Society as a whole is more interested than ever in the concepts of budgeting and cutting back on expenses. In some cases, many will feel that there is simply nothing left to cut out of their lifestyles. But if the family budget is still not working for you, there may be a needed effort to look more closely at how you spend your money on basic necessities.

One areas of life that is filled with constant competition from the marketing departments of various multi-million dollar companies is the health and beauty sector. There is a wide range of products stocked on the store shelves that costs considerably different amounts. Purchasing the more expensive products also carry the myth that more cost means better results. However, that is certainly not always the case. Brand names may look snappier in the box but the results are often the same as a more inexpensive brand.

The same can be said of haircuts. Spending upwards of a hundred dollars or more on a haircut every 6-8 weeks can really add up to a fortune over time. While some stylists charge a fortune for a cut, others can do the exact same thing for considerably less money, especially when all you really need is a trim off the ends.

Vehicle repairs are another areas where you can save big. With the ease of locating automotive parts right on the internet, consumers can save a bundle on car repair if they learn to outsource the work to someone who does not charge insane labor fees for repairing your mode of transportation. Consumers are often left in the dark about what exactly they are paying for when they have their vehicle repaired and many don’t put much thought into the expense as long as the car is back in good running order in the least amount of time.

But it is projects like haircuts and car repairs that can make a big ding in your  budget year after year. The trick to saving money is to find the right person to help you out. One of economical choices you can make to cut down the cost of some of these expenses is to contact your local community trade school. Trade schools are filled with eager students who are learning the needed skills for a profession in the real world. Many of the students already have hands-on experience cutting hair, repairing cars, designing websites, doing basic carpentry, and landscaping gardens. Because they are looking to obtain real-world experience in the job market of their choice, they will likely be more than willing and able to work for you for a considerably less cost than more established businesses. In some cases, students may be willing to work for free just for the experience.

Contact the trade school directly and ask to speak to the person in charge of career development. Often the recommendation of students can come from their teachers directly, who will more than likely be professionals of the trade in their own right. They can recommend students who are already exceptional at what they do and possibly even help you negotiate a fair compensation price for the services rendered. While still somewhat green, these students are likely as dedicated, if not more so, than their professional counterparts and you will probably get more bang for your buck.

By hiring students to do work for you when they are just starting out on their own career path, you may also be able to start what is to be a long-term business relationship, where you may still be granted lower-than-normal fees for your loyalty. Over time, this relationship can add up to big financial savings.

We’re coming into warmer weather for most of the US, but those who live in sunny climates enjoy the ability to grow their own food in gardens. This is a great way to save money on food from the grocery store. Even the big box chain stores cannot sell for less than you can plant and grow in your own little garden patch.

Some tips to help you include:

Determine What to Grow. Most small gardens can grow things like carrots, tomatoes, radishes, green beans, lettuce, cabbage, onions and other favorites. Seeds are inexpensive and advice from fellow gardeners is free (most of the time). Focus on items that can help supplement your food intake and help keep your grocery bills low. Fresh fruit and vegetables tend to be expensive anyway, so you are going to save no matter what you choose. But, also make sure that you grow what you and your family like. That way the demand will remain strong throughout the season.

Read Up. Go to your local library and get some books on gardening. You will find all types of volumes that will help you decide how large to make your plot, how to grow certain items and weeding / watering and pest control measures. Also, you can find many links on the Internet that will help you as well.

Tend Those Plants. Make sure you keep up with your garden on a daily basis so that it keeps on producing for you for the longest time period that the season allows. Gardening is not necessarily hard work, but it does require constant care and watching over. You might even try talking to your plants to help encourage them to GROW. That is totally optional, however!

Reap a Harvest. Once the vegetables ripen and you begin to partake of your garden, you will wonder how you lived without it. Garden fresh vegetables are delicious and go great with almost any meal. Look for different recipes that you can use to prepare them in such a way as to preserve their flavor and benefit of freshness. Healthy eating like this is a joy and carries its own benefits.

