My Top 5 Favorite Things About Maine’s Credit Unions (CUs)

They care.

Big financial decisions can be intimidating. Where to open an account, buying homes or vehicles, and using credit cards are financial decisions that we want to make responsibly. 

Get a head start in life by joining a credit union.

With a supportive system made up of people who care about helping people, these decisions are not so scary.

Credit unions began as a movement to help the underdogs when big banks would refuse to serve them. Credit unions care about giving people a fair start in life.

They offer shared branching.

With 170 branches, Maine’s credit unions have nearly three times more locations than any single bank in Maine by “sharing their branches.” You can access your money from almost anywhere. When I moved away from home to college, this was important to me.

Shared branching means if you have an account with a credit union, but are traveling out of the area, you can perform account deposits, cash and check withdrawals, transfers, cash advances, loan payments, etc. at any other credit union that offers shared branching. You only need your photo id, your own credit union name and account number, the last 4 digits of your Social Security number, and the primary address on file for your account.

They are local, and they support the community.

Walk to Stop Hunger with Maine State Credit Union, 2013.

I love that my credit union supports the Campaign for Ending Hunger. Since the campaign began in 1990, credit unions and their members have raised $5.3 million, with 100% of proceeds, toward the cause. They also offer financial education and resources, and raise money through the Swish-Out Childhood Cancer Challenge, where 100% of all sponsorships help children with cancer and their families. 

They make life easy.

With convenient mobile apps, online banking services, and mobile check deposit, I can bank from anywhere!

Use your phone to deposit your checks! 

With mobile check deposit, I use my phone to deposit checks. By taking a photo of the front and back of the signed check, you have access to your money almost immediately.

The SURF ATM network in Maine has 230 SURF ATMs – the largest surcharge-free ATM network in Maine! I use the ATM locator – http://mainecreditunions.org/surf-atm-locator/ to find easy access to my money, wherever I travel, for free.

With online services, life is easy and convenient. You can track your spending, manage your budget, make online transfers, and create separate club accounts to better manage your finances. All of this can be done from home or on-the-go with mobile banking.

They have less fees and better rates on loans. 

As a student who graduated from the University of Maine, this is important to me. College is expensive, and I want the best rates on loans as possible. I also don’t want to pay extra money in fees.

Because credit unions are not-for-profit, they can return money to members in the form of better rates on loans, less fees and more annual dividends dispersed to your savings account each year.

Take Care! 

Flat Broke? Find Help for Rent, Food, Heat & More

What do you do when you max out your unemployment? Is there anything worse than not knowing where your next meal is going to come from? We don’t think so; this is why we’ve put together a list of places that you can find help when you really need it.

$1000 Grants

Modest Needs is a fantastic charity. They help low-income workers from falling into poverty and/or homelessness. If you can’t pay your rent or your heating bill you can apply for a Modest Needs grant (a grant means you don’t have to pay it back) that can help you get through a rough patch.
If you want to help a family in trouble it is easy to donate to Modest Needs; you can help families receive the emergency money they need.

*Clarification: Modest Needs can only assist people who are employed.

Rent or Mortgage

The site NeedHelpPayingBills.com offers loads of information on state, federal and private organizations and charities that can help you pay your rent or your mortgage. The site also has links for help paying heat, electric or water bills.

Most state’s have rental assistance programs. Call your state’s Department of Social Services or Department of Human Resources and ask them. Or, dial 211. You can visit 211.org, enter your zip code, and download a booklet of all the places in your area that can provide help.

Housing and Urban Development (HUD) can provide help for homeowners and for renters.

USDA Rural Development Program can help people in rural areas with their mortgage or rent.

Food

The Federal Food Stamp program is now called SNAP, the Supplemental Nutrition Assistance Program. This program provides monthly funds so you can buy food.

Women, Infant, and Children (WIC) provides Federal grants to States for supplemental foods, health care referrals, and nutrition education for low-income pregnant, breastfeeding, and non-breastfeeding postpartum women, and to infants and children up to age five who are found to be at nutritional risk.

Family Investment Program (FIP) provides cash payments and Medicaid health care coverage to families with dependant children and limited income and resources. The amount of your monthly cash payment is determined by the number of members in your family and your current income and resources. Do a search for “Family Investment Program” and the name of your state.

Emergency Assistance to Families with Children (EAFC) is a program in most states. Family with dependent children under the age of 21 facing an immediate crisis including, but not limited to, eviction notices, mortgage foreclosures, gas and electric turn-off notices and delinquent water bills. Do a search for ” Emergency Assistance to Families with Children” and the name of your state.

SHARE (Self Help and Resource Exchange) is a great program that lets you trade volunteer work for less expensive groceries. Search for food co-ops in your area.

Soup Kitchens can provide a hot meal.

Food Pantries provide emergency food packages.
Feeding America is a terrific program. If you need help, Feeding America will help you. It just released a new study Hunger America 2010. Here are some key findings from their study:
• The 37 million Americans served annually by Feeding America include nearly 14 million children and nearly 3 million seniors.
• Each week, approximately 5.7 million people receive emergency food assistance from an agency served by a Feeding America member. This is a 27 percent increase over numbers reported in Hunger in America 2006, which reported that 4.5 million people were served each week.
• These numbers are based on surveys conducted at emergency feeding centers, such as soup kitchens and food pantries, but do not factor in many individuals also served at non-emergency locations, such as Kids Cafe programs and senior centers.
You can donate to Feeding America to help feed people in our country.

