I am aware this is not a new site, but it may be new to some people. So in an effort to save you more money, especially with the boom of online shopping in the past decade - and the great savings and deals that come with it - please check out this site before you purchase anything, anywhere.
www.retailmenot.com
Simply type in the URL (website) you are wanting to purchase from, and it will run a quick search to find helpful codes and coupons for you to use. Most of the codes are user-submitted, so they may not work or may have expired, but its worth a shot. Most website check out systems have a box to type a coupon code, well let that remind you to check RetailMeNot.com whenever you are about to make a purchase.
Thursday, August 19, 2010
Tuesday, August 17, 2010
Savings and Checking Accounts
Most people have a savings account with a local bank. In general, all banks offer some type of savings/checking accounts. Depending on the bank you choose to do business with, they offer different benefits, such as APY (Annual Percentage Yield), online banking, ATM services, cash back bonuses, and customer service. Historically, there have been two places to open a savings account; at a community bank or a national bank. Nowadays, a breed of online banks now gives the public a place to do business with new benefits.
Let me first address savings accounts. Today the average savings account returns much less than .5% APY. My personal recommendation is the high yield online savings account at Ally Bank. At 1.29% APY, the intreset is earned at a much higher rate than most. Another benefit is that they accrue interest on a daily basis, opposed to monthly - which is what most banks do. This gives you the added benefit of compounded interest, where you can earn interest on interest.
Also with Ally, they offer interest checking accounts. This online bank allows you to access your money anytime with a debit card, which is not only free to use at any ATM, but they will reimburse you any fees charged by the other bank. The APY you get for their checking account begins at .5% and can go upwards of %1.05 (at the $15,000 level), which is not bad considering most checking accounts earn no interest and may charge you to use. Ally also offers daily compounding on these accounts as well as free checks.
Overall, given the amount of money you would like to open these accounts with, I highly recommend shopping around, just don't forget to look at the online bank market. Also, with the options of other retirement plans and investment opportunities (IRAs, 401Ks, Hedge Funds, bonds, ETFs, etc.) I recommend using a variety of investment to reach your retirement goals. Savings accounts tend to have trouble competing with inflation rates, so keeping your money in these is really a last resort. Remember if you have debts (credit cards, mortgages, etc.) that are charging you at a rate higher than your investments, it makes more sense to pay these off as soon as possible. Finally, remember to use an FDIC insured bank when deciding where to store your money.
Let me first address savings accounts. Today the average savings account returns much less than .5% APY. My personal recommendation is the high yield online savings account at Ally Bank. At 1.29% APY, the intreset is earned at a much higher rate than most. Another benefit is that they accrue interest on a daily basis, opposed to monthly - which is what most banks do. This gives you the added benefit of compounded interest, where you can earn interest on interest.
Also with Ally, they offer interest checking accounts. This online bank allows you to access your money anytime with a debit card, which is not only free to use at any ATM, but they will reimburse you any fees charged by the other bank. The APY you get for their checking account begins at .5% and can go upwards of %1.05 (at the $15,000 level), which is not bad considering most checking accounts earn no interest and may charge you to use. Ally also offers daily compounding on these accounts as well as free checks.
Overall, given the amount of money you would like to open these accounts with, I highly recommend shopping around, just don't forget to look at the online bank market. Also, with the options of other retirement plans and investment opportunities (IRAs, 401Ks, Hedge Funds, bonds, ETFs, etc.) I recommend using a variety of investment to reach your retirement goals. Savings accounts tend to have trouble competing with inflation rates, so keeping your money in these is really a last resort. Remember if you have debts (credit cards, mortgages, etc.) that are charging you at a rate higher than your investments, it makes more sense to pay these off as soon as possible. Finally, remember to use an FDIC insured bank when deciding where to store your money.
Thursday, August 12, 2010
Groupon
Quick post today - Sign up for Groupon (http://www.groupon.com/welcome_to_groupon). This organization uses power in numbers and increases the number of buyers to negotiate lower prices for gift certificates. With the ability to search by city and receive email reminders, sign up and get a new Groupon offer daily. Worst case scenario - delete the email. Many offers are for more than 50% off regular price. Consider purchasing gift cards to local restaurants if you frequently eat out. These savings can add up significantly over time. Also, consider using these gift cards as gifts! Who wouldnt love an $80 gift that costs you only $40 or less.
Monday, August 9, 2010
Reward Credit Cards
It is estimated that an average American has 6-8 credit/charge cards in their wallet. Paying with credit cards makes spending money easy. However, I cannot stress how important it is to remain current with payments and taking all precautions to avoid spending more than within one's means. With that said, I would like to talk about the benefits of having multiple credit cards.
