Whats Up Whimsy http://www.whatsupwhimsy.com Just another WordPress site Sun, 26 Jan 2014 01:17:35 +0000 en-US hourly 1 http://wordpress.org/?v=3.9.1 Saving Money On Your Wedding http://www.whatsupwhimsy.com/saving-money/saving-money-on-your-wedding/ http://www.whatsupwhimsy.com/saving-money/saving-money-on-your-wedding/#comments Sun, 26 Jan 2014 01:17:35 +0000 http://www.whatsupwhimsy.com/?p=130 If you’re getting married you’re probably well aware of the huge costs involved. Some estimates put the costs of weddings in Australia at over $30 000 on average! In fact check out this cool wedding infographic to see how that’s all spent.

That infographic is courtesy of the guys behind the Weddingbids wedding planning website. This site is great in that it helps you save time and hopefully money planning your wedding. Traditionally when planning a wedding you have to go out and contact loads of different potential vendors, and work your way through them all to find someone you click with.

Weddingbids flips this process. You just post the job you’re looking for and the system will notify all the relevant businesses, who will then get in touch with you. It’s a pretty cool concept, so if you’re getting married in Australia it’s worth checking out.

]]>
http://www.whatsupwhimsy.com/saving-money/saving-money-on-your-wedding/feed/ 0
It’s Easy to Be Wealthy When You Have These Characteristics http://www.whatsupwhimsy.com/personal-finance/its-easy-to-be-wealthy-when-you-have-these-characteristics/ http://www.whatsupwhimsy.com/personal-finance/its-easy-to-be-wealthy-when-you-have-these-characteristics/#comments Wed, 19 Jun 2013 15:46:09 +0000 http://www.whatsupwhimsy.com/?p=117 Many people strongly believe that there is a hidden secret to becoming wealthy.  They often think that it requires a combination of vast knowledge, skills, luck, and a dirty trick or two that only a handful can truly pull off.  The truth is, what you only need are the simple “basics” in order to build wealth.  Before you continue to read on, keep in mind that simple actions are your ultimate key to wealth creation.

improving your financeWith that said, the very reason why almost 95% of people all over the world fail is that “simple” does not necessarily mean “easy”.  In order to become wealthy, all you have to do is to “Live within your means, and spend less than you earn for a long period of time”.

Of course, when you look up the meaning of “easy” in the dictionary, you would find meanings such as “not difficult or hard; free from pain, discomfort, care, or worry”; and “requiring no great effort”.  Unfortunately, these do not describe wealth-building because implementing even the simplest of tasks takes a few (but crucial) characteristics that many people find difficult to put into practice.

Simply put, the steps you ought to do that can lead to wealth are actually very simple concepts that anyone (even a complete simpleton) can understand.  The part of “putting these steps into action for a long time” is what makes it far from easy for people to fully accomplish this.

In order to build wealth, you are required to have these key characteristics: discipline, patience, and persistence.  While every one of us have these characteristics, the ones who really become wealthy have a very extreme amount of them.

Discipline, when you have a high level of this characteristic, will enable you to have a measure of self-control as you spend.  Rather than purchasing all the things you want, you take a step back for a moment, prioritize your needs over your wants, and purchase only what is most important to satisfy all your needs.  Discipline is also a required characteristic when it comes to paying your debts and saving up some money.  There are some people who use up all their money just to enjoy and have fun all the time, but there are those who opt to exercise some degree of self-denial and discipline just to fulfill their goal of being debt-free and build up their savings.

loansEven the act of earning money requires a certain amount of discipline.  Trying to increase your income means that there are times you need to get up early and stay up late.  Most of the times, you are forced to fulfill tasks that you find boring or unpleasant.  There are actually many people who acquire new skills or knowhow only after they have exercised some amount of discipline on their quest to become wealthy.

