Nuts

You can buy them in big bags and big containers and it is a great deal when you buy them in bulk but nuts expire in a matter of a month or at most two months. Nuts has a high level of fat which makes them go rancid in a shorter period of time than expected. You might also encounter the same problem with seeds. Before you buy them in bulk, just think how often will you snack on them or will a good portion just go to the bin.

Cooking oil

This depends on the kind of oil. Olive oil can be good for half a year as long as you store it in a dark, cool place. Corn oil and peanut oil will last for roughly a year if still sealed. Sesame oil will only go for a few months.

Brown Rice

Brown rice is a lot healthier than the usual white rice but it does not last as long. It can only go for as long as six months to twelve but you can stretch its life by keeping it in the fridge.

Condiments

You will not be consuming your stock of condiments for quite a times. So why buy them in bulk if they are only good for about six months. Things like ketchup, mustard or mayo may go bad when you buy them in bulk. Same is true for your peanut butter and jelly.

Being smart on your finances though goes beyond following a budget and balancing your checkbook. It is also about spending wisely and carefully. Here are some tips how retirees can spend wisely:

Take control of medicine costs

You will save a lot when you think generic or go for store brands. The prices of medicine can be three times higher if you go for branded ones. You can also sign up for discount programs which will save you some money thru time. There are pharmacies and groceries which offer these but you have to pay an annual fee.

Join a Warehouse club

Upon retirement you might think that you will not be doing a lot of shopping or you will not be needing a lot of things but it will be wise to signup with a warehouse club. You might not need to buy a lot of stuff in bulk but you will be able to save a lot in discounted non-food items like electronics, clothes, books, and fuel. You can also join thru your neighbors and just split the fees with them.

Review your insurance coverage

Before retirement make sure you know the ins and outs of your insurance coverage for your car, home, disability, life, and other coverage. It will be wisest to look for lower premiums, price cuts, or discounts upon your retirement. Double check your deductibles and get some quotes and you might end up with a better deal. You might also consider dropping life insurance if your kids are already independent and see if you will benefit more with long-term care coverage.

Tighten the wallet a bit on family spending

You might think it is a bit heartless if you will hold back on buying gifts for your children and grandkids but it keeping your finances in order is your top priority. Know your boundaries and know your financial priorities.

Keeping yourself organized and disciplined

Monitoring how you spend your money builds your discipline and organizes every bit of your finances. It gives you access to data which is easy to read and which you can review from time to time to see where you are going wrong and where you are doing good.

Makes you think about your finances

Think more about money and you might focus more about building up your finances. The more you know yourself and your spending habits, the more opportunities to save you will see.

Preventing Crisis

Looking at your cash flow on a regular basis will allow you to spot areas where you can improve on. This way you can prevent problems from starting. Instead of reacting to a financial crisis, you are well ahead of the situation and avoid financial nightmares.

Useful for family discussions

It is always hard to bring something up about money to your loved ones. If you involve everyone in the process—budget making and tracking of expenses—life will be a lot easier. You can discuss with your family where you need to tighten the belt a bit using your tracker which every member can understand.

Measure of progress

Ideally, you want to cut off on your spending and build a surplus of savings. It is impossible to do this though if you do not keep track of your budget.

Planning

When you keep track of your budget, you know what comes in and what comes out of your pocket every month. Knowing these, you can allocate the funds and know possible issues that you may need to address in the coming month or so.

Stress reliever

This last point is easy. Know where your money is at and going and you do not have an unknown variable. No need to worry, no stress.

There is no right or wrong answer to this question. Whether or not to open up a savings account is the individual customer’s decision. One good point about a savings account is that it still accumulates interest. That is something that is not likely to happen if the money is held at home. Also, the FDIC will still insure the funds up to a certain amount. If money is saved at home and it gets stolen it is just gone forever. So as far as safety and actually earning extra money, it does appear that the savings account is still useful.

There is also an old saying “Out of sight out of mind”. Having the money put away somewhere where it can not be easily accessed is a great way to forget about it until the right time. No matter how strong willed a person may be it still might be difficult to avoid temptation if the funds are within reach. That is another solid reason why a savings account would still be useful.