Growing a garden is not difficult, but does require sweat and tending up front before reaping a harvest in the end. In fact, you might like it as a stress-reliever, and find that you have discovered a new hobby. Be careful, it can be contagious!

Home owners insurance. Due to market fluctuations, your house might be worth less than it was even a year ago. While that looks badly, the thing to keep in mind is that you are probably paying home owners insurance on the higher amount at which the house was valued. You are advised to look at the policy and adjust down the coverage amount if it makes sense. You can save hundreds of dollars by doing this. If your house is paid for, review your policy and make sure you are not paying for too much insurance based on the fact that you only need to replace the house with a residence that will serve your needs, not a palace.

Grocery Shopping. The biggest area that everyone gets caught up in is impulse buying. If you have a strategy to reduce or eliminate this, you can save a significant amount of money. First, have a list when you go shopping. Do not deviate from that list unless absolutely necessary. Ask if you can wait on the purchase until later. That will at least get you out of the store without making the purchase. Later on, you will be amazed at how reality sets in and you really do not need it as badly as you thought you did when you were standing in front of the display (blame it on the slick marketing). Next, go shopping less often. We are used to jumping in the car and running to the store whenever we need just one or two items. If they are not mandatory, you can put them on your list for later.

Prescription drugs. Generics – check into them. Often times, doctors are not asked about generics for the medications that are prescribed. The first rule of saving money here is in asking. Next, if there are no generics available, ask your doctor if there is an alternative drug which will accomplish the same treatment, but does have a generic. Some doctors are influenced by the drug sales reps and like to push the meds for which they are being rewarded financially, so it never hurts to ask.

Do not lend money to family. Here is one that has come back to hurt so many retirees. It is such a strong emotional issue that often times the desire to help a family member overrides common sense. This is your money for your retirement. If you give it away, then you might not see it again. And think about how that will drive a wedge between family members. So, the best advice is to refuse to do this. Or if you do, then consider it a gift (whether or not you tell them) and do not ever expect to see it again.

Travel package deals. Look around and compare prices. Just because you are buying a package targeted at seniors does not mean that you are getting the best prices on travel. Always compare prices and you might be surprised at what you find.

These are simple things, but can save so much money. Not only that, but they will make your retirement years that much more enjoyable.

Recently, conversations have been overheard about how bleak the Christmas season might be in 2009 because of economic and personal finance situations. Here’s a tip, however, that might keep it from being a total ‘bust’ for you and your family.

In the past, Christmas club savings accounts at your local bank were more popular than they are now. However, with the economy in the doldrums and job situations on shaky ground, these accounts just might be worth considering. Think about it: if you can afford to set aside a small amount every week beginning right away, you can have a nice amount in time for Christmas and earn some interest as well. And if you do happen to lose your job, at least you will have something in that account which is better than nothing.

Also, whereas banks were hesitant to handle these kinds of accounts in the past because of their temporary nature, they might not be as selective right now.

Are you a candidate? Traditionally those with lower incomes with good savings habits were good candidates for these accounts. Now, however, middle-income families have become candidates for them, too. Any savings vehicle that you can add to your arsenal only helps you financially – even if it is only temporary. It is not a bad strategy to keep $20.00 in the account instead of raiding it completely in November and December. Then, in January begin to build it up again.

How much? This is going to be an account that contains only between $300 to $500 total by the first of November, so the amount of $10 to $15 per week should be sufficient. Also, keep in mind that you are not trying to build up a massive amount of cash in this account. Other high interest bearing accounts are for that purpose. If nothing else, this keeps your Christmas from being completely without cash for gifts.

Automatic deposit. Use your bank and/or direct deposit payroll to make automatic deposits to this account. That way you never ’see’ the money in your check and chances are good that you will not miss it.  I highly recommend SmartyPig.com for your holiday account – it will automatically pull the amount you specify from your checking account on the date you select, and you’ll earn a great interest rate while you’re waiting for the holiday season to roll around again.

