DontSpendMore.com Blog

Category: Budgeting

  • Which Is The Best Cell Phone To Buy?

    Choices only make your decision-making process tougher; the more choices you have the harder it becomes to make the right selection. I can say it with so much conviction because it was very recently that I got a first-hand experience. To be honest I really did not expect that the toughest question to answer (only second to the chicken or egg question) would be “which is the best cell phone to buy?” Yet, there are so many choices out there and so many features that one cannot help but get confused. I finally managed to choose and so here are my tips:

    Which is the best cell phone to buy for a girl?

    The first thing you need to note here is that majority of the cell phones perform almost the same functions, but not all of them can be suitable for young girls/teens. If you are a young girl, you really need your cell phone to be pretty and in one of those girly shades (actually I was going to say pink, but then I really hate to be classified a stereotype, so …)

    You will also need to have a plan that facilitates unlimited conversations with friends and don’t forget the social media apps, please! Ah, yes, and the accessories that go with the phone. Isn’t it fun to match cell phone covers with favorite dresses.

    At DontSpendMore.com, we have plenty of cell phone plans for both girls and boys.

    Which is the best cell phone to buy for boys?

    Sir, are you looking for a rugged-looking cell phone. Nah, lots of games would work, isn’t it? Apps, GPS, data access … coffee-maker (oh, that was a stretch).

    At DontSpendMore.com, we have plenty of cell phone plans for both girls and boys.

    Practical tips

    The best cell phone to buy is the one that suits your personal whims, fancies, budget, and requirements.  That was the point I was trying to make all this while.

    But in case you need a quick checklist of points to refer before buying your next cell phone, here it is:

    • Price range of cell phone and your budget
    • Features in a cell phone that you simply cannot live without
    • Features in a cell phone that you do not want
    • Any free bonuses products that a particular cell phone company is offering to boost sales like a memory card, mobile accessories, and others
    • Unlimited calling, data, text
    • Cell phones having the latest / most updated software
    • Compatibility of the gadget at international locations

    These points are the basic criteria on which you should compare different cell phone plans. Good luck shopping. Click here to review and compare the latest cell phone plans.

  • The Best Cell Phone Offers, Comparison Takes A Hotseat

    We have become accustomed to comparing and shopping online, and cell phones are no exception to this trend. In just a few seconds, one can perform a comparison of the best cell phone offers.

    Cell phone offers comparison: Three reasons you should do it online

    FREE! Does anything ever get better than free? First, at DontSpendMore.com, you can review and select from a comparison of the top cell phone offers in the market. From free phones to a free month, we have the best of the best at your disposal.

    Second, a suite of benefits that will make the process of comparing cell phone offers a breeze. Convenience, side-by-side comparison, expert reviews, and lots of choices. Why would anyone take the trouble of visiting physical locations when you can do so in just a few clicks.

    Third, it is easier and practical to keep in touch with the latest cell phone offers by looking out for them online. Cell phone technologies change so rapidly, you can get instant e-mail notifications and alerts if you want to.

    The process of comparing cell phone offers online

    Take stock of the basic features that most cell phone companies are offering. How else would you know what to look for while comparing between the offers? This may seem redundant for seasoned cell phone users, but this article is meant to help every kind of cell phone user, and that includes the first time user, who has just decided to own a cell phone but has no clue about how and where to start.

    The basic features include the charges that would applied for each of the features, such as making local, national and international calls, sending text messages, sending multimedia messages, making a video call, using the Internet on your mobile, uploading and downloading charges, voicemail, chat, apps, and a host of other benefits that are packages with almost every cell phone plan.

    In addition to these, you also need to check out the free bonuses (if any) that are on the offer. Other interesting perks include discounted rates for; special discounts (like discounted movie tickets for using a certain cell phone service provider); unlimited calling; flat rate plans, and other similar benefits.

    By the time you complete your cell phone offers comparison, you should have a pretty clear picture about the cell phone service provider you are going to use.

