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So, you’ve worked hard, budgeted carefully and managed to get yourself out of debt – or at least out of credit card and personal loan debt. The next step is to make sure you have a good savings account, both for money to use in the future, and in case of emergencies. That way you won’t get into the debt trap again. There are a number of different kinds of savings accounts you’ll need to consider, each with their own pros and cons: (more…)

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Got your eye on a particularly beautiful new car? We probably all have gazed at our brand new dream car at some stage, but if you are also keeping your eye on your bank accounts, then it might pay to head to the used car lot instead.

It’s no big surprise to consider the idea that you will probably save money by buying a used car, but some people are surprised by just how much you can save. The big problem comes with the depreciation cost of a new car.

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When you need to fly somewhere, especially domestically, there are a huge number of options these days. If you plan ahead and stay aware of what’s happening in the airfare market, you can potentially save thousands of dollars a year on travel. Here are a few tips to help out:

• Plan well in advance. Nearly every airline issues cheaper tickets to those who book far in advance, budget airlines particularly. Of course, booking six months before your trip is not always possible, but aim to do so.
• Get on airline mailing lists. Whether you know you have a plan to travel somewhere, or if you’re just looking around to get the cheapest holiday possible, sign up to relevant airline mailing lists to get their flight specials delivered direct to your in box. Often they’ll issue especially cheap flights only to those who are already registered with them, or the time frame for buying cheap tickets will be short and you need to be informed ahead of time.
• Be flexible about dates and times. Whatever flexibility you can include in your planning, the better off you’ll be. Depending on the routes, it might be that weekend or weekday flights are cheaper, or day time or late night flights. Hunt around for different prices to get a feeling for the best way to go on your desired route.

It seems like an odd concept: you spend most of your life paying off your mortgage so that you own your home. Then, when you retire, you can do the exact opposite - take a reverse mortgage and have the bank pay you instead.

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Whether our goals be buying a first home, going on a once-in-a-lifetime vacation, or tucking money away for retirement, everyone wants to save more. Unfortunately, the promise is easier than the plan, and it’s easy to let current needs — food, electricity, transportation — outweigh the plan to put money in the bank. Luckily, there are several ways to trick yourself into saving up:

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Do you even know your credit score? It’s a very important number. If your score is just two points below the most desirable scores of 700 or better, it can cost you thousands of dollars in interest on a home mortgage.

Your credit score is the number one tool that lenders use to determine the interest rates you’ll pay for credit cards, car loans and home mortgages. Consumers with scores below 600 are typically charged high interest rates, and if your credit score is really bad, you may be not be able to borrow at all.

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