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You are here: Home / 2011 / Archives for April 2011

Top 5 Worst Reasons for Taking Out Student Loans

April 28, 2011 By 1 Comment

 

Graduation cap on top of pile of money

photo credit knowledgecloset.com

According to a recent article by MSN Money, college graduates are leaving school with an average student loan debt of $24,000.  Student loan debt has been the subject of much debate, forcing college students to examine the real cost of education.  While traditionally student loan debt has been seen as “good” debt, we have to wonder if this opinion will change as students continue to rack up large sums.  While loans may be the only option for some to attend an institute of higher learning, it is true that many students could avoid student loan debt by pursuing other options.

 

During my time in school I have heard some interesting reasons for taking out student loans.  Here are the top 5 worst reasons I have heard for taking out student loans: [Read more...]

Filed Under: Cheap Living, Debt, Featured, Financial Education, Student Loans and Education Tagged With: , , , , , , ,

Is a Programmable Thermostat Right for You?

April 28, 2011 By Leave a Comment
programmable thermostat

photo credit greenandsave.com

Even if a house is well-insulated, some heat or air conditioning will escape.  The loss becomes greater as the difference in temperatures between the inside and the outside of the house increases.  Programmable thermostats are designed to reduce this heat transfer and save energy by changing household temperatures on a set schedule.  But are programmable thermostats a good investment for all households?

Programmable thermostats are most useful for households that are unoccupied for long, regular time periods.  If everyone in the house is at work or school during the day, a programmable thermostat can be set, in summer, to raise the temperature while the occupants are gone and cool the house again before they return.  In winter, the thermostat can be set to cut back the heat when people leave for the day and raise it to a comfortable level before they return.  It can also be programmed to lower the heat on winter nights after everyone has gone to bed and raise it again before they get up.

Households in which someone is at home all the time won’t see much benefit from programmable thermostats, but these thermostats are a good investment for homes whose occupants are gone during the day.  The United States Department of Energy estimates that a typical household will see about $180 per year in energy savings with a programmable thermostat; this savings will pay for the cost of the thermostat and installation within a few years.  Programmable thermostats are a simple and cost-effective way to save energy without sacrificing comfort.

 

Filed Under: Cheap Living, Featured, Financial Tips and Tricks Tagged With: , , , , ,

In Transition: When to Purchase Temporary Health Insurance

April 27, 2011 By 1 Comment
Money and bottle of perscription medication

photo credit lemonadelife.com

College students around the country are gearing up for graduation and making plans to move on to that “next phase,” whether it is entering the job market or continuing their education.  While most college students count down the days until the last exam, what they may not realize is that they are potentially counting down the days on their health insurance plans.  While coverage differs across providers and plans, many providers do not continue to cover students under their parent’s insurance once they have finished school.  With the job market flooded with applications, it is not likely that many students will transition directly to the professional realm immediately upon graduating.  This period of part-time or unemployment may leave these individuals vulnerable if they are not covered by their current health insurance during this time. [Read more...]

Filed Under: Cheap Living, Featured, Financial Tips and Tricks, Medical Debt, Student Loans and Education Tagged With: , , , , , , , ,

What is Peer to Peer Lending?

April 27, 2011 By Leave a Comment
man handing out cash peer to peer lending

photo credit adi-news.com

Peer-to-peer lending can simply be defined as a financial transaction between two individuals, where one individual borrows money from a peer investor. This transaction differs from traditional loans because no financial institutes-such as banks or credit card companies-are involved in the process. Individuals looking into peer-to-peer (P2P) lending can find a handful of companies online. Some of the companies you may have heard of are Prosper.com and Lending Club

The main benefit of taking out a peer-to-peer loan is lower interest rates. For this reason, an increasing number of people are turning to P2P lending to resolve financial needs. Both parties benefit in this type of transaction; the borrower will invest less money in interest, and the investor can pocket a portion of the interest into his own pocket. [Read more...]

Filed Under: Debt, Featured Tagged With: , , , , , , , , ,

Does Marriage Make You Richer or Poorer?

April 26, 2011 By Leave a Comment
bride and groom on a beach

photo credit destination360.com

It’s that time of year again…..Wedding Season. The time of year when couples tie the knot and the romantics among us breath a collective sigh as we take in all the love that’s in the Spring air! This year, with a high profile wedding like The Royal Wedding of William and Kate, even more eyes are watching. With all the wedding activity going on have you ever wondered how your married friends stack up to your single friends financially speaking? I did a little digging and the answer may surprise you. [Read more...]

Filed Under: Featured, Money Management Tagged With: , , , , , , , , ,

Mom Does Know Best- Best Money Advice from Mom

April 25, 2011 By 1 Comment
Mother Knows Best

photo credit foodandculture.wikispaces.com

You’ve most likely heard the saying “Mother knows best!”   As I get older I’m realizing that in most cases it’s true.  With  Mother’s Day just around the corner, I’ve decided to list out some of the best money management tips my Mom gave me.

1. By the off-brand, it’s just as good

Of course I wasn’t listening at the time, upset because she wasn’t going to buy the name brand “everyone else” had.  Now that I’ve lived a few years and am telling my kids the exact same thing I realize the bigger lesson she was teaching is that just because something costs a lot more doesn’t mean its better.

2. Coupons are a good thing

Granted Mom would never had imagined the group buying web sites such as Groupon and Redeemio.  But she religiously clipped coupons.  Save ten cents here and a quarter there.  It all added up to saving a few dollars at the check-out counter. I joined the group buying sites and still clip coupons today. [Read more...]