Patience, a trait that is actually rare in today’s technological and fast-paced world.  We are surrounded by ads of instant gratification and privilege.  You can have that nice vacation right now and pay with your credit card – you no longer have to wait a long time in order for you to save up the money.  You definitely deserve that sweet car right now.  If you meet the store’s policies, you can bring home that new 70-inch television you’ve been eyeing for weeks right now.  The lack of patience or inability to “wait” to save up the money for the things we want results to financial insecurity and debt.  Another thing is that only a few of us have enough patience to wait for results.  Any business endeavor you take on will not yield results overnight.  Also, a suitable emergency fund takes months, years or even a whole decade to build up.

Persistence, which means the ability to keep up with your efforts while building your wealth, is one important key characteristic that must never be overlooked.  If you have the discipline and patience to build your wealth, without persistence, you will fail.  It is easy to give up when you do not see and feel instant results, especially when you see other people (your neighbors, friends, relatives) enjoying their seemingly-lavish lifestyles.  However, think about this, in the future, those people enjoying now are likely to have very little wealth because most of the things they bought now have been bought via debt.  But of course, it truly is hard to remain persistent when everyone around you is enjoying the things they want while you are leading a more tight-reined lifestyle.

By simply following the simple concepts of building up your wealth with discipline, patience and persistence, eventually but definitely, you will finally achieve that financial freedom you are yearning for.  Even if the concepts of becoming wealthy are simple enough, the bottom line is, it takes real hard work to put them into practice, and stick with it until you realize your goals.

]]>
http://www.whatsupwhimsy.com/personal-finance/its-easy-to-be-wealthy-when-you-have-these-characteristics/feed/ 0
3 Easy and Effective Tips on How to Teach Young Children to Save Money http://www.whatsupwhimsy.com/saving-money/3-easy-and-effective-tips-on-how-to-teach-young-children-to-save-money/ http://www.whatsupwhimsy.com/saving-money/3-easy-and-effective-tips-on-how-to-teach-young-children-to-save-money/#comments Tue, 18 Jun 2013 15:43:53 +0000 http://www.whatsupwhimsy.com/?p=114 Teaching young children how to save money is actually not an easy thing to accomplish. Most of the times, they want to spend the money pronto as soon as they receive it.  Oftentimes, in order to encourage small children to save their money, you may have to show them the advantages of saving, in exaggerated ways if you have to.  By the time they begin to understand the concept of saving and apply what they have learned, then you can ease back a little bit.

Below are some tips on how you can teach young children to save money:

1.  Encourage children to set goals – If they want you to buy them an expensive toy, simply hang up a drawing of a giraffe with a long neck or an empty thermometer, anything that can provide a “visual measuring item” for the children.  As they save up the money they receive, you color in the giraffe’s long neck or the thermometer.  Children typically rely on visual aids, so they will definitely feel happy whenever that color goes up.  By the time they reach their goal of getting everything colored up to the top, then it is time that they have saved up enough money to purchase their expensive toy.

Children Saving Money2.  Open a Savings Account for Children – Encourage your children to deposit a portion of the money that they earn into a savings bank account, monitor the interest earned, and show it to them.  You can even teach them a little bit about bank rules and what the bank does to their money.

3.  Match Savings – This is one great way to encourage a child to save.  For every dollar your child manages to save, show them that you are willing to put a dollar as well to match their savings.  When they are still little, it may be fairly easy for you to match their earnings by 100%.  When they become older, you can make an agreement that you will still match their savings by 25% up to 50%, which is still a very reasonable sum to encourage them to save.

For any effort put in by the children you teach about saving money, praise them for any amount of money they’ve managed to save up.  Even if your child seems to waste his/her money buying things they want, encourage them to keep on saving.  After all, children are still children.

Closing Thoughts

The tips mentioned above are just some of the guidelines you can use to help children learn how to save some, if not all, of their money they get at their young age.  Do try to remember about your own childhood, and see if you can recall a time when your parents (or other adults you know) took their time just to teach you something about saving up some money for your future.  If you don’t recall any saving-money advices from your elders, then all the more reason to teach your own children about the importance of saving up!  Did you know that the average person carries almost $7,000 in credit card debt, and 50% of elderly individuals have less than $25,000 saved up for their retirement? It’s really sad if you don’t save up until it’s too late.  In order to prevent such money-related disasters from happening to your own children, begin teaching them at an early age.  Even if they don’t fully understand it yet for now, when they get older, they will surely thank you for trying to educate them about personal finance and the significance of money.

