Here are two ways to save money on home energy costs.
1. Do an energy audit. If your utility company offers it, get a free check for energy leaks in and around your home. You can also go to energystar.gov for a guide to do it yourself.
2. Lower your thermostat in the winter. You can cut your heating bill by 1-2% for each degree you lower the temperature. If you get a little chilly in the evening, put on a comfy sweater or sweatshirt or cuddle up with your significant other under a blanket.
As we have stated in our resource material, buying a used car is most often a better value than buying new. Will our opinion change with this program? Let’s assess the value of the Cash for Clunkers program offered by the federal government where taxpayers subsidize the purchase of a vehicle.
The maximum value offered is a $4,500 voucher, which requires mileage improvement of 10 miles per gallon for passenger vehicles, 5 miles per gallon for light-duty trucks, and 2 miles per gallon for large light-duty trucks. There is also a $3,500 voucher if the mileage improvement is 4 miles per gallon for passenger vehicles, 2 miles per gallon for light duty trucks, 1 mile per gallon for large light duty trucks and any pre-2002 commercial truck. (more…)
Here are two ways to reduce your cost of traveling this summer.
1. If you are planning on flying, don’t book your reservations through your phone. Most airlines charge anywhere from $10 – $30 to take a reservation this way. If you do research on your phone, find the best deal and then call it in.
2. Flying may not always be the cheapest. Amtrak and many bus services give discounts for children. For example, on Amtrak children 2-15 years old can ride for half the price of an adult and those under two ride for free.
The average person will make a car purchase within seven days of their decision to buy. If you are thinking of buying a vehicle, it is best to review your options before making this important decision. First, ask yourself if you need the vehicle and then decide what kind of vehicle best fits you need. (more…)
Here are two ways to save money on fuel costs.
Here are two ways to save money on health care expenses.
1. Shop for tests. If you need an expensive test that’s not covered by insurance, it might be worthwhile to compare prices among different labs and clinics. Fees can vary widely. Ask you doctor for the CPT (Current Procedural Terminology) code. If they can’t or won’t give it to you, The American Medical Association’s Web site, ama-assn.org, has an easy-to-use CPT search engine. Once you have the code, you can get price quotes from several providers.
2. Ask for cheaper drugs. Physicians don’t always know the cost of the drugs they prescribe. Ask your doctor if there is an equally effective but less expensive alternative to the medication you’re prescribed.
The complexity of good stewardship for today’s family has gone way beyond the average person’s comprehension and understanding. As an independent financial advisor for over forty years, I have found it increasingly difficult to stay abreast of the constant changes in government programs, tax law, health care, debt management, portfolio analysis, technology, food cost reduction, consumer products, automobile maintenance, estate planning, retirement planning, college cost reduction, home financing, extended health care (nursing homes, assisted living, etc.), career management, employment benefits, and personal budget management. Living expense reduction and asset management is my life’s work, but few financial planners specialize in both of these areas. If I have trouble keeping up with all the changes, do you think most people in our society have missed taking full advantage of their resources?
Here are some ways to save money on food costs while still maintaining quality and nutrition.
1. Make a detailed list and stick to it. It prevents impulse buying, assists in planning weekly menus and helps determine how much you really do spend on food.
2. Buy fruits and vegetables that are in season. Not only do you save money this way, but the produce is obviously fresher.
3. Plant your own fruits and vegetables. You’d be surprised at how much you can grow in a small space. Low maintenance suggestions would be squash, zucchini, sweet peppers, or tomatoes. Herb gardens are also easy to grow and a healthy way to add flavor to meals.
CHARITABLE GIVING REFORM
Congress and the current administration are now considering doing away with deductions for charity. While this plan may initially be targeted toward those with high incomes (in excess of $250,000), it will affect all socio-economic classes when finalized. With the anticipated inflation, those now considered middle-class may find themselves losing their deductions as incomes rise to meet the inflation demand. The poor and lower middle-class lose the benefits from charities.
The deduction for charitable contributions is one of the oldest deduction provisions in our tax law, enacted in the War Reform Act of 1917. While many changes and adaptations have been made to this provision over the years, Americans are still ‘rewarded’ for supporting, what the 1981 Joint Committee on Taxation said, were “…organizations which provide services that otherwise might have to be provided by the Federal Government.”
This plan comes at a time when the need for charity in the United States is greater than it has been in the last several decades. Non-profits are currently facing the ‘perfect storm’ of issues: contributors’ wealth evaporation, cutbacks by cash-strapped states and municipalities, and skyrocketing need. A study by the Center of Philanthropy at Indiana University estimated that the tax change could reduce affluent households’ overall itemized charitable giving by nearly 5 percent — or about $3.87 billion — based on an analysis of the Internal Revenue Service’s most recent deduction data. (more…)
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