It seems like gas prices are constantly on the rise. While this can tighten your budget, there are simple ways that you can save money at the pump. See this list to find simple things that you can do:
- Check out these sites that show the cheapest gas prices near you (or where you work): www.gasbuddy.com, www.gaspricewatch.com. You can also help out your community by signing up and sharing the gas prices you see along your route.
- Don’t top off. Extra gas can slosh or leak out, and at the price you are paying for it, it’s better to fill up until you hear the click and then stop.
- Fill up at the cooler times of the day. This will help keep gas from evaporating (picture your dollars evaporating with it!), saving you money and helping protect the environment.
- Unburden your car. Did you know that for every 250 lbs. of extra weight your car carries, it loses about 1 mile per gallon of fuel economy? In the winter, snow and ice that sticks to your car can add up to 100 lbs. easily. So take the junk out of the trunk and make sure to de-ice!
- Maintain your car. A car that has regular tune-ups and good maintenance will burn less gas and run longer (would you rather pay for a few tune-ups or spend thousands on a new vehicle?).
- Keep the tires inflated to the recommended amount. This keeps your tires round and decreases the surface of the tire touching the ground – that can cause friction and slow down your car, using more gas and forcing you to fill up more often.
- Don’t need long warm-ups. Even in the winter, you don’t need to let your car warm up for more than a minute. A shorter warm-up can save you gas and keep you from breaking the law (it is illegal to leave a running car unattended, even though it can be very convenient to start the car and then run back into the house to finish getting ready while it warms up).
- Know when to run the AC. On the highway, open windows cause drag and can slow your car down (using more gas to get where you are going!), so it is better to run the air conditioner. But in stop-and-go traffic, you want to shut off the AC because it can lower your fuel economy by 10-20 percent.
- For road trips, take your most fuel efficient car. It may cause a bit of a tight squeeze, but it can save you a lot.
- Drive less. Try carpooling or combining your trips (i.e. run to both the grocery store and by the dry cleaners in one trip rather than venturing out twice – this can save you time too!).
- Consider a more fuel efficient car. If you are in the market for a new car, consider the more fuel efficient types, but don’t just buy a hybrid because it gets better mileage. Be sure you compare the cost of the car and maintenance costs to make sure you will actually be paying less.
- Take off the Snow Tires in the summer. Extra tread slows down the car and uses more gas, so remove your Snow Tires when you don’t need them.
I hope you find these tips helpful. Cutting back on your spending in these simple ways can really add up and have a big impact on your budget and your ability to save. Who would have thought that not topping off your car at the pump could help you get closer to retirement?
Tags: budget, gas prices, save money
We have been fortunate here at iMoneyCoach to be given tips for healthy living from Brig. General Steve Richie who is in great physical shape and has accomplished many feats in his lifetime. Here’s a quick biography of the General: A command pilot with more than 3,000 flying hours including 800 combat hours, General Ritchie is our last American Ace. He’s the only Air Force Pilot “Ace” of the Vietnam conflict, the Air Force’s first and only pilot ace since the Korean War, and the only American pilot in history to down five MIG-21s.
And this is the healthy living plan he shared with us:
“Nothing in life is FREE. It requires mental discipline and WORK! But, it will work!
Eliminate
- White bread and butter
- White sugar
- Bacon
- Candy
- Fried Foods
Avoid
- red meat more than twice a month
- most desserts
- most pork products
- most processed foods
- most alcohol except for red wine in moderation
Add/Concentrate
- fresh vegetables
- fresh fruits, walnuts and almonds [raw]
- multi-grain bread
- low fat yoghurt
- soy milk / 1% milk [plus 6-8 glasses of water a day]
- fresh blueberries
- fish
- chicken
- some buffalo meat OK
- olive oil and balsamic as substitution for salad dressing and/or butter
Exercise
- daily record keeping is ESSENTIAL!!!!