  • Credit Cards Could Make You Money

    With some common sense precautions, you could earn a few extra bucks from your credit cards. Yes, the stack of plastic cards that you thought were money drainers could actually give you some extra cash every month, PROVIDED [caps intended] you approach the practice in a disciplined manner and exercise extreme due diligence all along. Done right, you could have some extra money every month but if you make mistakes you could end up losing a lot more money. Here are some ways your credit cards could make you extra money:

    Interest rate differentials could earn you extra cash

    If you have received an offer for a 0% APR credit card, that would be the perfect starting point. Generally, the way this process works is very simple. Let’s say you have a $5,000 credit line with 0% APR for six months. Some individuals deposit this money in an interest bearing account for the duration of six months and gain some additional cash due to the interest differential. Now, it is not as easy as it sounds.

    First, you have to read your credit card provider’s terms and conditions and your state and local laws to see if the practice is prohibited. Second, getting the $5,000 into your account may cost you some money in the form of transaction costs so you will have to do the math if the overall transaction is beneficial or otherwise. Finally, the 0% APR may not be availed of for certain transactions.

    You may want to read our article Credit Card Arbitrage Could Be Tricky for more details.

    Cashback percentage, rewards, bonus points, miles, travel rewards, and others

    Not much complexity here. In fact, this is very easy. Depending on the type of credit card you have signed up for, you could win various cashback incentives, rewards, and other bonuses. There is one catch, though, if you don’t repay your purchases in full (on time), you will incur the regular APR and that would nullify your earnings so the key is to repay in full whenever possible.

    The 0% APR on purchases offer could be a money maker

    If you have an introductory 0% APR on purchases credit card, it could be a source of additional income as well. Some individuals pay for their purchases using the credit card for the duration of the 0% APR offer and deposit a similar amount in their interest bearing account while repaying a minimum balance during the duration of the offer. Just before the expiration of the offer, they repay the entire amount in full to avoid incurring any interest rate charges.

    Again, the same precautions apply. You need to calculate all transaction costs meticulously in order to avoid incurring unreasonable fees.

    Note: If you do not adapt to the various parameters, you could end up losing much more money than you expect to make so be very careful. As always, you should seek the advice of an investment professional and an attorney.

  • How To Cut Your Long Distance Phone Bill

    Due to rising utility prices, there is a lot of focus on savings. Whether it is water, Internet or any other expenditure, slashing bills is always high on priority. Long distance phone calls are often very expensive and you can reduce these bills dramatically by taking small steps. Both landline and mobile rates can be reduced by a little bit of planning.

    Remove added services

    Focus on analyzing your billing statement. Never toss your phone bills aside like a piece of paper; instead, read it carefully. Start by checking any added services that are a part of your total bill. Ask yourself how many times you have used these add-on services and if you feel you can do without them then it will save you some cash. You can get rid of them by simply calling your phone company and request a termination of such services which you don’t require.

    Make long distance calls through cell phone only

    Using cell phones for making long distance phone calls is much more economical than your landline. It doesn’t matter if you are calling your mother in San Francisco or your best friend in Boston, always use a cell phone and you will save lot of money.

    Paperless billing statements

    Many phone companies charge a small fee to their customers for paper billing statements. There is a cheaper and simpler way of checking bills if you ask your phone company to send all the statements electronically. It will also benefit the environment.

    Use VoIP

    These days, technology in mobiles and landline phones is such that you can call anyone using VoIP services. These services not only provide you a much cheaper alternative but some of these services enable you to call absolutely free of cost and in the process save you tons of money. Using VoIP applications you can call all over the world through the Internet. Some of these services also let you make a video call using a camera. But it requires a super-fast Internet connection.

    Buy a phone card for long distance calls

    If you rarely make a long distance phone call then it is better to purchase a prepaid telephone card for long distance calls. Also, ask your phone service to cut the option of long distance calls, when it’s done you will be able to receive a long distance calls only. One important thing to remember about calling cards is that, once used it has an expiry date. So try to use all the credit before it expires.