]]>
http://www.whatsupwhimsy.com/saving-money/3-easy-and-effective-tips-on-how-to-teach-young-children-to-save-money/feed/ 0
Tips on How to Save Money as a Student http://www.whatsupwhimsy.com/saving-money/tips-on-how-to-save-money-as-a-student/ http://www.whatsupwhimsy.com/saving-money/tips-on-how-to-save-money-as-a-student/#comments Mon, 17 Jun 2013 15:42:20 +0000 http://www.whatsupwhimsy.com/?p=111 As a student, often times, it may seem difficult to save because you know that you will get your allowance every week or every month one way or the other.  While you may not really understand yet the difficult in earning money, it is important that you learn how to save money at an early age – with your own allowance – so that after you have graduated from high school and college, you understand the value of saving money and how it will benefit you if you do it.

Student and SavingsThe problem for most students is that they do not have any idea on how to save money properly.  When the thought of savings comes to their mind, they immediately think stashing away a good percentage of their allowance each time.  The truth is saving is not all just about stashing your money for future use, but it is also about how to make use of your money properly so you can have spare money to keep in your savings.  We have listed a few tips which you may find useful on how students can save money:

Don’t Buy on Impulse – impulse buying is what put a lot of students in big debt, especially when they already have a credit card of their own.  Just because you like something or something is trendy does not mean you need to have it.  If you blow your money or keep having credit card debt this way, you will never be able to save money which you can use when you really need it the most.  Before making any purchases, ask yourself first if it is a necessary buy.  If it is not, then do not buy it.

Keep Your Credit Card at Home – if you have a credit card and you know yourself to buy things impulsively, then it would be best to keep your credit card at home, or better yet, do not even apply for one.  If you always have your credit card with you, you may be tempted to make unnecessary and unplanned purchases, the likes that may bite you in the end.  To avoid this and have better restraint, keep your credit card at home and only bring it when you have some planned purchases.

Stop Keeping Up with Your Classmates – there will always be rich kids so it is not avoidable to have some in your classes.  Just because these classmates of yours have these or that, or that they hang out and regularly eats at these places, it does not mean you need to keep up with them.  In fact, it is often best to avoid hanging out with these people because you may be pressured to be in big debt just to keep up with them, which in turn does not really matter to them because it is not them who is trying to fit in.

Stay at Home – regular outing with classmates can be very expensive.  It would be best to stay at home, read a book, study, watch TV, play video games, or surf the internet instead of going out to the mall, watching movies, and hanging out on coffee joints.

]]>
http://www.whatsupwhimsy.com/saving-money/tips-on-how-to-save-money-as-a-student/feed/ 0
Tips on Saving Money with Your Car http://www.whatsupwhimsy.com/saving-money/tips-on-saving-money-with-your-car/ http://www.whatsupwhimsy.com/saving-money/tips-on-saving-money-with-your-car/#comments Fri, 14 Jun 2013 14:04:54 +0000 http://www.whatsupwhimsy.com/?p=88 A car is often a necessity when you live in the suburbs as many of the places you need to go to have some distance in them and a car is the only ideal and reliable way of transport.  However, if you are not careful car expenses can be costly, which is why we have rounded up a few tips on how you can save money with your car:

Save on Gas

  • save money with carBy going to self-serve gas stations, you basically get a certain percent of savings as opposed to going gas stations that offer full service.
  • When possible, make your refueling at night, particularly if it is hot and humid in your area during the afternoon.  The reason behind this is that when gas is heated at a certain degree by the surrounding temperature, it expands.  What this does is that when you refuel in the afternoon is that you are getting the expanded gas which the gas meter thinks is of this quantity, when in truth, when the gas becomes cooled, it is actually a certain percent less than that.

