Saving money is one of the most difficult things for millions of people to do in these tough economic times we are living in. However, there are a wide variety of methods that people can use to save money, many of which have never been considered by most people. So take a look at some unusual ways to save money.
- Paint your roof
An enormous amount of electricity used in the United States is because of air conditioning. However, you do not need to pay a fortune on your electric bill just to keep yourself cool. All you need to do is paint your roof white. By doing this, the rays of the sun will not be absorbed by your roof as much as they are to a traditional black roof. A white roof has the ability to lower your electric bill by as much as one-fifth, As an added bonus, there are certain states that provide rebates for individuals who apply a coating to their roof to keep it cool. Check online to see if your state is one that offers incentives for using this technique.
- Take less time to graduate
It is no secret that college is extremely expensive. Even if you go to a public university, you will be paying a considerable amount of money. Therefore, it is in your best interests to graduate as soon as you can. It is possible to earn a bachelor’s degree in three years, as opposed to the standard four years that most people require. While doing this will take a lot of effort on your part, it can be done. Most colleges offer shortened classes in the summer. By taking classes in the summer for three years, you will be able to avoid the fourth year of college, saving yourself literally thousands of dollars in the process.
- Unplug everything when it is not in use
It is amazing how many people do not realize that all devices use electricity when they are plugged in, even if they are not turned on. This is especially true of devices with large black boxes on their plugs. Adapters are another thing that sucks up a lot of electricity needlessly when they are plugged in. Therefore, unplug all devices that you are not using. By taking this one simple step, you will be surprised and delighted how much money you end up saving.
Financial management is a task that everyone must do, but not everyone does it well. Financial management goes beyond simply having all of your bills paid on time and saving a little bit of money in a savings account. It also includes financially positioning yourself for the future so you will be able to handle the unexpected without a severe financial hardship, like a job loss, an extended illness, or the death of your spouse. There are a number of financial management rules to follow to put yourself in a better financial position for the future. Here are some of the best ones to add to your financial management plan.
Keep Your Debt To Income Ratio Low
One of the best things you can do for your finances is keep your debt to income ratio low. The ratio of the amount that you owe to creditors and other companies each month versus the amount that you are bringing home in income is one of the best indicators of your financial health. When the ratio is high, it means that you are spending an outsized amount servicing your debts and spending money for interest payments that could have been put to better use in a savings account. When the ratio is low, it means that you have an ample amount of money to pay your debts as well as take care of all of your immediate needs without resorting to using expensive credit. A good financial management rule of thumb is to have a debt to income ratio of less than 36 percent.
Carefully Manage Your Discretionary Expenses
It is very easy to slowly grow your discretionary expenses without realizing it, often leading to you spending more than you plan each month on these types of expenses. When times get rough, these expenses are typically the first ones cut to save more money to pay for other needs. However, you do not need to wait for a financial issue to occur to trim these expenses. Several times a year, you should review what you are paying for your discretionary expenses and trim what you can from your budget to have more money available for emergency savings and retirement savings.
Have Money Saved For Emergencies
Nearly half of all Americans do not have an emergency savings account with enough money in it to withstand a loss of income for several months and a significant portion of those people do not have any emergency savings at all. This is generally due to them spending nearly all of their income on fixed and discretionary expenses each month. If you are not saving anything at all, start small by saving $50 each time you get paid. Once you get used to saving this amount of money each time, slowly increase the amount until you are saving at least 10 percent of your pay each month. If you deposit the money into your savings account as soon as you get paid, you will not even miss it.
With more than 100 million members and managing $1.1 trillion in assets, credit unions are a growing force in the financial industry. Many people have found that the benefits of credit unions outweigh the benefits of traditional banking and have move their accounts to a local credit union. Even bank customers should consider membership with a credit union to diversify their available options for financial products, like mortgages, balance transfers, car loans, or personal loans. Here are some of the best reasons to join a credit union.