Be Frugal. If you know that you are going to have less money for Christmas this year then choose other means of giving things that cost less or nothing at all. For example, gift certificates for performing some tasks for someone that they would like and appreciate. Or, even making items like food or inexpensive crafts.

If you use these tips and implement them now the economy might still be in a slump come December, but you will still have a Merry Christmas.

When it comes to cutting costs one area where many people can shave hundreds of dollars from their expenses is within the personal care budget. Of course you should not neglect your health or personal care for the sake of a few dollars however there are many ways in which we become accustomed to pampering ourselves that can cost a lot of money. Consider making changes in the following areas to lessen your personal care bills while still having a level of care that you feel comfortable maintaining.

• Buy in bulk- It is common knowledge that buying in bulk can increase your savings. If reasonable consider purchasing shampoo, lotions, soap and other personal hygiene items in bulk if the amount of items you buy can be used in a reasonable period of time. This may not be as feasible for individuals living alone however families may see considerable savings by buying in bulk.

• Save where you can, spend where you should- There are some items that can easily be downsized or eliminated from your beauty line up. Accordingly some items can be purchased at lower costs by not buying brand while other items just aren’t the same when you go generic. Pick and choose your products carefully, cut costs on items that remain consistent across brands and invest a few more dollars on quality products that cannot be easily recreated.

• Let a student style your hair- Maintaining your hair can get quite costly. If you are willing to take the chance on a student, consider going to a “teaching” salon to save money on your hair cuts.

• Reduce dry cleaning- Before you buy a great sweater or suit read the label to see what type of care is required to clean the garment. Whenever possible purchase items that can be laundered at home or at least hand washed on occasion to save the cost of dry cleaning.

• Trade favors with friends- Need a manicure or pedicure? Perhaps you could use a massage. Before running to the spa consider taking turns with a friend who may also enjoy the same treatment. You can catch up while saving each other cash.

• Shop smarter- Compare prices, cut coupons and consider trying products outside of your normal selections. You may find that there is a cheaper product that will offer the same results if you are only willing to shop around and try new things.

 As most of us try to cut costs and increase the working capital into our household budget many people are thinking twice about taking a family vacation this summer. Before you sacrifice a much needed break for your family check out the following tips that can make incorporating a great vacation a reality you can enjoy this summer.

Spend less on getting there.

When you begin looking into your summer destination consider not only the cost of where you are going but how much it will cost to get there. Flying can be one of the most expensive ways of getting from point A to point B, so you may want to consider sticking closer to home and saving the money you would have spend on airline tickets toward your actual vacation activities.

Flexibility can save you cash.

If you are willing to be flexible with your location and dates of travel you can shave considerable amounts of money off of your vacation expenses. Hotels and airlines know when peak travel season hits and adjust their prices accordingly. If you are willing to book late or early and allow room for changes in your itinerary you can save hundreds of dollars on your travel expenses.

Take advantage of programs that offer “free for kids” deals.

Many hotels chains offer programs that allow kids to stay or eat for free. Since traveling with children can get very costly very quickly it is very cost effective to seek out and take advantage of any programs offering free or discounted prices for children.

Share your vacation.

A great way to save money on lodging is by buddying up with friends or other family members. As a general rule you can save big bucks by renting a vacation house or condo versus staying in a hotel and by including a larger group you can split the bill accordingly to make lodging more affordable for everyone involved. When staying in a summer rental you will likely save considerable amount of money on dining out and laundry services as most rentals offer kitchen and laundry facilities which can save you big when traveling with a large group.

Get off the beaten path.

Consider camping, RV’ing or visiting off season spots during the peak travel season. Keep your options open and consider vacation spots that offer summer discounts. If you do your research you will likely find many summer festivities that can offer free or close to free activities for you and your family to enjoy.

