3 Popular Savings Options: The When and Why of Each
In these trying economic times, it’s important to be smart with that preciously earned savings you’ve compiled over the years. As there are many different options out there for your money, it’s wise to know when and why to use various accounts. Here we compare and contrast three of the more popular savings options and give a more detailed account of when and why to use each:
High Yield Savings
When: Use a standard high yield savings account when you think you might need access to your money in the near future. Also, if you’re not keen on taking a big risk, or any risk at all for that matter, these accounts are the safest places to store your savings while still reaping the benefit of solid interest rates. To compare interest rates between various accounts, Discover.com and other top bank sites offer their rates up front for your consideration and are good places to begin to the search.
Why: As many of us find ourselves less financially stable than we’d like, it’s not uncommon to need access to at least a portion of our savings from time to time these days. If you think you may need to use even a small portion of yours sometime soon, these accounts offer access to your funds without penalty of such use, while also giving you solid interest rates all the same.
Certificate of Deposit (CD)
When: CDs are good options for your savings if you absolutely don’t plan on accessing your funds for at least 3 months, if not longer.
Why: There are a few reasons to consider choosing CDs. One: they usually offer higher interest rates, depending on the CD, and term length you choose. Two: you have the option to choose how long of a term your CD carries, and when you will again have access to your funds. Three: By placing your funds in a CD, you do take more of a risk than if you were to leave it in a high yield savings; however, that risk often affords you greater return on your investment. Similarly, by placing funds in a fixed-term CD, you force yourself to budget better by not having access to those funds until the CD reaches maturity.
Money Market Accounts
When: Money market accounts are good options for those who feel they may need access to their funds, but are also willing to take a slightly larger risk for higher yields.
Why: A money market accounts basically acts as a checking account, allowing you access to your funds, while also placing your money in share options that seek to maintain at least a 1$ share price or more. These accounts offer the chance to make you more money, while ensuring that you can access your funds if you really need to.
Regardless of your financial situation, it’s important that you compare the different options out there before you trust your savings to an account or financial institution. Hopefully, these three options should make the research process easier, and lead you to a personally beneficial choice for your savings goals.
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Free and easy ideas for family night
Enjoy this guest post from Tiffany Gantt and visit her site to let her know you saw her on Frugal Fancy!
If your family is working hard to make ends meet, it can be tough to find the time and money to have fun together. Here are some simple, free ways to connect with your family and relax.
1. Build a pillow fort
This idea is great for smaller kids, but you’d be surprised how many older kids will enjoy a chance to cut loose and be silly too. All you need is a couple old bed sheets and the cushions off the couch, and maybe a flashlight and some snacks. Tell your favorite stories, snuggle up and watch funny videos, or just hang out and talk. Building the fort is half the fun, and it’s a great chance to feel like a kid again yourself.
2. In-house scavenger hunt
All you need for this one is a few scraps of paper and a little inexpensive treat like a plate of cookies. Write up a series of clues that lead all over the house and/or yard, and set the family loose in search of the goodies. You can spice it up with rhyming clues or some other theme, but there’s also nothing wrong with keeping it simple.
3. A donation party
This is a great way to bring the family together and teach kids that it’s important to give even when money is tight. Have everyone bring together old toys and clothes that they’ve outgrown, and search the kitchen for canned goods that can be donated, and pile everyone into the car to bring them to a food bank or shelter in your area.
4. Take a walk
This might seem simple, but you’d be surprised how much easier it is to talk, especially to older kids, with a little change of scenery. Now that summer’s on the way, it’s a great time to get a little exercise and fresh air with the family. Especially if you struggle to get the family together for dinner every night, this can be a great way to stay caught up.
5. Find a service project
You probably know someone in the neighborhood or in your extended family who is struggling with illness, the loss of a job, or some other hardship. Enlisting your family’s help to prepare a tasty meal or do yard chores for that person can be a great teaching opportunity as well as a chance to strengthen your own family.
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Tiffany Gantt is a staff writer for ApronAddicts.com, a website dedicated to the love of cooking and looking good while you do it! You can often find her getting creative in the kitchen as she whips up something yummy in one of her flirty, color coordinated aprons.
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Top 4 Safe Ways to Invest Your Retirement Savings
Enjoy this guest post from Allan Jones visit his site to let him know you saw him on Frugal Fancy!
After having saved all that money for retirement, you must wisely invest your savings in the right places. Unfortunately, there are many con parties that trick retired people out of the sum they have so painstakingly saved. They do this by offering relatively very high rates of return on investments which lure people in. After paying the returns for a few months, the company simply disappears. So what are the places that do give sufficient returns and are safe at the same time?
