How much do you spend?  Do you have any pet care savings tips?

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Saving Money

Saving Money Around the House

Saving money starts at home. There are ways you can lower your monthly living expenses.

• Refinance your mortgage. For most people their mortgage payments are the biggest expense. Check to see if you can refinance your home mortgage to a lower rate. Right now, you may be able to get your home mortgage rate in the 3% range.
• Optimize your electricity. With summer weather already here in some parts of the country, running the air conditioner from now until the fall will eat up your utilities’ budget. Try to cut back on your electric bill.
• Cook (and grill) more. Summertime is perfect for cookouts. Eating with family and friends at home from your grill can be a great way to have a fun time without breaking the bank. Burgers, kabobs, and grilled chicken are easy meals to make and taste fantastic off the grill.
• Have a home garden. You can boost your meals with some fresh items from your little garden. It doesn’t have to complicated – one year we just had herbs and some peppers.
• Review your cable bundle. Check and call your current provider to see if they have any promotion specials you can take advantage of. We recently did this with our internet and cut our annual expenses by $200 while increasing the speed!
• Shop around for cell phones. If you’re looking for the best value with cell phones with some flexibility, check out prepaid providers like Boost Mobile or Go. You can get some pretty good deals on plans and get the same coverage from the major providers.

Keeping Transportation Costs Low

The next biggest expense for couples are their cars – car loans, maintenance costs, and gasoline expenses can all add to a sizable chunk. Taking a few steps can help the two of you shrink your expenses.

• Skip on the car loan. If you’re thinking about shopping for your next vehicle, consider saving before getting a car loan or lease. We manage to save cash for our last few cars and recently found a deal on our family’s Accord. While you’re shopping for your next car, look at gas mileage and weigh it against the price. You can come out ahead both with the upfront purchase price and with the long term ownership costs.
• Improve your gas mileage. You don’t have much say about the price at the gas pumps, but you can lower your fuel costs significantly by increasing your car’s gas mileage.
• Shop around for car insurance. Ever so often we get quotes on our car insurance to make sure we’re getting the best value. Even if you’re happy with your company, it pays to double check and make sure you’re getting discounts you’re entitled to. Being Costco members helped us to decrease our insurance premiums significantly.

Your Money Tips

How about you? What goals do the two of you have for this year and beyond? How are you saving money?

Finding Unclaimed Property

What is Unclaimed Property?

What qualifies as unclaimed property varies according to state. For the most part, insurance companies, investment companies, utilities, banks, and other business (like medical testing businesses), are required to turn over inactive accounts. This property is considered “unclaimed” or “abandoned.” If you can prove you own the property, you can claim it for your own.

Here are some examples of what might be considered unclaimed money or property:

• Uncashed paychecks
• Investments
• What’s in a safe deposit box
• Savings and checking accounts
• Accounts at failed banks and credit unions
• Payments you are owed from various businesses (such as with pharmaceutical trial participation)
• Positive utility accounts that still contain money after you’ve disconnected
• Unused gift certificates/gift cards (but only in a few states)

Many states use this money to fund various operations. The money is still yours, but states can earn interest on it. Once you prove that you own the money, you can claim it, and the government will turn it over.

Locating Your Unclaimed Money

It’s possible to fairly easily locate your unclaimed property, if you have any. One of the best places to look is MissingMoney.com. This site lists unclaimed property held by states, where the money came from, and how much is available. It’s also possible to use the Treasury Hunt tool at TreasuryDirect.gov to find out if you have unclaimed savings bonds.

The FDIC and NCUA offer tools for finding money at failed financial institutions, and the Pension Benefit Guaranty Corp also provides information about abandoned defined-benefit plans, and the National Registry of Unclaimed Retirement Benefits offers something similar for 401(k)s. Sometimes, you’ll actually be called in the event of a forgotten account.

Claiming Your Money

In order to claim your money, you will have to prove you are the true owner, through documentation. In some cases, the unclaimed property you find actually belonged to someone who has passed on. In that case, you will need to show a death certificate, and prove that you are an heir, and authorized to collect the money on behalf of the estate. Once you locate your unclaimed property, find out from the agency that has it what you need to show as proof of your right to it.

Realize that you don’t need to pay anyone to claim your property. There are firms that can track down your unclaimed property and help you get it back, but these are completely unnecessary. You can get the information for free, and there is no reason to ever pay anyone to get what’s already rightfully yours.  The best step to take is to go to directly to your State Controller’s website.  This is the single best source to check and see if any money being held by your state belongs to you.  Your state’s site will direct you on the proper steps you need to take to collect your money.