Filed Under: Featured, Financial Tips and Tricks, Money Saving Tips Tagged With: , , , , , ,

7 Ways to Go Green for Earth Day

April 22, 2011 By 2 Comments
Hands holding up the Earth

photo credit earth911.com

Happy Earth Day!  To celebrate and bring awareness to conservation efforts, we have compiled a list of the top 10 easy ways you can “go green” in your home.  Adopt one or all of these strategies this spring and see what a difference you can make in your home, community, and the world.

  1. Recycle!  If you have recycle pick-up, this should be a very simple task.  If not, band together with your neighbors and take turns collecting recycling and dropping it off at your local center.
  2. Use reusable bags when you go grocery shopping.  This eliminates the need for plastic bags and depending on your town or the store, it can save you money.  Some towns charge for plastic bags and stores like Trader Joes offer incentives for bringing your own bags to shop.  If you forget your bag, opt for paper over plastic and recycle the bags once you arrive home.
  3. Forgo bottled water and save money by filling up reusable water bottles instead.
  4. Reduce your electricity consumption (and bills!) with these tips. [Read more...]
Filed Under: Cheap Living, Featured, Housing Tagged With: , , , , , , ,

Save on Energy Costs with Heating and Air Conditioning Maintanence

April 22, 2011 By 1 Comment
programmable thermostat save on energy costs

photo credit hvacadvice.com

For a typical household, heating and cooling can account for close to fifty percent of the total energy bill.  Heat and air conditioning systems that aren’t running at peak performance can increase costs, so it’s important to have a contractor perform annual maintenance to make sure systems are working properly.

Basic maintenance for both heating and cooling systems should include checking and tightening electrical connections, lubricating moving parts, and checking system controls.

For heating systems, it’s essential to check oil or gas connections for leaks, which could cause health problems or lead to a fire.  Contractors should also check and clean burners and check heat exchangers for damage.

Cooling systems can benefit from an annual cleaning of air conditioning evaporator and condenser coils.  Clean coils reduce energy costs and provide better cooling.  Air conditioning refrigerant level should be checked, and blower components should be cleaned to ensure that proper airflow is maintained.

Just as regular maintenance of a car can improve gas mileage and extend vehicle life, an annual maintenance program for heating and cooling systems will ensure that the systems run efficiently, reducing energy costs and preventing problems from developing in the future.

 

Filed Under: Featured, Money Management, Money Saving Tips Tagged With: , , , , , , , , ,

CESI Survey Featured on AARP – Spending on the Sly

April 21, 2011 By Leave a Comment

AARP recently posted an article on secret spending between spouses that highlighted a CESI Debt Solutions Survey on Financial Infidelity. The article states:

Are you guilty of financial infidelity or spending money your spouse doesn’t know about?

In a recent survey commissioned by CESI Debt Solutions, a nonprofit agency dedicated to debt-free living, 80 percent of married individuals admitted hiding purchases or keeping their spouses in the dark about certain spending decisions. Yet 73 percent of those married persons said they believe that spending more than $100 without telling your spouse is unacceptable.

So what’s with all the hush-hush financial habits?

Sharing financial responsibilities can be challenging, especially if your spouse or significant other has a different “money personality” than you, and the two of you are set in your ways. Even many older couples who have been together for years can find it difficult to see eye to eye about money matters.

Filed Under: News and Press

7 Ways to Reduce Electricity Bills

April 21, 2011 By 2 Comments
electrical meter 7 ways to cut electricity costs

photo credit comparegasandelectricityprice.com

The rising cost of domestic electricity is a worry for most people, especially during these times of financial hardship. Just a few simple changes around your home could cut your electricity consumption considerably and substantially reduce your costs, not to mention being greener for the environment. Here are 7 ways to reduce your electricity bills:

1. Use online comparison sites to check which supplier is the cheapest in your area. The cost of electricity varies greatly between suppliers; comparison sites keep a database of suppliers and up-to-date costs for most geographical areas. They may also offer incentives, such as cash back schemes, to switch suppliers.

2. Turn off computers, monitors, televisions, DVD players, and entertainment systems when not in use. Leaving devices on standby uses a substantial amount of electricity; unplugging these devices could cut your electricity bills by up to 10%.

3. Fill dishwashers and washing machines as much as possible before switching on. Make sure you use full loads in washing machines and dishwashers; don’t waste electricity, and water, by turning on the washing machine just for a few pairs of socks.

4. Replace old light bulbs with new energy-efficient bulbs. Not only will they save you money on your annual electricity bill, they also last up to ten years which will save you money on the cost of replacement bulbs.

5. When buying new appliances, such as refrigerators, freezers, washing machines and tumble dryers, check for the most energy-efficient model. These will save you money on your energy bills, and are much more environmentally friendly.

These last two options may not be possible for everyone, but depending on your financial situation and where you live you may want to consider them to cut costs:

6. Consider investing in solar panels to produce your own solar energy. The initial cost of having solar panels fitted can be expensive, but they can save a lot of money in the long-run. Fitting panels that are specifically designed just to heat water (rather than to heat the whole house) are relatively cheap, and can cut water heating costs by around a third.

7. Small domestic wind turbines could be an option if you live in a windy area. These can provide over a third of your electricity and make substantial savings. You will need to do some research to find out if it is worth having one installed in your area.

 

 

Filed Under: Cheap Living, Featured, Financial Tips and Tricks Tagged With: , , , , , , , ,
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