We have compiled a list of four such places that you can invest your retirement savings in while facing minimum risk that an investor can face. Here they are.
1. Certificates of Deposit
Guaranteed deposits are also called guaranteed deposits, term deposits or guaranteed investment certificates. Select CDs of parties having long and credible histories that are guaranteeing the deposits. The second factor to be used to compare different CDs is the interest rate of course. The minimum interest rate offered to be more than the inflation rate. The third factor is the term after which you will have access to the returns.
2. Bonds
One of the types of debt instruments that you can buy are bonds. There are many different types of bonds some of which include:
• Multisector Bonds
• Long-Term Taxable Bonds
• Intermediate-Term Taxable Bonds
• Short-Term Taxable Bonds
• Long-Term Municipal National Bonds
• Intermediate-Term Municipal National Bonds
• Short-Term Municipal National Bonds
• High Yield Bonds
Bonds are issued by different parties including corporations and governments. Bonds have maturity dates so they have to be reinvested in after they mature. Since, it is a debt instrument, in case of the bankruptcy of the issuer, the holders of the bond will be the first ones to be paid back their money. Hence, government bonds are safer than those issued by corporations.
3. Managed funds
Investing in mutual funds allows you to invest in a diverse range of areas. The investment is managed by professionals so there is reduced risk. Activities related to mutual funds are supervised by the government so the risk of frauds is reduced. Also, the services of different mutual funds managing companies can be easily compared. However, the disadvantage that involved is the fee that you are required to pay to the mutual funds managers.
4. Speculation
If you have had good experience in investing in shares and other instruments on the stock market, speculation is another place. You may invest 10% to 15% of your retirement savings in speculation. This option, however, is safe only when you are experienced in the field and are ready to keep up with the trends of the industry that you invest in.
Remember, however safe and highly returning a single option may seem, never wholly depend on one type of investment. The first rule in investment is that of diversification. Nothing is absolutely safe. So it is mandatory that you diversify the risks your savings face.
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Although he is not ready to retire, Allan often thinks about how to maximize his Ubank SMSF. Allan enjoys sharing his opinions online and has already written several guest posts in prominent blogs.
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“Real Cola Taste” – No longer a thing of the past!
If you’re as old as I am, you probably remember popping the top on a bottle of cola and thinking, “Oh, my! That tastes so good!” If you remember those days, you may also miss them since really good tasting soft drinks have been hard to come by for a lot of years. Fountain drinks are okay, but ever since a large portion of the world’s soft drink fans turned to diet, no soft drinks have tasted as good as they used to. And certainly not Pepsi, which is my favorite. (I don’t like Coke. It’s “eats” my stomach.)
At any rate, you may know that Pepsi came out with Pepsi Throwback awhile ago. And while it tastes like the “old fashioned” soda, it still contains all that sugar that I can’t have because I’m diabetic. But now, Pepsi has created Pepsi Next. It’s the best of both worlds as far as I’m concerned. It only contains 60 calories, which means I can drink it within reason, and it tastes GREAT. I’m so excited! I’ve been telling everyone I know about Pepsi Next!
I received a free can to try, and then a coupon for a free two-liter. Both of which are long gone. And I’m on my third or fourth two-liter that I bought with the 50¢ off coupons I received, too. But I’m here to tell ya… coupon or no coupon, this gal is a Pepsi Next convert. Truly. I love this soda! It really tastes like pop used to taste when I was young and slim and able to drink a six-pack every day.
My only problem now is that I really do have to limit myself since there are 60 calories instead of zero. But a glass, or a can, of Pepsi Next is worth 12 or more of the diet drinks, so it’s worth it to me. Try it and leave me a comment and let me know what you think. I believe you’ll be as pleasantly surprised at the taste as I was!
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REVIEW: Sweeter Than Birdsong by Rosslyn Elliott
Kate Winter’s driving desire is to escape Westerville, Ohio of 1855, and her family’s embarrassing and even traumatizing secrets to begin a new life on her own in another town. With her mother pushing her toward a “good marriage” to a wealthy suitor whom Kate doesn’t love, Kate realizes she must have a plan if she hopes to find the freedom she craves.
As a student at Otterbein College, where Kate is destined to become the first female graduate of the school, she struggles to overcome her excruciating shyness. After failing to deliver a speech needed for a passing grade, Kate is encouraged by her mother to join an upcoming musical performance, which Mrs. Winter sees as a means for Kate to promote herself socially. Kate, on the other hand, sees the opportunity only as a way to cover her flight from her oppressive home life.