    Trends

    Today, more and more people are relying on mobile phones and eliminating the landline entirely. Both have their pros and cons. The only drawback of mobile phones (as the only source of calling) is its battery life. Most mobile phones batteries don’t last more than a day or two. So don’t forget to keep it charged, as you might need it in case of an emergency.

  • Innovative Ways To Lower Your Credit Card Interest Rates as Much as 50%

    How to lower your credit card interest rates

    The biggest fear for any debtor is the spiralling cost of interest rates by their credit card companies on their present debt balances. Sometimes, these rates can even rise to a massive 30% APR. All such companies take our signature on a legal document which authorises them to push increases in interest rates, subject, of course, to legal restrictions imposed by local, state, and federal governments.

    For those credit card users who wish to maintain a zero balance all the time will not be bothered by rate changes. But others who maintain a revolving balance will struggle to reduce their debt. For that reason, this article will focus on various techniques that will help with management of revolving debt and also lower card rates.

    Three effective techniques to lower your credit card interest rates

    1. Hardship Program

    If you are struggling with your debt then the best thing you can do is to ask your creditors whether they have any “hardship program”.  Not all the companies offer this option but many do. Usually these programs last no more than three to twelve months.

    Usually, for the first six months the creditor manages to cut down existing interest rates in half or even down to 0%. Its only disadvantage is that you won’t be able to use your credit card during that period. This is in fact a blessing in disguise if you want to get rid of your debt.

    2. Get used to cards that maintain relatively lower rates

    First step is to compare interest rates of various credit cards. Standard cards usually have basic features but offer lowest rates. People often buy them for their regular APR, which is considerably lower than those of rewards and travel cards. But lookout for the rates after the promotional period gets expired, anything below 10% is considered to be on the lower range.

    3. Transfer balance to a low interest rate credit card.

    There is another way to lower your credit rate. It can be done by transferring a balance transfer to a card which has low interest rate. For this reason choose 0% APR credit cards, such cards will help you reducing your debt.

    There are two key points which should be kept in mind while moving your balance successfully:

    a)      Stop racking up balance on cleared card

    Many people made the cardinal mistake of pilling up debt again on the cards whose debt have been shifted on to low interest rate card.

    b)      Read the fine Print

    Make it your habit to read all the terms and conditions and know well in advance the balance transfer fees on the new card. You should know how long will you be paying the low interest  rate and when that period expires what will be the regular rate applicable on your debt.

  • Cut Your Insurance Bill Aggressively

    Nobody likes to overpay for insurance. So before talking to the insurance companies it is a good to know in advance what types of coverage you need, otherwise you might end up paying much more than required. In order to avoid falling prey to such companies you should follow these three easy steps to cut your insurance bill.

    Get membership in professional organizations and associations

    It is commonly observed that memberships can be very beneficial, as you can get discounts on various restaurants, airfare, and other services. There are also many employers who offer memberships to their employees and help reduce the amount of the insurance bill. Contact your insurance firm and talk to your employer. It is beneficial to both the employer and the employees to participate in such money-saving programs.

    Bundle insurance needs

    This method has got many advantages. Besides the usual reduction in auto insurance costs, the overall insurance bill is lowered significantly. Having several insurance policies with different companies is not recommended at all, as combining all of these services with one company will lower the rate appreciably. As you will become a major client, the company will reward you with one low rate.

    The best possible way to bundle your services is when you speak to an authorized person from the company who can sanction the required changes to your policy. See what rates that company is prepared to offer to you and then visit other insurance companies and compare these rates with what they are offering. Tell other insurance providers what rates your company is providing and you will be surprised to see that these companies will go all the way in order to compete with your current insurance company. This way you can effortlessly reduce insurance rates.

