Evan Vitale

Evan Vitale – Planning For Retirement

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By Evan Vitale

No matter your age, you should never put off thinking about – and planning for – your retirement. For many, the idea can become too overwhelming that many people put it off until a later time.

However, instead of a delay, now is definitely the time to make some decisions that will help ensure that you have a nice nest egg so you’ll be able to live comfortably down the road.

When you retire will have an impact on how long you’ll need to plan on living on your savings. In addition, how much you’ll spend has a greater impact on how much money you will need to save. For example, will you have your mortgage paid off by the time you retire? If you don’t have to worry about a mortgage payment, that will be a huge financial weight off your shoulders. If you won’t have your mortgage paid off, then you may have to consider selling your house for more income.

Of course, many people decide to sell their home because they want to move to a warmer environment (i.e. Florida) or live closer to children and grandchildren. If that’s the case, you’ll need to consider the cost of living at your new location.

In addition, some people like to travel when they retire. If that’s the case, you’ll need to factor in vacations; hotels and meals away from home.

Other considerations include gifts for the grandchildren, eating out, club memberships – all of these are things we would probably enjoy when we reach retirement age, but can we afford them? Are we currently good at setting up a budget and sticking to it?

In order to reach your retirement goals, you’ll definitely need a strong financial plan. Talk to your banker and meet with a financial planner to begin investigating what needs to happen in order for you to plan for your retirement and reach your retirement financial goals.

Evan Vitale – Give Coupons A Chance

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By Evan Vitale

You’ve probably have seen or heard of the “extreme” couponing reality television shows in which a mother (or family, dad, etc.), buys a ton of groceries and pays next to nothing because they used a million coupons in order to make their purchase.

While you might not be ready to go crazy with coupons, you can definitely learn more on how to effectively use coupons in order to save money.

Just to get started, here’s where you can find manufacturers’ and local coupons and start saving a few dollars on your weekly grocery bill:

  • The Sunday newspaper. Always a good place to start finding coupons as the Sunday paper usually contains many coupons.
  • Magazines, such as Women’s Day and food magazines.
  • Local newspapers, weekly newspapers and grocery store flyers.
  • In-aisle coupons. Sometimes you can find these next to the product.
  • Grocery store bulletin boards sometimes carry coupons or rebate forms.
  • On the Internet. Some grocery stores are doing this now, so see if your favorite grocer is publishing online coupons.

When using coupons, make sure you read the detailed information. Are there any coupon restrictions? Do you have to buy five items in order to use the coupon? Pay attention to the coupon expiration date.

Be aware of the grocery store’s policy when it comes to coupons. Most have changed their guidelines because of extreme coupon users. Check to see if your grocer has a double-coupon day? Do they have a Senior Day that might give you an extra 5-10% off your grocery bill? Does your grocery store match competitors’ coupons?

Please note there may be restrictions on Internet coupons, coupons without a barcode, some coupons may not be automatically doubled (like meat or dairy products).

You don’t need to go crazy and buy a coupon organizer if your main goal is to save a little bit of money on the products you regularly purchase at the grocery store. However, just a little bit of coupon-clipping can go a long way in spending less money and saving more.

Evan Vitale – Save Money With Thrift Stores

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By Evan Vitale

One of the biggest ways you can save money, have nice things and save money – all at the same time – is to consider going shopping at thrift stores.

Now, I realize that some people are turned off by thrift store shopping. However, the vision you have in your mind is entirely wrong with the way most thrift stores operate today. When you find a good one, you’ll know it: the store is clean, organized and sells nice clothing and merchandise.

Most people hit the thrift stores for clothes and there are some great deals and great finds to be had. Look for the brands that you like and currently wear. When you find something, check for tears, stains, missing buttons, etc. Most thrift stores have dressing rooms, so you can try it before you buy it.

Thrift stores also carry household goods, gifts, electronics, picture frames, shoes, hats, books, toys and more. Sometimes, you can find something that’s new, unopened and still wrapped in the original box!

The trick to finding the best deals is to visit a thrift store first thing in the morning when employees and volunteers are stocking the shelves. Thrifting experts say Monday and Tuesday mornings are the best days to go, but this might vary from store to store. In addition, some thrift stores have coupons or sales specials, such as “Senior Citizens Day” etc.

