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12 Ways to Save $50 per Month {Part 2}

ways to save $50 per monthIf you could consistently save an extra $50 each month for a year that would end up in a total budget reduction of $600 per month, every month. That’s some pretty significant savings!

Last week we started exploring twelve different ways to save $50 per month, listing the first six. Today we’re going to go over six more ways you can $50 per month. Hopefully you can find at least a couple different ideas that work for you.

# 7 – Brown Bag It

To me this idea is so obvious that I almost hesitated on sharing it. Then I got to thinking back about all my day jobs and the fact that the majority of the people I worked with would go through a drive thru for lunch every single day. Even the people who made close to minimum wage!

Packing your work lunch everyday isn’t that hard to do. Wouldn’t it be so much better to spend ten minutes preparing to save at least $50 a month?

# 8 – Only Shop with a List

Shopping with a list has been huge for my grocery savings.

You know how stores are set up – to entice you to make impulse purchases! If you want to resist those impulse purchases you need to create a list and stick to it.

# 9 – Switch from Cable to Netflix

If you’re still paying an ungodly amount of money for satellite or cable consider switching to Netflix or another cable alternative. (I actually use Amazon Prime since I already have the membership. There are thousands of free movies and shows I can watch whenever I feel like it. Plus they are commercial free.)

If you haven’t made the switch I think you’ll be pleasantly surprised with a service like Netflix or Amazon Prime.

# 10 – Get a Republic Wireless Cell Phone

Cell phone bills can get a bit ridiculous, especially if you have a large family and are on a contract.

Pay as you go phones are now amazing. You can get the same type of smartphone you’d get with a contract plan for a fraction of the monthly bill and you also can get unlimited data and minutes. It really doesn’t make sense not to go with a pay as you go phone.

I’ve tested out Republic Wireless, which have plan starting at $5 a month, and can personally vouch for the fact they’re a high quality company.

# 11 – Pay Off Your Credit Card Debt

If you have credit card debt you need to make a plan to pay it off……….like, now. While this might take a while to do you stand the chance of saving far more than just $50 per month. Plus, think of how awesome it will feel to not have to worry about that debt anymore!

# 12 – Start Buying Store Brands

I’m to the point now where I actually prefer shopping store brands over name brands. I’ve done it for such a long time.

If you’ve been true to name brand products I’d suggest slowly switching over. It might take a while for you to find the store brand products that you really like. If you just switch a few of the things you buy often to off brands you can save a ton of money!

How are You Going to Save?

I’m hoping that you found at least a couple ideas to save $50 a month that you can apply to your own life. By making these easy changes you can free up room in your budget for much more important things!

A Simple Guide to Commercial Mortgages

A Simple Guide to Commercial MortgagesSimply put, a commercial mortgage is a loan secured with property that is not your residence. Since each property is different, lenders have to assess each loan individually and price it according to the risk. Hence, there various special types of these loans available to borrowers. Commercial mortgages come in where business loans cannot be of meaningful use to borrowers. Typically, a business loan up to $25,000 does not require any security. However, lenders need some kind of security to cover their bases when lending huge sums of money to entrepreneurs.

How much money can you borrow?

How much money you can borrow will depend on a host of factors including the value of the commercial property, and the risk factors involved such as whether it is an investment property or owner occupied property. Due to the administrative and legal costs of securing a commercial property, lenders and borrowers alike consider it uneconomical to borrow less than $50,000 in this manner. In fact, some lenders set a minimum lending amount of $75,000. That being said, you can borrow as much as you like provided you have the security required.

What can you offer as security?

In general, moneylenders will take the property you are purchasing as your only security for the loan amount you want, which will normally be 70% of that property’s value. For instance, if the property is worth $100,000, then the lender will take $70,000, as your security. The lender will also ask for a cash deposit for the balance of the buying price. In this case, you will need $30,000 in cash. If you lack the funds, then you can provide additional security, which is normally another property in which you have significant equity. Nevertheless, the additional security can also be other assets such as shares or insurance policy.

What are the going borrowing rates?

Unlike personal loans, commercial mortgage rates are not pre-determined. Once you make the application, the lender will review it independently, assess the risk level and determine the rates that will be fair to both parties. Usually, huge loans with little risks will get the best rates. Additionally, most lenders have a certain risk profile they work with, if your application falls outside this profile, your loan request will be denied. It would be helpful to be aware of this risk profile before submitting your application.

Other fees you need to know about

Besides the loan rates, you also need to be aware of other fees you will come across during the process of obtaining a commercial mortgage. You will need to pay arrangement fees, legal fees and valuation fees. You are expected to pay legal fees for both you and the lender. Some lenders will require you to pay the arrangement fee beforehand, or at least a percentage of it to cover their work in case you decline their offer. The valuation fee covers the cost of a valuer, who determines the true worth of your commercial property. You can add broker fees to that list of you intend to use a broker for the process.

