How to Do Guided Reading

One mistake that lots of people make is that of glossing over their credit card statements. Indeed, there are folks who will only skim through their credit card statements for half a minute or so, before discarding the document, never to look at it again! These tend to be individuals who don’t appreciate that the monthly credit card statement is a serious and sensitive financial document. One that ought to be reviewed with a lot of care.

Having asserted that the credit card statement ought to be analyzed with a great deal of care, the next question that arises is as to what exactly you should be paying attention to, while analyzing it.  That is the question we will be attempting to answer in this article. We will do so by outlining some 7 key things that you need to pay attention to, while analyzing your credit card statement. We will also tell you why exactly you need to pay attention to each of these things. This is important because if you don’t know what to look for in a credit card statement, you won’t really be in a position to analyze it meaningfully. You may end up just staring at the document for a long duration of time without making sense of it.

Without further ado, the 7 things you need to pay close attention to while analyzing your credit card statement include:

1. The list of transactions made: This is arguably what you should pay most attention to, while analyzing your credit card statement. The foremost objective here is to ensure that all the transactions charged to your credit card are transactions you actually authorized. It is possible for you, while analyzing your credit card statement, to find some transactions you didn’t authorize (which may then be indicative of credit card fraud). It is also possible for you to find transactions where you have been double charged. So you find that, yes, it is a transaction you authorized, but you were double-charged! There is yet another scenario, where you could find transactions charged incorrect (and in some cases higher) amounts of money. So you find that whereas you were expecting to be charged X amount of money for a given transaction, you have actually been charged Y. The credit card issuer sends you statements so that you can get to review such things. Thus, although it may be a tedious task, it is nonetheless important for you to go through your credit card statement with a fine tooth-comb, taking a look at each transaction charged to your credit card within the statement period. Then you need to take action on any anomalies you encounter, however seemingly small they may be.
2. The credit card’s closing balance: This is the total amount of money that you owe the credit card’s issuers. It is the credit card statements’ bottom-line. It is essentially an indication of your indebtedness. If you don’t pay attention to the your various credit cards’ closing balances, it is easy for you to end up in a situation where your cumulative credit card debt gets to an overwhelming level. Thus, you need to take a close look at your credit card’s closing balance. It should then inform your decision on whether to continue charging stuff to the credit card. Or whether to stop charging stuff to the credit card/using the credit card, and  focus on paying off the accumulated credit card bill for now.
3. The minimum amount you need to pay: There is always a minimum amount of money that the credit card issuers expect you to pay, so as to remain in their good books. This amount is indicated on your credit card’s statement, and it is something you should pay close attention to.  Remember, the applicable minimum payment amount is the one indicated on your credit card statement, not the one you have in your mind! You have to appreciate that if you fail to make the minimum payment on your credit card, you would be deemed to have started falling into default. This would lead into penalties, and if it persists, it may even lead into a situation where your credit score starts taking a hit. It is therefore important for you to take note of the minimum payment you need to make, and see to it that you honor it. While at it, you should endeavor to pay more than the bare minimum, so as to keep your credit card debt within manageable levels.
4. The date when payment is due: The most important thing for you to understand is that you would be at risk of being penalized, if you don’t make the expected minimum payment by the payment due date. So it is important for you to take note of the payment due date, and see to it that you, at the very least, make the minimum payment required by that date. Again, remember, the applicable payment due date is the one indicated on the credit card’s statement, not the one you may be having in your mind!
5. Whether there is an overdue payment: An overdue payment would essentially be a blot on your credit card management. An overdue payment indicates that you are beginning to fail on your obligations as a credit cardholder. Therefore, you need to check throughout your credit card statement, to see if there is an indication of an overdue payment anywhere. And if you do find that there is such an overdue payment, you need to ensure that it is cleared as soon a possible, to avoid further penalties and to avoid further damage to your credit score.
6. Refunds: If there are any refunds to your credit card, you need to pay close attention to them. You need to understand what the refunds are for, and whether they are refunds you were expecting. If they are not, it may be an indication that some ‘games’ are being played with your credit card, and that would be an important thing for you follow up on.
7. The credit card’s interest amount: From your credit card statement, you can get an indication on how much interest you are being charged. This is important in the broader context of personal finance management. Some credit card issuers may even indicate (in the statement) the ‘daily rate’. That can be very useful to you in understanding the cost of the credit that is being extended to you through the credit card — and whether it is worthwhile.

I know it’s that month of the year where everyone is excited since they will be spending time with family and friends. Celebrated for centuries, the Christmas holiday brings about a lot of activities. One of them is buying and decorating Christmas trees which were actually introduced by Germans in the 16^th century. Another activity is searching for the perfect gifts for your loved ones.