Before you make your final purchases, do a final check with everything in your cart and make sure you feel good about your purchasing decisions. Double-check tags, sizes and condition of the items you are going to buy.

Once you take your items home, clean everything and immediately wash any clothes you’ve purchased as there is virtually no pest or bacteria that will survive after its been through a good wash and thoroughly dried.

If you’ve been avoiding the thrift stores because you one heard a “horror” story, it’s time to give them a chance. Update your wardrobe, find some inexpensive gives, stay within your budget and continue to save some money!

Evan Vitale – Saving on Auto Repairs

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By Evan Vitale

Mechanical problems with your car can not only be costly, but can also cause a huge inconvenience.

At one time or another, we’ve all been there. Our car wouldn’t start; we had it towed only to wait nervously by the phone for the mechanical to call with a repair quote. Can we afford it?

Here are some tips that will help keep your car in good running shape and hopefully prevent you from having to face an expensive bill from the repair garage:

  • If you have a new (or newer car), always follow the recommended maintenance schedule. Keep a record and schedule your next service in advance. There’s no need to pay for a particular service until it’s needed.
  • For regular routine maintenance, some will take their car to the “quickie oil change” business than to the dealer. That might be less expensive, but check to see if it voids any prior manufacturer or dealer warranties on your auto.
  • If you run into a serious problem with your vehicle, it’s always better to take it to the dealer’s repair shop. They sell and specialize in your auto type and your car may be under a warranty. In most cases, a warranty means your car needs to be repaired by a certified mechanic.
  • Only purchase tires if they come with a warranty and keep a record in your glove box.
  • Newer cars should always have their oil changed every 3,000 miles. Older cars may not need it that often.
  • If you think your car has a problem, fix it now. Don’t wait until you are stranded.

Here are some quick, easy and inexpensive things you can do yourself:

  • Check your fluid levels: coolant, oil, brake fluid, power steering fluid, windshield washer fluid.
  • Check your tire pressure and inflate to proper levels. Your car will ride smoother and you’ll gain better gas mileage.
  • Make sure your windshield wiper blades are working and in good shape. If they aren’t moving water and snow from your windshield properly, buy new blades and replace them yourself.
  • Check your headlights, brake lights, tail lights and turn signal lights. In some cases, you may be able to replace these yourself.

These simple steps will help you take better care of your auto investment and keep you on the road longer and avoid costly mechanical bills.

Evan Vitale – Cut The Fat and Save!

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By Evan Vitale

For some, it’s a daily struggle to survive, while others are able to make it week-to-week. It’s tough out there on a lot of individuals and we should count our blessings daily for what we have.

A personal crisis – such as a health problem; a tooth ache; a flat tire or even replacing the battery in your car – can be extremely tough on finances for many people. Unfortunately, those who are “surviving” never get to live the dream of owning a new car or taking a beach vacation.

This is why having the ability and the means to save a little bit of money will go a long way in overcoming unexpected financial woes.

You can do it, even if you’re living from check-to-check. Here’s how you can put a little more money in your savings account and start a “rainy day” fund or save for a well-deserved family vacation:

  • Stop making purchases at convenient stores. Yes, they are convenient, but the mark-up on all products is cutting into your cash. Don’t start and end your day with a stop at the quickie mart for a soda, coffee or frozen slushy drink.
  • Break bad habits that are costing you a ton of money, especially if you are smoking cigarettes. Depending on where you live, etc., a pack of cigarettes costs between $4 and $8 per pack! A neighbor of a friend of mine smokes two packs a day at $5 per pack. That’s $10 per day x 30 days = $300 a month going up in smoke (not to mention potential long-term health problems).
  • Take your lunch to work. Eating lunch at fast food restaurants costs around $10 per day.
  • Cut back on cable television. Call your local cable TV provider and see if you can get a lower rate or, if necessary, cut your current cable TV package by one level and save $10 to $20 per month. Some have even cut the cord entirely and save over $100 per month. Instead, they rely on their local internet service to stream television programs, watch Netflix, etc.

Living from check-to-check is difficult and stressful. However, by following some of these little tips, you can start saving some money and ease a little financial stress.