    Assume more risk (or go for a higher deductible)

    The simple strategy of opting for a higher deductible could lower your insurance rates by double digit percentages. The savings in premium amounts may offset the higher deductible option over a course of time and if you manage your insurance program carefully, it could actually save you more money.

  • How To Save On Gas: Easy Tips

    Smiles literally evaporate at gas pumps these days. Apparently, they are far more volatile than liquid gold (gas) and much more sensitive to fuel price fluctuations than financial indexes. With gas prices soaring virtually every week, it is no wonder many individuals are opting for either fuel-efficient cars or revisiting their driving habits altogether. We understand. Our mission at DontSpendMore.com is to save our customers as much money as possible every month. We have prepared this article How To Save On Gas: Easy Tips with that very purpose in mind. Done right, you could hundreds of dollars on gas costs alone.

    Here are some tips you may want to consider:

    Don’t tire your tires

    When it comes to fuel-efficiency, over 90% of individuals will look at their engines first. The truth is that your tires could be a major factor in driving up gas costs. If you really want to save on gas, take good care of your tires.

    Poor alignment, deflated tires, worn out rubber — all of these could force your engine to work harder (to overcome resistance and friction) and increase your gas costs. Maintaining your tires in good shape should be an absolute priority to save on gas costs.

    Revisit your driving habits

    Many drivers mistakenly believe that driving habits do not influence gas consumption. The truth is that poor driving habits can convert even a fuel-efficient car into a bank-breaking gas guzzler. Even small changes could go a long way toward reducing fuel costs.

    – Driving fast can cause increased gas utilization (acceleration consumes gas, a lot of gas). Consider slowing down on the road.

    – Keep a safe distance from the car ahead of you. You will have to brake less frequently and thus add more to your gas savings.

    Reduce engine overload

    From constantly-running air conditioners to “engine-unfriendly” devices, any activity that increases the load on your engine could spike up gas consumption and cost you dearly at the pump. While it may not be possible to shut down the air conditioner during summer (not recommended either), powering the conditioner off for a few minutes every time the car cools down may reduce the overall load on the engine. As a starting point, you could avoid parking in sunny areas and use special thermal coatings to ensure the car doesn’t over-heat naturally. A little circulation might help as well.

    Take a good look at your trunk

    Millions of individuals use their cars as spare (free!) storage rooms. To push the additional load, your car is going to use that much more gas. Go through your trunk (and your back seats) to find any weight-bearing items that can be eliminated.

    Idling could be expensive

    If you are going to wait for more than thirty seconds, turn the car off. An idle car consumes gas as well. Of course, if your wait is going to be less than thirty seconds, you won’t benefit much from this practice but if you are going to wait more than thirty seconds, turn off the car.

    Compare gas prices

    Now, this is so easy. There are so many online tools that will help you compare gas prices at multiple pumps. From smart phone apps to cutting-edge websites, just a few clicks could pull up the latest prices at pumps in your area. This one simple tip alone could save you hundreds of dollars every year.

    Logistics matter

    Online maps and GPS devices compare routes in terms of the time taken to get from A-B, but they will rarely tell you finer details about the number of stops, traffic conditions, the number of inclines you will have to drive on, and other road conditions that could increase gas consumption. If you drive to work every day, try taking different routes and measure the amount of gas consumed on each.

    Simply changing your route could add to the gas savings significantly. Leaving a few minutes early could offset any time-related disadvantage associated with the alternate route.

    Regular maintenance is important

    Don’t neglect on your car’s maintenance. Visit your mechanic every few months to check on engine oil, brake pads, air filters, and other mechanical failures. A well-maintained car will not only last longer, it could reduce gas consumption and save more money at the pump.

    Gas could evaporate

    Sure you know that, but did you know that if your fuel cap is not tightly secured you could be losing small amounts of gas every day. A simple manual inspection of your fuel cap could mitigate this problem in just two seconds.