When planning your summer getaway keep in mind the goal of “getting away” is to relax and enjoy down time with your family.  By following a few simple tips you can reap the benefits of that much needed vacation without breaking the bank.

Competitive rates on a tiered savings account are being offered at Centennial Bank on a nationwide level. While the account can be opened regardless of where you’re located in the United States, don’t expect the same level of services that you expect from a nationally available internet bank. You can open an account with a minimum of $500, but any balance under $500 will not earn interest. There are no monthly fees. If you open the account with $100,000 or more, you’ll earn as much as 3.30% APY. The tiered rates are as follows, based on the information from Centennial Bank’s savings account page:

Balance             Rate      APY
$500 - $9,999       2.25%     2.28%
$10,000 - $24,999   2.50%     2.53%
$25,000 - $49,999   2.75%     2.79%
$50,000 - $99,999   3.00%     3.05%
$100,000+           3.25%     3.30%

Tiered savings accounts at Centennial Bank have a limit of 4 withdrawals per month. Withdrawals made beyond four will be charged a $5 fee. You can’t make more than 6 withdrawals in a month. Interest is compounded daily and credited monthly. When you close an account, you’ll receive the accrued interest the same day you close it.

You can open a tiered savings account with Centennial Bank no matter what state you live in – but you have to mail the application as they do not have any internet access to your account. You can fund the account via a wire transfer or by check. It’s an account that is meant to help you save, so don’t expect immediate access to your funds.   For some people, this will be an advantage because it’s more difficult to get their savings out.  For other people, this will be a turn-off as they don’t want to jump through hoops to withdraw their money when they need it.

Withdrawal requests need to be made in writing, via the mail or fax, and there is no ACH capabilities. If you want to wire transfer a withdrawal, there is a $35 fee.
So while Centennial Bank is open on a nationwide basis, it’s a small one-office bank in California. They don’t make it overly easy for out of area people to bank with them, however they have a history of competitive interest rates. For long term savings that you don’t plan to access regularly, it may be worth the hassle of not having internet access to your account.
Centennial Bank has been FDIC insured since 1989. Bankrate.com and BauerFinancial give the bank 4 stars (excellent and sound) for it’s level of safety and soundness based on September 2008 financial data.

If you’re like many Americans who are trying to save more money during the economic down turn, you’re going to need a place to put it. You shouldn’t put it in your mattress, and you shouldn’t put it in one of those multi-national mega-banks which will provide you a fraction of a percentage of interest. Instead, go with an online savings account that will give you 2% to 3% interest on your money in today’s market.

Here are some consideration factors:

Hassle - If the account requires you to go through a long, drawn out account process that involves you mailing them in a bunch of forms, you and your wife/husband’s signature(s) and autographs, etc, you should probably just go on to the next bank. These things are designed for convenience, and if the account you’re trying to open is a huge pain, there’s probably something else wrong with that bank too.

Interest Rate - You should make sure that you’re getting a good rate of return on your money. The average rate of return that you will be able to get on your money right now is just about 2.5%. ING Direct is currently offering 2.4% and FNBO Direct is offering 2.6%. If you opt for a CD, you can probably get about 3.00% right now. Make sure that the bank you are with is offering you a good interest rate, and has had a history of higher interest rates than the rest of the market.

Customer Reviews - Read reviews of the bank by their current customers. They will be able to tell you about any technology issues such as server-down time that the banks have had in the past. They’ll also be able to tell you about their experiences and feelings about the bank. Watch out though, customers are more likely to post complaints than rave reviews about banks. It might just be one or two disgruntled customers that are mad because they couldn’t take money out of their account to buy Civil War letters and other memorabilia

Customer Service Options - Your bank should offer you plenty of customer service options, such as the ability to call in if you have a problem or the ability to send them an email and have them write you back.