Save on Driving

  • One of the best ways to save with a car is to carpool.  By having 2 or more people riding the car, you are able to get a lot of savings per trip, especially if all passengers are headed on the same direction.  By sharing on the fuel expense, you get extra savings by the fraction the more people you have in your car.
  • By having proper driving habits, like accelerating gently, letting go of the accelerator when nearing slow-downs or stop signs, braking from a good distance as compared to letting go off the gas and slamming the brakes to stop, and many more, you are able to conserve on gas.  While this may not be noticeable on just one ride, it will be once you take note on how much mileage you get on a full tank of gas.
  • Another way to save on driving is to combine all errands on just one trip without backtracking.

Save on Maintenance

  • By keeping your car properly tuned, you are able to save a good amount of fuel each time you go for a drive.  Cars that are not properly tuned up consumer more fuel than properly tuned cars.
  • Change oil and oil filter every 3,000 miles or 5,000 kilometers and make sure to use only synthetic oil.  By doing this, you are basically extending the service life of your engine.  If you do not have regular oil change after the said distances, your car’s engine will be more prone to wear and will require servicing after just a few years.
  • By changing or cleaning the air filter each month, your car is able to get enough air inside the engine so fuel burns more efficiently.  If your air filter is dirty, a lot of the fuel that goes inside the engine is not burned properly, leaving black soot on the tail pipe.
  • Check your tire pressure regularly is very important because it allows equal wear on all tires.  If this is not done, one or two tires will show more wear than the others, and may make you replace the tire prematurely.
]]>
http://www.whatsupwhimsy.com/saving-money/tips-on-saving-money-with-your-car/feed/ 0
Simple Ways to Save Money that Doesn’t Hurt http://www.whatsupwhimsy.com/saving-money/simple-ways-to-save-money-that-does-not-hurt/ http://www.whatsupwhimsy.com/saving-money/simple-ways-to-save-money-that-does-not-hurt/#comments Thu, 13 Jun 2013 14:02:27 +0000 http://www.whatsupwhimsy.com/?p=85 In these difficult times, saving money may be the only option for many in order to have something to grab on should difficult times go even bad.  However, for a lot of people, saving is simply difficult especially if they are living from paycheck to paycheck and removing 10% of their salary so it can be stored in their monthly savings, as mentioned in many money saving tips, simply hurts.  If you are one among the population who finds it difficult to save due to the cost of living on where you live, there are actually simple ways on how you can save money without really feeling the constraints.

1. Cook at Home – whether you are married or single, cooking at home frequently will allows you to save extra as compared to when dining out.  If you are looking for independence, then you should learn how to cook.  You cannot really say that you are not good in cooking because there is no bad cook in the world.  The only bad cooks are those who keep mixing ingredients that do not go well together.  However, if you follow simple traditional recipes, you won’t go really bad.  Search the internet, there are many instructional videos that can teach you how to cook certain recipes.

make your coffee2. Make Your Own Coffee – if you are used to getting coffee from Starbucks prior to going to work, or buying some from that store when you feel like having a coffee, then don’t.  Instead, try to make your own coffee at home.  These little savings can go a long way when you add them all up together.

3. Bring Packed Lunch to Work – while lunch may be a great opportunity to increase your connections with fellow employees, the staff, and even the higher ups, bringing some packed lunch a few times a week will not hurt.  The truth is there is nothing to be ashamed about brining your own packed lunch.  Those people who prefer dining out during lunch breaks will never really know how much savings you can get by simply bringing your own packed lunch to work.

