Author Archives: Team Dinks

The following is a guest post from Crystal at Budgeting in the Fun Stuff.  That’s where she writes about her bills, saving for the future, and making sure that they fit in fun stuff along the way.

I am a big fan of cruising.  We live in Houston, TX, so we can sail out of Galveston on Carnival pretty affordably.  Then I can spend a week relaxing, eating, and even get to snorkel in water that isn’t brown…

Basic Cruise Costs

Now that my husband isn’t teaching, we can go in the “off-season” (aka, when kids are in school) for $300-$600 per person for 5-7 day sailings.  It’s great!  A week’s vacation for $1100-$2000 for the two of us is something we can fit into our budget once or twice a year.  But we do keep in mind that the tickets aren’t the only expense.  The other basic cruises expenses include the $10 a day parking around the port and the $11.50 a day per person for mandatory tips on the boat.

For example, so we have a 7 day cruise coming up this January 2014.  We ended up paying $1050 for both of the tickets and it will be $160 for mandatory tips, so we are looking at $1210 in just straight costs.

Excursions

Overall, excursions can run from $40-$300 per person depending on what you choose to do.  On our 7 day cruise coming up, we’ve already splurged $110 per person and booked two tickets on an excursion to Xcaret in Mexico.  It’s a natural water park that has two underground rivers that we truly enjoyed floating down a few years ago.  We may also splurge $50 per person on a snorkeling tour of Stingray City in the Grand Caymans.  That will be a total of $320 in excursions off the boat.

Extras

This is where a cruise can get truly expensive or stay relatively affordable.  The extras include whatever money you choose to spend on:

• Alcohol
• Gambling
• Professional photos
• More tips
• Souvenirs
• The spa on board
• Fancy restaurants
• The amazing variety of other paid activities that I may be forgetting…

When we cruise, my husband knows that he will want to gamble a little each evening.  I know that I will want at least a couple of adult drinks as well as a couple of bottles of whatever we like to take home.  We even budget for any professional photos or extra tipping that we may want to add in.  We have avoided the spa so far though.  It offers hair services, massages, and even teeth whitening.  But at their prices, we know we can find better deals at home or online like Teeth Whitening by Smile Brilliant.  Overall, we usually allow ourselves about $250 per person for extras, and so far, always bring some of that $500 total home.

Our Total Cost

So far, the best deal we have ever gotten was our last cruise, which was last October and 5 days long.  The tickets were $275 per person, we didn’t do any excursions, and we bought a lot of professional photos.  Our overall cost for absolutely everything was $1050 total.

The 7 day cruise coming up will be $2000 or less.  That $2000 total is if we spend all of the extra $500 that we take on board.

So if you can keep to your plan and successfully avoid other splurges, you can easily use a cruise as a comparably cheap getaway for the week.

Have you been on a cruise?  What did you think?

—————-
Photo by The Sean & Lauren Spectacular

You’ll find some of the best interest on savings accounts such as money market accounts (MMAs) and certificates of deposit (CDs). But, these accounts also come with limited liquidity. So, choosing to open one of these interest-bearing accounts should be a measured decision. If you’re considering it, review these savings goals and see if a high-interest savings account could help you meet them.

Saving for your child’s education

With the rising cost of tuition, room and board, it’s never too early to start saving. If this is your savings goal, consider opening a CD. This high-interest savings account makes sense for several reasons:

• First, it’s a safe choice with the backing of FDIC insurance. You can be assured the money will be there when you need it.
• Secondly, CDs offer the highest interest rates of your savings account options. Furthermore, the longer the CD term, the higher the rate tends to be.
• Finally, CDs are long-term investments, meaning you must leave the money untouched for the duration of the term. This makes a CD an excellent choice for this savings goal. You won’t need the money for several years, it will accrue the most it can in interest, and because the money is bound in the CD, it will also make it difficult to spend it on something else.