Ben Hanby, singer, songwriter and director of the musicale, is taken by the beauty and mystery that surrounds Kate. Determined to bring her out of her self, and her shyness, Ben must at the same time keep his own secrets—that he is an active member of the Underground Railroad, working to rescue the oppressed from the hands of cruel and careless slave owners.
Sweeter Than Birdsong is the second book in the Saddler’s Legacy series. It’s an emotionally packed story based on the lives of real people and real life events that won the author the 2011 Laurel Award.
This is the first book I’ve read by Rosslyn Elliott, but it won’t be the last. The novel is suspenseful, inspiring and even the heartbreaking scenes offer a sense of hope, if we can only keep our faith in the midst of trials.
If you like period romances with a natural element of drama and suspense, Sweeter Than Birdsong is an excellent choice. It’s well-written, moving and keeps you turning the page. Even when the clock says it’s time for lights out because work comes early in the morning. (Yes, that’s the voice of experience speaking.)
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Free money saving, frugal living, recipe ebooks
If you’re a frugal fancier, and I’m guessing you are since you’re reading this blog, you know how good it feels to find a bargain. What about how good it feels to get something useful, and valuable free? That’s even better, right?
Well, here are some free ebooks in PDF that I’ve had on my virtual bookshelf that are yours for the download. Whether it’s time or money-saving tips, crafting ideas and shortcuts, recipes and more, you can find helpful information on a number of topics by simply clicking on the link and beginning to read. Enjoy!
10 Surefire Ways To Cut Down On Your Grocery Bill by FinancePLR.com
101 Scrapbooking Tips from FrugalFancy.com
155 Time Saving Recipes from Expert-Scrapbooking
404 Self Improvement Tips by Bob Bastian of OmniWebMarketing.com
50 Great Christmas Decorating Ideas on the Tightest Budget by Kathleen Wilson of TheBudgetDecorator.com
504 Relaxing Bath and Beauty Recipes from TracyReneesTreasures.com
52 Quick and Easy Ways to Raise the Ca$h You Need NOW!
by Tawnya Sutherland of MediaMage.com
52 Ways to Make Extra Money. . . Revisited
by Phil Taylor of PTMoney.com
600 Chocolate Recipes by Bob Bastian of OmniWebMarketing.com
Becoming Organized by David and Shery Russ of NicheContentKit.com
Crockpot Recipe Sampler from E-Cookbooks.net
Fashion by David and Shery Russ of NicheContentKit.com
Housekeeping by David and Shery Russ of NicheContentKit.com
How To Set Up a Family Budget by Darlene ‘Dee’ Bishop of FrugalFancy.com
Time Management Secrets Of A Madman by Jason Fladlien
Top Ten Professional Scrapbooking Techniques from Expert-Scrapbooking
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Set up alerts and automate your finances
Enjoy this guest post from Joe Pawlikowski and comment below to let him know you appreciate his contribution to Frugal Fancy!
Do you have easy and quick access to all of your financial information? That’s a good first step towards responsible financial management. But it’s not everything. Having quick access might make it easier for you to pay bills and otherwise manage your money, but there is still room for mismanagement. Setting up alerts and automating every possible aspect of your finances, on the other hand, can reduce your margins for error and get you on the fast path to a healthier financial life.
What to automate
Essentially, if you can automate something you should take advantage. Many people take advantage of this already. Most employers not only offer direct deposit, but also offer a means to deposit into multiple accounts. You can automatically set how much of your paycheck goes into your checking account and how much goes into savings, in addition to 401K and other funds. That way you’re paying yourself first. That’s a huge step towards financial freedom and a secure financial future.
Automating income, and thereby paying yourself, is just the first step. The next step is to automate regular bill payments. Everything from cable to student loan bills can be automated. That way the payment goes through without you even thinking about it. The truly financially responsible can even set up automatic payments on credit cards, paying off the entire balance every month. By setting up these automated payments, your entire financial life gets taken care of without you needing to do anything.
Why alerts?
Industry can show us why alerts are important when automating tasks. Many industrial companies employ Supervisory Control And Data Acquisition, or SCADA, to manage their vast networks. These systems automatically monitor everything from power grids to sewage lines. Yet even with automation, companies still employ humans to monitor SCADA information. Having that knowledge in hand can allow your finances to flow even more freely.
Even with automation, there is a chance that something can go wrong. Unexpected expenses can leave balances low when you need them. To combat this you should set up alerts wherever possible. You can set them up for bill due dates, which might remind you to check the appropriate account. You can also set them up on accounts, to let you know when your balance is getting low.
The idea behind automation and alerts is to make your life as simple as possible. Automated transactions means that your bills get paid and your income gets dispersed without you having to remember to do it every month (or week). Alerts keep you connected with your money and let you know of anything that might go wrong. The combination of automation and alerts can put you on a path to an easier and freer financial life.