4. List Down what You Need for Groceries – making a list of the things you need for groceries prevents you from buying what you still have on stock and allows you to buy only the things you need.  When you have a list, make sure to stick to it and only buy additional items that may be in promo and are the items that you regularly use at home.  Take note of their expiry date though as it may be the reason for their sale.

buy only what you need5. Buy Groceries with a Full Stomach –it often pays to eat first and make sure that you are full before hitting the groceries.  This is because when your stomach is full, you will not be tempted into buying many foods and snacks.  The reason behind this is simple, your brain is informing you that you do not need any food intake as of the moment because you are currently full.  This way, you ignore many of the foods you normally buy when doing the groceries.  While this technique may not be foolproof, it does however limit the amount of food/snacks you buy.

6. Buy in Bulk – often, when you buy items in wholesale, you also get to pay for them in wholesale prices.  This can equal to big savings for you especially when the items you buy in bulk are non-perishable items and have a long shelf life.

7. Keep Track of Expiration Dates – goods that are passed their expiration date are no longer ideal for consumption and the only destination their headed would be the bin which also means wasted money.  By keeping track of the expiration dates of perishable goods, you ensure that no grocery items are wasted.

8. Buy Generic When Possible – you don’t necessarily need to have the best items all the time.  Say for instance clothing, if you need a white shirt under your collared garment, you don’t necessarily need a signature branded shirt for that because you can settle for brands like Hanes or generic brands.  Additionally, when it comes to buying groceries like tissues, hot sauce, etc., many of the generic brands have the same quality as that of branded ones.  This is why it is sometimes good to buy generic.

past due9. Avoid Late Fees – by paying all your bills in time, you are able to avoid the late fees they charge on your bill. To make sure that you are able to pay all your bills on time, it pays to have a list of dates when your bills are due.  Stick this note on your refrigerator or on the wall where you keep reminders on.  By looking at this every now and then, you will be able to determine which bill is nearing its due date.  This is particularly helpful for credit card bills because late payment will not only have late fees, but your interest rate may also increase due to it, which is why it always pays to pay on time.

10. Keep Track of Your Bank Balance – by knowing how much money you still have deposited on your bank can help you in avoiding overdrafting from it.  Remember that if you overdraft, you will charged with an overdraft fee by your bank.  So if you have any accounts where your credit cards or payments are automatically debited from it, it pays to keep track on how much money you still have left in that account so you don’t get charged with an overdraft fee.

11. Avoid Impulse Buying – impulse buying is probably the reason why a lot of people are in deep debt.  This is because they buy things with their credit card they simply cannot pay for immediately – simply put, it is beyond their means.  It is important to only buy what you need and not what you want.

12. If You Frequently Rent DVD Movies, Try Subscribing to Netflix – if you are the type of person that loves watching rented movies at home, then you may get better savings if you subscribe to Netflix.  This is because Netflix allows a subscriber to watch as many videos they can for a monthly price.  This saves you a significant amount of money.  The usual problem with Netflix is geographic limitations.  However, there are legal ways on how you can gain access to Netflix no matter where you live.

]]>
http://www.whatsupwhimsy.com/saving-money/simple-ways-to-save-money-that-does-not-hurt/feed/ 0
To Save or To Invest http://www.whatsupwhimsy.com/personal-finance/to-save-or-to-invest/ http://www.whatsupwhimsy.com/personal-finance/to-save-or-to-invest/#comments Wed, 12 Jun 2013 14:00:05 +0000 http://www.whatsupwhimsy.com/?p=82 As you begin your journey towards financial independence, you will eventually come up with these two – saving and investing.  It is important that you understand the difference and the basics between the two.  By definition, both are totally unrelated to each other, yet most of the time, people are confronted by these two words.  Although they may be unrelated and their processes are different, the one thing that puts them together in one room is money.  In order to make things simple, it important that these two are first defined so their differences will become much clearer.