It’s no secret that it can be tempting to go overboard when it comes to buying gifts for your loved ones. However, that does not mean you should end the year with credit card debt.  Although it’s a Christmas tradition to buy your loved ones some gifts, you can still ensure everyone gets something special from you without breaking the bank.

So how do you accomplish that?

Here are the 10 super ways to save money this Christmas season and still keep a smile on the faces of your loved ones.

1. Plan Your Christmas Gift List in Advance

Before you even start budgeting on how much to spend on your loved ones, you should start by making a list on how many people you will be buying gifts for.  After you are done with the list you can now start finding the types of gifts you think are best suited for everyone. Remember, looking for gifts does not have to be done only in the Christmas season but you can start any time of the year. Nonetheless, Labor Day, Black Friday and Cyber Monday are great places to start. By starting to buy the gifts early, you will surely be able to save some money since there is time for comparing prices from gift stores. Keep in mind, another benefit of planning ahead is that you won’t be worried about where to find the perfect gift.

2. Establish a Budget

After compiling a gift list, a budget is just what you need to keep your spending in check. To enable you to save money, write down next to the gift list how much each item costs. By having an estimation of the gifts, it will be easy to know how much you are required to spend. This will give you a clear picture of how much money you need to have and how much you are able to spend.  Note that, just because you can afford to spend a certain amount of money does not mean you can’t try to save some for other necessities. Create a budget before you set out to purchase anything and I guarantee you by the end of the day, you will have saved some money.

3. Give Fewer Gifts

No matter how much you want to be known as the great gift-giver, not all members of your family or friends are into gifts. To not only cut on unnecessary spending you can bring joy to some of your loved ones by really knowing what they need this Christmas. Some just want to spend time with you and visiting them on this holiday season will truly bring a smile on their faces. Think of that aunt or uncle who appreciates exchanging cards and just send them a thoughtful Christmas card.  What’s more, if you haven’t seen your family for months, you can invite them to your home and get to laugh and bond without expecting to exchange any gifts. However, remember you need to discuss with them beforehand that the actual gift is spending time together.

4. Present Group Gifts

Popular in the office, group gifts are usually exchanged within large groups such as employees giving a gift to their boss or between co-workers. With that in mind, you can also decide to buy group gifts this Christmas holiday for members of your family. For example, you can come together and buy your grandparent’s a sleeping recliner to help them ease their back pain or just a warm blanket for the winter season. By each member giving out some money, your grandparents will be happy for the great gesture and all of you will save some money in the process.

5. Use Ebates

Another great way to save on Christmas gifts is to get cash back. Ebates is a website you can use to achieve this.  Just sign up for a free account and find the store you want to shop with through the Ebates website. For more great deals, you can also download the browser extension for pop-up reminders anytime you visit a website that offers cash back. On the other hand, if you are not a fan of online shopping, the Ebates service can come in handy to get cash back in-store as well.

6. Keenly Compare Prices

If you are a lover of online shopping, then you know comparing prices is really easy with just a click of your finger. Try to find the best deals by visiting websites like PriceGrabber. com to get a discount for huge deals. Another place to get great deals is by signing up for newsletters from your favorite stores. Being on the email list, the stores will first hand notify you about coupons or promotions that you can use on your Christmas gifts.

7. Purchase Discount Gift Cards

How would you like to get $ 200 worth of gifts for $120? That would be great, right? Well, it can happen if you purchase discount gift cards for online or offline retailers. The most common are Apple Store, Home Depot, Radio Shack, and Sears among others. Discounts are usually 5%-30% off the face value of the card which is great as you will save some money. For more discount rates, check out GiftCards.com.

8. Shop Only with Cash

If your shopping list includes all the items easily purchasable on stores, then it’s advisable to carry cash.  Since you are on a budget, the money will give you a tangible reminder to keep to the list something a credit card may fail to do. No matter how much you might try to be disciplined with a credit card, you might find yourself overspending on items you had not planned for in the beginning. On top of that, the risk of incurring charges might happen if you miss paying your credit card balance on time.

9. Make Home-Made Presents

Are you ready to get out of the comfort zone of buying every single gift for your loved ones? Then you can give your loved ones homemade presents. Yes, it will take some time to make that thoughtful gift but by the end of the day, it will be appreciated. If you have a hidden talent but don’t know where to start, you can check Pinterest which has a wealth of ideas and instructions.  However, remember making a homemade present doesn’t mean you have to be super crafty, you can bake a cake or cookies. Another simple but thoughtful gesture is putting together a gift basket of someone’s favorite things.

10. Check Out Social Media

Even if it might seem odd on how checking out social media platforms will save you any money, just bear with me for a moment. Most stores use their social media accounts to keep their followers always updated on new products and discount offers.  Therefore, if you follow these platforms, there is a high chance of finding posts offering money-saving discount codes.