Basically a savings account can be as useful as an individual wants it to be. It can be a great place to create a nest egg for one’s self while also reaping the benefits of the yearly interest earnings. Some banks still have excellent interest rates for savings accounts so the more money that is stored the bigger the return a customer could get.

On the other hand, savings accounts will only benefit a person who is serious about saving money. It will not be useful for a person who will get frequent urges to withdraw funds and it may actually harm a person who owes creditors. With this knowledge, anyone thinking about opening up a savings account should be able to make an intelligent decision.

America however can’t default easily because of our US$-based debt – but it’s still pretty bad news…

When you use your debit card, you have the choice to decide if you want it to go through as a credit, or regular debit. If you choose for it to go through as a debit, it will make it an online transaction. If you choose credit, it will make your purchase an offline transaction.

When you pay for items with your credit card, you do not have those options. You do need to make sure that you have enough money on the card to cover the purchase, and that you will be able to pay that money back. You do not want to go over the limit, because you will then be faced with some outrageous fees, that will affect your credit.

Paying with your debit card, makes your transactions go smoother. All you have to worry about is having enough money in your account to cover your costs. If you overdraft, you will be stuck with a fee, depending on your bank. There are certain cards that don’t charge overdraft fees, but according to CC Expert Douglas Adams, these “cheaper” cards often compensate that elsewhere.

When it all is said and done, you have to distinguish what is best for you. It all just depends on your financial situation. Some people only use their credit cards for emergency purchases. They usually stick to using their debit card more often instead. That decision is totally up to you.

Compilation from the Korelin Economics Report in April. More and more proof that we are losing a financial war with ourselves…

Check out GlobalCrossig for more information about the financial crisis, and keep in mind – if I post a video, that doesn’t mean I share the opinion with anyone I’m showing.

What to Look for in a Bank

One of the top things to look for when choosing a bank is good customer service. People these days are looking for banks that value people. For banks, it comes down to what the top priorities are. For instance, a bank that is more concerned about money will often be impersonal and really focus on things that generate money for them.

Another thing to look for in a solid bank is the interest rates. A bank’s interest rates are usually published on a card for account holders to take with them. Look for a bank that gives extra for having a savings account with them. Some banks will often have a real low savings rate while another bank will offer more interest for having an account with them.

Why is it Important to Choose the Right Bank

The importance of choosing the right is found in your personal financial goals. Most people want to maximize the benefits of having their money with the right bank. They will want to have good solid interest rates so there is larger return on their money. Account holders will also want options to invest in other than a savings account. Some options that they look for are CD’s, low fees, and great interest rates on loans.

There are lots of things to think about when choosing the right bank. The decision can affect your financial future. It is always a good idea to ask questions and research the bank that you are considering.

The most immediate benefit of leasing a car rather than buying one is that it usually requires a much lower down payment. In fact, sometimes all that may be required is the first month’s payment and a refundable deposit. So for those who are low on available cash but are still hoping to drive a new car off the lot, the leasing option often allows them to drive away without having to provide a large amount of money upfront.

Deciding to lease a car also usually means lower monthly payments than purchasing one. The reason is that when an individual leases a car, they are not really paying for the whole car. They are only paying for the car’s value during the time that it is leased. Therefore, monthly payments are often 50% or less than what they would be with a conventional loan to purchase the same car.

It’s also true that a new car loses much of its value the moment it is driven off the lot. This is simply because once it has its first owner, the new car suddenly becomes a used car. Even if the previous owner only drove it for less than year and put nothing but highway miles on it, the car has lost its “new car appeal”. But for someone who chooses to lease that same car, the resale value is of little concern. After all, it was never really their car to begin with and selling it to the next owner is not their responsibility, as long as it is returned in good shape when the lease expires.

Lower upfront costs, smaller monthly payments, and not having to worry about resale value all make leasing a car an attractive option. Although the individual may never actually own the vehicle, in most instances they are still able to drive a great car off the lot. In fact, with short lease options available, drivers who decide to lease rather than buy can even experience the thrill of driving a new car every two or three years.