Keep your future safe with these money saving tips

Almost everyone wants to save money, yet have no idea how to get started. The desire to save money for the future is the one thing that most people lack, and this doubles as a barrier in being more prudent when it comes to their daily purchases.

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To know how you can save more given your daily routine, know your cash flow. Nothing will affect a person’s financial future more than their ability to understand their cash flow. Understand how money comes in and how it gets out, and change spending habits that might have a negative effect on your long and short-term financial goals. Learn to say no to unnecessary spending. If you can get by with a cheap cup of coffee instead of heading to the nearest Starbucks when you need a caffeine fix, your wallet would thank you.

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Automate your savings both for your present and future goals. Once you receive your salary or any type of income you have, learn to pay yourself first. Just like a monthly bill, set aside an amount you’re willing to save for yourself for you to have the cash to use to buy things you like. You’ll find that when you save up for something you’ve always wanted, finally getting it will be a rewarding experience.

Plan for the unexpected, be it spontaneous nights with friends or just a random pick-me-up that you’ll be needing in tough times. The key to saving more and spending less is to have set accounts for different uses.

Hi, my name is Andrew Curran Wesleyan, a student at the University of Connecticut and an aspiring financial advisor. For more tips on how to be financially secure, visit this blog.

Wise shopping: How to save good money on groceries

Did you know that after housing and transportation, food is the largest expenditure of the average American household?  Grocery shopping can create a huge dent on the family budget, particularly if it’s not planned well or includes unnecessary items.  Here are some tips to wise up on grocery shopping and save good money while at it.

Plan your meals
Before shopping, plan your meals for the week and then buy what’s on the menu.  Start with planning for three to four days if one week seems too much.  You can also plan meals based on what’s already in your pantry.

Let loyalty work for you
Sign up for the local grocery store’s loyalty program to get huge savings.  Coupons never run out of style, and they can be mixed and match for the best value for your dollars possible.

Shop with a budget in mind
Avoid buying snacks on the run, and shop with a calculator in order to add things up as you place them in your cart.  Price-check and shop around for discounts on items you purchase regularly, and don’t automatically disregard no-name or store brands.  Remember: even if it’s on sale, it’s only a good buy if you’re going to use it.

Take full advantage of cash back
There are credit cards that offer cash back incentives for grocery shopping.  Make sure, however, to completely understand your card’s terms and conditions as well as rotating categories.  Keep those receipts to avail yourself of cash back.

 Andrew Curran Wesleyan is a future financial advisor.  He is currently enrolled in the University of Connecticut, and he studies hard to attain his bachelor’s degree in finance.  Read more on this site.

Financial pitfalls everyone should be aware of

 Avoiding financial pitfalls is one of the most important things to abide by in self-sustaining adulthood.  Some mistakes can easily be spotted while the effects of others may creep up on you and bite you when you least suspect it.

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One of the most regrettable consequences of making financial mistakes is that you can bury yourself in a hole of debt before you even know it, and you may compromise your future plans because of it.

Here are some pitfalls you may want to avoid.

Spending too much is probably the most common money mistake people make, probably because it’s the most tempting.  It’s pretty easy to avoid overspending though, simply by setting aside money before it’s spent.

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Having too many bills to pay is another problem.  The necessities such as electricity, water, and gas are needed, sure, but do you need all those cable TV channels?  Also, it might be more affordable to check online.  Sites such as Netflix already have more shows than people need.  Even print publications can be done away with, especially given the fact that there are sites for almost every magazine out there.

Using your credit card for things non-emergency purposes is a common and quite costly mistake simply because of interest.  Use cash when you do your grocery shopping.
Can you think of any other money pitfall people should avoid?  Sound off in the comments below.

Can you think of any other money pitfall people should avoid?  Sound off in the comments below. Andrew Curran Wesleyan is a student at the University of Connecticut. He is taking up a degree in finance and aspires to become a financial advisor in the future. More from him on this blog.

The many ways a financial advisor can help you

A financial advisor assists individuals in managing their finances, projecting the results of their savings and investments to see how prepared they are for retirement.  Financial advisors help their clients make decisions about their wealth that would help them reach their financial goals efficiently.

Through financial planning, you can realize your financial goals, such as when you should use your money, and for what you will be using it.  With the help of a financial advisor, you would have a laid out plan of action with particular steps to reach those goals.  A financial advisor should gather personal and financial data about their client to develop projections that reflect timelines and methods of goal accomplishment.

Good and effective financial planners give advice to their clients with regard to what needs to be done differently, how much money has to be saved, what types of retirement accounts to use, what type of mortgage they should have, how much to keep in the emergency fund, what kind and how much insurance is needed, what changes might improve their tax situation, and others.

Many financial advisors give estate planning guidance and services for tax planning.  The fee structure for financial advisors vary, as some are paid an hourly rate, a flat fee to complete a project, a quarterly or annual retainer fee, a combination of fees and commissions, and more.  Before availing of their services, it’s best to ask for a clear explanation of how they are paid.

Andrew Curran Wesleyan is a student at the University of Connecticut. He is taking up a degree in finance and aspires to become a financial advisor in the future. More from him on this blog.