We all know how to spend less by sacrificing. From eating out less to buying fewer clothes to cutting back on vacations, saving through sacrificing can be effective, but painful. So if you are looking for ways of saving money, why not start with money saving tips that are relatively pain free?
With a little imagination, you'll find plenty of ways to reduce spending without making big changes to your lifestyle. And to get you started, here are eight painless ways to save money.
1. Get healthy: As someone who has struggled to stay fit, I realize that eating healthy and staying in shape is easier said than done. But for those who are in good shape, you can save a lot of money on life insurance and individual health insurance plans. And as an added bonus, you'll feel better and have more energy.
2. Rethink auto insurance: Every year, reexamine your auto insurance policy for savings opportunities. For example, consider raising your deductible, which lowers premiums. For older vehicles, evaluate whether you really need collision coverage, which covers damage to your car when your car hits or is hit by another vehicle or object. And make it a habit to compare auto insurance quotes annually, which can be done online in minutes.
3. Improve your credit score: Of all the painless ways to save money, improving your credit score is arguably the most important. From home loans and car loans, to credit cards and auto insurance, a good credit score can save you a small fortune. Over a lifetime, the savings can easily reach tens of thousands of dollars.
4. Invest on the cheap: Whether you are a passive investor who sticks with mutual funds or an active stock and options trader, there are easy ways to save money. For mutual fund investors, stick with funds that have low expense ratios. My rule of thumb is to keep the weighted average expense ratio for all mutual funds under 50 basis points (0.50 percent). As compared to funds that charge well over 1 percent in fees annually, the savings over a lifetime of investing can be substantial. And for active traders, stick with discount brokers that charge $10 per trade or less.
5. Think triple play: One of the biggest monthly expenses for some is the cost of Internet service, cable, and phone. The major of providers today offer discounts when you bundle all three of these services together. Called a triple play, you not only save money, but you also get the convenience of a single bill each month.
[See 9 Surprising Facts About Your Credit Score.]
6. Go prepaid with your cell phone: While this option won't be right for everybody, many can save a small fortune with prepaid cell phones. You can find prepaid cell phone plans that charge just $0.10 a minute. And because they are prepaid, you don't have to commit to long-term contracts. Two of the more popular prepaid cell phone carriers are Net10 and Cricket.
7. Shop online: There are several benefits to shopping online, convenience being chief among them. But shopping online can also save big money. Many retailers offer special discounts to online shoppers. And virtually every company that sells products or services online offers promo codes, discounts or coupons. Particularly if you have a big purchase planned, make sure to search the internet for deals before buying.
8. Get cash back: If you have good credit, there are a number of cash back credit cards that pay up to 5 percent on purchases. The key is to use the card for monthly bills and everyday expenses, not to charge things you don't need. Put monthly bills that accept credit cards on automatic payment, and use the card for everyday purchases such as groceries and gas. And as an extra precaution against overspending, pay the credit card bill in full several times throughout the month. It's easy to do online, and it prevents any surprises at the end of the month.
Sunday, July 25, 2010
5 Reasons You Didn't Get the Job
With the employment rate still at 9.5 percent in the United States, you may find yourself in the position of applying, interviewing, and still remaining jobless. You may have thought it was a sure thing; you may have left the office laughing and joking with the interviewer. So why was someone else hired and you weren't? These five reasons may shed some light on the situation.
1. You're overqualified
It's not just a cliche--you really can be overqualified for a position. It's especially true in a tight economy. A candidate that is more qualified would require a higher salary and benefits package for a competitive offer and for long-term retention. If someone else interviewed who fit the qualifications but didn't overly exceed them, it might be in the company's best interest to hire him and save the cash.
2. You don't know the right people
You may be great on paper, and you may interview really well--but if another candidate is the employer's tennis instructor's daughter, you might be out of luck. This isn't a reason you can't really avoid. Your best bet is to make sure you follow up with a genuinely appreciative phone call or note. Leaving a positive impression will keep you in that employer's mind if other opportunities arise.
3. You hit it off, just not professionally
Having a good rapport with your interviewer is great--however, if you bonded over your love of tequila shooters, you may have made a friend and not an employer. In a less extreme example, you may be very easy to interview but still not right for the position. While being friendly and personable are two very important traits, they won't guarantee you the job.
4. You came with conditions
You may be a good fit for the job, but if you come with strings attached, you may not get hired. If you can't see yourself sticking to the position long-term, or if prior commitments mean you'll have to work odd hours, it could take you out of the running. If possible, come in condition-free or at least willing to compromise. However, if you have a restriction that is non-negotiable, it's only fair to both of you to bring it up in the interview--there's no sense in wasting time if the situation won't work out.
5. An unpredictable reason
Often, the reason is one you may never know. You may get an unrelated job simply for having a shared interest with the interviewer, or perhaps because you have a skill the employer hopes to learn from you. It may be as simple as two or more candidates being equally qualified, and you lost the coin toss.
It may also be a simple reason like an off-the-cuff comment you probably shouldn't have made, or a more blatant reason like answering your cell phone during an interview (never a good move, no matter how friendly you are with the interviewer!). Be honest with yourself about the interview process--if you can think of a slip up, learn from your mistake and keep it in mind for your next interview.
The bottom line
Whatever the reason, do your best to learn from it and apply it to your next interview. Don't be afraid to politely follow up and inquire about why you weren't right for the position--just make sure you don't come off as sulking. Be professional, and thank them for helping you to understand what you did wrong, or where you can improve. After all, if you made it to the interview stage once, you're likely to do it again.
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