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Joe Pawlikowski writes about technology at several sites across the web, and wholly believes in the automated financial life.
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REVIEW: CouponChief.com
Well, you know I love coupon and discount sites! I do a lot of shopping online and I seldom make a purchase without at least doing a quick search for a coupon code or discount for what I’m buying. One site that offers coupons and discounts for just about anything you might want is CouponChief.com.
Coupon Chief is laid out a bit different than other discount shopping sites. Rather than just listing coupons and discount codes, Coupon Chief displays a thumbnail for each site offering bargain prices. You can get a bird’s eye view of the website’s design, then when you click on the thumbnail, you’ll get a page that lists all the discounts for that site with details on what the coupon is for and a link to use it.
In addition, Coupon Chief provides information on what percentage of visitors have used each code successfully, if any, as well as a notation on “New” discounts they offer and the expiration on listed discounts, if known. You can also see how Coupon Chief learned about a discount.
For instance, on the Kodak coupons page, you’ll see a new coupon code that states “GMA Hot Deal was a hit today! Sold out of Kodak cameras fast – but here’s a 15% off offer use code.” This code expires April 16 and was shared today by user laughatlife85. This is only one of hundreds of examples of savings you can find.
And if you’re one of those who like to share deals you find online, Coupon Chief will reward you 2% of sales up to $25 per month per store discount they post. That can add up to significant savings if you’re a discount hound in your own right.
One of the neatest features, to me, that CouponChief.com offers is their Coupons 4 Causes program. You can search for a cause on their site that you want to support. You then use the links on the site to shop at your favorite online stores, and of course rack up your savings, then Coupon Chief will donate 20% of your purchase to your chosen cause. Now, that’s a good deal.
Anyway, check it out and leave me a message below to let me know what you think. Did you find some really great deals there? I know you did if you looked!
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Get discounts on children’s items, home decor and more at Totsy
If you’re a frugal fanicer, you love a good bargain as much as I do! That’s why I think you’ll really like Totsy. Totsy offers tremendous discounts and sales on a variety of items for you, the kids and your home.
For instance, I found this set of four Flower Stepping Stones for only $9.50 (sale ends Saturday). These measure 9.5″ around and you can see from the photo how cute they are! And this is only one of the many bargains available.
Totsy allows you to shop by age or by category of item. And they even reward ($15) for each friend you refer who places an order. It’s a really great site.
So, check it out. Then leave a comment and let me know what you bought. I hate to miss a good deal, whether it’s for me or someone else—like you!
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How to Save On Auto Repairs
Enjoy this guest post from Sean Gray and visit his site to let him know you saw him on Frugal Fancy!
For most people, a car is a necessary but hefty expense. Between the price of gas, car insurance, car payments and repair fees, owning a vehicle can eat up an enormous chunk of your income. While you might not be able to help the cost of the first three, the amount of money you spend on fixing your car is something you actually have a lot of control over. Here is a handful of ways you can save money on buying auto parts.
Don’t Limit Your Options
When something breaks in a car, the dealership is typically where most people go first for a new part. However, this isn’t the smartest move. Dealerships sell car parts for a premium. In many cases, you can buy the exact same part at a local automotive store and pay as fraction of the price charged by the dealership.
Buy Refurbished
Despite the impression that most people have of refurbished products, they are usually as reliable as their newly manufactured counterparts. Much of the time, they even come with warranties, so your financial risk is minimized. What really makes refurbished parts a great deal is their price. You get a functional product that is just like the alternative, but for a big discount.
Shop Around
Like with most things, prices on auto parts aren’t the same everywhere, nor is any store’s selection. It’s a good idea to check with various auto part stores near you regarding the product you’re looking for. You should also search online for your part, as some of the best deals can be found on sites such as eBay, or Craigslist.
Buy Used
Buying used parts can save you a lot on auto repair costs. Many used parts are still in good working order and may actually be less likely to be defective. It is also a good way to recycle materials that could otherwise end up rusting away in a scrap heap. There are many good places to look for used car parts, including junk yards, garage sales, auctions and online classified ads.
Buy Generic
The manual that came with your vehicle recommends that you only use parts certified by your car’s brand. This can be a mistake, though. They want you to believe that their parts are somehow better so that you will give them more of your money. The truth is that generic auto parts are just as good as the ones endorsed by auto makers, but without the ridiculous price tag.
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Sean Gray has been in the automotive industry for over twenty years, and uses these techniques to cut the cost of auto repairs. If you’d like to learn more about Sean you can visit cashforcarssandiego.com.
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