    Gently tap the nozzle

    If you take a closer look at the pump, so many individuals pull out the nozzle in a hurry. This may look innocent but some gas inevitably falls on the floor. If you gently tap the nozzle before removing it, this little extra gas spillage could be avoided (add to your gas savings). Why would you want to throw away the gas? A small trickle may sound innocuous at first but if you add up the waste, in the long run you could be throwing away a much larger amount.

    Take advantage of gas credit cards, discounted gas cards, gift cards and other money-saving options

    Cashback rewards and percentage gas discounts are just two ways in which you could benefit from owning a gas credit card. Some cards may charge an annual fee. Do the math to see if owning the card saves you more money on gas than the cost of the annual fee. If so, it may be a good idea to sign up for a gas mile credit card. You can review your options at DontSpendMore.com

    Do let us know how much you saved on gas. We always love to hear from our readers.

  • What You Need To Know About 0% APR Credit Cards

    0% APR credit cards are a very popular product with both individuals and businesses. The lure of being able to transfer balances to a zero percent annual percentage rate credit card and making most of the payment toward your principal (and not interest) is a win-win for millions of individuals who sign-up for 0 APR offers. While these balance transfer credit cards can be a great option, there are certain factors that merit closer scrutiny.

    Consider the following tips:

    There are different types of 0% APR cards

    Under the broad umbrella of 0% APR credit card offers, there are several types of cards (based on the purpose for which they are used. Some broad categories include balance transfer, cash advances, business, and purchases. Generally, the introductory interest rate will be valid for either of these categories.

    Read the terms to understand what 0% APR would apply for

    If the credit card offers 0% APR on balance transfers up to twelve months, the introductory interest rate may not apply toward traditional retail purchases or cash advances. For this purpose, read the terms carefully to understand whether the rate is valid for your routine transactions. If your sole intention is to transfer your existing balances from a high APR card to one with a 0% APR, you are in luck. Transfer your balances to the low interest rate card and try to pay off as much of your principal as possible. At least your payments won’t go toward high interest rates.

    Check on the duration of the offer

    As the cliché goes: “All good things come to an end.” The proverbial wisdom applies to credit cards as well. Generally, most 0% APR offers will be valid for only a certain duration of time — ranging from six months to up to eighteen months. As soon as that timeframe expires, your interest rates could go up significantly. Be aware of the date when the offer expires. After this duration, you may have to pay regular interest rates. The ideal situation would be to pay off all your balances before the expiration of the introductory offer.

    Lookout for transaction costs

    Some offers may have transaction costs associated with the balance transfer. Whether or not the overall transaction may be to your advantage depends on how much debt you owe. If you owe more than a thousand dollars, the transaction fee may not impair the overall value of your bargain but you must be aware of its existence nevertheless. A simple Excel spreadsheet can help you calculate the overall effectiveness of the bargain.

    If you are interested in comparing different 0% APR credit cards offers, click here. Detailed terms and conditions are provided as well.

  • Top Money Mistakes Made By Unemployed Individuals

    Unannounced pink slips could jolt even the most talented professionals. The emotional roller coaster could cause even financially-savvy individuals to make money mistakes they would not have otherwise considered.

    Here are some money mistakes you must absolutely avoid:

    Ineffective budgeting (and worse, no budgeting)

    Internet surveys indicate that nearly 35% to 55% of individuals do not budget at all and a significantly larger proportion either do not adhere to their budget or adapt it to changing circumstances. Almost immediately after a layoff, take stock of all your liquid assets and create a budget that will launch you in “survival mode” for six months to a year. Trim all unnecessary expenses.

    If possible, create a temporary source of income. Blogging, temp jobs, freelancing — there are plenty of ways you can earn some extra cash without jeopardizing your job search goals.

    Not applying for unemployment insurance

    In an ad hoc survey, I found that nearly 55% of the individuals had not applied for unemployment insurance because they thought they “would not qualify for it.” Surprisingly, almost 90% of these individuals had not checked qualifications criteria with their state unemployment office.