Can’t pay your heating bill?

Call you heating company and ask what help they offer. Most have services or organizations that they can refer you to

Each state has its own chapter of HEAP, the federally funded Home Energy Assistance Program.

My Top 5 Favorite Financial Apps

There is an existing app designed to make almost every aspect of life easier: calorie-counting, exercise-tracking, navigating and traveling, recipe-learning, sales and shopping, language-learning, news-reading, and the list goes on. It’s all accessible with a touch and a swipe on your mobile device. But some of the most useful apps (to me) are apps that help me to better manage my money. Days are busy and I don’t always have time to stop what I am doing and think about tracking my spending, let alone budgeting for the future. Here are my top 5 favorite financial apps that simplify the money side of life!

1. LearnVest

This app helps you to create budgets and outline your financial goals, while keeping you on track to meet those goals. This app connects to your personal accounts – checking, savings, credit cards, and investments – to track your spending. This feature is designed to give you an instant picture of how you are spending your money, and whether you are spending too much in one area.

2. HelloWallet

This app takes a behavioral science approach to business to help you plan your financial future. The founder of the app molded behavioral psychology with technology to come up with an app that offers individualized personal finance recommendations based on your age, spending patterns, and income. It also brings to your attention financial gaps in your life, for example, inadequate emergency-savings plans.

3. OnBudget

This app includes a fee-free prepaid card, so that you cannot spend more than what you have in the budget. With the MasterCard prepaid debit card, this app is designed to help you organize your spending by using different “envelopes” for each spending category. The envelopes are used to track spending patterns, give you tips on saving, and to give you constructive advice on better decision-making.

4. Better Haves

Better Haves is a budgeting app designed for couples. This app allows you to easily manage a budgeting envelope, and allows you to track expenses individually and together. 

5. Checks   

This app monitors your bills, accounts, and credit cards and reminds you of payments you need to make. If you are prone to being late or missing payments, this app may help keep you on track! 

Six Steps to Find Your Perfect Career

You have most likely spent close to nine million minutes of your life, thus far, in school.  You have learned to read, process complex math concepts, articulate your thoughts, and most likely become an intelligent, well-rounded person.  Despite the time you have invested in your education, there is one thing you haven’t been taught—the ability to confidently answer when asked what you want to do after you graduate. In truth, it’s simply the more grown up version of “What do you want to be when you grow up?”


When it comes to determining what career path to follow, there are a variety of strategies, tips and techniques you can use.


1.  Discover your unique talent and gifts by hunting for clues in your life.  Often, your unique talents come so naturally that hunting for them can be challenging.  Begin to look for tiny clues by taking out a blank piece of paper and ask yourself the following questions.  List everything that comes to mind:

  • If you had unlimited amounts of money, what would you do for free that would add meaning to your life?
  • If you could start a business that wouldn’t fail, assured of success, what would it do?  Who would it help or benefit?
  • What parts of school or work do you enjoy most?
  • What daily activities do you like to do most?
  • When someone needs help or advice, what do they come to you to for?
  • What are your hobbies, or what did you love to do before your worries about career and income suppressed them?
  • What sections do you go to first in the bookstore?


2. Think of a career as not a job, but as something that allows you to share your unique talents with the world.   Getting a job sounds plain boring, horrible, and completely devoid of joy.   What if, however, you could work in an industry or career for which you had passion?  Once you begin to understand what your unique talents might be, begin to imagine work that inspires feelings of elation, fulfillment and adventure.  What might make you so excited about going to work each morning that you would tell friends and your parents that you are “passionate” about your career? 


3.  Begin to design the life you want for yourself, using your unique talents as the framework for your creation.  While part of this creation is identifying and then pursuing your dream, it most likely won’t be “the dream”—your ultimate ending point.   I began my professional journey in the mid-1980s, my career path twisting and turning as I worked in a variety of jobs. I explored and exploited my unique talents; writing, creative thinking and teaching.  


Armed with a B.A. degree in political science in 1988 I took a job in a public relations agency so I could write.  I enjoyed writing, but didn’t excel at selling.  I decided I wanted to teach. I returned to school to become a Registered Dietician, stopping just before graduation once I realized that my future career could involve distributing grey sheets of paper with food plans to resentful cardiac patients.  Nevertheless, I recognized that I wanted to teach students who were motivated to learn.  During my next job as Communications Director for a non-profit organization, I was able to harness my creativity and write. 


Ten years later, divorced and raising three children, I received a Masters Degree in Education, finally pursuing my life long dream to of teaching.  Yet, still, three years into this career, I wondered how I might weave the things I loved doing most—teaching, writing, and my love of personal development and adventure—together with my unique talents. Finally, at age 42, I  became a Life Coach.


4.  Armed with the knowledge of your unique gifts, begin to envision your life in two years.  Inspired with knowledge of your unique talents, begin to give yourself direction.  On another piece of paper, answer the following questions:


• What do I want my life to look like in two years? 
• Where do I want to live? 
• Who do I get to meet? 
• Who is on my dream team? 
• What big decisions did I make that took me to this place in my life, two years from now.? 
• What skills did I master? What did I learn? 
• What resources did I use or harness? 
• What beliefs did I change?  What fears did I break through? 