  • financial statement with calculator and penSaving – this is the process in which you store away cash in a safe environment (i.e. bank).  The main benefit of savings is that you are able to access your funds quickly and without much hassle.  If your savings is in a bank, you will be able to have access to it within just a few hours at most.  Most people store their savings in a bank (especially if they do not plan on using it for a long time) as opposed to just placing them in a safety vault at home is that it earns interest in a bank.  The process of compounding interest rates when money savings are deposited in a bank on a long-term period is that the interest the initial deposit earns accumulates and thus grows.
  • Investing – this is the process in which you use your money to buy assets which you assume will generate a return after some time.  This in turn can make you wealthier with every passing year.  Investing is actually a very wide field which is why not many people are suited to it.  Investing can range from buying real estate, stocks, bonds, antiques, mutual funds, gold, rare wine, fine art, and many more.  For business minded people, investing can mean financing a business, either solo or as a group to accumulate more funds.  You will often hear about people striking it rich due to good investments.  However, investment is also a risk because you will never know if you will have a profitable return or not.  Sometimes, bad investments can even make some people go broke.

When it comes to both saving and investing, usually, saving comes first in order to accumulate the funds needed for the investment.  This is of course unless your family is very wealthy and you are given sufficient amount of funds to invest on, then the term saving is literally non-existent.

On the initial question on whether to save or to invest, the truth is this is usually up to the person who has the money. After you have saved and still have enough savings left even if you invest half of it is literally up to you on how confident you are on what you plan on investing on or whether you are willing to take a risk on perhaps an unproven market.  Of course, the best course of action should you plan to invest is to never go for broke.  Always keep a safety line so that if your investment goes bad, you will still have enough savings to grab on to should you lose your job.

]]>
http://www.whatsupwhimsy.com/personal-finance/to-save-or-to-invest/feed/ 0
Simple Tips When Getting Your First Mortgage http://www.whatsupwhimsy.com/home-loans/simple-tips-when-getting-your-first-mortgage/ http://www.whatsupwhimsy.com/home-loans/simple-tips-when-getting-your-first-mortgage/#comments Tue, 11 Jun 2013 13:57:55 +0000 http://www.whatsupwhimsy.com/?p=79 If you are the type of person who is not looking on renting a home forever, then the solution to your problem is likely getting a home mortgage loan.  For people who are doing it the first time, that task can be both daunting as well as exciting.  In order to be successful in it though there are some simple steps that you need to follow:

mortgage1. Save, save, and save – saving part of your salary is usually not enough for a home loan.  It is important that you manage to save a decent amount of money so you can use it for your downpayment.  The higher the upright payment is, the lower the monthly charges and interest usually gets.  Most usually requires around 10% to 15% downpayment for the total value of the mortgage.  Some people usually take double jobs in order to be able to save money for the downpayment.  Saving 10% of your salary does not really apply when it comes to applying for a mortgage loan and will take you many years before you can come up with a decent amount, this is considering your salary is on the average like most people.

2. Knowledge is Power – when getting a mortgage you don’t just get what has been offered to you.  It is important that you make your own research regarding the different types of mortgage, set-up fees, solicitors’ fees, stamp duty and many more.  Once you are well aware of the different charges they make, you will be able to make a more educated decision regarding which type of mortgage suits your situation best.  If you plan on taking the variable rate-type of mortgage, you need to take into consideration any increase in interest rates which may affect your regular budget.  This makes it necessary to have a buffer in your finances so you can cover any such increase.

mortgage reality3. Be Realistic – all of us have our own dream homes, but not many of us will be able to afford them.  When getting your first home, it is important for you not to get too carried away with concept of your dream home.  At times like getting a mortgage, it is important to be realistic and take only what you can afford to pay without over-stretching your finances.  It is recommended to pay for a small property in a nice area or a large house in a less desirable location than having to pay a huge mortgage.  Gambling on a huge mortgage is simply not recommended.

4. Long-term – a lot of financial experts think that it is ideal to think long-term when getting a mortgage deal, especially when interest rates are low.  The interest rates of mortgages fluctuate every now and then.  Due to this, it is often better to get a fixed rate mortgage that is five to ten years long, particularly if the interest rates are on the down low.  This way, you won’t have any problems budgeting your monthly mortgage payment without the nasty surprises of interest rates rising up badly.