First of all, credit cards are accepted almost anywhere, nowadays. This gives the average consumer choice. Choices in brands, choices in rewards, choices in payment. With recent bills passed to monitor and regulate debit and credit cards (see: Credit Card Bill of Rights), banks are no longer to apply such steep overdraft penalties - where they make a lot of money from - and therefore offer less benefits and rewards for using a debit card. Intern, this makes using a credit card even more attractive.
Given the economic times and what you are personally looking for in credit card rewards, I have found it hard to say "no" to cash back. You may be able to earn airline miles or points to be later used on merchandise, but when the economy is down, nothing is more beneficial than simply earning money back which can be spent on necessities, instead of luxuries. Credit card companies can offer these rewards with no annual fees to the holder, so look for a brand that has none of these annual fees.
Additionally, there are many websites that show what you can qualify for and based on what you are looking for, can search for what cards best suite your needs/wants:
http://www.billshrink.com/
Also, a popular thing for credit cards to do is to rotate rewards. I recommend keep track of these very well, perhaps even writing them down. Credit cards often will offer 1% cash back on purchases, up to an annual maximum and 5% in certain catagories which likely rotate. This means you should be keeping track of how much you earn on each card annually as well as what they give you the most cash back in. Also, you may have to re-apply for 5% cash back in catagories quarterly or monthly. So keeping track and remembering to do this is very important.
With that said, holding a credit card establishes credit, so as long as you use each card at least a handful of times a year (aim for at least once a month) and remember to pay them off, I recommend having between 2-6 cards in your wallet. Each with maximum rewards in different places and from different companies (Visa, Mastercard, Amex, Discover). Remember which card to use at different locations (grocery, home improvement, retail, clothing, gasoline, etc) based on their bonus.
Try to double use credit cards as much as possible. For example, use a credit card to get rewards when purchasing gift cards at discounts. Or when paying bills, instead of writing checks or directly withdrawing from a checking account, try paying with a credit card to get these rewards. Also, hold a nice variety, for example if you regularly go to one gas station, look into a card they may offer which may give you 3-5% cash back all the time at their facilities.
Again, I cannot stress enough the value of shopping around when looking for a new credit card, monitoring purchases and rewards, and spending within your limit to be able pay off cards on a monthly basis.
First of all, credit cards are accepted almost anywhere, nowadays. This gives the average consumer choice. Choices in brands, choices in rewards, choices in payment. With recent bills passed to monitor and regulate debit and credit cards (see: Credit Card Bill of Rights), banks are no longer to apply such steep overdraft penalties - where they make a lot of money from - and therefore offer less benefits and rewards for using a debit card. Intern, this makes using a credit card even more attractive.
Given the economic times and what you are personally looking for in credit card rewards, I have found it hard to say "no" to cash back. You may be able to earn airline miles or points to be later used on merchandise, but when the economy is down, nothing is more beneficial than simply earning money back which can be spent on necessities, instead of luxuries. Credit card companies can offer these rewards with no annual fees to the holder, so look for a brand that has none of these annual fees.
Additionally, there are many websites that show what you can qualify for and based on what you are looking for, can search for what cards best suite your needs/wants:
http://www.billshrink.com/
Also, a popular thing for credit cards to do is to rotate rewards. I recommend keep track of these very well, perhaps even writing them down. Credit cards often will offer 1% cash back on purchases, up to an annual maximum and 5% in certain catagories which likely rotate. This means you should be keeping track of how much you earn on each card annually as well as what they give you the most cash back in. Also, you may have to re-apply for 5% cash back in catagories quarterly or monthly. So keeping track and remembering to do this is very important.
With that said, holding a credit card establishes credit, so as long as you use each card at least a handful of times a year (aim for at least once a month) and remember to pay them off, I recommend having between 2-6 cards in your wallet. Each with maximum rewards in different places and from different companies (Visa, Mastercard, Amex, Discover). Remember which card to use at different locations (grocery, home improvement, retail, clothing, gasoline, etc) based on their bonus.
Try to double use credit cards as much as possible. For example, use a credit card to get rewards when purchasing gift cards at discounts. Or when paying bills, instead of writing checks or directly withdrawing from a checking account, try paying with a credit card to get these rewards. Also, hold a nice variety, for example if you regularly go to one gas station, look into a card they may offer which may give you 3-5% cash back all the time at their facilities.
Again, I cannot stress enough the value of shopping around when looking for a new credit card, monitoring purchases and rewards, and spending within your limit to be able pay off cards on a monthly basis.
Subscribe to:
Posts (Atom)