best to learn from the experience of others and manage our finances carefully rather than going deeply into debts and struggling to get out later.

Saturday, March 6, 2010

5 Interesting Money Quotes To Ponder

1. The best way of saving money is to forget the person you borrowed it from.

2. Why did Robin Hood steal from the rich?
Because the poor didn't have any!

3. If you can count your money then you are not really a rich man.,

4. Money is better than poverty, if only for financial reasons.

5. When i was young i thought money was the most important thing in my life, now that i am old i know that it is.