Evan Vitale – Save Big on Food Costs

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By Evan Vitale

One of the biggest expenses we face every day is the cost of eating.

Whether we are avid grocery store shoppers or enjoy eating out for meals every week, our consumption of food is one area that you should definitely watch what you spend and look for ways on how to save on your weekly eating expenses.

Of course, we’re not talking about cutting way back to the point of eating saltines and drinking water every day. Instead, let’s look at some reasonable ways in which you can save money, but still enjoy the kinds of foods you like to eat.

Here are some helpful tips:

– Take your lunch to work. We’ve probably heard of this one our entire lives, but it’s true. Taking your lunch to work saves money from eating lunch at local restaurants and fast food joints. It also saves time during your lunch hour of standing in line or waiting for a table during the busy lunch time.

– Use coupons whenever you can. If you like to shop and purchase name brand products, using coupons is the only way to go. Here, you can still enjoy the brands you like to purchase, but save a few dollars at the same time.

– Join the grocery store’s shopper club. Yes, they are going to track your purchases, but they also give you discounts each week on certain products when you use your shopper card. Some grocery store chains even offer fuel points which give you up to $1 per gallon of gasoline based on the fuel points you have earned with your shopper’s card.

– Consider buying the store brand instead of the name brand. You might not notice the difference in taste or quality, but you will notice the savings.

– Keep a grocery list at home; take it with you and follow it. By doing this, you’ll avoid impulse purchases and keep your grocery budget in line.

– Cut the number of times you eat out each week. If you’re eating two or three meals at a restaurant each week, consider cutting it to one or two at the most. Cutting out one meal at a restaurant can save you up to $75 a month (per person) depending on what and where you eat.

These simple tips will indeed help you save on your grocery shopping and food consumption bill. Eat well, but save, too!

Evan Vitale – Saving Money At Home

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By Evan Vitale

We all look for ways to save money, trim budgets and make ends meet when things are getting a little tight in the financial department.

However, there are some easy-to-find money saving ideas that you can find at home. These include:

  • Electricity. Of course, we all know the rule of turning off lights when we leave the room, but you should also consider using low-wattage, energy-efficient light bulbs as well. If you are in a habit of turning on a porch light, consider turning it off sooner (before you go to bed) or switching to a motion light which only turns on when someone approaches your house.
  • Appliances and electronics. While this also goes into the “electricity” category, always consider using energy-saving appliances if you need to buy a new appliance. In addition, your DVD player and other electronics are actually “on” and burning a little bit of power even when you turn them off. Consider plugging them into a surge protector and turning it off (or unplugging it) when your electronics are not in use.
  • Call your electric and/or gas company. Most of these offer free energy inspections to help you save on your electrical and heating and cooling costs.
  • Do you have a home phone service through your Internet provider? Do you also have a cell phone? Is there a need for two phones?
  • Cut back on your cable TV service. Call your cable TV provider to see if you can reduce your cost by dropping down into a lower-priced tier.
  • Take quicker showers or consider saving water by using a low-flow shower head. This will save on your water consumption and it will also save electricity/gas needed for your water heater.
  • Speaking of water heaters, buy a water heater wrap. This will help prevent heat escape from your water heater year round.
  • When possible, use less hot water to wash clothes or with your dishwasher.
  • As temperatures warm up with the upcoming summer months, try to use a fan or a ceiling fan at night to stay cool instead of running an air conditioner.
  • When summer arrives and you rely on the air conditioner more often, you’ll save energy and costs by setting the AC at a specific, comfortable temperature and never change it. Some say 70 degrees is ideal for both day and night temperatures.

This is a simple start. As you look for ways to save money in your home, you’ll be surprised at other opportunities you will find.

Evan Vitale – Rent or Buy? (Part II)

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By Evan Vitale

This is the second in a two-part series on renting or buying your own home.

Just like renting a home, buying your own house has some advantages and disadvantages as well.