Credit Unions Often Offer Lower Fees
One of the best reasons for joining a credit union is that credit unions typically charge lower fees than traditional banks. This is because credit unions have less overhead so they require less capital to operate. Credit unions are not beholden to shareholders, do not have to pay CEOs multimillion-dollar salaries, and do not have large staffs of employees to pay. Spending $15 or $50 to become a member of a credit union might save you money in the long term by relieving you from having to pay bank fees. Be careful to read all of the terms and conditions of the account before you sign up as many still charge penalty fees like overdraft charges at prices near to what a bank will charge.
Credit Union Financial Products Have Lower Interest Rates
Credit unions may also offer more competitive interest rates on loans or a personal line of credit than a traditional bank. Depending on the amount of the loan, a decrease of a single percentage point in the interest rate charged could save the borrower hundreds of dollars in interest payments over the life of the loan. Combine the lower interest rates with better customer service and you have a winning combination for customers that choose to bank at credit unions.
Anyone Can Join A Credit Union
While many credit unions require members to live in a certain area or work for specific employers, there are at least 60 credit unions available that anyone can join. First see if there are any community-based credit unions in your local area where you will be eligible for membership by simply living, working or worshipping within the credit union’s boundaries. If there is not a community-based credit union available, consider joining a national credit union like the American Heritage Federal Credit Union or the Digital Federal Credit Union where all you have to do to join is make a deposit or pay a membership fee.
If you will search for ‘PPI claims calculator’, you will obtain numerous results. You may wonder why these websites are having this particular tool. If you will click each website then you will discover that most of them are Payment Protection insurance reclaim companies. Maybe they have this type of tool so the user can utilize it in computing for the potential PPI reclaim. The company is hoping that you will use their services in obtaining your claim which you can do yourself.
Can You Reclaim Your Own PPI
Computing the amount of your potential reclaim is not really that difficult. In fact, you can effortlessly do it yourself. By searching for the phrase ‘How to Reclaim PPI’, you can obtain a lot of results. These websites can give you more information and guidelines on how you are going to reclaim your PPI. You can also read articles which talk about ‘Is there a calculator for PPI claims’. Here you can find a lot of advice on how you will reclaim your PPI if you choose to do it yourself instead of hiring the services of a Payment Protection Insurance claims company.
If you want to utilize a calculator for your PPI claims or not will be all up to you. But always remember that the amount that you will see is an enormously exaggerated amount if ever the claim will be successful. This is because these companies are attempting to obtain your business.
However, this is not actually applicable to all companies. There are also other companies who will not take an enormous amount from your successful PPI claim. The best thing that you can do if you want to use these claims companies would be to read forums. In this way, you will have some knowledge about other people’s experiences.
Using PPI Claim Calculator
Nowadays, there are many people who are trying to claim back their PPI also known as payment protection insurance. PPI come from mortgages, loans and credit cards. You might be wondering what the purpose of PPI is. Well, PPI is actually a certain type of insurance plan that comes along with your loan or mortgage. The goal of this insurance is to provide protection to the borrower just in case he will not be able to pay the minimum amount required due to an illness, unemployment and others. For instance, if the borrower was laid off from his work, the insurance can pay the minimum amount required for a period of 12 months.
The drawback of PPI is a lot of consumers are misled in buying them. These consumers are paying the insurance without their knowledge. For instance, the lender will inform the borrower about the cost of a “completely protected loan”. But the borrower is not aware that he is also paying additional for an extremely expensive insurance plan. Another instance would be when the lender does not tell the borrower that this insurance is only optional and not really a compulsory one. There are even some lenders who will tell their borrowers that they are not eligible for the loan if they will not take the insurance.
Before you process your reclaim of your PPI payments, you should first compute the amount that you are owed. PPI plans are sold in two ways. The first one is it is sold upfront as a solitary premium which is added to the overall cost of the loan, or otherwise as a monthly payment. If it is done on a solitary monthly payment then you will quickly know the amount that you were paying every month. This is also the amount that you will be reclaiming. On the other hand, if it is on a lump sum payment then it is quite difficult to determine the amount that you are owed. The reason behind this is the lump sum will be combined with the overall cost of the loan, consequently making interest over time. You have to check and review the details of the contract. At the same time, you must also examine the current statements in order to find out the accurate amount that you have paid every month.
The PPI claims calculator can be very useful for your reclaiming your PPI.