    Unemployment insurance can be a great backup source for several months. Considering that the average job search time (US market) edges between six months to one year, a little extra help could go a long way.

    Not consulting a tax professional

    The Tax Code has several provisions that could benefit unemployed individuals. Certain expenses toward your job search may qualify for a tax break. Speak to a qualified tax expert or attorney to adjust your financial goals and tax strategies.

    Cashing out on savings before exhausting other resources

    Don’t cash out on your savings and retirement assets as soon as you hit the panic button. Your savings must be your absolute last, last [redundancy intended] resort during this time of financial crisis. Unless you are really starving, don’t touch your savings.

    Not planning effectively

    Create a roadmap for yourself describing all contingency steps you are going to take during the next three months, six months, and one year.

    Examples: If I don’t get a job within three months, I am going to share the apartment with a roommate; after six months of unemployment, I will start selling some of my furniture … get the point.

    Not mitigating risk (an unemployment account)

    If you are reading this article while you have a job, open a separate “unemployment account” where you can deposit a small percentage of your monthly earnings. The goal is to create a “cushion” that will last you several months.

    Relying on debt

    When paychecks are not certain, piling up debt is the last thing you would want to do. Avoid the temptation of using your credit card even for small expenses. If you use it, try to repay most of the principal at the end of the month. One small error here could cause a ripple effect and create headaches that will only spiral down the road.

    Not seeking professional help

    If your company has offered you outplacement assistance, take advantage of the free help. Otherwise, seek out your local Career One Stop and get help with all aspects of your job search. An average individual looks for work every four to five years. A lot changes during this timeframe. A little professional help could cut your job search time significantly.

    Most importantly, create a support group of like-minded professionals you can network with during your period of unemployment. These connections could really benefit you in many ways.

  • Common Sense Guide To Monthly Savings

    ‘A penny saved is a penny earned’.  I am sure that all of you are well familiar with this adage. But saving money is turning out to be quite an uphill task in the current economic times. Majority of us have a huge portion of our monthly earnings deducted to pay for loan EMIs, credit card bill payments, utility bill payments etc, even before we can touch any of it.

    But you might have read another popular quote that says ‘Where there is a will, there is a way’, right? So here it is- the common sense guide to monthly savings to help all of us ‘save for a rainy day’

    Let’s start at the beginning

    Irrespective of whether we belong to the category of people who ‘eat to live’, or ‘live to eat’, one thing is certain. Our lives are intricately related to eating. So why not find out some common sense ways to save money on our food expenses each month?

    Most of the people who work usually depend on takeaways, especially for their lunch and quite often for their dinners as well. But maybe it’s time to change this habit because a certain report published in The Telegraph (UK) says that ditching the takeaway just once in a week can save up to $1,300 per year. Not bad, especially when you need to sacrifice just 1 takeaway per week or 4 for the month.

    Beware! Shopping can be addictive

    A huge part of the necessities in our lives needs to be paid for and obviously you gotta shop for things you need to buy. But have you taken a close look at your shopping bills lately? Okay, I suggest that you do this fun exercise today.

    Check your credit card statements for the past 3 months and see if you can separate the dire necessities from the extravagances. I am sure that you would be surprised at what you see at the end of your fun exercise. Don’t the extravagances seem to dominate a little over the necessities?  Well, there’s nothing to panic yet.

    Next time you go out shopping, make sure you have a list with you. Once you are done with creating the list, mark the urgent necessities, necessities that can wait and extravagances in different colors. When you finally start shopping, ignore the last 2 categories and just shop for the urgent necessities. Do this every time you shop and you will see at least a 30 % savings on your monthly credit card bill.

    Carpooling can be cool

    Yeah, I know how that sounds at first impression, but believe me when I say that you could save a whole lot of dollars each month if you decide to carpool. It goes without saying that if your whole family (working spouse and children) decides to carpool, then you will surely return back next month to thank me profusely via the comment section. Oh! You’re welcome (in advance).