Advantages of buying a house:

  • The biggest advantage is that your monthly payment builds equity (ownership). The longer you own your house, the more equity you build. Equity is like cash. You can borrow against it, refinance your home in order to earn a better interest rate. It’s also a return on your original purchase should you decide to sell your home someday.
  • Another big advantage are the tax deductions you can receive.
  • Should you ever decide to change the interior or exterior of your home, there’s no need to check in with the landlord. You’re the owner!
  • Owning your house offers pride. People love to say they own their house.

Disadvantage of buying a house:

  • It’s an investment. The housing market has seen trends go up and down. Where will the trend be when you decide to sell your house? Will you be getting a good return on your investment?
  • You may not like the neighborhood. If you’re single and the neighborhood is family-oriented, you may feel like you don’t fit in with couples and children. It’s an adjustment you’ll have to handle.
  • Maintenance and repair problems are your problems. You won’t be able to call the landlord when the furnace isn’t working or the roof starts leaking. Make sure you are able to handle unexpected homeowner expenses.

Which one is right for you? It all depends on your income, career plans, etc. Talk to your family. Ask your banker, talk to a realtor friend, do some research and collect information. Don’t rush into any long-term situations without feeling 100% secure with your decision.

Evan Vitale – Tips on Purchasing a Pre-Owned Vehicle

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By Evan Vitale

When you are seeking out a pre-owned or second hand vehicle for the very first time in your life, you’ll need to determine if its “value” is what’s being advertised by the dealer or owner of if that will inevitably be the final purchase price once your deal closes.  You must do your due diligence on all of the brand information and details specific to that edition of the vehicle in order to negotiate your best price.

Understanding a Car’s Actual Worth

When you’re researching vehicle value, it is not likely to be easy to obtain an exact amount for that particular vehicle, however, you should have the ability to develop an approximate figure for the car’s value, which needs to be quite near to the actual worth of the used vehicle. If you wish to obtain a deal when  purchasing a second hand vehicle and do it economically, then you need to get  into a dealership showroom to gain understanding and knowledge concerning the  value and price of both new and used vehicles. Also, you need to know just how much you or other people ought to be having to pay for that vehicle based on market forces within your local market.

The best way to determine the marketplace cost of a vehicle is by looking at multiple sources:  auto auctions, price compare websites, branded vehicle showrooms, used car lots, consumer review websites, etc.  Also look at review sites for that dealer to be able to tell if they are an ethical dealership.

If you are speaking directly with a sales rep, you have to look at the market cost of the car plus assess their commission that will be added on in order to get the true competitive cost.  Sometimes a sales rep can be competitive and other times may not be depending on how well they have done on sales in that month at that dealership.

Have a Budget

Always have a budget figure in your mind when considering a vehicle purchase.   Don’t let a charming sales rep convince you buy something outside of your means or put you into too much debt which forces you into greater sacrifices for your normal daily expenses.  Sticking to a budget will help you to focus on your  negotiation for the car rather than the stress of paying for it later, losing cash in  the deal or having to listen to a push sales pitch for something you didn’t really  want and got stuck with anyway.

Low Cost Does not Always Equal Bad Quality

Of course you’ll be looking for deals when you go out car shopping for a pre-owned vehicle. But, purchasing an inexpensive vehicle does not mean you will finish up purchasing a bit of junk that’s useless. Also, it will not imply that your motor is going to be low quality either.

What you want to look at is that by purchasing “cheap” is that you are purchasing a vehicle at a lower value than what it is really valued and available on the current market – mostly likely a good price might be demand driven.

Maybe the dealership has a whole bunch of white cars in inventory and orange cars are the hot color of the season.  Maybe the dealership is attempting to sell you the orange car you really liked and you say no because there is a wait for delivery from Texas and will be outside of your budget.   The dealer knows he has an additional fleet of white cars coming in for trade-in from a leasing company and will have a hard time unloading them because he will have so many.   He offers to sell you a white car on the lot now at lower cost and lower commission this week because he knows it is more in your budget and you will close the deal quickly.

You opt for the white car because it is priced lower. Despite the fact that you are getting it at a steal, does not mean it is a “cheap” car, it’s just that you compromised on color to find a reliable vehicle without compromising the technology.

Seek Information

Prior to going to purchase a vehicle, complete your due diligence and homework – performing research and analysis of the selected vehicle and comparable cars in the same range.  This will help you to be in a position to haggle for your vehicle without dealer manipulation.

