Evan Vitale

Evan Vitale – Tax Return Tips

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By Evan Vitale

Although it’s only the middle of February – and Valentine’s Day might be on your mind – you don’t want to wait too long when it comes to preparing and filing your individual tax returns.

Now, if you own a business, I’m hoping you’re already on your way in getting a few things off to your accountant so he/she can have plenty of time. It’s an entirely different ball of wax when it comes to business tax returns. A delay here can cost you plenty in penalties and fees.

On the individual side of things, by now you probably know what you need to do. Make sure you have the proper forms from your employer(s) and your other necessary paperwork in place. Here are a few other things you may need to consider:

  • Are you going to file online or in paper format?
  • Do you think you’ll owe taxes this year or will you be expecting a refund?
  • Make sure you have the necessary paperwork for your State, County and Local returns. You definitely don’t want to be out hunting for local paperwork on April 15th!
  • Are you using software to file your return? If so, make sure it is updated. Again, don’t wait too late in either downloading an update or purchasing a software update. The longer you delay, the harder it will be in finding software at your local office supply store or in download speeds as you get closer and closer to tax deadline day.
  • If you are printing out necessary tax returns, always make sure you have plenty of paper and printer toner on hand. Again, finding out you are out of ink will set your body into panic mode, especially on April 15th.
  • Finally, depending on your location, you can always expect websites will be slow (or might get overloaded) and Internet speeds will also be slower the closer and closer you get to the tax deadline. Give yourself plenty of time in case of possible delays.

Do all the necessary groundwork now and plan to set aside some specific time on a specific day in order to get your tax returns completed and filed on time!

 

Evan Vitale – Big Savings At Dollar Stores

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By Evan Vitale

You’re probably used to seeing them in just about every town and, sometimes, they are located in nearly every strip shopping center these days.

No, we’re not talking a Starbucks Coffee shop, either.

Instead, “dollar” stores are becoming a very popular retail destination for many people (young and old) when trying to stretch your dollar, stay within your monthly budget, and find good days on every days products.

Dollar stores have come a long way. They are no longer the dirty, low-rent stores selling absolute and out-dated products. Have you visited one lately?

Dollar stores are easy to operate and, in some cases, the inventory is refreshed with new products added almost daily. Here are a list of things you can expect to find at a dollar store:

  • Cleaning supplies
  • Paper goods, such as napkins, paper towels
  • Personal health care items, such as shampoo, etc.
  • Toys, coloring books, etc.
  • Party supplies
  • Pet care, automotive products
  • Office supplies and back-to-school supplies
  • Seasonal items, especially for Christmas, Halloween, etc.
  • And, yes, in some cases, food items including soup, tuna, bread, drinks, candy, etc.

When you visit a dollar store for the first time, take your time and browse every aisle. You’ll probably be surprised at what you find and you’ll quickly spot items that you’ve purchases elsewhere (and paid more money).

Get into a habit of saving money by making the dollar store a regular weekly stop on your shopping trips. Some will visit the dollar store first before going to their regular grocery store.

If you’ve haven’t been a regular shopper at a dollar store, it’s definitely something you should consider when living on a tight budget and saving some money!

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 – 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 – 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 – 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 – Rent or Buy? (Part I)

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By Evan Vitale

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

Buying and owning your own house has been the “American Dream” slogan for many generations. However, there are many disadvantages and advantages of owning your own home vs. renting a home, condo or apartment.

It all depends on your current and future financial situation, so let’s first take a look at the advantages and disadvantages of renting your own home.

Advantages of Renting

  • One of the biggest advantages to renting is lower upfront costs. Instead of a hefty down payment on a home (inspections, closing costs, etc.), renters may only have to pay a security deposit or perhaps the first and last month’s rent. If you are renting at an apartment complex, you might be able to find a renter’s special where the security deposit waived or the first month is free if you sign a long-term lease.
  • If your job or career changes, it’s much easier to pull up stakes and move if you are a renter as compared to being a homeowner.
  • If you have poor credit, renting gives you the opportunity to rebuild and improve your credit score, which makes it easier when it comes to purchasing a home at a later time.
  • By renting, you have extremely low maintenance costs as furnace repairs; a leaky roof and plumbing problems are taken care of by the landlord (check your lease for details).

Disadvantages of Renting

  • It may not be a huge deal to some, but renters usually aren’t allowed to paint walls or make any major changes to the house or unit without prior consent.
  • You must follow the rules in the lease and you must also make sure you can get along with your landlord. Just as the landlord can check your references, you should also consider checking the landlord’s references as well. A tenant-landlord relationship is a two-way street.
  • After the initial term of the lease (usually 12 months), the landlord could opt to increase your rent for the next term. Be prepared for any rent increases. Can you afford an increase or do you have to move again?
  • Your monthly rent is an expense, so you don’t build any equity in your property. When you own a house, part of your payment goes into building equity (value) that you can borrow against some day.

In our next blog, we’ll take a look at the advantages and disadvantages of buying your own house.

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 – These Items Are Costing You Money

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By Evan Vitale

Everyone is making an effort to save a little energy and money these days. As a result, many manufacturers have tapped into the market and make products specifically to help accomplish these goals.

Believe-it-or-not, when your power strips and other devices are plugged in, they are using electricity (even if your device is turned off, cell phone is charged, etc.).

However, several companies make energy saving sockets that plug into the electrical outlets in your home. These sockets save money by turning off the electricity to the device that’s plugged into them when not in use.

Take a cell phone charger. This electronic device will still use electricity even when you are not charging a phone. If you are using an energy saving socket, you can set a time limit for the phone to charge. After the time has elapsed, the socket will shut off the electricity to the charger, saving you some cash.  A device such as this might also provide you with some peace of mind; you wouldn’t have to wonder if you left the coffee pot on or kept the curling iron plugged in.

A similar product is a power strip that conserves energy with a wireless remote. For example, you could plug in all of the devices used in your entertainment system — TV, DVD player, game console, etc — into the conserve power strip. When you’re done using these devices, instead of unplugging them, just use the remote control to turn off the power strip.

Another product worth considering is a clip, or a cord holder. Something like this sticks to the wall or your desk near an outlet. When you want to unplug a device, it holds the cord for you so you don’t have to go searching for it next time.

These are just some of the many products companies are producing that are making it easier for consumers to save money and energy use.

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.