Saving for a car

Unlike a college education which has a definite start date, you never know when you might find the right car. When saving for this purpose, it’s a wise idea to choose a money market because you’ll get a competitive interest rate and the ability to extract your money when you need it. MMAs limit access to your funds to usually between three and six times a month. That works out well for buying a car: you can withdraw your down payment or monthly payment when you need it.

Building a rainy day fund

When you’re saving to build an emergency fund, you may want to open a couple interest-bearing accounts – a CD to help maximize your earnings and an MMA to give you access to some of the money as you are working towards your savings goal. The point of a rainy day fund is to have something to fall back on in the event of financial distress. So, tying up all of your funds in a CD is too restrictive. But, it can be hard to pass up the great interest rate. Putting some of the funds in a CD to capitalize on the interest and the rest in an MMA so you can get it if the need arises accomplishes both goals.

Saving a down payment for a house

Choosing an interest-bearing account here depends on how soon you plan to purchase. If a house is a long-term goal, a CD will best serve your needs. If, on the other hand, you’d like to make a bid in the next few months, you’ll want the funds to be accessible in an MMA.

Looking for the maximum return

Finally, if you’re just looking to set aside some money and get the best return on your investment, then putting a majority of your savings into a CD is probably the smartest high-interest savings option. In this scenario, you can leave most of your money in a savings account or MMA for regular access while a portion of it works its hardest in a high-interest CD.

——
Sponsored content was created and provided by RBS Citizens Financial Group.

Photo by AMagill

When you’re looking for a way to maximize your savings, you may consider opening a money market account.

These savings accounts are attractive for a couple of reasons: they tend to have higher interest rates than a basic savings account and they offer easier access to your funds than certificates of deposit (CD), which require the money to sit untouched for a designated period.

But, before you open a money market account, be sure you review pertinent money market information and do a thorough comparison of your options.

1. Comparing money market rates

Probably the first thing you’ll look at is the money market rate. Generally represented as an APY, or annual percentage yield, this number tells you how much interest you’ll earn over the course of the year. Interest can be compounded daily or monthly, and that will ultimately affect your earnings, so be sure you include that in your money market comparison.

2. Understanding transaction limitations

The reason money market accounts tend to have higher rates is because they also somewhat restrict your access to your funds. With a traditional savings account, you can deposit, withdraw or transfer money as often as you like. With a CD, you may incur a penalty for accessing money before the date of maturity. With a money market, you’re generally allowed between three and six transactions per month. When you’re comparing money market information, be sure you know the limits so you don’t incur fees or find yourself without the money you need when you need it.

3. Reviewing minimum balance requirements

So, let’s say you spot a money market rate that really tops the competition. Look closer because the highest rates tend to be associated with the highest minimum or opening balance requirements. Make your money market comparison count by reviewing the tier of interest rates to match the interest rate with the required balance. The more money you’re willing to put into your money market account, the higher the rate and the more interest you could earn.

4. Taking note of fees

Finally, be sure you aren’t surprised by any fees. Some accounts may have annual fees or fees you have to pay when your balance falls below a minimum level.

By checking all of this money market information when you’re comparing accounts, you can find the one that best suits your needs.

——-
Sponsored content was created and provided by RBS Citizens Financial Group.

Photo by takeasmartstep.com

[This is a guest post, relating to buying a house in the UK]

When looking at buying a house you are bound to have a variety of questions that you need answers to before you make any decisions, particularly in a time of fluctuating prices in the housing market. Here we are going to have a look at a few of them and give you some insight on the right things to ask and possibly a few answers along the way as well.

Some of the questions you have are likely to arise around the Help to Buy schemes that you are sure to have been bombarded with advertising material about. One of these might well be ‘Am I more likely to get a mortgage because of the scheme?; the short answer is it still depends on how much deposit you have to put down, the affordability of a mortgage and of course your personal circumstances and credit history. There will be more lenders offering high loan-to-value mortgages which will make these products more competitive to applicants. One of the best ways to ensure you are getting the very best mortgage available to you is to use a whole of market mortgage broker offering free advice. This way the entire selection of deals available on the market will be searched for you completely free, so you don’t lose out on any application fees.

