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Is your grocery bill taking a bite out of your budget? Then bite back with these money-saving tips. You may not reduce your grocery bill drastically; however, even if you lower it only a little, the savings will add up over time. • Plan meals in advance. If you don’t know what you need, you’re more likely to fall for impulse items. You’re also more likely to forget something. The more trips you make to the grocery store, the more likely you are to buy something extra. • Stock up on non-perishable sale items. It’s a great way to save money, but only if you are sure you will use them. • Don’t shop while you’re hungry. You’re sure to buy more than you need when everything you see looks good. • Don’t get convenience items. It’s tempting to buy that Caesar Salad in a bag or the already prepared skillet dinners, but you pay for convenience. Try doing things the old fashioned way. You’ll be surprised how much you save when you opt for the whole chicken instead of the boneless chicken breasts. • Stay away from candy and soft drinks. These items are always pricey. Homemade sweets cost a good bit less than candy bars and store-bought cookies. When you cut these items from your list you’ll be healthy and save money as well. • Use those coupons. It takes time to sort out and use coupons, but it’s worth it. Fifty cents here and there adds up in a year’s time. But be careful not to buy something you normally wouldn’t just to use the coupon. • Use generic brands. Many generic brands are identical to name brands in quality. Don’t miss out on savings just because you’re in the habit of reaching for a certain name. • Be price conscious. If you are keeping track of how much things cost, you are more likely to make sensible decisions. Usually paying attention is all it takes to lower your grocery bill. |
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Investment Basics for Beginners
Investing is a little like exercising. You know you need to do it, and you know results take time. You also know that you would be better off if you got started and stuck to it. But when you see how far you have to go, you are so overwhelmed it is hard to know where to begin. Yet, each day you wait, you are cheating yourself, because investing won’t work without the element of time. Investing works because the magic of compounding interest. A small amount of money invested over a long period of time will yield a much greater return than a large amount of money invested for a short period time. Look at this example from The Motley Fool website:
The moral of the story is: START NOW! Aspire to the goal of saving 10% of your total (not take-home) monthly income. But don’t wait until you can begin at 10%. Get rid of your high-interest credit card debt and then begin to invest. Even if you can only invest a little, the important thing is to begin. When you begin, always pay yourself first. If you never waver from this habit, chances are you won’t even miss the money you are putting away. Direct deposit is a great way to make sure you stick to your commitment. You won’t even have to think about saving. WHERE TO BEGINInvestments basically fall into two categories: short-term and long-term. You earn by far the most money in long-term investments. Keep only what you are likely to need in three years or less in short-term investments. Short-term investments include regular savings (share) accounts, money market accounts and certificates of deposit. Long-term investments include bonds, stocks, mutual funds and retirement accounts like IRAs, Roth IRAs and 401(k) plans.
PLANNING YOUR STRATEGYYour investment strategy will change with your age. When you are young, you can afford to take more risks. Investing in the stock market is a good idea when you are young because you have time to ride the waves of the market. As you begin, make yourself define your goals as specifically as possible. If you are saving for retirement, determine what you think a reasonable yearly income will be for you. Then consider how much time you have for your investments to grow. When you have set these parameters, you will be able to determine what type of investments will work best for you and what rates of return you will be able to expect. Nest quarter, we will bring you more information on getting started with your investment strategy. This article is not intended as tax advice. Consult your tax advisor for details. |
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Making That Major Decision
How to Choose a College Major That is Right for YouMost people spend more time researching for a new car purchase than they do for the choice of a college major. That is a startling fact when you consider the long-lasting effect your choice of a major has on many areas of your life. Where you will live, how much money you will make, whether you will enjoy your job and much more will all be influenced greatly by your selection of a major. When should you reach this momentous decision? Most experts suggest that students try to select a major by their sophomore year. However, experts also caution not to make the decision quickly or because of pressure to decide. If you have not reached a decision, it is much more profitable to spend time researching and thinking about possibilities than it is to rush into a decision that you will regret later. If you are among the many college students still seeking a major, consider these steps to help you determine the right choice for you. Consider Information About YourselfThe best place to start is by assessing what you know about yourself. What are your interests and values? What types of things do you enjoy doing and studying? What are your needs and goals for your lifestyle in the future? Answers to questions like these will be the foundation for your decision. There are many ways you can help yourself answer some of these questions. Try taking classes in a variety of academic areas as early in your college career as possible. Talk to faculty in the areas that spark your interest. Take a look at how you spend your free time. Some university websites have assessments you can take online to help you pinpoint your areas of interest. Recent studies show that half of American workers want out of their jobs. Don’t let yourself be part of that statistic. Potential salary is not the only consideration. Choose a major that will prepare you to do something you will love. Research the Job MarketOnce you have determined a few areas that interest you, do some research on the job market. Talk to people who work in the fields you are considering. Search the Internet for information on salary, job prospects and qualifications. Consumer advocate Clark Howard recommends visiting payscale.com for salary information on a host of careers. Many colleges and universities offer career exploration and interviewing courses to help students prepare for their future. InternshipsPaid and non-paid internships are one of the best ways for you to get an accurate feel for whether you will enjoy a specific career. Nothing gives you a clearer picture of a job than actually doing it and working with others in the field. Check with your school to investigate internship opportunities as early in your college career as possible. If you try an internship early on and discover the field is not for you, you’ll have more time to adapt your plans. The bottom line is that time invested now in making a wise decision could reap years of happiness down the road. Don’t let the stress of indecision cause you to put off thinking about your choice. Set a goal of time to spend each week on research. The more you dig and evaluate, the closer you are to making the right choice for you. |
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