- start very slowly and gradually increase numbers and sets
- A daily routine of push-ups, x-crawls and stomach crunches [30 normally minimum]
- supplement with swimming / jogging / rowing, light machine and/or free weight and work
- This is very individual depending on a variety of factors and personal history / experience ( i.e., the out-of-condition, overweight beginner will probably start pushups on the knees – and do only 2 or 3 per set, and only 2 or 3 sets for the first 2 or 3 weeks. Same with the x-crawls and stomach crunches….) But keep a record of every workout – no matter what the number of reps per set, and the number of sets!!!!
The combination of this basic formula of diet and exercise will reduce weight, body fat, cholesterol, blood pressure, and anxiety. You will experience noticeable results in 4 to 6 months. You will have a n increased feeling of self-worth and a sense of accomplishment that will have a positive impact on your general health and well-being!”
Tags: diet and exercise, health tips, healthier, healthy living plan
One of the things we here at iMoneyCoach stress to our clients is the importance of tracking. It is crucial if you want your budget to work because you know exactly how much money is coming in and going out of your household and where exactly it is going. This can help you stop spending leaks and make realistic adjustments to your budget and lifestyle.
So what is tracking anyways? Tracking is a system of recording every penny you earn and every penny you spend. We have tracking books available in our store to help you do this. Basically, you take your tracking book with you whenever you go out so that you can record your purchases right away. You keep a running total of how much you have spent for each of your budget line items – so you can see at a glance whether you have enough left in your budget for that purchase or if it is something you should either wait for or not buy.
If you have ever had to fill out expense reports at work, you’ll know that small businesses to large corporations use tracking to run the company. They would not be successful if they did not know where money was coming in and going out. That’s why if you forget to keep your receipt, you often get stuck footing the bill for a work-related expense. It’s not that the company is out to get you or to be unfair. They are simply sticking strictly to their budget and tracking expenses – and being successful because of this.
So what are the basics? Well, I said it before, but you need to track your purchases as you spend. None of this, “I’ll record it later” business. As soon as you spend the money, write the total in your book and subtract it from your budgeted amount (this is recorded at the top of the list each month so you can keep a running total) so you know exactly how much you have left in that budget line item. If you are at the store considering purchasing a new pair of shoes, you can look in your clothing budget and see whether you have enough left to cover the purchase or if you should wait until next month. “But this pair of shoes is a great deal,” you say. Is it great enough to throw you off track and potentially keep you from achieving your big goals like having enough saved for retirement or to send the kids to college? Tracking helps you evaluate these great deals and make sure you can a) afford them and b) make sure they don’t interfere with your important, big goals and dreams.
All that being said, I highly encourage you to start tracking right away. If you need help setting up a budget, learning how to budget, and figuring out how to track expenses accurately, be sure to contact my office. You can call us at 303-462-2001 or visit our home page to find out more about how we help people do these things so they can be financially successful (yes, we believe that YOU can be successful with your finances).
Tags: budget, tracking, tracking book
Did you know the average family in a commercial these days would have to make $200,000 a year in discretionary income (that is income after taxes and bills) to afford the lifestyle that is portrayed? The actual average family in America makes about $60,000, a long stretch from the families in the commercials. But we still buy into their messages. We start believing that we really do need these things or that they would make us happy.
I have put together a list of ways to avoid advertising pressure. Taking small steps to avoid that pressure can save you a lot of money. And you might actually find that you are happier when you are not wondering how you are going to survive without the latest new pair of shoes or fancy cars.
- Spend less time in front of the TV. The less you are watching, the fewer commercials you will see. Be aware too that companies are now invading the actual TV shows with advertising (I’m shocked at how many times TV characters are now talking about their “new car,” specifying the brand and all the new features it comes with while they are on their way to solve a murder mystery). It used to be enough to get up during commercials or fast forward through them, but now the advertising is infused right into the show. Try to watch less, but while you are watching, be aware of the images and messages that are being pushed at you so you can counter them.