Are property prices going to spiral out of control because of this scheme may be another concern and whilst we are likely to see increases short term this should slow and eventually level off as the initial rush calms down. If you are looking at a property that hasn’t sold within around 6 weeks and yet has been well advertised, and most importantly has no discerning feature that would be putting people off buying it then chances are it is overpriced within it market segment. One great way of ensuring you are making an appropriate offer on a property is to use property price services such as Right Move and examine the data available asking questions such as, has the property recently been sold? What have other similar properties on the same street been sold for? How long has the property been on the market? Have there been any price reductions for this particular property?

What happens if I miss out on a house to a higher bidder? Unfortunately this does happen and it is first and foremost a case of picking yourself and start again but most importantly be more prepared for the next time round. Doing your research and making sure that your bid is aimed at the right level for the market in which the property is standing, and top of your list should be promoting yourself. Do you have a solicitor instructed, let them know your mortgage finances, timescales on when you could complete, all of these may make you more of an attractive buyer than someone offering a few thousand more although they come with a chain that will mean a longer sale.

These are just a highlight of the different questions and hopefully a few solutions that you will come across but the answer that comes up most often is that you need to prepare yourself for what is ahead and make sure that you thoroughly research into the market before making any offers to ensure the best results.

[The following is a guest post]

It can be hard to figure out what’s driving your electricity bill through the roof. Electricity rates are rising, which means that a consumer on a budget has to watch their energy consumption lest they get slammed with huge costs. There are number of ways that you’re unconsciously using electricity in your home and with different myths floating about it’s hard to know what avenue to take to reduce your energy. Here are some of the ways your house may be leaking electricity.

Unplug Your Devices

Electronics in the home use energy even when turned off. Fact or fiction? Unfortunately, fact. Called ‘phantom’ users or ‘vampire’ energy, it’s the energy that is used by devices if they are still plugged in or are on stand-by mode. A recent U.S Environmental Protection Agency joint study with other environmental energy agencies showed that 10% of your monthly energy bill is taken up by ‘phantom users’. These users can be televisions, stereos and most kitchen appliances. The most common users are phone or laptop chargers which still use energy after you stop charging your device, although Apple products are designed to not do this. A simple solution to this problem is to turn off appliances at the wall switch, if you find this difficult then install power strips or extension cords so you can turn multiple things off at once.

Energy Saving Light Bulbs

Whilst it only sounds like a small change, making the switch to lower wattage energy saving light bulbs could really save you on your electrical bill in the long run.  The bulbs are more expensive then the regular fare but they can last a lot longer, up to a year in some cases. The bulbs use up less energy so you don’t have to change the way you use lights, or work in the dark for fear of putting the light bulb on. Install an energy saving light bulb and save money without changing your behaviour. Check to see how much energy you’re lights are consuming, if your electricity provider is charging too much then check out Energy Helpline to see if you could get a better deal.

Use Your Washing Machine Correctly

Most people are wasting energy on simple things, washing machines can be the biggest culprit out of the appliances that use massive amounts of energy. Use cooler water when washing, you can save 80% to 85% of energy used for washing clothes by just dropping the temperature a few degrees. Unless you’re dealing with stubborn stains you don’t need to use hot water, switching to cooler water can cut the energy of a washing load in half.  Be careful not overload your washing machine, overloading makes your machine work harder, therefore using up more electricity.

—–

Photo by jnyemb

[Guest post today]

Even superheroes have to deal with the mundane parts of everyday life like credit ratings.  Between saving their city or even the world, they need to make sure to pay their bills on time so that they can keep their financial reputation in order.  If they don’t, they may be surprised to find out that they get an “A” in heroism, but a credit rating that makes it hard to even get the easy loans.

In the end, it’s not about how much these superheroes make or how much they spend.  It’s about their debt ratios.  How much debt are they carrying and can credit companies trust them with a loan?  Even if they never need a loan, their credit rating could affect future job opportunities in this day and age.  Good luck to them and us!