5.  Embark on the journey of moving toward your vision with curiosity.  Once you become aware of your unique talents and the life you want to create, continue to engage in curious questioning of yourself, friends and mentors.  This process is life-long, but to begin it may take months for something solid to click.  In the meantime,  take these steps:


a. Keep a journal, noting things you loved to do in each day.  Keep fleshing out clues to what makes your juices flow.
b. Talk to friends and family, asking them what you enjoyed when you were younger.
c. When you meet a business person whom you admire, ask him/her when they discovered their life’s purpose, and what steps they took to figure it out


6.  Check in to see if your dreams are on track with what you want and who you are.  As your dream and career choices begin to crystallize, be patient, testing what you discover to ensure it represents you and your values.  Once you land on a possibility, check to make sure it meets the following criteria.


*  Would this dream add to my life? 
*  Am I inspired by this dream?
* Does it align with my core values, not those of my peers or family?
*  Does this career allow room for me to grow, change and transform as I grow, change and transform?
*  Does this dream allow me to continue on a path of learning as I excel?


In taking these steps now you can create a life you love, increase the odds that you spend the next nine million minutes earning an income that will sustain your needs, and become a person who is happy, fulfilled and quite simply, jazzed about going to work.

Investors may face fewer investment options in their 401ks

While the number of options available to 401k participants has risen over the past decade, these same retirement plan users may see their options start to shrink.While the number of options available to 401k participants has risen over the past decade, these same retirement plan users may see their options start to shrink.

Data provided by consulting firm Aon Hewitt indicates that the median number of investment options available in these retirement plans has risen from 10 in 2001 to 18 currently available, MarketWatch reports.

Some companies are bucking this trend and starting to offer fewer options to their employees, according to the media outlet. The number of choices is dwindling because these firms are worried that all the options might make the retirement plan participants more likely to err.

“The thrill is gone with making every investment option available to people,” Mark Davis, senior vice president and financial adviser at CapTrust Financial Advisors, told the media outlet. “A lot of our clients are wanting to manage what their participants are exposed to in a much more aggressive way than they have in the past.”

Ted Benna, the so called “father of 401k,” has mirrored these concerns by saying that the retirement plan he created now offers too many options and increases the likelihood that 401k participants will make mistakes, according to MSN Money.

U.S. government bonds are the least-favorite asset of money managers

U.S. treasuries are not the favorite assets of money managers, according to The Associated Press.

There are various reasons not to like the financial instruments. They provide very little return and many market experts anticipate that they will lose value when interest rates start to recover from historically low levels. There are various reasons not to invest in the securities, but demand for the financial instruments remains strong.

Many investors expect that prices will fall for these financial instruments, the media outlet reports. This prediction has not materialized yet, and investors who wagered that the prices for the debt instruments would fall did not generate the returns they were looking for.

It is entirely possible that there is currently a “debt bubble” surrounding the U.S. treasuries. While demand for the U.S. debt is strong and the federal government continues to run deficits, this desire for the debt of the world’s largest economy might not be sustainable.

If investors suddenly lose their appetite for U.S. treasuries and the country still wants to operate at a deficit, default could be triggered. More importantly for investors, the returns of the securities could increase.

Facebook Could Bypass Banks in IPO Bid

While investors are eagerly looking forward to any word about the upcoming initial public offering by Facebook, banks may have a little less to be happy about. The Wall Street Journal reports that Facebook could skip the process of collecting underwriters for its IPO entirely.

Underwriters are the banks responsible for judging the interest in an IPO, helping to corral investors and set the initial offering price. Groupon, the latest major online company to go public, ultimately made use of 14 banks as underwriters, while Google had 10 during its IPO in 2004.

However, finance chief David Ebersman has suggested that underwriters might not be necessary for an IPO of such scale as Facebook, and the company has already begun some of the ground work of speaking with investors to rally interest.

Though banks such as Goldman Sachs and Morgan Stanley could still see a role in the sale, the Journal suggests that the company could follow a model similar to Google’s, which slashed its IPO fees by nearly 30 percent using an electronic auction based on the model created by WR Hambrecht + Co.

The Chicago Tribune notes that the underwriters for Groupon have garnered criticism for the performance of the company’s stock since its IPO.

China Sees Surge of IPOs, But Stability Uncertain

As questions continue to rise about the wisdom of investing in Chinese companies, the nation’s IPO market has begun to pick up.

The Wall Street Journal reports that China has seen a spike in the number of companies looking to conduct initial public offerings after many businesses were forced to delay their plans during the down economy this summer. Reuters reported in September that several IPOs potentially worth as much as $4.5 billion were canceled in one week late in that month.

Now, companies ranging from wind turbine and equipment manufacturer Guodian Technology & Environment Group to Chow Tai Fook Jewellery Group, along with the country’s fourth-largest insurer and second-largest brokerage, have filed for IPOs potentially worth as much as $7.4 billion.

“A lot of IPOs have been pushed back by the narrowing market window as the European crisis evolves, but we’ve seen more companies eager to tap overseas capital for their expansion,” Fang Fang, vice chairman of Asia investment banking at JP Morgan Chase, told The Wall Street Journal. “This is driven on one hand by the continued urbanization, fixed-asset investment, and domestic consumption, and on the other hand by tight monetary supply in China.”

