Money Saving Tips

For most Americans, saving money is a necessity of everyday life. We clip coupons, watch for sales, and hope there's not too much month left at the end of our paycheck. Today, the challenge is how to reduce spending on a longer-term basis. Here are some money-saving tips for everything from vacationing to laundering!

Airline Fares-- Make sure your trip includes a Saturday evening stay over and purchase your tickets in advance. Consider using alternative airports and keep an eye out for fare wars.

Auto Leasing--Don't decide to lease a car just because the payments are lower than on a traditional auto loan. The leasing payments may be lower because you don't own the car at the end of the lease.

Auto Insurance--Raise your deductibles on collision and comprehensive coverage to at least $500 or, if you have an old car, dropping this coverage altogether.

Life Insurance--If you want insurance protection only, and not a savings and investment product, buy a term life insurance policy.

Checking--Select a checking account with a low (or no) minimum balance requirement that you can, and do, meet.

Credit Cards--Pay off your entire bill each month or use a check, cash or debit card for purchases.

Mortgage--Refinancing Consider refinancing your mortgage if you can get a rate that is at least one percentage point lower than your existing mortgage rate.

Telephone Service--Check your phone bill to see if you have optional calling services you don't use. Dial your long distance calls directly.

Food Purchases--Shop at the lower-priced food stores. Convenience stores often charge the highest prices. You will spend less on food if you shop with a list.

Prescription Drugs--Use generic drugs whenever appropriate. When taking a drug for a long time, consider using a mail-order pharmacy.

Around the House Savings:
Use compact fluorescent bulbs. They last 10 times longer than regular lights.

Set your water heater to 120 degrees F.

Set your thermostat to 68 degrees, or lower if you're away from home or asleep.

Keep your showers to five minutes or less and switch to lower-flow showerheads.

If nobody's in a room, turn off the lights and any computers, stereos, TVs or other appliances.

Use toaster-broilers or the microwave whenever possible instead of the range.

The refrigerator should be kept at 38 degrees F., and the freezer at 10 degrees.

Try using the cold-water wash cycle, and use the coolest dryer setting you can. Only run the washing machine, and the dishwasher, when they're full.

Make sure your home is insulated, and that all doors and windows are sealed properly.

If you have a fireplace, keep the damper closed when you're not using it and use a glass screen to minimize heat loss.

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Yahoo Brings Party Planning To Your Cell Phone

Yahoo has delved into the growing world of mobile social networking with "Mixd," a newly introduced service geared at new-media-savvy youths.

But Mixd, isn't really social networking in the traditional sense. You aren't creating a profile a la MySpace and striving to build a bigger and better-looking friends list. Rather, it's like cattle herding for the partygoer sector: you use Yahoo's service to organize a group of your friends for a "Mixer" (a party or night out), coordinating it all through text and picture messages.

Mixd is geared toward sociable young people who are already avid text messengers. The mobile phone is like a piece of their body. It's inseparable from them.

But traditional text-messaging, has its limitations. It's great for point-to-point, one person to one person, but there's no concept of 'reply all. Mixd aims to ease the organization of parties, bar outings, study groups, football game excursions, and the like.

Once a "Mixer" is formed, members of the group--who do not need to have Yahoo accounts--can message each other in both text and picture formats, and a log of the entire Mixer is posted at a corresponding Web page.

At its most basic, it's a mobile-messaging and media-sharing application for events-based groups. There is no charge outside of carriers' regular text messaging packages, and additionally, participants do not need a mobile Web plan or a cell phone camera (though the latter is preferable).

Mobile social networking, until this point, has largely been associated with youth-oriented carriers like Helio and Boost. And along with mobile music, mobile podcasting, and other forms of cellular-borne media, it's still a fledgling phenomenon.

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Credit Card Tips

Credit cards can be helpful in emergencies or if you are able to pay off the balance each month, but be wary! Credit cards can also get you into trouble. Here are some helpful hints on using credit cards:

Fees
Watch out for carrying balances. Some cards charge 20% or more in interest. (Interest is usually called "finance charges" on your statements.)

Fixed rates aren't always fixed! A credit card company can change the rate by informing you 15 days before changing the rate.

Look at your statement carefully and call the company right away if you have any questions. Some things are time sensitive.

There is usually a large finance charge for cash advances and interest begins accruing as soon as you take the money out, not after the next statement closing.

Be aware of annual fees. Many times you are charged $50 or more just to have the card.

Watch out for introductory offers! When you receive a credit card offer in the mail with a low rate, it may expire in three or six months. Note when and by how much the rate increases after the "introductory offer" expires. You may not remember when it expires, but the card company will.

Think about your purchases. If you are not able to afford the purchase now, chances are you won't be able to afford it in a month when the credit card bill comes in!

If you get behind
Cut your recreational expenses.

Call your credit card company. They may be willing to work out a repayment schedule with you.

Develop a budget and stick to it! Everyone makes mistakes, but credit will follow you and hurt your eligibility for mortgages or loans down the road.

Look into credit counseling services. Many offer educational programs or individual counseling sessions to help you get back on track.

Establish and maintain a positive credit history
AnnualCreditReport.com was created by the three credit reporting companies, Equifax, Experian, and TransUnion. Under the Fair and Accurate Credit Transactions Act (FACT Act), consumers can request and obtain a free credit report once every 12 months from each of the three credit reporting companies.

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