Save on Utility Bills

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How To Avoid Ruining Personal Finances
That tornado ripping through your home has done more than damage your residence. In some cases it isn't the storm that hurts the most, but the recovery part thereafter. Your personal finances can be in tatters if disaster hits. Preparing now can help alleviate much grief later on, if you follow the important steps mentioned below:

Update Your Insurance: When was the last time you took a... Read personal finance article



Financial Advisor
"You need a plan to build a house. To build a life, it is even more important to have a plan or goal." -Zig Ziglar

Choosing a financial advisor can be a difficult task because it is hard to distinguish a successful advisor from an unsuccessful one. It is important to keep in mind that while financial advisors can be useful, your investment decisions have to made by yourself. Financial a... Read personal finance article



Save on Utility Bills
Remember when you lived at home and your parents were always reminding you to turn off the light when you left a room or asking you to not run the water while you were brushing your teeth? At the time, you probably just thought they were on your case for the sake of being on your case and you probably didn't realize that what they were really asking you to do is help them save a boat load of money on the utility bills.

If you really think about it, it's pretty amazing how much energy we waste each day. Since you have to pay for all of the energy you consume (not necessary the energy you put to productive use) it's probably in your best interest to save as much energy as possible.

Below are some very simple ways you can reduce your utility bills and save hundreds, if not thousands of dollars each year:

Electricity:

Turn off the lights when you leave a room.

Replace regular light bulbs with compact fluorescent bulbs.

Don't have the TV or radio on for the sake of having background music.

Does your computer have to be on all day? Turn it off when not in use.

Turn off ceiling fans / regular fans when you leave a room.

Air dry clothes whenever possible.

Heating/Cooling

Use a programmable thermostat.

If you're going to be out of the house, raise the air conditioning temperature or lower the heat.

Replace your furnace's air filter every month. This will help your air system operate more efficiently.

Use fans to help circulate cool and space heaters to warm specific rooms, but remember to turn these items off when you leave the room.

Water/Hot Water:

Take showers, not baths.

Set the hot water thermostat to no more than 115 degrees.

Only do full loads of laundry, and always use cold water.

Only run the dishwasher when you have a full load.

This should be a pretty good list to get you started in regards to simple ways to save money around the house. You're utilities are probably always going to be expensive, but that doesn't mean you can't try to cut some costs when possible!

Please visit Saving Without A Budget for more money saving tipslike this. Saving money is easy, I'll show you how.

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How to Maximize Cash Flow

You've heard it a million times - cash flow can make or break a business. The same can be said of your personal finances. Without adequate cash flow, you may not be able to pay your bills, do the things that bring you the most joy and satisfaction, or reach important financial goals you've set.

So... what is cash flow planning? Cash flow planning is tracking and projecting your cash inflows from wages, self employment income, investments and other income, and comparing to your cash outflows (bills, loan payments, taxes, etc.). The difference between the two is your net cash flow.

Why is cash flow planning so important? Cash flow planning may mean the difference between achieving financial goals or not, whether they are saving for a down payment on a new house, putting your children through college, or retiring early. Careful cash flow planning can help you make smarter decisions with your money, and can also help you identify problems down the road and fix them before they occur.

The first step in planning your cash flow is knowing where you spend your money! What's the best way to track your spending? Use pen & paper, spreadsheets or a software program. The best method for you is the method that you will actually use on a regular basis.

Project your spending for at least 12 months so that you include annual and other infrequent expenses. Update your cash flow plan at least monthly. If you are experiencing a cash flow crisis, track and project your cash flow on a weekly basis instead of monthly.

Create best and worst case scenarios and create appropriate responses to both scenarios. For example, if your best case scenario is an increase in income by 50%, how will you use the extra cash? Will you put the additional income in your retirement plan or spend it on other financial goals? If your worst case scenario is a drop in income by 50%, how will you continue to cover your monthly expenses? By planning for the best and worst case scenarios, you'll be ready for any situation. When estimating income, use conservative estimates if your income fluctuates from month to month.

Prioritize your financial goals and determine how much you'll need to reach those goals. Whether you're saving for a new car or for your retirement, you'll be much more likely to achieve your goals if you know where you are going.

Create "rainy day" and "emergency" funds. Rainy day funds are for infrequent or unusual expenses (car insurance, annual vacation, home improvements). Emergency funds are for short periods of unemployment, unexpected medical expenses and other large expenses you weren't counting on. Having money set aside for emergencies or other unexpected expenses will help make sure your financial dreams aren't derailed.

Watch your spending. Focus on your goals and the value that each purchase brings to you. Avoid lavish spending if it means reaching your goals sooner.

Finally, update your cash flow regularly. Monitor your spending and re-evaluate your goals periodically. Remember, whether you are a business or an individual, cash flow planning can make the difference between success and failure.

Kristine A. McKinley, CFP, CPA, and founder of Beacon Financial Advisors, teaches individuals and families how to invest and plan for retirement, college, and other financial goals. Kristine offers financial and tax planning on an hourly, fee-only basis.

To sign up for free financial planning tips, worksheets, checklists and more, visit http://www.beacon-advisor.com




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Save on Utility Bills
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