All told, Bloomberg reports that the Hong Kong Exchange and Clearing has seen nearly 110 companies request permission to conduct an IPO. Though less than half of that number has received approval, it still amounts to 40 companies and a full 20 are expected to complete the process before the end of the year.

The move appears to be an attempt to hop on still-high sentiment toward China as the economy begins to slow down. Reuters reports that the latest purchasing managers’ index from HSBC found continuing slowdown across the Chinese economy, with growth in the services sector dropping from 54.1 on the index in October to 52.5 in November.

Already the country has seen its annualized growth rate fall to 9.1 percent in the third quarter, but the Organization for Economic Cooperation and Development suggests that number could decline further to around 8.5 percent.

While the number of Chinese options will be high for the foreseeable future, the declining performance of the country’s economy could combine with the poor showings of several Chinese companies filing in the U.S. Chinese video site Tudou has fallen roughly 50 percent since its IPO over the summer, while its rival Youku has fallen about 50 percent from early trading and more than two-thirds from its peak over the summer.

Volatility will continue in 2012

Even if the various troubled nations resolve their major dilemmas this year, investors should be ready for volatility to continue in 2012, Reuters reports.Even if the various troubled nations resolve their major dilemmas this year, investors should be ready for volatility to continue in 2012, Reuters reports.

Even if the United States solves its fiscal deficit, China successfully copes with its economic slowdown, and Europe survives its debt problems, analysts have arrived at a consensus that volatility will continue to be a problem next year, according to the media outlet. Long-term planning and portfolio diversification will be even more crucial as a result of these continuing market fluctuations.

Fran Kinniry, who is a principal in Vanguard’s Investment Strategy Group, told the media outlet that investors “need to develop an asset allocation plan and really try not to get the short-term market to run their emotions” if they are going to invest in the right way.

He added that exchange-traded funds are an attractive option because there is a selection to choose from and they have low costs.

One problem with diversification in such a down economy is that asset classes correlate more strongly than they do during times of expansion. The Motley Fool reports that analysts are not pointing to many asset classes as clear safe havens from market swings.

Generation X CAN make dinner!

Generation X is always on the run, kids in soccer and dance, homework, and often both parents working outside the home. So what’s for dinner? Fast food, dining out, and grab and go are often the order of the day. But that costs at least quadruple what it would to make dinner at home. Now money is tight and so is time. So this costly trap of finding dinner at the end of a busy day has a lot of people looking for a way out. But who has time to cook? Enter the cast iron casserole dish and the slow cooker.

I’m a baby boomer. But I live the life of Generation X. I’m on the run. What’s for dinner? I don’t always do it right. But when I do, here’s how it goes:

Before I go to bed, I go to my freezer, and take out whatever meat I’m going to throw in a pot for dinner the next day. If I plan on leaving early in the morning, I go the slow cooker route. The night before, I prepare whatever vegetables are going into the pot (about 5 minutes). Potatoes (washed and whole), clean cut carrots and onions go into a plastic bag and back into the fridge. The next morning, potatoes are quartered, and it all goes into the slow cooker on auto mode (about 3-4 minutes), and I’m out the door. When I come home, I’m greeted with the welcoming aroma of dinner! And I hear, “Mmm… What’s for dinner? Smells good… “  I toss a salad, and all is well.

When I’m home for the day, I put dinner in the oven right after lunch. I use my favorite 7 quart cast iron casserole dish. I named it “big red”, because it weighs 18 pounds!  I bought it on a sale with coupon code and free shipping ($179, but I paid about $28 out the door). Heavy cast iron makes for even cooking in the oven, much like a slow cooker. I like “big red” better than the slow cooker, because I can brown the meat, then add whatever else goes in. Then straight from the stove top and right into to the oven. By contrast, with the slow cooker, I should (but don’t allways) brown the meat in a skillet before adding to the cooker. But the slow cooker comes in handy for days when I’ll be gone all day. 

If you don’t have either one of these cooking vessels, it’s time to start enjoying the good life. Open a new browser window now, and order two things online: a slow cooker and a cast iron casserole dish. For an average family of four, a five quart cast iron will suffice. Look for coupon codes, sales, and free shipping, especially for the cast iron cooker (expensive to ship that weight!). Start browsing easy recipes, and get ready to enjoy! They should pay for themselves with the first few dinners you make at home. You’ll love how you feel. And you’ll thank me later.

Aldi anyone?

Yes, we’ve had Aldis across the US for some time now. With their new rollout in TX, again with the questions… Will we have a LIST for Aldi?

Aldi is EDLP, off brands, and limited offerings. But I don’t mean to dis-qualify Aldi. It may have its place, but not for most Grocery Gamers. Or at least not as first place in the race. Here’s why…

For value, we could talk about quality differences vs. name brand, etc. But I’m honing in on what I love best, the numbers! I just reviewed some comparison #s for the DFW area for this week’s offerings at the big three: Albertsons, Kroger, and Randalls. Yep! We’re still in the game (wasn’t worried). Aldi is not the one stop shop for savings.

I have to be a little tight lipped about further details for the moment, as there is some press in the percolator! But once that’s out, I’ll reveal! In the mean time, TX shoppers, hang on to your hats (cowboy hats if you have ‘em). And Aldi lovers, I won’t take your beloved away from you. Just want you to consider some new relationships!

