How To Make Money From Your Credit Cards

These days, it’s fairly common for credit cards to offer rewards in order to attract customers and to entice them to use their cards. While this can be a dangerous game if you fall into the overspending trap that the credit card companies hope you will succumb to, it can also mean free money for careful spenders!

If you have the self discipline to limit your credit card spending to items you would buy anyway, and to resist overspending, you could wind up making hundreds or even thousands each year. The key is to never allow a revolving balance to go unpaid at the end of the month - if your paying 29% interest to earn 3% cash back, it doesn’t take a genius to figure out who’s coming out ahead.

 Some good cards to check out if you’re interested in trying this avenue to earn some ‘free’ money are:

• The Chase rewards card, which is offered by JPMorgan Chase and offers 5% cash back.
• The Chase business card, also offered by JPMorgan Chase, which offers 3% cash back
• The Discover Financial card, which offers 5% cash back
• The Citigroup Citi Dividend Platinum Select card, which offers 2% cash back on certain purchases

If you decide to give this a try, there are a few things to keep in mind. First, keep track of all purchases and rewards - I recommend doing it on a spreadsheet. Also, be sure to read and understand the fine print - many cards only offer cash back on certain purchases, so it’s good to use different cards for different items. Also, don’t fall prey to the psychological game where you wind up spending more to ‘earn’ more. The key here is to get ‘free’ money for simply doing what you already do!

Unfortunately, good rewards are becoming harder to find. Some cards are switching over to a cumulative approach, where you have to spend a certain amount to earn a certain percentage, and others are explicitly limiting how much you can earn annually no matter what you spend. Again, make sure you fully understand the terms - why use the card if you aren’t going to gain anything?

Great Money Saving Tips For Life!

Ok, no one likes to hear this, but have you ever thought about how much money you (or your spouse) spends on designer coffee in a year’s time? Odds are the actual number would send you reeling, and if your bank tracks spending the way it should, finding the number is easy.

Cutting out designer coffee is just one way that simplifying your life can lead to huge annual savings in the new year. Here are a few other tips:

Basically, the key is living below your means. This doesn’t mean cutting out ALL luxuries - it just means picking and choosing your pleasures. Not only will you appreciate it more when, say, you dine out, but you will rake in the savings as well!

Another great way to cut costs is to downsize where you live. Not only will this save on your mortgage, but it will positively affect the amount of time you spend cleaning and maintaining your home, and it will also cut into your heating and cooling bills.

If at all possible, try to work from home - even doing this part time will save you oodles on gas money, lunch money, clothing, time and car maintenance.

A surprising way to save is to get in shape. This will cut into your medical, pharmaceutical, food and life insurance costs, and will make you happier overall! Just make sure you don’t go crazy and spend a bundle trying to lose weight - it’s really unnecessary and there’s no substitute for simply DOING it!

Unique Gift Ideas For The Holidays

These days, the holidays are all too often just about the stuff we buy – and let’s face it – much of this stuff winds up cluttering a closet before eventually being kicked to the curb on garbage day. If you want some ideas for gifts other than stuff this holiday season, read on!
One great idea is to get those on your gift list a yearlong membership to the local zoo, amusement park, or museum. This can be for an individual or an entire family, and generally include admission, a newsletter, and special events access. For those with kids, this is a great way to let the kids burn off excess energy in a positive (and inexpensive) way. For more adult membership opportunities, check out local theater groups, gyms or musical venues.
Another great possibility is to set up a series of classes or lessons for those on your list whose interests and hobbies you know well. Karate, dance, music, yoga, foreign language and horseback riding lessons are only but a few of the possibilities out there. Most places will gladly work with you to set up the perfect gift and will schedule exact times with the recipient.
Luxury services are a great way to please almost anyone this holiday season. Spa days, car detailing, makeovers, massages, manicures and pedicures are always a winner. These days, more and more men are also taking advantage of these luxurious experiences, so don’t rule dad out!
Just remember – the holidays are a great time to think outside the box and give your loved ones gifts they will both appreciate and remember.

Paying Off Debt vs. Saving Money – What To Do First?

If you’re like many of us, you are often left wondering what the smartest decision is – should you pay off your debt first, or should you start saving? In most cases, the answer is simple – you should do both!
You can’t ignore the high interest rates charged by credit card companies, and the odds are not good that you’ll be able to beat them with your investments. This means that you should definitely work at paying down your debt first and foremost. However, you can’t neglect your savings entirely.
First, have an emergency fund. This should ideally encompass six month’s living expenses for your entire family. That way, no matter what happens, you’ll be poised to be able to deal with it rationally and won’t be forced into immediate and additional debt in the event of an unforeseen emergency. Although saving this much emergency money will mean that you are racking up additional interest on your credit cards in the meantime, this will not seem like much if an emergency actually strikes and you are faced with the problem of paying the mortgage or keeping food on the table.
Once your emergency fund is in place, focus on paying off all of your credit cards. Make a plan to pay regularly above the minimum, and once one card is paid off, keep paying that amount toward another card until they are all taken care of. You may want to ask for lower interest rates, or roll your balances to a zero interest or low interest card as well.
Following these simple but tried and true guidelines will help you get (and stay) out of debt, and will pave the way to allow you to begin saving above and beyond your emergency fund.

Investing In Longevity

If you are the type of investor who is always looking for the next quick money maker to add to your portfolio, chances are you may be causing yourself unnecessary stress - with respect to your pocketbook and your health. On the other hand, if you are they type of investor who carefully picks and chooses investments that are geared to make you money in the long run, chances are good that your wallet and your medicine cabinet are in good shape!

In a recent study of over 66,000 investors over a five year period by business professors Terrance Odean and Brad Barber, it was revealed that the investors who conducted more frequent trading trailed the less active investors by over 5% each year. While this may not seem like much at first glance, if you take a large sum of money and compound it by two percent returns that are 5% apart over a five year period, it can mean hundreds of thousand or even millions of dollars.

The reason that more active traders often underperform is thought to be mainly a result of overconfidence and/or unrealistic beliefs about the current state of affairs in the marketplace. In many cases, overconfident investors will add a company to their existing portfolio just because of some interesting facts or favorable press.  These ‘facts’ can often be deceiving and short lived, so it’s important to wait and gather plenty of information about a potential new investment before making a decision to wager your hard earned cash.

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