Bottom Line

So there you have it, the 10 super ways to save money this Christmas season. If you follow these steps there is a high chance that your bank account doesn’t have to suffer just because you want to spread some love through gifts.

It’s safe to say that electricity keeps the world going. Apart from using it in our places of work, we get to travel from one place to another by electric trains and even cars. Moreover, from the malls to entertainment joints electricity is used to serve us in different kinds of ways. What about our homes? Most household appliances use electricity to keep our homes functioning properly. Nonetheless, no matter how electricity is convenient for our lives when it comes to paying the monthly bill, everyone starts grumbling.

But Hey!  You should not give up. Since you can’t get rid of the electricity, there are more effective ways you can apply to lower your electricity bill.

1. Unplug Unused Appliances

One of the most ignored saving energy is unused appliances. Did you know that 75% of your energy use is caused by electrical appliances that are turned off? If you aren’t using the appliances at the moment why still keep them plugged in? I know you think that turned off electrical appliances aren’t using any power but you are wrong, even turned off appliances keep drawing power. Therefore, to lower your electricity bill, make a habit of unplugging all the unused appliances.  Mostly these include televisions, phone chargers, microwaves, dishwashers among others. Besides, apart from saving energy, you will also be protecting the appliances from a power surge.

2. Install Dimmer Switches

Another great way of lowering your electricity bill is by installing dimmer switches. What makes dimmer switches unique is that they tend to restart every 120 seconds yet you won’t notice the change. However, know that a dimmer switch cannot save electricity on its own and you need to help a bit. That means you should not leave the lights at the same level throughout the day. Adjust the dimmer switch to different levels of light depending on the time of day. Since more light will be needed in the evening, ensure you turn the dimmer switch down in the morning and throughout the afternoon. Most importantly, if you want to maximize the saving, consider installing dimmer switches in every room of the house.

3. Wash Clothes with Cold Water

Although warm water is known to do a better job than cold washes, sometimes it’s not really necessary. Remember, hot water consumes a lot of power and if it’s possible you stick to cold wash setting for your day to day laundry. Keep in mind, your washer’s energy consumption can be 90 % less if you use cold water instead of hot. Logically this is due to the decreased cost of heating the water.

4. Make Sure Your Fridge and The freezer is Always Full

I know you have been told time and time again to not leave your fridge’s door open for too long when putting away the groceries or searching for a snack. The main reason is that when you open the door, cooled air escapes the fridge forcing it to use more energy to recondition the air.  But what about keeping the fridge and freezer full? Well, it is said that you cut electricity usage by keeping the two appliances fully packed. That means the food and drinks stuffed in the fridge or freezer acts as insulation which keeps the refrigerator from working so hard to cool things off. Energy saved, right!

5. Use a Programmable Thermostat

Heating and cooling is the largest electricity expense experienced at home. However, you can reduce the energy you consume and lower the electricity bill by resisting the urge to turn up the heat or turn the thermostat down. Remember, you should set the thermostat to between 18 and 20 degrees and in the summer set the temperature to 25 or 26 degrees. Note that, when it comes to the thermostat each degree above 20 or below 25 in the summer, the running costs can add around 10%. However, to avoid incurring more electricity cost you should install a programmable thermostat.  With this device, you can simply program the temperature according to time of day without the need of adjusting it manually.

6. Keep Your Doors, Windows, and Curtains Closed

Though you may want to keep the stuffy air in check especially in the summer season by opening your doors and windows its advisable not to. Direct sunlight is known to quickly turn up heat which makes the air conditioner work harder. Unfortunately, when the conditioner works hard, more power is used and the higher your electricity bill will be. Therefore, ensure you close your windows, doors ad curtains at all times during the summertime.

7. Insulate Your Home

For a more cost-effective way to improve your home’s energy, insulate your home. This move will not only reduce your heating and cooling costs but help maintain a comfortable natural temperature.  What’s great about the insulation is that it acts like an esky to keep the cool in during summer, while acting like a thermo in winter to retain heat. That means with its capability, you get to save energy and ultimately some money.

8. Ensure Your Appliances Work Properly

It’s no secret that appliances that don’t work properly are an energy drain. Therefore, to ensure you lower your electricity bills check your appliances regularly. Be sure to check if they clean, and if they are working properly, if not make it a priority for them to be repaired. However, for large appliances like the fridge, washing machines among others, a single annual checkup will do. Although, you need to spend money on the checkups, don’t forget the money you save on electricity later on which will be worth it. If you notice any of the appliances need replacing, be sure to buy the Energy Star model that focuses on efficiency.

9. Purchase an Energy Monitor

For an easy way to see how and when you are using electricity, you should purchase an energy monitor. The monitor will help you identify opportunities to save electricity and reduce your power bill. However, electricity monitoring is available to most smart meter customers although other types of meters will require a meter attachment to access energy monitoring.