Wish Code Promo Website Provider Every Day

Nowadays the shopping experience has become more interesting since there are sites that offer thousands of coupons online so that customers will feel frugal when shopping. Indeed the reality is that now, large stores that are online and also have large offline stores such as Wish, Target, WalMart, etc., do not take much profit, they already know that customers in this century are better to be business partners because the breadth of opportunities due to the development of technology and e-commerce.

Now talking about shopping, every day these sites provide promo code updates on their site. Wish that popular with it’s cheap goods and many categories and wide range, from fashion, babies, utilities, etc. Before you decide to buy something at Wish, you can get save more when you don’t forget to check some of the sites are below.

Couponchief

As the name implies, Couponchief ensures every visitor gets what they need on this site, including the Wish promo code every day. You can get promo offers from Wish on this site and a variety of other interesting elites.

Coupons.cnn

Don’t miss your chance to get a price, attractive by using a coupon code from this site. Even this site offers discounts of up to 90%, it’s just that you have to make sure the promo code. Wish has a price that tends to be cheap especially when using coupons. Don’t miss every need of a household.

Forbes

This familiar site now also has a Wish coupon code. You not only get information about business on this site but you can also shop at Wish more economically because you can also get coupon codes from the cheapest online shopping site every day.

CouponVario

Every day you can find the latest promo code from Wish on this site. There are also many codes from Wish and various merchants who collaborate with the site, which started 8 years ago. Wish also provides attractive deals ranging from free shipping and more. Make sure you don’t lose your chance by visiting Couponvario today to get your updated codes.

Retailmenot

Maybe some of you are familiar with sites that offer coupons from Wish. Retailmenot provides some new coupon code every day so this can be an alternative choice when you decide to buy something on Wish. Add a coupon code from this site when you checkout to get discounted price.

Thinking About Buying a Car? Here’s Some Help For Determining Your Insurance Rate

During the depths of the recession, the automobile industry suffered mightily as consumers pulled back their spending and cut back on big-ticket purchases. However, as the economic recovery has taken hold, auto sales have surged. In fact, in January of this year Chevrolet, Ford, GM and Honda all posted sales gains in the double digits compared to January 2010.

As consumers return to their old buying ways, auto lending has risen concurrently. Banks that all but discontinued their auto lending programs during the recession are now extending credit to subprime borrowers, illustrating the great strides the industry has made over the past 18 months.

With auto sales and auto lending up, many consumers are either looking to buy or thinking about purchasing a car. However, like any big purchase there are lots of hidden fees that can arise. One question many potential car buyers often have is how much they will have to pay in insurance costs on a car once they decide to buy it.

Insurance rates are affected by myriad variables, including driving history and where a person lives. Though it can often seem like a daunting and complex process to determine the actual price you’ll pay in insurance on your car, Automotive.com has assembled a graphic that can illustrates the different factors that come into play with insurance and the likely costs a person will pay based on the region someone lives, the type of car purchased and other criteria.

For example, the site has broken down all of the potential deciding factors in your insurance rate. According to their insurance experts’ graphical representation, driving record and claim history account for 35 percent of a person’s projected insurance rate; age and marital status make up 25 percent; the type of car is 13 percent; a person’s sex is 5 percent; the location and state of the driver represents 8 percent; the insurer and the policy make up 5 percent; and credit rating is 3 percent of the total.

Also lightly weighted but still indicative of a total insurance rate are insurance deductibles, which make up 4 percent; a person’s occupation figures 2 percent into the equation; and theft protection devices – including parking indoors at night – weighs 1 percent in that decision.

That may seem like a lot of variables because, well it is. Nonetheless, these factors are important deciders in the rate that you’ll pay when you’re cruising around town in your stylish and sporty 1997 Ford Windstar. If you’re thinking about buying a car or looking to switch your insurance, take a look at the graphic and see what your rate could be. Know this, though: The average American pays $1,560 per year on car insurance.

Hidden Ways To Cut Car Insurance

Auto insurance policy costs and regulations vary significantly from state to state, but there are a number of areas that consumers can control and adjust to optimize car insurance prices and quality. Here are 10 tips for keeping your auto insurance rates down from Answer Financial, a leading online insurance shopping service:

  • Check Credit Rating: In all states except California and Georgia, an individual’s credit rating is a key factor that affects auto insurance rates. Get copies of your credit report and correct any inaccurate derogatory points.
  • Check Motor Vehicle Report: Like credit reports, state driving records may include inaccurate data on personal driving records. Report errors to both your state motor vehicle department and your auto insurance carrier.
  • Double-Check Accident Reports: Local law enforcement and car insurance accident reports occasionally include mistakes that will result in a higher rate.
  • Never Let Coverage Lapse and Review Deductibles: Maintaining auto insurance coverage without a lapse makes a significant difference in rates. Additionally, drivers almost always save on car insurance premiums with higher deductibles of $500 or $1,000.
  • Look for Package Rates: In addition to multiple-vehicle discounts, consumers often save substantially by packaging all their insurance policies together with one company.
  • Don’t Miss Good-Student and Mature-Driver Discounts: Most insurers lower rates for mature drivers (55 years and over) and for students who carry a 3.0 grade point average or better.
  • Take a Driving Safety Course: Many insurers will cut auto insurance rates for drivers who take an approved driving safety course.
  • Don’t Forget Car Pool Credit: Many auto insurance carriers drop premiums if you carpool to the office, especially if you drive more than 10 miles round-trip.
  • Check Rates Before Buying a New Car: Auto insurance rates vary considerably from car to car.
  • Take Credit for Safety/Security Features: Drivers should make sure they are receiving lower car insurance rates for safety features such as air bags and antilock brakes.