With a few minutes of digging, you can find out if you have unclaimed property waiting for you. It’s not a bad way to spend a little time, and you just might profit from it.

Allowance

Allowance for Chores

One big benefit of having commission for chores is that it can help kids realize the connection between work and a paycheck – you have to earn it. Some financial gurus like Dave Ramsey prefer having kids work for their money as it can also help them appreciate the value of it. For some children, there is something special about money that one had to work for versus money just given.

With involved parents, it can be a great teaching opportunity for little ones as they take on more and more responsibilities and find ways to earn more.

The drawback for giving an allowance for chores is that your child could expect to be paid for every assignment they have. The tough part would be working a system where certain chores are to be completed without pay as a part of family responsibilities.

Weekly Allowance

With a regular allowance, kids can start a basic budget. They get paid on a set day and the money has to last until the next allowance day. Instead of just demanding money from their parents whenever they want it, having a scheduled allowance can give children a sense of responsibility. They can also set up goals for buying things that they might want, helping them learn the habit of saving.

For some parents, they start off with a set amount and add bonuses to certain chores. Others tie allowance to their kids’ age and increase as their children gain more responsibility.

The drawback for the scheduled allowance not tied to chores is the expectation of money without having to do anything. Parents would need some ground rules on what is expected for the child to get his or her allowance.

Thoughts on Kids and Allowances

Raising financially savvy kids takes patience and effort. Just because parents have a plan doesn’t mean things will work out that way. It’s about adjusting the allowance until all of you find a balance that works. What will we do? We’re not sure yet, but we’ll be keeping our eyes open for opportunities to teach her about money.

I’d love to hear from you about your family. How many of you have allowances for your children? How is it handled – do you tie it to chores or do you have another system? How do you determine what is a fair amount for allowances?

Travel Deals

Now that we have a little one, we’re looking forward to enjoying some family vacations of our own. How about you? Are you looking for some vacation ideas for this summer?

Road Trip or Flying Over

Depending on where you currently live, you have different options on how to get to your selected destination. While it certainly matters how much time you have for the break, I prefer taking a road trip if possible. Besides saving money on the flight, it’s also a wonderful way to learn the areas around your destinations, including some hole in the wall spots that you may otherwise miss with a flight.

Best Cities for Family Vacations

If you’re looking at taking your family on a summer vacation without breaking the bank,  here are cities that you may want to check out.

Atlanta, GA

If you want to check a metropolitan city without paying exorbitant prices, then Atlanta can be a great deal. Besides having beautiful downtown destinations like the Georgia Aquarium or the Cola Cola Factory Tour, you can also relax over at Stone Mountain Park and have a family picnic.

Savannah, GA

Lovely Savannah has some great scenery as downtown is home to some beautiful parks and the Savannah College of Art and Design. You can also enjoy riding a riverboat, hanging out at the beach, or appreciate some one of a kind art at a gallery.

Asheville, NC

What better way to escape the sweltering heat than a visit to the mountains? You can take the family on a camping trip, go horseback riding, and enjoy the great outdoors. If you’re more comfortable in a hotel, there are some bed and breakfasts around that have some of the most fantastic mountain views.

Memphis, TN

If you’re looking at incorporating some music into your family vacation, then Memphis, TN is the perfect spot. Stroll down Beale Street and see musical talents from all genres. You can also enjoy some of the best barbecue in the country as well. It’s a win-win!

Washington, D.C

History buffs and museum aficionados can appreciate what Washington D.C. has to offer up. With many destinations a short walk away from each other, you can keep the family busy and fit with a vacation to our nations’ capital.

Biggest Bang for Your Buck

If you’re looking to maximize your trip and cut back on travel costs, then using online travel sites can be perfect for you. Using the bidding feature on some travel sites can help you decrease costs by 30% or more. For us, it means planning ahead with bidding and starting low, slowly working our way up until the bid is accepted.

The downside of bidding is that you don’t know what hotel you’re going to get until the bid is accepted, however there are ways to make sure you’re getting a good hotel. We’re very specific about the type of hotel we want (at least 3 1/2 stars) and the part of the city we’re looking for. We’ve been on several vacations and have gotten some great deals using travel sites like Priceline.

Thoughts on Summer Vacations

What are your plans for your summer vacation this year? What have been some of your favorite destination spots in the past and why?

Interactive by Column Five

What forms of payment do you prefer?

