Frugal Tip: Household Expenses

by Cara Mirabella of The Household Helper

Purchasing groceries is one big area where you can save loads of money each month. The next big area where you can save extra money deals with household expenses. Everyone has these and everyone can use all or just a few tips to save money each month.

If you can, change out all your light bulbs (or all the light bulbs that you can) with new energy efficient light bulbs. These light bulbs can cut your electricity bill by ten to twenty percent each month just by changing the light bulbs out. These bulbs are meant to use less electricity than older light bulbs.

When possible, don’t run the heater or air conditioner. This only works if you can go a few days in a row without having them on at all.  This will save you money plus if you can open the windows and be comfortable, you’ll also be getting fresh air in the house. Another tip
is to turn down the heater in winter and turn up the air conditioner in summer.

Continue Reading Frugal Tip: Household Expenses

Save Money By Cooking With Crock Pots

I love cooking with my crock pot, so when I saw Cara’s (of TheHouseholdHelper.com) article about how cooking with a crock pot can help save money I just had to share…

First introduced in 1971, the Crock-Pot revolutionized the way we cook meals. The word Crock-Pot is actually trademarked by Rival Industries, but is used in every day conversations instead of the term slow cooker. Many recipes for the crock-pot require little preparation. The slow cooker can then safely be left to run unattended, making it a convenient cooking method.

Crock-pot meals can not only save you time in the kitchen, but they can also save you money as well. The reasons are as follows:

1. It keeps you out of the fast food line. If you had not loading up the crock-pot with the ingredients this morning you’d likely be in the drive through line at the local fast food restaurant this afternoon after work, grabbing a meal for your family. The average fast food meal for a family of four rings up over $20.

Continue Reading Save Money By Cooking With Crock Pots

How to Ask for a Lower Interest Rate

You’ve heard the old saying… it can’t hurt to ask… And when it comes to your credit card interest rate, just asking the bank to lower your rate could save you hundreds, even thousands of dollars.

Below is a video of four people calling their credit card companies to ask for lower interest rates. Of the four, three were successful. So, it is possible to get your interest rates lowered, just by calling.

Is saving a few hundred dollars a year in interest charges worth a few minutes on the phone? Take a listen and decide for yourself…

You CAN Get Out of Debt On Your Own

There are many resources out there for those who are deep in debt. There are credit counselors and debt consolidation companies. There are lawyers offering to have your debt reduced for a fee, and in extreme cases, there is bankruptcy. With all of these choices, one might think that a person can’t get out of debt on his own.

The truth is that it IS possible to get out of debt on your own. Even those who think there is no room in their budget to pay down debt are often surprised. It takes willpower and determination, but you CAN get out of debt on your own.

So… how do you get out of debt on your own? Here are some tips:

Continue Reading You CAN Get Out of Debt On Your Own

What Makes Up Your Credit Score?

A few days ago I posted about creating credit resolutions for the new year.  I thought now would be a good time to review what makes up your credit or FICO score.

There are five key elements that comprise your credit score: payment history, outstanding debts, credit history age, inquiries, and account types.  Each of these items is weighted differently when calculating your FICO score.  Payment history is 35% of the score, outstanding debt is 30%, credit history age is 15%, and both inquiries and account types are 10% of your total FICO score.

So… what do each of these elements include and more importantly, what’s considered good and what’s bad for each component?

Payment History
Your payment history includes the details of how you’ve been paying your bills - i.e., whether you’ve been paying them on time, or even at all.  Each of your creditors reports your payments as on time or late.  Late payments are reported as being 30-, 60-, 90-, and 120-days late.  After six months of non-payment, many creditors charge-off your account, deeming it as uncollectible.  The more recent the late payments are, the worse the effect it is on your credit score.  Timely monthly payments boost your score in this area.

Continue Reading What Makes Up Your Credit Score?

Next Page »