Evan Vitale

Evan Vitale – More Thoughts On Retirement

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By Evan Vitale

We all look forward to retirement (some day), but retirement planning isn’t always about how much you’ve saved in your retirement account. Instead, a decision on when to retire can also be determined by your state of mind and your abilities.

Here are some things to consider when you begin to think about setting a retirement date:

How do you feel about your job? In other words, do you reluctantly go to work every day? Do you still enjoy your job? Are you able to contribute to your employer and continue to build your retirement savings?

Do you know what you want to do when you retire? Have you made retirement plans? Where will you live? Will you be moving? If you don’t know the answers to these questions, then you should spend some time to consider all the possibilities before you retire.

On the financial side, will your retirement lifestyle and interests require additional income? Have you saved up enough money so you can afford the planned extras? If not, then you’ll probably need to work a little longer and save some more money so you can afford the retirement lifestyle you desire.

With retirement, do you plan to work in a part-time position at your current job or seek something less demanding? Does part-time employment and its salary play a role in your retirement lifestyle?

Will you be starting a new business when you retire? If so, do you have the needed capital investment in order to start?

How about your children? Are they self-sufficient? Have they graduated from school and in the workforce?

How will you be spending your retirement time?

Will your spouse continue to work during your retirement?

Is your mortgage paid off? Will you be moving into a smaller house or condo during retirement?

Are you over the age of 62 and qualify for social security benefits?

Are you over 59 ½ with a sizeable IRA or 401(k) account?

Have you saved enough money?

Tough questions, but you need to honestly answer each one of them before you jump the ship and head to retirement land. Be ready!

 

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 – 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 – Saving Money on Energy Costs

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By Evan Vitale

Numerous storms across the U.S. this 2016 winter have us all meticulously examining our utility bills this month and possibly considering how we will be able to save on rising energy expenses.

From powering landscape lights on the property and kitchen appliances to running our TVs and computers — electricity is definitely a necessary part of our modern life. It should be no surprise that the average residential electricity bill is far more than $110 a month.

As temperatures rise, lots of families turn to air conditioners to keep cool.  In reality, air conditioners use about five percent of all the electrical energy developed in the U.S. — costing U.S. property owners billions a year. Typical HVAC maintenance — like cleaning or swapping out air filters — will guarantee that your air conditioner is running effectively and can enable lower electrical energy fees. To save on these maintenance bills, sign up for an annual plan with a reputable HVAC firm.  You will usually get two complimentary visits per year within your plan and it will help with spreading out your maintenance costs.

Make sure you are not using electricity if you aren’t there to take advantage from it. Contemplate installing a programmable thermostat and set it back once you are away at your office or on trip. You can save perhaps as much as 10 percent a year on heating and cooling by basically turning your thermostat back 7-10 degrees for eight hours per day from its typical setting.

You’ll be able to also preserve electricity expenses in the summer season by utilizing a ceiling fan to supplement your air conditioner. A ceiling fan will enable you to raise the thermostat setting by about four degrees without having any impact on your comfort. But remember to turn the fan off when you leave the area. Ceiling fans cool persons — not rooms — by creating a wind chill.

If you reside in a climate that tends to cool off at night, all-natural ventilation can help you preserve the coolness in your home without having raising your electricity bills. Take into account turning off your cooling system and opening your windows when sleeping to take advantage of cooler air, but make sure to shut the windows and blinds every morning as the temperature rises.

Air sealing is among the most cost-effective and quickest solutions to reduce power bills. Decreasing the amount of air that leaks in and out of the residence will help reduce your personal heating and cooling load — directly converting into smaller sized energy bills.

Installing a timer that turns off your electric water heater at evening or whenever you do not use it may also make it easier to reduce your electrical energy bills.

Most households spend about ten percent of its budget on lighting. One swift way to decrease these fees is gradually replace your light bulbs with more energy-efficient light bulbs. By replacing 15 inefficient bulbs in your home with more efficient bulbs, you could possibly save about $50 a year.