]]>
http://www.whatsupwhimsy.com/home-loans/simple-tips-when-getting-your-first-mortgage/feed/ 0
Tips in Avoiding Debt http://www.whatsupwhimsy.com/personal-finance/tips-in-avoiding-debt/ http://www.whatsupwhimsy.com/personal-finance/tips-in-avoiding-debt/#comments Mon, 10 Jun 2013 13:54:03 +0000 http://www.whatsupwhimsy.com/?p=77 Thanks to the advent of technology, our everyday lives have become more entertaining, more informed, and more connected due to the computers, electronics, and devices we have.  However, the downside to this is that we have also become bombarded with advertisements, some of which we find wonderful and irresistible to buy, plainly because we see these stuffs as necessary in our lives.  The problem that many people face is that to acquire such, they often make use of their credit cards because they cannot easily shell in the cash to pay for it.  If they are unable to pay their whole expenses at the time of their credit card’s due date, they become in debt.

To avoid being in deep debt, particularly with your credit card, we have listed a few tricks that you may find useful.

credit card debt1. Stop using your credit card – by this we do not mean that you will close them.  A credit card can be very useful for emergencies as well as on well-planned large purchases like big TVs, home appliances, or a car as it allows you to pay for the items in increments as opposed to paying them in full.  However, when you impulse buy, particularly on personal items or gadgets that are beyond your monthly financial means, then you are just given credit card companies a favor by putting yourself in debt.  Use cash whenever possible.  If you cannot afford something you want with your cash at hand, just think of it as being beyond your financial capability.

2. Compute your usual weekly spending – once you are able to compute your usual weekly spending, you will be able to budget how much you need to take from your paycheck for a month’s worth of spending.  Divide the amount you get into daily portions.  When going to work, bring only the allowance you have for each day and leave your credit card at home.  This will help to prevent you from making any unnecessary purchases whether in cash or by credit.  If you really want to buy an item, you can simply go back the next day to make the purchase.  This is actually enough time for you desire over the item to cool off and provide you with a better judgment on whether you really need to make that purchase or not.

3. Say no to shopping therapy or rewarding yourself for hard work – while this tip may come as a shock to shopaholics or people who like to reward themselves every week or every month for working hard, this is actually one of the reasons why a lot of young professional go badly in debt.  Shopping or rewarding yourself is not a way to relieve stress, but it is more like trying to distract yourself.  Just because you worked hard for a few months does not mean you can buy the smartphone that you fancy even though it is beyond your means, or just because you are stressed out does not mean you can go on buying the designer clothes and apparels you like even though it will take several paychecks to pay for them.  This is why it is sometimes best to leave your credit card at home because you are able to avoid any temptations of buying stuff you do not really need.  There are cheaper ways on how to distract yourself.  You can try going to the gym or try doing some sports, yoga, or martial arts.  These doesn’t just help to distract you, but they also help to keep you fit.  What is important is that you do not make any unnecessary spending that is not within your budget or paycheck.

]]>
http://www.whatsupwhimsy.com/personal-finance/tips-in-avoiding-debt/feed/ 0
3 Easy Tips to Save Money that Everyone Fails to Notice http://www.whatsupwhimsy.com/saving-money/3-easy-tips-to-save-money-that-everyone-fails-to-notice/ http://www.whatsupwhimsy.com/saving-money/3-easy-tips-to-save-money-that-everyone-fails-to-notice/#comments Fri, 07 Jun 2013 13:43:35 +0000 http://www.whatsupwhimsy.com/?p=28 Nobody wants to waste money.  That may be 100% true, but the truth is, the act of saving money “always” is a lot of hard work.  Therefore, not a lot of people are fond of saving money.  There are many small yet sensible ways on how to save money, which is why some most people fail to notice some of them, and even the most-obsessive budgeteers overlook on some of them from time to time.  In case you’re avoiding getting cornered by your monthly bills, consider these 3 easy tips on how to save money.  Who knows, maybe one or two of them are bound to be your ticket to saving some of those bucks you’ve earned so hard these past few days.

