Rule Your Wallet Blog

So, you get your paycheck and after you recover from the shock at how little is left after taxes, you try to divvy it up among all your outstanding bills, intending to put whatever is left over into your savings. Does this sound familiar? Moreover, I bet that there never seems to be anything left over to put into your savings. Am I right?

How can you save money? If you are attempting to save what is “left over” at the end of the month after you pay your bills then you are approaching the saving of money backwards. I have often read that you should pay yourself first. I decided to put this to the test.

One of my recent goals has been to save $400 a month. In order to test this theory of “pay yourself first”, I set $200 to be auto transferred to my savings account at the beginning of every month. The other $200 I entered into quicken so that I would be reminded transfer this amount out of my account at the end of the month, which I would do manually.

The results over these last few months have been consistent. The auto debited beginning of the month $200 has been saved every month without fail. Okay, I know it seemed obvious that would happen since I am transferring the money immediately and at the beginning of the month, but I get paid every two weeks, so my pay checks are spread throughout the month. However, I also entered the second $200 savings to quicken so that it would seem like it was already transferred.

Did I save that other $200 I was going to put away manually? Absolutely not. I never managed to save the total amount in any month. I wish I could tell you exactly why this happens from a psychological standpoint but I cannot. It probably has something to with the fact that I knew I still had the money in my account even if it was subconsciously, because with the money that is auto debited my brain decided that money was no longer available to be spent.

This is why I urge people build up their savings slowly and automatically. It doesn’t matter if you only have $10 to save a month, gradually increase the amount you are saving every few months and make those saving automatic. You will be surprised at how quickly your savings account will grow.

I found a great article on alternative cleaning materials for the home and the orginal poster was nice enough to let me repost the article. Enjoy.

Baking soda (Bicarbonate of soda): Is an all-purpose cleaner that is effective in cleaning glassware and coffee pots. It can be used dry to remove red-wine stains from carpeting and marks from surfaces. Mixing baking soda with water gives you an alkaline solution that dissolves dirt and grease. A baking soda paste can be used to shine silver and stainless steel. The paste can also be used to remove tea stains from cups and saucers. You can clean sinks, countertops, toilets and tubs by making a paste with a castile- or vegetable-based liquid soap and a drop of essential oil. You can also unclog a sink by pouring one cup down the drain followed by approximately 3 cups of boiling water.

Borax: Borax is a naturally occurring mineral that is water-soluble. It can deodorize, remove mildew and mold, remove stains, and boost the cleaning power of soap or detergent.

Corn flour: This can be used to clean windows, polish furniture, shampoo carpets and rugs, and even starch cloths.

Essential oils: Mix lavender or tea tree essential oils with water and spray on kitchen or bathroom surfaces for an environmentally and people-friendly antibacterial spray. They may also be added to homemade cleaners for added fragrance.

Lemon juice: Good for cleaning chopping boards and wooden surfaces, and can also act as a descaler. Lemon juice can also be used to bleach clothing. It removes grease from stoves and counter tops. Add 2 Tbsp lemon juice to 10 drops of (real) lemon oil and a few drops of jojoba oil to clean and polish wood furniture.

Lemon oil: Good furniture polisher.

Microfiber cloths: These cloths are made with extra-long fibers that attract dust and remove dirt. Using these cloths will cut down on the need for chemical cleaners because of the natural ability to attract dust and dirt.

Olive oil: Can be used sparingly as a furniture polish or use three parts olive oil to one part vinegar; or two parts olive oil with one part lemon juice.

Potatoes: Halved potatoes can remove rust from baking pans or tinware – follow with a salt scrub or dip the potato in salt before scrubbing.

Soda crystals (sodium carbonate), aka washing soda: Soda Crystals used to be the most common household cleaning product. It can be used to clean kitchen floors, work surfaces, wall tiles and can clean tea stains if soaked overnight.

Soap flakes: are good for cloths washing and as a general cleaner. Try for the biodegradable kind.

Sunlight: is a useful free bleach for household linen and all whites.

Tea-tree oil: is a strong antiseptic and disinfectant that works on mould and mildew. Add just 50 drops to a bucket of water and you can clean and disinfect your counter tops, bathroom and kitchen surfaces, and tile floors.

White vinegar: It’s a surface cleaner, stain remover, limes-cale descaler, it cuts through grease, deodorizes and acts as mild disinfectant. Use half vinegar, half water solution to clean windows, tiles and mirrors.

How to make your own general-purpose household cleaner.

Mix one-teaspoon washing soda, four teaspoons borax and one-teaspoon liquid or detergent with four coups of hot water in a plastic bottle or spray container. Shake well (the bottle). Spray and wipe as you go, let stand for a few minutes on tougher dirt. You may also add your favorite essential oils or herbs for fragrance.

*This post has been reposted with the permission of GabGreen.com and the original posting is Going Green Tips: Alternative cleaning materials

When a new video game title launches, it is not unheard of for the price to start around $60. Have you ever bought a video game right when it came out only to discover it is not at all what you wanted? Are you a person that likes to try out a game before you buy it?

There is a startup called Gaikai.com and it will let you try out computer games for 15 or 30 minutes. For some games this is not nearly enough time, but it is a start. One of the things we like most about this company is that there is no registration required to try out a video game.