Conclusion

According to the above list on how to lower electricity, there are some tips which only takes second to achieve while others take a little longer. All in all, you just need to stay consistent and disciplined and be on your way to lowering your electricity bill.

 

 

 

How much do you spend on groceries per month? Surprisingly, food is the average family third largest expense after housing and transport. Given you have to eat to survive and how big an expense it is to maintain a healthy life, it’s true you can’t compromise on the quality of the groceries you buy. However, due to the prices of food soaring high, there is a need to be conscious of your shopping habits which will go a long way of saving some money.

Therefore, we no further ado; here are some incredible techniques to reduce your grocery shopping expenses.

1. Make a List

No matter how much you think you are a disciplined shopper, always make a list before going out to buy groceries. When you do this, it’s unlikely you will end up buying any items you haven’t planned for. If you stick to your list even if you are shopping with your kids, you won’t be tempted to buy any unnecessary food items you had not budgeted for.

2. Don’t Shop While You are Hungry

Another ideal way to cut down your expenses is to avoid going to the store while hungry. According to recent research, it was noted that shopping on an empty stomach is one of the most frequent reasons people overspend. This is because most of the decisions you make come from the desire to eat. Therefore, make sure you always eat before leaving the house. However, if you are not coming from home, avoiding shopping between 4 p.m. to 7 p.m. since you will already be feeling a bit hungry. Overall, try to shop on the weekends, when your stomach will definitely be full.

3. Shop Online

If you are an impulsive spender, then you should consider shopping online to reduce your grocery shopping expenses. Nowadays, many stores have the pickup option that will definitely save you money and time as well. To get your groceries delivered easily, you can sign up on some websites such as Ebates, Ibotta, and TopCashBack.

4. Buy In-Season Products

One big mistake many shoppers do is to ignore the in-season products. Even if to stay healthy we require fresh fruits and vegetables, that does not mean we should overspend on them.  For example, when we look at fruits you can buy Apples, oranges, pears, cranberries, and kiwifruit among others from November and December season. For vegetables, you can find beets, broccoli, cabbage, carrots, kale and many more. If you plan your meals around what’s on sale, then be assured you won’t spend so much as if you bought off-season products.

5. Use Basic Ingredients

Although you are used to buying ingredients only usable for one meal, it’s time to save some money by buying basic ingredients. Remember, it’s a lot cheaper to buy basic, affordable ingredients to use in several dishes than focusing on specialty ones. By doing this, it will be easier to stick to your budget and overspend.

6. Check Out New Offers Online

As it has become the norm, many stores advertise online the different offers they have for their customers. By checking out these offers, you have a chance to know if they are any discounts given on particular products at the moment. Buying discount gift cards online is also a great option to save on groceries since you can save up to 10% of the full price offered in regular stores. Check out stores like Walmart, Costco, and Target for reduced grocery prices.

7. Check Your Pantry When Making a List

Do you check how much food left in the pantry before going shopping? Make it a habit f-checking if you have included an item on your list yet you have it in plenty in the pantry. That’s because often we tend to forget some food or ingredients we bought weeks ago and stored in the pantry. Other places to check as you make a list should be the fridge and freezer.

8. Only Carry Enough Cash for the Budgeted Groceries

Have you ever left the house to go buy a few things only to come back with a bag full of groceries and an empty wallet? That’s what carrying a lot of cash will do to you. Therefore, to make sure you don’t repeat the same mistake you need to only carry enough cash for the budgeted items.

9. Try Various Groceries Stores

I know you love a particular grocery store because it’s near your house or sells the best cookies ever! But should that be enough reason to not save some money?  No matter how much you enjoy shopping at that specific store; it’s good to try out other stores for a change. Yes, different stores sell the same products at different prices, but you will never get to compare the prices if you don’t venture out. However, if you are not sure which grocery stores are worth visiting, ask around, I am sure your friends and even work colleagues will be willing to share their favorite spots with you.

10. Schedule Your Shopping Days

Scheduling your shopping days is another great way to not only save some money but also your time. When you shop once a week you will minimize your trips to the grocery stores, therefore, reducing your spending expenditure. That’s why I insist that before you leave the house always have a list ready to ensure you buy everything at once thus also saving transport.

11. Carry Packed Food to Work

I know you love enjoying your lunch dates with your co-workers but have you ever calculated how much you spend per month on lunch? Even if it might seem little since to your defense you visit the cheapest joint, every dollar counts and you might be spending a lot more than you think. Since you have to always prepare supper, make sure you add an extra plate and pack it carefully to eat for lunch the next day. If you do this for a month, I am sure you will get to see a great difference in your saving before the month ends.

Bottom Line

Don’t have a grocery budget? Then it’s your entire fault you are not saving on your grocery shopping. Don’t waste more time and just start by implementing the above techniques and get to see your grocery spending expenses start to reduce.