[Infographic shared by Aspire Money]

Editor’s Note: How much people make, and spend, doesn’t determine their credit rating.

[Guest poster]

With the housing market on the rise again, how can you make improvements to your home in order to secure yourself the best price?

See the Light

Making renovations will be a sure-fire way to add value to a property. For example: light will greatly enhance your potential buyers’ views on your property, so try to think of ways to maximise the light in your home. Knocking through to create an extended arch through two rooms will make a beautiful open plan space and create a stream of light that makes your property instantly more appealing.

From 3-Bed to 4

Can you extend the amount of rooms in your house by converting some dead space? Maybe your loft could serve an attic bedroom? Or if you have plenty of garden space then you could look at adding a conservatory, which brings light to your property and can serve as an extra family room, or study. If your kitchen is small and cramped then an extension may be the answer, as this may be the area which really lets down the property.

Green Appeal

These days, with energy companies charging higher annual prices, a lucrative selling point will be if your house has been adapted to be as energy-efficient as possible. Adding wall insulation, a new boiler and replacing drafty windows will all add value to your house. There are Government schemes in place to encourage people to carry out these works.

Make an Impact

It is thought that your bathroom and kitchen make the biggest impact on buyers when they come to view your property, in that case spend some time making these rooms look beautiful and ensure they function to the best of their ability.

Little addition, such as a heated towel rail, and a statement sink will transform a dingy old bathroom without a complete makeover.

Maybe you fancy getting minimalist by making the bathroom into a wet room, with a frameless glass shower door and tiled floor. This can open up the room and haul it into a fashionable era.

If you have the space then it always adds value to a house by building an en-suite bathroom. This will give the master bedroom a really opulent feel and will appeal to families.

Free Up Your Money  

Some people feel that investing in their property is a very good reason to make renovations, whether they want to sell now or in the future. Most people do not want to accumulate any more debt and so some look to remortgaging their house to pay for the renovations. There are a wide selection of deals available that could free up money in order to make your house more attractive to a buyer. A company like Quick Move Conveyancing can guide you through this process to ensure minimum stress and maximum results.

[The following is a guest post]

The process of shopping has changed tremendously in recent years. How customers and consumers interact with products and stores is completely different to how it was as little as 15 years ago. The reason: E-commerce and online shopping.

With unprecedented access to thousands and even millions of products and options, the savvy shopper knows exactly where to find a bargain, as well as every detail about the product they are about to purchase.

This has led to a completely different style of consumption, where the shopper, rather than the store or company, are in charge of the products they choose. Perhaps the leaders of this change come in the form of 14 – 19 year olds, dubbed ‘Generation Z’.

Image credit: A Simple Man

Influential shoppers

Generation Z has been a massive factor into the change of shopping habits in very recent years. Unafraid to shop around, they are happy to take time and slowly choose their products, browsing physical stores whilst searching online – sometimes simultaneously.

To attempt to draw in this young, influential market, physical stores have to become more than simply a shop – they must become a full interactive entertainment experience. Whether it’s providing free WiFi, hosting music and film events, providing a ‘chill out’ zone free from shopping – there’s plenty shops are attempting to do to keep Gen Z coming through the doors.

Unfortunately for some, these entertainment services are working as a barrier for older customers who may still hold potential consumer value. The dark spaces and loud music are a far cry from some of the more upmarket stores and even the comfort of home, leading many older customers to turn to shopping online when once they would have shown customer loyalty in store.

Image credit: cuppyuppycake

Mobile Lifestyle

Older customers are becoming more accustomed to browsing the online stores to discover their potential products – everything from shopping lists to product name checks. The mobile device has become essential for many when shopping for everything including food, clothing and electrical devices.

The savvy customer, when browsing online, expects to not only see the options for e-commerce, but also a map to their local stores, store opening times and the exclusive in-store offers along with online offers.

Older customers may even be tempted to try out other services offered online, such as this online fitting room; which companies hope will also help to drive customers through the door, alongside encouraging them to consider the website a source of authority.