- Use a list when you shop. Have you ever noticed how easy the grocery stores make it for you to pile goodies into your cart that you hadn’t even thought of but that sounded or looked so good when you saw them? One of my weaknesses is the sample lady. I have enjoyed samples, even made whole meals out of a shopping trip, throwing one new taste sensation after another into my shopping cart. The downside is that when I cook all these treats later, they never taste as good as they did in the store. I don’t know how they do it. It’s the same packaging, and I cook it the same way. I digress though – when you go shopping, make a list beforehand of the items you need, and stick to that list. You may have to shop after you eat so you are not hungry and can avoid the sample ladies. Or avert your eyes from the fancy displays and head directly for those items on your list. You’ll find you will save a lot of money just by sticking to your list.
- Think of things in terms of “Wants” and “Needs.” You can save yourself money by thinking of potential purchases as wants or needs. And if you are careful about categorizing them, you will find that you don’t actually need most of the items you see advertised. Now, it’s important that you have reward in your life and do budget to buy some things that you want. But being aware of the difference between the two and checking yourself when you see an ad or when you are considering a purchase can be huge.
- Listen to CDs and Audio Books. When you are in the car, you can avoid the constant barrage of commercials on the radio by turning on a CD or listening to an audio book.
- Eliminate junk mail. Did you know there is about 4 million tons of junk mail sent out in America each year? There are ways to avoid getting more junk mail. One is when you donate money or fill out a warranty card, write clearly on the card “Please do not sell my name or address.” Don’t fill out cards for contests. These are usually companies trying to get a bunch of names so they can send you advertisements. To see who is selling your name, if you do fill out information with companies, you might try using a different middle initial and see what advertising shows up at your door with that same initial. This process may not eliminate junk mail, but it can be very revealing (and might help you mentally note which companies you may not be able to trust – so you won’t want to buy from them).
You can’t completely avoid advertising, but doing what you can to cut it out of your life or manage your thinking about those advertised products can benefit you greatly.
Tags: advertising, discretionary income, save money, shopping, wants and needs
One of the things that we strongly encourage people to do is look for ways to produce alternative income. There are many ways that you can generate extra income so that you are not counting solely on your job to provide for you, your family, and your future. You’ve heard the saying Don’t put all your eggs in one basket. Should something happen and you lose that job (which has always happened to people but seems to be much more prevalent in these economic times), then you still have a way to make some money. And in the meantime, while you do still have your current job, you are able to do things like get out of debt faster or save and invest more so you can fund your dreams or retire comfortably.
How can I figure out an alternative income? It’s really not as hard as it sounds, and you may find that you enjoy the outcome! Some common ways people generate more income are buying a rental property or getting a paper route. Imagine being able to save all the money from your paper route to help fund your kids’ college education. Wouldn’t that be nice? Or having that rental property not only bring you some extra income each month, but also build up equity so you can sell it one day (property generally gains value over long periods of time).
Another way to get alternative income is to use something you know. If you are a computer programmer, you could write a program to make some process easier. Then you put your program up for sale on the Internet and get proceeds for making that process easier for other people.
One of our clients loved fishing. He also loved his son and spending time together. So he decided to put together a Father/Son Fishing Trip for several friends and their sons. He planned everything, put together lunches and transportation, and everyone had a great time. It worked out so well that he started a business planning these types of trips. So not only did he get to do what he loved and spend time with his son, but he started getting paid to do it! And he had the joy of helping other fathers and sons connect and enjoy time with each other.
Earning money doesn’t have to be a big chore or be unfulfilling. There are numerous ways you can use your talents, skills, and passions to make money. Just be sure that when you are considering a new venture that it is something that can sell. If you love to garden, think of ways that you could offer your gardening services to others in such a way that it is something they need or want and would be willing to pay you to do it. If you enjoy animals, consider walking dogs or grooming horses. This is something that other people may not have the time or physical ability to do, so you would be fulfilling a need of theirs.
Of course, having extra income doesn’t do much good unless you have a system of budgeting and tracking…we’ll discuss this next week so be sure to check back in to see why budgets and tracking are vital!
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