1. Build Your Career

Now is the time to start developing your career and building your professional persona. It’s time to get rid of partygurl2010@gmail.com as your email address and replacing it with an address as close to your real name as possible. The next step is to scrub and sanitize your social media accounts like Facebook and Twitter. Employers may not admit it but they check those to see if you’d be a good fit at their company. You don’t want a picture of a beer bong derailing your job prospects. Finally, this is also a good time to network, making contacts at your first job and plugging in to your school’s alumni network.

2. Move In with Mom and Dad (If You Have To!)

If you are having a hard time finding a job, or if you are in rough shape financially, it might be worth it to move back with mom and dad. Don’t take advantage of them – use this as an opportunity to pay down debt, save up for the future, and get your finances in order. And, be good to your parents. Help out around the house. It’s the least you can do in return for their support.

3. Make a Financial Plan

Now is a great time to make a realistic financial plan, one that includes a hard look at your budget. Review your income, your obligations, and try to build a system that forces you to live within your means. By building a plan from the start, you set yourself in the right path. Plan to save up for future goals, as well as for immediate expenses. Think about what you want out of life, and then create a financial plan that can help you reach your goals.

4. Open a Retirement Account

The biggest secret to retiring happy is saving money as early as possible. The earlier you start saving, the longer you have for it to grow and the bigger it’ll be. If you don’t have the option to open a 401k through your work, consider an IRA (either Traditional or Roth IRA). Anyone with earned income can open and contribute to an IRA. Get started by setting aside a portion of your income each month. Even as little as three to five years can make a huge difference in what you end up with.

5. Pay Off Your Debt ASAP

Debt of any kind, whether it’s credit card debt or student loan debt, weighs on you like an anchor. Paying off debt isn’t nearly as fun as accumulating it, but if you don’t pay it off as quickly as possible, you will waste hundreds – even thousands – of dollars paying interest straight into someone else’s pocket. Part of your financial plan should be to pay off your credit cards quickly, and then get a jump on paying down your student loans. The sooner you are debt free, the sooner you can use your own money for you.

6. Start Building a Good Credit History

Your credit history is becoming a bigger and bigger part of your life, financial and otherwise. While you should be eradicating your credit card debt, keep the cards themselves because they are valuable tools in building a good credit score. Credit cards don’t have to be evil. You can use them responsibly (only buy what you can afford, pay off your balance each month, don’t miss payments) to help make other things, like loans, cheaper.

With some thought, and a dose of reality, it is possible for you to get started on the right financial foot when you leave college.

Roses are Red 365 Days a Year

For many a “best girl,” nothing says “I love you” like red roses – that’s a fact.  Another fact?  Few things double in price overnight.  Yet on Valentine’s Day, that’s exactly what happens to the retail price of a dozen roses.  Fortunately, Valentine’s Day is still eight months away.  Go the grocery store (saving the steeper floral shop markup) on a random Thursday.  Bring home a dozen roses.  Not only will she be pleased, you’ll have paid less for a far greater impact.  Like my grandfather once told my grandmother (both heavily influenced by the Great Depression), “I’m not going to let the calendar tell me when to buy you flowers.” But buy them he did – on his terms — and she stayed with him for more than 64 years.

Take a Hike!

Some of the best (and romantic) activities are free or very low cost.  Experience local nature, be it a beach or a mountain.  Find a forest or a river.  Go for a hike or a long bike ride.  Pack lunch and stop somewhere for a picnic. Enjoy the privacy, the quiet, and your date’s company. All without the pressure of wondering how you’re going to pay for it.

Do it Old School

Isn’t it funny how we used to spend our nights out during our high school or college days?  Thinking back, some of those days I don’t wish upon my own children.  But some memories I absolutely treasure.  Could it be fun to just go out and hang at the diner?  Absolutely.  Have dinner at home and then go out for ice cream? A perfect ending on a warm summer evening.  Feeling crazy? I know a guy or two who wouldn’t be too upset to hear his wife suggest KFC^® or making a run for the border.

Tend to Your Garden

I’m not talking about gardening for the purpose of saving money on produce, but rather from the perspective of spending time together.  Whether it be gardening, other yard work, or simply helping around the house with a task that usually doesn’t fall into your responsibility, time spent helping goes a long way to showing you care.

Go to a Show, but for Less

Enjoy life. Spontaneously go to a movie or live show – but take the extra five minutes to check out matinees, half-price or other discounted ticket opportunities.  Is your better half really into baseball but the two of you find the big leagues too pricey?  Check out minor league teams – the entire afternoon—including tickets and food—might cost less than parking alone at a major league ballpark.

Showing you care isn’t about spending the most money. It’s about putting a bit a thought into what will make the two of you happy – together.  Saving for your future is just a romantic byproduct.