Whether you call them power vampires, background loads or standby power, little gadgets, appliances and electronics still use electrical energy when plugged in even if they may be turned off. Consider routinely unplugging appliances and electronics to save electrical energy. To be more efficient each day, plug small mini devices into a power strip and then turn off or unplug your power strip when you leave.

If you are looking to replace your old appliances, consider purchasing ones with an Energy STAR label. These appliances incorporate sophisticated technologies that use 5-35 % much less power and water than common models potentially saving nearly $750 across the appliance lifespan.

Quite a few homeowners point to renewable power as a fresh approach to save on electricity charges. Once you fix the basics around your home, look at ordering a home energy audit by checking with your local utility company. As utilities are generally publicly traded entities, they wish to save money for shareholders by holding down costs.  Some utilities offer discounts for home or commercial energy efficiency programs incorporating wind or solar. It’s also good for the planet to incorporate clean energy into your home energy-saving strategy.

Evan Vitale – Saving Money in 2016

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By Evan Vitale

Saving up more cash is the trend for 2016, but so many people often procrastinate in their efforts when it comes to cutting everyday costs. Listed below are ten tips to do today to keep more cash in your bank account and lessen debt risk.

  1. Make “Dining In” your norm and “Dining Out” as just a special treat. Our fast-paced workplaces have helped us justify a daily fast food lifestyle that is eating away at our savings goals.
  1. Brew your own grinds. Fancy coffee-to-go can run $4 or more a cup and unpredictable lines for a barista can cut into an efficient work day. Acquire an inexpensive grinder and a coffee maker that is easy to use or a cheerful color to brew a thermos-to-go of that magical brown elixir for only pennies a cup.
  1. Get rid of high-priced gym memberships. In the event you want the incentive that is part of the fitness center social scene, join a community-based running, biking, hiking club or a small yoga group. You’ll be able to casually socialize afterwards without a monthly credit card gouge.
  1. Rethink your entertainment options. Rather than going out for the movies, hit the library and check out movies for a week for free. You won’t have to listen to ringing cell phones in a theatre and you can enjoy your own homemade cookies and snacks. Limit your evening out “clubbing” to quarterly or once a month, and have close friends over on Friday nights instead for a cookout.  
  1. Rethink your driving style. Make an effort to drive only if you really need to in order to cut back on gas. Don’t let your car idle more than 1 minute. Look into a park and ride commuter lot for the trip to work and seriously evaluate the need for those last minute trips to the store and fast food.
  1. Always keep your automobile maintained. Appropriately inflated tires as well as a tuned-up engine can enhance your gas mileage favorably.
  1. Design your own dream “staycation.” If you take time to invest in exploring more localized travel options, you can save the travel money for some finer dining options closer to home or splurge on your favorite hobby supplies guilt free.  Not to mention, saving you hundreds of dollars on hotels and gas.
  1. Cut those utility expenses. Swap out furnace filters often. Add weather stripping around doors and windows. Repair leaky faucets and running toilets. Wear sweaters and reduce your thermostat in the winter and try to use your ceiling fan rather than the A/C in summer.
  1. Get fresh quotes for your insurance coverage expenses. Insurance rates, particularly auto insurance coverage prices, can differ a great deal from between competing firms.   By acquiring at least three various comparison quotes, you may lower your premiums by hundreds. An easy strategy to do this is on the internet at an insurance coverage comparison site as your first analysis and then talking to a locally based firm rather than a national brand name.  Driving less and taking benefit of discounts can reduced your prices at the same time. Also, consider raising the deductibles on both auto and property or tenants insurance to lower premiums. Just make sure that if you need to make a claim for a loss that you have enough cash on hand to pay the deductible.
  1. Be careful with “cash back” added on to debit card transactions.  The cash is usually quickly spent without a recollection of where it was spent.  It is also hard to remember to write the transaction down which can make it too easy for a checking account to become overdrawn.