Before you go to the Dealership Make Choices

Be educated.  Be certain that you’ve got the best picture in your mind of what you would like to attain before visiting a dealership, an idea of your budget, and limit the time you anticipate you’ll spend there. Don’t finish up purchasing a thing that you don’t need due to an impulsive mindset.

Don’t Be Desperate

If you look desperate, you’ll more than likely get taken and the sales rep will use your haste to take more out of pocket from you.  Keep a cool head, prep by reading forums and websites, buy the best pre-owned vehicle that is best for you.

Going to multiple showrooms and dealers also lets you practice your negotiating skills before you go through final settlement meetings.  When purchasing pre-owned, make sure to check all mileage logs, accident records, indications of previous repairs.  When purchasing a pre-owned vehicle on a budget, you won’t be spending small amounts of money, so purchase quality over price without overpaying.

Evan Vitale – Cheap Spring Break Ideas

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By Evan Vitale

Even for those who have mapped out their Spring Break itinerary down to the second, you may find yourself still in need of some activity ideas – and cheap ones fast – such that your annual journey to sun and fun is after all, both memorable and original.  You’ve probably figured out how you’re getting there, and you are sure that “party” is item number one on your list, but what else can you add to your activity list once you have arrived?  You’re most likely also thinking how you will afford extra fun that falls within a ramen noodle budget. Don’t be concerned though, because you will find many different ways for both you and your buddies to take full advantage of your trip.

Thinking about Panama City Beach, FL as a spring break destination, then you’re likely to be around the beautiful beaches as a major piece of your trip. As probably the best spot you can possibly be if you come to this beach for your spring break, you can rest assured that the parties will always be bold and plentiful here, and there will be lots of sunbathing on the shore. For this reason lots of spring breakers think it’s a terrific, relaxing place to spend their holiday time. It’s not only great to be right at the beaches, it is also among the least expensive places to hang out on your trip.

You might be interested in in other options open for consideration beyond just sunbathing on a wide sandy beach. If this sounds like you, think about a cool down within the enjoyable waters by scuba diving or even snorkeling. Don’t want to get wild and wet? You could take out a kayak at reasonable rates. Should your travel group buddies wish to have a much greater adventure, get everyone to chip in to book a jet ski for the day.  It will be high action for your group and will keep expenses low.

Lots of travelers tend to pick Daytona Beach, FL for his or her “Cheap” spring break vacation place. If your group is planning to go here, you’re most likely thinking about what someone can spend time doing after the sun goes down even long after the Daytona 500 is over.  With wide drive-on beaches, the big party beaches are among the typical activities loved by Daytona goers.  If you aren’t into rowdy parties, there are some amazing concerts which are hosted here each spring. Some of the concerts are fairly inexpensive as they are targeted to the spring breakers, but they’re always unique and entertaining. Looking at more outdoorsy options, you could toss in some kayaking and snorkeling.

If South Padre Island, TX is your goal, then you’ve got a variety of choices that are unique to the other destinations. The best one is to be able to take a day excursion into Mexico that is only five miles away by boat. As long as you bring a passport to be able to come back easily, this is often a fantastic way to maximize an international vacation within a beach trip.

Overwhelmed? If Mexico is too much, and you wish to really just explore South Padre Island instead, just rent scooters to savor each day of pleasure. With scooter rentals, it’s not necessary to spend a whole bunch of money and you can still have plenty of fun.

And finally, maybe instead of “partying” you might want to think about a service project to a small town in need. There are many volunteer agencies that reach out to spring breakers for extra help in the spring season, either cleaning up after tornadoes, building new housing, or sprucing up an at-risk school in a poor area.  The rewards are great and the smiles will be wide when you work with grateful children.  The experience may also be helpful for writing a paper for a later research project.

Wherever you decide to partake in some awesome time off and a spring break journey – cheap travel ideas are plentiful.  Always try to match your skills to whatever is available in region. If you like action, then look for water sports options or deep sea fishing.  If you like quieter pursuits, or you are a foodie, look into the cultural every day options of the local area maybe away from the crazy beaches and tourists.  Try to get to know the local community, meet some new people and just relax and enjoy the sunshine.