Cut Back on Travel

One of the biggest summer money drains is travel. Whether it’s just a long weekend road trip or a cross-country adventure, the entire trip can cost an arm and a leg. Airfare is costly, gas is very high compared to last year, and dining out while on the road adds up quick. So this year think about some ideas for fun activities that are local. Use this summer to explore your home state or locations nearby you’ve never thought of.

Watch the Impulse Buys

Summer is often a time for shopping, and that can mean danger for your credit card balance. When you are out shopping you should have an idea of what you want to buy. If you’re just shopping for the sake of getting out of the house you’re setting yourself up for unnecessary purchases that you may regret later.

Go To Yard Sales

Once the weather warms up it’s a sure sign of yard sales to start popping up. The great thing about yard sales is that they don’t even take credit cards. So not only can you satisfy your urge to shop, but you can probably find some inexpensive items and leave the credit card at home.

Start Budgeting

I know, you probably think the word budget is a four-letter word, but it isn’t as bad as it sounds. Nobody likes budgeting, especially in the summer, but it really is the key to getting your finances under control and it will help you avoid overspending on credit cards. Think of it this way. If you have ever tried dieting you probably know that you have to pay attention to what you eat and how many calories, carbs, and fat different foods have. Without knowing what you’re eating you have no way of knowing whether or not you’re making the right choices.

The same is true for a budget and your finances. You need to know how much money you have to spend, what your spending it on, and what effect those choices have on your overall financial health. Without knowing that you’ll always be in the dark. But just like dieting, after you get used to the idea of paying better attention to your actions it becomes habit and you don’t even have to think about all the little details any longer. If you haven’t done it already, create a budget and watch your finances improve.

Start Saving for Christmas

Thinking about Christmas in the summer? No, I’m not crazy. But the holidays are always a time of year that creeps up on us and we can get carried away with all the spending for the holiday parties and gifts. So, rather than set yourself up for a credit card fueled holiday start putting some money away today. Just set aside twenty dollars a week and you’ll easily have about $400 saved up by December. Your credit card will be thankful you thought ahead come winter.

Tax debt? Now that’s a different story. Learn how to get rid of an IRS tax lien.

To help you through the holiday rush and keep your spirits bright, here are seven tips to make the most of your money, and save taxes to boot – now there’s a real gift!

1. Make a gift-giving budget and stick to it. Here is a fact to help you keep things in perspective. The annual budget of the United Nations is $4.89 billion, less than one third of last year’s Toys’R’Us revenue. Isn’t it time to get sane about holiday spending?

2. Decorate on the cheap. Instead of splurging on holiday knickknacks, use your ingenuity. Bundle pine boughs to capture the scent of the holidays, or buy wide velvet ribbon and tie bows on everything from doorknobs and banisters to candlesticks.

3. Give from the heart and hearth. Happy memories come these special times, not from spending a lot of money at holiday time.  Bake bread, knit a scarf or make a personalized scrapbook. A handmade gift or baked goods tells the recipient you invested time (not to mention love) in the gift – and that makes it priceless!

4. Gift wisely. You are spending your hard-earned cash, so be sure that the recipient is getting something they value. It doesn’t always work that way, you know — 42% of consumers still have at least one unopened holiday gift from last year in the back of their closet, and 28% admitted to re-gifting at least one of their holiday gifts from last year. And speaking of closets…

5.  Clean out your closets, and donate to charity the old clothes, sporting goods, books, and other household goods that you no longer use. You will welcome the New Year with new space in your life, and get a quick tax deduction to boot. Document these donations by making a list of the items at the time you donate them, so you can use It’s Deductible to compute the value of your donation.

6. Prepare for next year right after the holiday. Buy all of your decorations, gift wrap, and cards for next year at this year’s post-holiday sales. And after paying off this year’s bills, put aside $50 to $100 a month for next year’s holiday presents. You’ll emerge from next year’s holiday rush debt-free. And while you are preparing for next year…

7. Do a rough calculation of your taxes for this year now. Use TurboTax software to estimate this year’s taxes, or note your new numbers in the margin of last year’s tax return and use last year’s tax rates as a rough approximation. The IRS treats income taxes withheld from your paycheck as if they were paid in equal amounts throughout the year. So if your calculations show you’ll owe money, you can increase the withholding on your last paychecks of the year to make up the difference.

Above all, remember to enjoy the holidays. Don’t stress yourself, spend yourself into debt or spread yourself too thin trying to create the perfect celebration. Memories make themselves when you cherish time with friends and family.