Finally, all the experts agree; comparison-shopping is the No. 1 way to save on auto insurance. A recent study showed that auto insurance premiums can vary hundreds of dollars from company to company for the same coverage.

For help in maximizing savings with competitive, comparative quotes from top insurance carriers, call Answer Financial toll-free at 1-888-588-5111, or click here.

Use the Internet to Save Money

The internet isn’t just a great way to shop without leaving your home, it’s also a great way to save money without the tedious, old-fashioned task of clipping coupons. With a little smart shopping and a few extra resources, internet deals can save your budget and even give you a little extra room to “splurge” after you’ve got all of the essentials covered.

Deal Sites

This might be the most popular way to save money when shopping on the internet. There are two ways to find deals. The first is searching for promotional codes on coupon sites. Coupon sites are all over the internet and they rely on user contributions to display a list of promotional codes. These codes range from small savings, like free shipping on your order, to bigger deals that may save you a percentage of money on order. Take advantage of these codes!  It’s as easy as copying and pasting the special code into the website’s “promotional code” box when you begin the checkout process. You’ll see your savings automatically, and it will probably elicit a sigh of accomplishment. There’s no greater feeling than finding a “secret” coupon code that saves you big bucks on an online purchase.

The other way is signing up for a daily deals sites. A few that are popular and reliable right now are LivingSocial.com and Groupon.com. All these sites ask for is your geographical location and e-mail address, so they can send you the best daily deals in your area. You do not have to worry about committing to a purchase, you only purchase “the deal” if you are interested in it. You can even purchase a deal and use it at a later date. However, make sure you check the expiration date! If you buy a deal, you may not have to use it that day, but like a coupon it will not last forever. Either way, you will be sure to get real life bang for your online buck!

Buy Your Basics Online & Sign Up for Auto-Refill Services

You can actually buy everything from your deodorant to your toothpaste and other necessities online. You can even find products online that have been discontinued from store shelves — and you can buy them in bulk! If you go through lots of toiletries, these websites can offset your costs dramatically. Consistent purchases can end up landing you cash back rewards or free shipping. Think about what you could save a month’s worth of shampoo, contacts, toothpaste, and even vitamins!

Online storefronts may also offering “automatic refill” subscriptions for the products you buy regularly throughout the year. Nutritional stores like GNC also offer this convenient service, and subscribing can land you free shipping and even regular discounts on products. However, when you sign up for an automatic refill process, you give the site permission to charge your debit or credit card automatically at the same time every month.  Make sure prior to signing up for this service, it is something your budget will be able to commit to. If it is, the products you’ve elected to buy each month are then automatically shipped to your home address without you intervening at all. You’ll receive an email notification that the products are on their way as well as tracking information — and that’s all you’ll need!

Internet shopping is quickly becoming a way to save time and money. It is also a scary frontier, because you are submitting a lot of personal information online. Make sure you take advantage of these saving opportunities but always use your best judgment when it comes to purchasing, especially on sites that are not well known. Happy savings!

Save Money on Health Care

It would be hard to find someone in this country who hasn’t heard of the healthcare reform. If it passes and everyone receives health coverage it will still take time to be finalized and put into practice. If it doesn’t, then we’re stuck in the same place we are now. Either way, everyone should know some basic tricks for cutting down on health costs.

Cheap Drugs

Bring your own medication. If you are in the hospital and you have medication that you take every day you can bring your own (or have a family member or friend bring them to you). These are called “self administered medications” and can save you a ton of money. Hospitals often charge three or four times as much for the exact  same medication.

Go generic.
Not every drug has a generic counterpart but those that do often run 30 to 50 percent cheaper.  According to the National Association of Chain Drug Stores, the 2008 average retail price of a generic prescription drug was $35.22. The average retail price of a brand name prescription drug was $137.90. That’s a big difference.

Ask for free samples. Doctors often get sent free samples of all kinds of medication. It never hurts to ask.

Drugstore clubs. Some stores, like BJs, Wal-mart and Sam’s Club have prescription savings clubs. Ask your drugstore or pharmacist about this. However, do not sign up for random “prescription drug clubs” online. Many of these are scams.

Free vaccines. The CDC often has lists of where you can get free vaccines for your children. Vist the CDC’s Vaccines for Children page.

Pharmaceutical Patient Assistance Programs. Many pharmaceutical companies offer patient assistance programs. Here are a few:

  • RxAssist provides access to some of these programs, including online medications, it claims to be the “web’s most current and comprehensive directory of Patient Assistance Programs”
  • NeedyMeds can find help with the cost of your medicine, info about pharmaceutical company assistance programs, disease-specific assistance programs, free clinics, discount drug cards, government medication programs and programs for children
  • Partnership for Prescription Assistance (PPARx) helps qualifying patients without prescription drug coverage get the medicines they need through the program that is right for them. Many will get their medications free or nearly free. Sponsored by pharmaceutical companies, physician organizations and patient advocacy groups.
  • CancerCare Co-Payment Assistance Foundation helps pay for medication used to treat cancer
  • Together Rx Access helps those with no prescription coverage and who aren’t eligible for Medicare and satisfy the income requirements; the website claims most cardholders save 25-40 percent on over 300 brand name medications. It is sponsored by pharmaceutical companies.