1.  Purchase Non-Perishable Items in Bulk

saving moneyA lot of products in the market are cheaper when you purchase them in bulk quantities.  Of course, it is wise to stay away from items that will spoil easily (or have an expiration date).  For instance, never buy milk in bulk.  In order to ensure that the products you purchase in bulk are always kept in good condition, store them inside closets, cabinets, or even at the basement shelves, as long as you’re sure the items will stay dry while in storage.  The best products to buy in bulk are actually those paper goods.  Paper towels, printer paper, and toilet paper never spoil and they can be easily stored.  Also, it is ideal to stock up on garbage bags, cleaning supplies, shampoo, soap and laundry detergent as such items are deemed things you will always need at home and will definitely use as the need arises, plus it won’t ever go bad.

2.  Skip Out on Starbucks

Coffee is a commodity with a huge gap between the price of one cup at a popular coffee shop versus the price of one cup prepared at home.  The affordable coffees offered at Starbucks and other coffee chains will cost you around $2 for 473 mL (16 ounces).  Keep in mind that the $2 price is just a basic cup of coffee, so if you fancy the more upgraded types they offer, prices skyrocket from $4 and even higher!

If you purchase a medium-sized pack of coffee, say $10 for a 450-gram pack, and brew it yourself at home, you will only be sipping away a 16-ounce cup of coffee that’s worth anywhere between $0.75 to $1.00!  If in case you are one of those who enjoy even the cheaper coffee variants out there, then you can get that price down even lower!  Think about this, if you always buy a coffee at Starbucks once a day, it won’t take long for a nice quality coffee maker to pay for itself, and significant savings will start to pile up after that.  Those who follow this kind of money-saving tip also state that there’s an added benefit you will enjoy here, and that is, you can make your coffee just as how you like it, you can try out different types of coffee, and you never have to endure the hassle of trying to order coffee in a shop ever again!

Bicycle commuter3.  Ride a Bike

If you think that you can depend on riding on a bicycle for most of your daily travelling, then you will definitely be able to save money in many ways that you have never expected.  Obviously, if you ride a bike to and from the venue of your work or to the local supermarket, then you no longer have to shell out some (or most) or your hard-earned cash just to buy gas for your car.  For instance, if your daily car usage consumes roughly 10 gallons or 38 liters of gas every week, then you will significantly save $30 up to $50 every week by just riding your bike!  Furthermore, you can also cut out your expenses on car repairs and car insurance.  Think about it, if you can depend wholly on your bicycle for most of your transport needs, then you don’t have to spend on getting a car in the first place, right?  But of course, this tip may be difficult for those who really require a car for transportation, but then again, you would be able to save hundreds of thousands of dollars every year.

Public transportation is actually a good alternative for travelling around, but riding a bicycle has more benefits over that as well.  A monthly bus/taxi fare costs around $30 to $100 or even more, depending on which city you live in.  It sure would be very nice to be able to cut that expense out of your budget too, right?  Another good thing to keep in mind about riding a bike is that you can skip your gym membership if you have one, since you will be getting plenty enough of exercise just getting around town on your bicycle.

Summary

There are many other ways to save money, but the tips mentioned above are some of the most common ones that people fail to notice.  Purchasing huge quantities of things for your home that do not spoil or expire even if stored for a very long time is a proven but overlooked method of saving a few but significant bucks.  If you want to save money but find it hard to change your ways or habits that you do in your everyday life, then try to do it one small step at a time.  For example, if you are a coffee lover and you can’t spend a day without coffee in your system, then try out the money-saving tip mentioned above.  Instead of going in to your nearest Starbucks for a cup of coffee, try to make one at home, and stick to your goal of “wanting to really save some money”.  Last but not least, if you think you can never get anywhere without your car, why not get a bike and see if you can make it through the day?  After all, you’ll never know if it works for you unless you try it yourself.

]]>
http://www.whatsupwhimsy.com/saving-money/3-easy-tips-to-save-money-that-everyone-fails-to-notice/feed/ 0