This company is in response to how the video game market has changed. A number of games have gone to the freemium model where the game is free to play, but you can purchase extra weapons, experience boost, etc. Tribes: Ascend is the current game I am playing because it is free to play and the only advantage paid players get is that they can get items faster. I know I tend to play the free games first to see if I like them rather than dropping $30-$60 on a game.

Gaikai is offering the traditional game market the ability to level the playing field against these freemium modeled games. This company should continue to get new titles and get better over time.

Feel like you are making the same financial mistakes over and over? I know I have. Here are a few changes that you can make to help out your wallet and make you more secure.

Prepare for the unexpected: Don’t use the “it could never happen to me” excuse when dealing with something as critical as your family’s financial future. Sudden accidents or unexpected critical health problems happen every day to those who least expect it. If you are the breadwinner of a young family, life insurance protection of eight to 12 times your annual income is what others generally recommend. Most experts agree that the most affordable form of insurance is term insurance.

Start planning for retirement now: If you are not saving money for retirement, you should be. A recent survey by LIMRA showed that 49% of Americans are not contributing to any retirement plant. If you’re planning on relying just on Social Security, you probably should think again. The current average payout is just $1230, or $14,760 annually and could be even less, depending on your work history. You should consider working with a financial professional and completing a personalized financial profile (Try to find a fee only financial professional). This can help decide how much you need to start saving in order to reach your financial goals, such as retirement, education savings for your children and other goals.

Pay off credit card debt as soon as possible: Take a long look at how much you are paying to borrow money from your creditors. You will be surprised at how much interest you pay per month. Think about consolidating debt into single loan with a lower and fixed interest rate. One you have them paid off, you them as little as possible. Read how I paid off my credit cards.

Eliminate emotional spending: The internet is a great thing, unfortunately it makes very easy for emotional spending to get out of hand fast. Try to make it point of not buying something the day you find it. Sleep on it and see if you change your mind. You may not want something the next day. Remember, if you are feeling sad or frustrated, there are ways other than shopping to make yourself feel better.

A majority of us should be spending less and saving more. However, this is a difficult habit to get into. It is easier to move towards saving more if you do in small steps. That way, you don’t go through the shock of suddenly have a lot less money one month. Just remember we are in this for the long haul. Saving $50 a month now, is better than saving nothing now.

“Call now! Operators are standing by!”

Time‘s Moneyland blog did a piece recently on 7 infomercial products that actually work. Here’s their list:

• PastaBoat ($6)
• NuWave Oven ($130)
• Open-X ($10)
• Gutter Getter ($10)
• Magic Mesh ($20)
• Yoshi blade ($20)
• Grill Daddy ($15)

Remember, that commercials and infomercials are sales pitches that are designed to create a sense of urgency to get you to buy something before you have time to think about it. You never know what you are going to get so if you do buy something make sure you have in writing a right to return the product for a refund. As always, only use a credit card so that you can dispute the charge if you need to.

10 Tips to Help Your Budget 

Avoid impulse shopping: Impulse buying is much more likely to lead to buyer’s remorse. There are a few ways to combat impulse shopping. Make a list of the things you need before you go shopping. If it is not on the list, then don’t buy it. Don’t buy anything that you can pick up in the checkout line. Rarely use a “1-click purchase” button.

Put a portion of each paycheck into a savings account. It does not matter if it is only a few dollars, but you should be saving some portion of every paycheck. Save as much as you can, aim for 10% of you take home pay, then go for 20%.

Buy in bulk. If your favorite products are on sale, buying in bulk may cost you more right now but could end up saving you a lot in the future. Some good examples are items that do not have an expiration date, such as soap, shampoo, toiletries and other household items. Canned foods, which carry a long expiration date, are also ideal for buying in bulk.

Shop the sale racks. I always check out the sales rack in clothing stores, this is one place that big savings can be found. This one ties in with buying clothing out of season as big money saver.

Saving your change can be a great help in your quest for personal budgeting. You would be surprised how quickly change can add up and, even if it’s $50 or $100 per month, your coins can add up to some serious cash. You can take this one a step further and save your dollar bills as I do, and that is when you start saving a lot of money.

Avoid using high-interest credit cards unless you can repay them within 30 days. On most credit cards, you are not charged interest until after 30 days. Also, credit cards, can get out of hand very quickly. If you have trouble keeping your balance paid off every month, it may help if you go to a cash only system.

If you do use a credit card for purchases, try to use one that offers reward points or cash back. If you do this right and pay off your balance every month then you are getting paid for you using your credit card instead of paying the interest. Just make sure there is no annual fee.

Request free samples. A number of websites, including StartSampling.com and WalMart.com, offer customers the opportunity to request free product samples of certain items. Everything from skin lotions and shampoo to dog treats and household products are up for grabs to all who ask. In addition, many manufacturers offer free samples of new product releases directly through their own website.

If you find yourself in increasing credit card debt, call the creditor and request to be placed on a hardship program. This type of program allows for lower interest and smaller payments for a specified amount of time. Depending on the creditor, it can be in effect for several months or until the balance is paid in full. This method will not only help your immediate personal budgeting, but will also give you additional financial freedom in the future when the debt is paid in full.

Clip coupons. This is the single most important rule of personal budgeting. Why? Simply because a few minutes spent clipping coupons could end up saving you multiple dollars in the checkout line. Do not try to go crazy like the people on the TV shows and get $400 of grocery for $2, the amount you save per hour you spend couponing is extremely low. Of course, if this is a hobby for you, go for it.