General Savings

Avoid emergency rooms. The ER can be very pricey, if you don’t have a life threatening emergency make an appointment at your family doctor instead.

Shop around for lab work. Lab work can be really expensive. If you don’t have health insurance you should call the lab and ask how much something is going to cost, check online at  mymedlab.com and bloodworksusa.com

Dental schools. Going to the dentist can be very painful, both for your mouth and your wallet. Try your local dental school, they often need people to practice on.

Dollar store. Dollar stores often has really cheap exercise equipment including yoga blocks, mats, jump ropes and exercise videos.

Prevention

Of course the best way to save money on healthcare is not to get sick. Prevention is so much cheaper than treatment. This list is easy to write and I’m sure it sounds easy to follow but there may actually be nothing more difficult to do. Here a few basic ways to stay healthy:

  • Don’t do illegal drugs
  • Don’t drink too much alcohol
  • Don’t smoke cigarettes
  • Eat a healthy low-fat diet (even better: eat a diet of mostly fruits and vegetables)
  • Exercise
  • Reduce stress
  • Stay out of the sun and don’t visit tanning booths

Many health problems come from eating too much fat and food that isn’t good for you and from things like smoking cigarettes, drinking too much, and other bad-for-you behavior.

Remember: It’s much cheaper to prevent illness than to treat it.

Pay Off Student Loans or Save for Retirement?

Today it’s not uncommon for college graduates to owe $50,000, $100,000 or even $150,000 in student loans upon graduating.  Unfortunately, it’s commonplace given the escalating costs of tuition and students taking more than four years to complete their education.

Students loans are the necessary price to pay for opportunities and the possibility of career advancement.  But be warned, once you assume these loans it becomes your responsibility to manage them effectively and “do your homework.”

If you’re like most of us, you didn’t hesitate to take out loans your first year of college because you were filled with the optimism that a college degree would provide you with more than enough income to meet your living expenses, save for retirement, and quickly pay off your loans.  But reality isn’t always so kind.  Now you realize that between taxes and inflating living expenses there’s not as much money to spread between paying bills and saving for retirement as you had thought.  You’re faced with a decision.  With your limited income, should you pay off your students loans or save for retirement?

If this isn’t a question you’re asking yourself, it should be.  You know that your loans won’t repay themselves, but at the same time you need to maintain a lifestyle and try to put some money away for retirement.   There’s just not enough money to go around and the question becomes one of balance, and finding out where every dollar of your income will be put to its best use.

You have three options:
Option 1: Pay off your student loans now and save for retirement later.
Option 2: Save for retirement now and make only the minimum student loan payment required.
Option 3: A combination of paying off your student loans and saving for retirement at the same time.

Though always painful to watch your money go, the decision between the three options is easy and comes down to pure math.

Review each option to decide what’s right.

Let’s review each option so you can decide which is right for you.

Option 1: Pay off student loans now and save for retirement later.

Paying off students loans before starting to save for retirement is a common mistake a lot of college grads make. The reason is simple. When they took out their large student loans a few years ago they convinced themselves the debt would only be temporary and would be paid off within the first few years after college. In other words, their goal was to erase the loans and forget they ever happened ASAP. I know this mindset because it was mine not too long ago. Another popular reason college grads decide to pay off student loans first and save for retirement later is because they want to get out of debt before saving for retirement. This is very idealistic and not very practical. If Americans waited until they had no more debt to begin saving for retirement no one would be able to retire!

But, there is a time when it makes sense to pay off student loans immediately and save for retirement later.  This is a smart decision when your student loans are charging interest greater than 8%.  The long-term investment return on the stock market is roughly 8%, so if you’re paying more in interest than you’re earning on your investments, your money is best used paying off your high interest loans first and investing in retirement later (but not too much later).  If you have multiple student loans with multiple interest rates, only pay off your over-8% loans first and put any excess money towards retirement.

Option 2: Save for retirement now and make only the minimum student loan payment required.

You should consider this strategy if the interest rate on your student loans is less than 8%. If the stock market returns 8% over the long run, and the interest rate you’re paying on your student loans is less than 8%, then your money is best used being invested for retirement rather than paying off your student loans. And when you factor in the benefits of tax deferred growth provided by retirement plans, it makes an even stronger case that you should invest your money for retirement and make only the minimum student loan payment.

Option 3: The compromise: A combination of paying off your student loans and saving for retirement at the same time.

Remember, all things in moderation.  If your student loans have an interest rate that is between 6% and 8%, you may want to consider a compromise between paying off your student loans and saving for retirement.

Example: Your $30,000 student loan (at 6.5% interest) requires you to make a minimum monthly payment of $200.  You find that after you make the minimum monthly payment and pay your other bills, you still have $100 left over from your paycheck at the end of each month.  You should consider putting an additional $50 towards paying off your student loan (because the interest rate is between 6% – 8%), and put the other $50 into your retirement account.

You’re also allowed a small tax deduction for interest accrued on your student loans if your income is under $55,000 (single) or $110,000 (married), which provides an additional benefit.