4 Ways to Check Your Credit for Free

Need to get your credit report or credit score? Here are four ways to check your credit for FREE.If you ever plan on borrowing money, keeping your credit score high is crucial. Otherwise you’ll be paying far more in interest than you should be.

Trust me, I’ve been there.

When I bought my first car I didn’t have the greatest credit. It’s not that I had done anything wrong, it’s just that I was slow on building my credit. I was young and therefore had a short credit history which worked against me.

During my car shopping process several dealers were offering me twenty percent interest – which was insane! Luckily, I wasn’t that stupid and instead kept searching. I finally found a bank that gave me a 9.25% interest rate, but that was still fairly high compared to what was being offered at the time.

My car financing situation really helped me understand how important it is to monitor your credit score and keep it in good standing. So today, I wanted to go over four ways you can check your credit for free!

Credit Karma

Credit Karma is by far my very favorite free credit score checking site. You simply fill in your personal information (no credit card required), answer a couple of security questions and Credit Karma will pull up your credit score information.

They’ll also give you a credit report card with suggestions on how you can improve your score.

Credit Sesame

Credit Sesame works in a similar fashion as Credit Karma.

You simply input your personal information, answer security questions and they’ll pull up your credit score.

Quizzle

Quizzle is another free credit score site that works in the same way.

However, I’ve got to be completely honest with you – it’s my least favorite out of the three. It still has great features but I’m not a big fan of the layout and I had a hard time verifying my identity with them and couldn’t find anyone to contact about it.

AnnualCreditReport.com

Annual Credit Report is the site you can go to get a free credit report from the top three credit reporting bureaus.

Since you can get a total of three credit reports once per year I like to space mine out at every six months.

How are These Sites Free?

Getting a free annual credit report is nothing new. However, getting your credit score for free is. And since you’ve normally got to pay anywhere from fifteen to thirty dollars to get a credit score you might be skeptical of trying out these three places.

Don’t be.

Each of these sites (Credit Karma, Credit Sesame, and Quizzle) offer you credit card and loan deals based on your credit score. If you go through one of their offers to refinances your house, car, or get a new credit card they get a commission on the sale.

That’s how they make their money and that’s why you’re getting a free credit score!

Have you tried any of these sites? If so, which one is your favorite?

Link Love 11/21/14

Happy Friday!

Hope you had a good week and that you’re not too cold :)

In case you’re in need of some weekend reading here are some of my favorite posts from the week!

Have a great weekend!

12 Ways to Save $50 a Month {Part 1}

ways to save $50 per monthIf you could find a way to save a recurring $50 each month in a total of twelve months you’d be able to cut your budget by $600 in one year!

While it might feel overwhelming to find 12 different sources of income to save in one month doing these tasks one month at a time is a pretty reasonable plan.

If you’re ready to drastically reduce your budget here are the first six ways to save $50 a month!

# 1 – Switch Your Auto Insurance

As an ex-insurance I can vouch for the fact that you should switch your auto insurance carrier every three years. If you don’t your premium is just going to keep rising.

Call an independent agent and have them quote your current insurance policy with several carriers in an apples to apples manner. You might be really surprised how much you can save without lowering any of your coverage’s.

# 2 – Ask for Lower Interest Rates on Your Credit Cards

If you have any credit card debt you should immediately call your credit card companies and ask if they’ll lower your interest rate.

I did this years ago when I had a credit card balance and had about a fifty percent success rate. The worse they’ll tell you is no but you could potentially save hundreds of dollars per year!

# 3 – Only Eat Out Once a Month

My biggest budget buster is always eating out. I do really well for a month or two and then when I get busy I resort to my old ways spending way too much money on takeout.

Challenge yourself to eat out only once a month. This saved me more than $100 a month!

# 4 – Make a Menu Plan & Start Strategically Buying Your Groceries

The best way I’ve found to save money on groceries and to prevent myself from eating out all the time is making a menu plan and then strategically buying my groceries.

Start your menu plan with what you already have on hand. Then make a grocery list for any of the remaining items you need and stick to the list!

# 5 – Only Buy Secondhand Clothes

Since shopping with ThredUp I don’t think I can ever buy brand new clothes again!

Find a thrift store, consignment shop, or online consignment shop you like (I love ThredUp) and start buying your clothing there.

Buying secondhand allows me to get nice, quality clothes for a fraction of what I’d pay for brand new off brand clothes.

# 6 – Turn Your Thermostat Down

This is not going to save everyone $50 a month but I know it can for many.

For instance, like I talked about last week by heating bill used to be $500/month! One of the things I did to lower this was to turn my thermostat way down when I wasn’t home.

If you’re paying too much in heating costs try turning your thermostat down a couple degrees and then turning it even farther down when you won’t be at home.

Six More Ways Next Week

There’s the start of the twelve ways to save $50 a month. I hope you found something that can help you! I’ll be back next week to share six more ways to save!