If you’re saving up for a purchase such as a new flat-screen TV or Charles Schulz art, consider a goal savings account like SmartyPig, otherwise go with a traditional online savings account that offers you a great interest rate and customer service to go with it.

Across the nation bankruptcies and loan defaults are becoming all too common.  Consumers who are not able to keep their commitments financially are found not just here, but in other nations as well.  The clouds of personal finance storms are everywhere: UK Report.

How are our savings accounts holding up?  Is there any hope that we will have anything left once this has passed?

In the Middle of the Storm.  Network news anchors delight in spotlighting the negative so we continue to hear every day about how bad it is becoming.  And while it does appear that the worst might still be ahead of us, the best advice is just to hold on as best you can.  The mounting bankruptcy and loan default numbers tell the story that it is too late for many.  Others are trying to find a way to ward off financial ruin.  Learning how to survive in a ‘down’ economy is challenge all its own but not impossible.  Many who have lost their jobs will be forced to take on other jobs that they never would have imagined just to make ends meet.

After the Storm.  The cycle of economic forces will bring us back around to better times.  This is best chronicled in the years following the Great Depression of the late 1920s.  In the years following WWII, the steady and strong growth of our economy went unabated for decades.  Our nation needs a reason to begin the rebuilding process, but hopefully it will not be another world war.  So, we look for a catalyst to point the way out hopefully sooner rather than later.

Re-building.  After our economy begins to come back to life, there will be many opportunities from which to profit and rebuild savings and investment accounts.  But, it will require global demand for products and services which will create jobs in the private sector.  The best role for government in all of this is to help the process along.  Contributions to the ability to re-start saving and investing can be made by lowering taxation and regulation where possible.

The most confident and respected advisers tell us to do what it takes to survive, look for opportunities to save money for the things that matter, and be on the lookout for improving financial signs that help us make wise decisions when it comes to saving and investing.

Desperation is where many are finding themselves because of the inability to make their mortgage payments.  This situation is not limited to the USA. Global economic unrest has caused other nations like the UK to hear the cries of those burdened by financial duress as evidenced by this report:  UK Mortgage Crisis

Anyone in this situation around the world would welcome the following advice:

Speak Up.  Initial reaction from one found in this situation often is to retreat and close down all communications.  This is a recipe for disaster.  Should you find yourself in this predicament, your first step towards getting help should be to pick up the phone and make a call.  It should be of comfort knowing that mortgage companies have already anticipated these difficult times and are in position to help.  Losing your home would be the outcome of inaction, but also the mortgage company stands to lose money.  Given this reality, they are more than ready to work with you in order to help you keep your home.

Take Action.  In addition to contacting your mortgage company, you need to institute other activities as well.  Telling your family of the serious situation in which you find yourselves is a first step.  There is no reason to impose emotional stress of the prospect of losing your home into an already volatile financial crisis.  Start the conversation with a frank discussion of the facts and then resolve to work together to prevent the loss of the home.  Part-time work might be needed in order to bring in extra money to meet expenses.  Most of us have extra items lying around the house that can be sold and the cash used towards paying the mortgage and other bills.  Creativity in bringing in extra income will result in surprising gains.

Lower Expenses.  Debt Consolidation programs exist to help you meet your unsecured debt obligations.  Searching out the most reputable company to perform this function can be a chore.  There are many companies who would like to take you as customer, only to deliver on less than they promise.  Care must be taken in choosing such a plan.

Lowering expenses is just a part of an overall effort to bring your income and expenses into balance.  Most households can find unnecessary expenses with little effort.  Look for those which do not affect your ability to survive, but just add to your quality of life.  Things like the cable TV bill or an extra unnecessary cell phone are good places to start your search.  In fact, you will miss these little extras very little while seeing your overall financial picture improve greatly each month.

Taking a realistic view of your finances and making changes to help be able to meet your monthly mortgage payment will pay off if you are diligent.  Nothing replaces hard work and determination and you will be amazed at the amount of results you will begin to see from your efforts.