Final words of caution…

For your student loans (unlike other debt), if you can prove you don’t have the wherewithal to make your monthly payment, many lenders will let you temporarily put your student loan payments on hold – known as deferment or forbearance. This usually occurs if you’re facing unemployment or have high medical bills. But be careful, many times your interest will continue to accumulate during this time. You should check with your student loan provider and make sure you understand the fine print in your loans.

Generation Debt: Hope for Echo Boomers in Trouble

The children of Baby Boomers have many nicknames: Echo Boomers, the Millennial Generation and Generation Y. With birth dates ranging from 1978 and 1994, Generation Y makes up 60 million of America’s 300 million population.

They’re demanding, technically savvy, ambitious, question everything and, as a group, are in financial trouble. No group has ever started adult life so deeply in the hole, thanks to mounting college costs, dwindling financial aid and credit-card debt. Here’s how Generation Y became Generation Debt, and how they can turn things around.

1. Cushy Upbringings
Raised by Baby Boomer parents who wanted a better life for their children, Generation Y was pampered, nurtured and given everything they needed or simply wanted. It’s no wonder they grew up with a sense of entitlement.

2. Easy Access to Consumer Credit
Consumer credit companies handed out cards to Generation Y like candy, allowing them to instantly gratify their desires with the latest iPod, laptop or phone upgrade. As a result, Generation Y now faces a median credit-card debt of $8,200.

4. College a Must
Many Baby Boomers were the first in their families to earn a college degree. It was only natural they expected their children to follow in their footsteps. A recent survey found 70 percent of Generation Y felt a college degree was a necessity to compete in the shrinking job market.

5. Financing College
Many entered college just as tuition inflation set in and college loans became more difficult to secure, resulting in an average college debt of $20,000.

6. Poor Financial Skills
While they’re technically savvy, many of this generation are financially illiterate. The education system hasn’t kept pace with the increasing complexity of financial products and the easy availability of consumer debt. This attitude is reflected in the 52 percent of Generation Y who say, “Loans were always expensive; I’ll worry about them later.”

7. Necessity of a Degree
High school graduates face fewer jobs and a more-qualified workforce than ever before. Many employers, faced with an overwhelming number of applicants for each job posting, weed down these numbers by requiring a minimum of a BA or BS for even rock-bottom entry positions.

8. Unemployment Statistics
Roughly one-in-five young adults between the ages of 18 and 29 is unemployed, compared with a 7 percent unemployment rate for those over age 30.

9. Poor Debt Financing
With an entire generation facing underemployment or unemployment, many have turned to the bank of Mom and Dad or borrowing from friends to keep their heads above water.

10. No Bail Outs
Recession recovery programs rarely address Generation Y financial concerns. 80 percent of those still in college think the financial bailout won’t provide help with tuition or student loans.

11. Taking the Easy Out
When debt payments become insupportable, many Generation Y members think bankruptcy will provide an easy out. People between ages 25 and 34 make up 22.7 percent of all U.S. bankruptcies. Unfortunately, college loans aren’t forgiven through bankruptcy.

So what’s a generation to do? For those trapped in debt and struggling to get on top financially, Coupon Sherpa offers the following five strategies.

1. Adjust Expectations
Although the challenges facing young people are real, out-sized expectations are a large part of the problem. For example, most people historically don’t buy their first home until they’ve reached financial stability, in their late 20s and early 30s, yet many GenYs took on mortgages at a much younger age.

2. Track Expenses
There’s a reason the rich are rich. They treat their spending like a business and know exactly where each penny is spent. Create a budget and record every expense according to category. Are you eating out too often? Cell phone carrier bill too high? Tracking expenses allows you to see where it’s possible to cut back.

3. Use Online Financial-management Aids
• Yodlee helps you create a budget, track spending, monitor online accounts, create expense analysis charts, and track your net worth.
• Mint is a free money-management tool that allows you to analyze spending, savings and other financial habits. Best of all, Mint offers suggestions for improvements, including showing users how much money they could save or earn by using a credit card with a lower interest rate, earning higher interest from a bank account, buying a less expensive cable service, and more.
• Wesabe combines social networking with money management and tracking capabilities. Users can join groups, set financial goals, and share tips and information with each other.  Wesabe also allows users to create tags for expenditures and automatically label store purchases.

4. Finance College With Minimal Debt
The recession has made it more difficult to obtain private student loans, but government loan programs now offer more loans, more money, and better rates, while increasing tax breaks for parents. An expanded tuition credit for households with up to $160,000 in adjusted gross income could trim as much as $2,500 in taxes. Go Frugal offers five public and private ways to finance college.

5. Face Up to Collectors
Avoiding collectors’ calls or letters will just delay the inevitable and usually make things worse. It’s important, however, to know your rights. Collector may not harass you; falsely imply they represent the government or that you’ve committed a crime; or suggest you’ll be arrested if you don’t pay up.

6. Chip Away at Debt
Aggressively pay down your highest-rate balances while making on-time minimum payments on the others. Your budget will dictate how much you can devote to paying down your balances each month. If possible, use any savings, bonuses or overtime pay to buy-down debt.

7. Educate Yourself
There’s a lot of free help on the Internet. Financial Guru Suze Orman, MSN’s Money Central, CNNMoney.com, and, of course, Young Money are excellent, unbiased resources that don’t push specific products.

8. Don’t Give Up
You didn’t get into debt overnight and you won’t be able to climb out quickly. It takes time and patience, but you’ll find it worthwhile in the long run.