Tips To Help You Save During The Fall Months

Fall is an especially good time to think about savings.  With the traditional back-to-school in September, children and adults alike can “turn over a new leaf” to start fresh.  The household budget is a great place to start, suggests Nationwide Biweekly Administration.

The air conditioner can finally be turned off in the fall; it’s also a great time to prepare the house for the cold months ahead.  Be sure to change air filters regularly to help your unit run more efficiently and consider closing vents in unused rooms.  NBA says that fall is a great time to check out insulation deficiencies and to fix drafty windows and doors.  Weatherize your house by caulking and weather-stripping doors and windows.  Setting your thermostat to a maximum of 68 degrees and even lower at night will save energy, and therefore energy costs.  For every degree you lower the thermostat, you will save about 2% in energy costs.  And don’t forget to have an annual service check performed on your heater.  Other great energy and cost saving tips include closing your chimney flue when it is not in use, turning down your water heater to 120 degrees and installing low-flow faucets on showerheads and toilets.

Since food is often one of a household’s biggest expenditures, there is great opportunity to save money.  Nationwide Biweekly Administration suggests organizing meals by the week or even by the month.  On Sunday afternoons, make your meal list for the week.  Start with dinners and don’t forget to think about using leftovers as lunch.  Obviously the less often you shop, the less opportunity you have to spend.  Therefore, stock up when key staples are on sale and buy in bulk.  Meal planning is the single-most effective thing you can do to reduce your food budget.  Cook food in large batches (chili, for example, is often a family favorite and can be made in bulk and then frozen).  Strike eating out from your list this fall and your savings could total in the hundreds.   Nationwide Biweekly Administration says that certain items, such as apples, pears and squash are in-season in the fall and are often on-sale. 

Nationwide Biweekly Administration also recommends that consumers consider upgrading older appliances in the fall.  While there is an initial expenditure, Energy Star-rated appliances are energy efficient and will save you money in utility costs for many years.

Another great way to save big in the fall is to consider switching your cell phone service.  Nationwide Biweekly Administration points out that you may even want to drop your land-line, an increasingly popular move as consumers discover that only one phone line is generally sufficient.  Examine your cell phone usage and make sure your plan is the right one for you.  Keep in mind that if you are a new customer, prices for you are often rock bottom.  Some companies even pay you to switch!  Read the fine print, examine the offer carefully and then switch if the savings are there.

How To Save For College!

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In saving for college, a parent should keep in mind that a college education is an investment in the future of their child.  Over time, a college-educated person will make about $1 million more than a high-school graduate. Two key components will help a parent save successfully:  time and consistency.  If a parent starts early, as early as the day a child is born, and saves monthly in the years leading up to college, a significant amount can be amassed.  Nationwide Biweekly Administration points out key ways to save for college include:

·        Consider using a 529 account.  This type of college account allows savings and interest to accrue tax-free.  Withdrawals for higher education are tax-free also.   You may also want to consider Coverdell Education Spending Accounts (ESA’s), State Prepaid Tuition Plans, Savings Bonds and certain government programs, like Lifetime Learning tax credit and Hope Scholarships. 

·        Remember that it is cheaper to save for college ahead of time than to take out loans and pay them off afterwards.  When you save for college, the account can accrue interest.  When pay back a loan, you pay interest to the bank, says Nationwide Biweekly Administration.

·        Look for rewards programs that link your credit, debit, gas and grocery card to a college-savings account.  These programs give a small percentage back to the consumer in the form of deposits to the designated account.

·        Remember that student aid won’t be enough.  Nationwide Biweekly Administration says that while your child may qualify for scholarships and financial aid, it is still the primarily the parent’s responsibility to help pay for their child’s education.  You do not need to assume the full cost, as that usually is not realistic nor ideal for your child.  However, you do not want your child to start their adult life saddled with crippling student loan debt.

·        In setting up your college savings account, Nationwide Biweekly Administration recommends using the “one-third” rule.  If you assume that your child will attend a school costing $30,000 per year, assume that 1/3 of the money will come from your college savings, 1/3 from current income and 1/3 from student aid and loans.  This makes your goal more attainable and not as “scary.”

·        Age-based asset allocation can help you use the stock market to your advantage.  Over time, using history as a guide, the stock market will go up.  While the market is certainly volatile, don’t miss out on the opportunity for a higher rate of return than other savings vehicles can offer.  The key is to balance your investments based on the age of your child.  The closer a child gets to college, the lower the stock market allocation should be.

·        Set a college-savings goal.  Setting a goal is important because it will help you decide what amount to contribute monthly and to see what is realistic.   Don’t get overwhelmed in thinking about total college costs; remember that saving early and often is better than not saving at all.  Nationwide Biweekly Administration. 

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5 Summer Savings Tips

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Nationwide Biweekly Administration Savings Tips.

Saving money is possible year round by being conscious of your energy usage and paying attention to the thermostat. In summer, as temperatures soar and air conditioners work overtime, energy bills spiral out of control and break many people’s budgets.  Here are a few tips by Nationwide Biweekly Administration for saving money during the warmer months

·         Turn off the dryer. Take your freshly laundered clothes and let the sun and summer breeze do the drying for you.   The resulting difference in your power bill will be significant.

·         Cook outside.  Especially in the summer, using the oven creates a lot of excess heat that has nowhere to go except your house, taxing your air conditioning and driving the bills higher and higher to maintain a comfortable temperature.  Fire up the barbeque grill for delicious summer meals that won’t heat up the house’s interior.

·         Turn off the air conditioning.   Okay, this is not realistic if you live in Florida, Southern Nevada, Arizona and a handful of other all hot all the time locations.  In other areas though, where the weather does fluctuate, you can save money by simply paying attention to the weather. In coastal California for instance, you rarely need air conditioning at night as the marine layer cools off the air considerably. Turn off the air conditioning before heading to bed, open some windows, turn on the ceiling fans and enjoy a lower power bill.

·         Check and/or replace your air conditioning filters.  A dirty filter can increase your cooling costs unnecessarily.  Dirty air filters restrict airflow and the efficiency of the air conditioner causing more run time and higher cooling bills.  When you factor in how cheap filters are and how expensive air conditioning bills are, you’re not likely to forget to check your filters again!

·         Plan ahead  At the end of summer you’ll notice season ending sales. If you give some thought to next year’s landscaping and garden projects you can pick up the supplies at up to half off.

By following these five easy tips you can reduce your power bills and the strain on your air conditioner greatly this summer.

 Posted By Nationwide Biweekly Administration