Pennies Are Not From Heaven

How do you keep the same total monthly payments and yet cut years off your mortgage? It’s actually easy to do if you switch from monthly to biweekly payments. The biweekly payments can be exactly half of the monthly payment but you will own your house a lot faster simply due to the benefits of paying down you premium just a little faster. In a typical scenario you can cut nine years off a thirty year mortgage and two years off a fifteen year mortgage. Contact you mortgage lender to learn the options and if the conversion costs are not too big then go for it as nine years off a thirty year mortgage could mean a lot to you.

Inflation is on the rise especially as fuel cost increases ripple through the supply chains. You should always look to reduce gas and food bills.

For gas bills keep the tires properly inflated, keep the engine tuned including clean filters, reduce driving when possible and remove all junk from the car as it costs extra fuel to hall around extra junk in the trunk.

For food items you can start buying in bulk or even trying some new channels like Amazon.  You can find grocery coupons online at Coupons.com and CoolSavings.com.

Expect food and gas prices to continue to rise for the near term so you will have to get creative in reducing the financial impact.

Haggling has gone mainstream and is no longer only done at yard sales and used car lots.

Typical retail polices on haggling or bargaining are not formal so if you have the nerve to ask you may just get a substantial discount.

Start with the store manager since they have more power to grant discounts and clerks are likely to refer you to the manager anyway. A good place to start is to ask to speak with a manager. Ask the innocuous question if there is a better price available for the item you want.

More stores than you think are willing to grant a discount if you simply ask. Five minutes of your time and a simple and straightforward question can get you a unexpected discount.

The likelihood of getting a discount increases if there is some wear and tear such as items on display. Even if the only thing different is that that box has been opened the manager may cut you a deal.

Go ahead and ask. You won’t offend anyone and you may just get a bargain.

With travel costs through the roof you may need to consider a staycation. With that family time off stay home instead of traveling but use your creativity to make it fun.

Tips -

• Make a detailed but forgiving itinerary
• Go see the local attractions you haven’t seen yet
• Unplug the TV and change your routine
• Make it fun with new meals, themes or new activities
• Take care of your health - rest, exercise, cleanse
• Get through that todo list you’ve ignored for so long

The average fastfood meal cost five bucks and cup of coffee from a coffee shop cost two bucks. If you are buying lunch at work then do the math and you’ll likely see you can save at least $20 bucks a week simply by bringing you own food from home. It adds up and if you bring your own coffee in a travel mug from home too rather than buy that $2 cup at Starbucks then there is even more money on the table for you to save.

The cost of all staples is rising so it’s time to consider substitutes for some of the more pricey items. If you are used to buying red meat and fish for your meals consider altering your diet to include eggs, beans and poultry as your primary sources of protein.

Consider that a $14 London Broil can be substituted with a $5 whole chicken or my favorite Goya Black Beans that cost a little over a $1 per can. How about once a week you have the breakfast for dinner with fried eggs and toast instead of that tuna steak.

With each generation more and more people move more often, change jobs and careers more often and have more relationships. Is it any wonder you may lose track of stuff over time including money.

Is it possible you have lost track of something valuable? There are free web sites out there that help people find their lost treasures, claimed money or property, and for a fee, you’ll be able to reclaim it.

The National Association of Unclaimed Property Administrators, NAUPA, estimates there is nearly $33 billion in unclaimed money from stocks, refunds, savings and checking accounts, CDs and other sources.

Three years of inactivity is the typical trigger to consider something abandoned at which point such items can be turned over to the state of your last known address, and the state holds the money in its coffers until you or your heirs claim it. There is no time limit to claim most abandoned property. In fact, years from now, your great-great grandchildren could claim it.

To see if you could claim such items, go to http://www.missingmoney.com/, an official database for the NAUPA that has records from most state unclaimed property programs. You can also link to your individual state unclaimed property program.

If you find an interesting lead that indicates there may be money left in an old bank account, find out if the bank is still in business. For that, go to the Federal Deposit Insurance Corporation’s Web site at www.fdic.gov. Search under “Bank Find,” where you can view the see the history of the bank, including any mergers and acquisitions.

But if your bank failed, and you don’t claim those funds within a year and a half, the money in your account is turned over to the FDIC. To search for the failed bank, go to www2.fdic.gov/funds/index.asp. If those funds are not claimed after a couple years they can be lost.

Most bills you pay include many components:

• Cost of Goods/Parts/Materials
• Labor
• Tax
• etc..

One component you can control is the hidden cost of convenience. The convenience costs takes many forms but if you look for it you can find it.

Examples: Food

• Whole chickens versus boneless chicken breasts
• Shredded cheese versus block cheese

Examples: Shopping

• Local neighborhood upscale grocery store versus Wallmart supercenter across town

In these examples if you take the time to do more of your own food preparation or drive an extra 15 minutes you be able to reduce those hidden convenience costs.

Convenience costs that can be eliminated include

• Proximity
• Additional processing
• Additional services
• Delivery

Apply the same logic to almost any other category costs you most likely you’ll be able to find an alternative way to fulfill your need without paying extra for convenience.

A recent study by the PayItGreen Alliance detailed the financial and environmental benefits of receiving and paying bills online instead of via the traditional mail. According to the study, the typical American family will receive nineteen bills or statements and send seven payments per month.Eliminating all that paper by having those bills and statements only arrive paperless via your email or your online account with those companies will save almost seven pounds of paper a year and reduce greenhouse gases by approximately one hundred seventy pounds per year.Financially, you can save on postage up to $100 per year and on checks up to $50 per year.Do yourself and the environment a favor and go paperless in the next year for all your statements and bills.

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If you find your self eating in your car, storing left over doggy bags in your refrigerator, and on a first name basis with more than one wait person then you likely are spending way too much on food. On average, a meal at a restaurant will cost you three times as much as cooking your meals at home. That’s right, simply cook your own meals and you cut your food bills dramatically.  If you miss tipping someone then tip your self after a good home cooked meal by transferring some cash to your savings account.

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