SavvySugar

Ask Savvy: In Need of Savings Tricks to Pay Off Debt

SavvySugar — Fri, 25 Jul 2008 12:30:13 -0700

Dear Savvy,

I read the Savvy posts almost every day because I am in tons of debt and seriously need help. I'm the type of person that needs actual tricks to save. I have zero willpower when it comes to money. I keep seeing the Bank of America adds for Keep the Change and I feel that could really work for me. I was just wondering if you knew of any Canadian institutions offering similar programs. I've tried searching on the Internet but with no success. Any more tricks you could offer?

See my answer when you read more.

Canadian banking is not my forte, but I can definitely try and help you with a savings and debt pay-off plan. The easiest way to save, hands down, is to utilize an automatic savings plan. Bellaressa was on track with her suggestion to set up an ING account; you can quickly and easily create an online account with ING Canada and set it up so there's money automatically withdrawn from your checking account to your ING savings account.

Here's what I recommend for a relatively painless way to save and pay off debt: Open two accounts that are both connected to your checking account, one for savings and one for money that will only be used to pay off your debt. Set up your accounts so that a percentage of your paycheck is allocated to each of these accounts every time you get paid. Even though you have some debt to pay back, it's important that you build up some savings in case of an emergency so that you don't fall deeper into debt.

Before you can determine how much to deposit into those accounts each month, figure out how much you'll need for your fixed expenses like rent and bills, what you'll need to cover food costs, and if possible set aside some for having a little fun, too. Once you've determined a rough budget, commit to only living off that amount each month. Take away the temptation to spend by not even giving yourself the option - that's the beauty of automatic savings.

Goals always push me to do better with my money. Check out our calculators to come up with some savings and debt repayment goals! Whenever you feel the urge to spend, revisit your goals to help yourself stay on track.

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Savvy ATM: What Is an ING Savings Account?

SavvySugar — Thu, 03 Jul 2008 06:26:27 -0700

Building up savings is one of the best ways to set ourselves up for financial success, and the amount of questions coming in lately about ING accounts tells me that you're all on your way! There are a number of online banks out there, meaning they don't have actual branches you can physically walk in to and speak to customer service in person, but ING is a particularly appealing choice to many savers for a few key reasons. Find out what they are when you read more.

The three biggest draws are their no fee policy, high-yield interest rates, and they do not require a minimum account balance. It's harder to build your savings when fees eat up the interest you earn, and many savings programs mandate that you keep a minimum balance that is sometimes thousands of dollars in order to get a high interest rate or avoid fees. At ING, your $500 account is treated to the same high-yield interest rates as someone else's $10,000 account.

The actual product they offer is called the ING Orange Savings Account, and they make it easy to set up automatic transfers from your checking account at your existing bank to your ING savings account. The interest you earn on your savings is variable according to market rates, so if the Fed raises interest rates your savings account rate should go up, too.

Do any of you have an ING savings account or prefer one of their competitors?

Let's Just Call It Layoff Day 2009

SavvySugar — Tue, 27 Jan 2009 04:30:35 -0800

Monday was a doozy for economic news. In one fell swoop, several major global companies announced their plans to lay off thousands of workers. Collectively, the businesses plan to eliminate more than 65,000 jobs around the world. Economists are obviously worried about the pattern of layoffs, so now is as good of a time as any to plump up your emergency fund.

Caterpillar: 20,000 job cuts
Sprint Nextel: 8,000
Home Depot: 7,000
Pfizer / Wyeth merger: 8,000
General Motors: 2,000 cuts in Michigan and Ohio
Texas Instruments: 3,400
ING: 7,000
Philips: 6,000
Corus: 3,500

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This Is What Makes You Savvy

SavvySugar — Sun, 06 Jul 2008 11:07:19 -0700

True to form, you all pulled through with more awesome comments this week. It's always a challenge to choose from the bunch, so keep sharing your thoughts, tips, and tricks!

Tipping Skimpers on the Rise and in the News: TeamSugar member Jude C plans ahead -

When the fiance and I are trying to figure out if we can afford to go out for dinner or whatever, we factor the tip into what we can spend. If we don't think we'll have enough to tip properly, we just don't go.

Ask Savvy: How to Respond When Asked For Salary Requirements: Just Oh speaks from personal experience -

The Internet makes salary research a cinch for every market, particularly for lawyers. Show that you've done your homework and potential employers will know that you are the type of person who will do thorough work on their dime!

See two more of your comments when you read more.

Savvy ATM: What Is an ING Savings Account?: rannew organizes her savings accounts -

I have ING savings account set up for each of my husband and my savings goals. We have home improvement funds, eyeglass/contact replacement funds, copay and prescription funds, travel funds, etc. We also have the Electric Orange checking accounts linked to these. This helps with that lag time as the transfers to and from the savings to the checking accounts is immediate and you can go spend the money that you've saved as soon as you need to.

Do You Check Grocery Receipts For Errors?: jessy777 demonstrates how attentiveness pays off -

I do this every time I shop. I have found several errors on grocery receipts. Once a clerk entered the produce code for off season blueberries for my onions. I had been charged $4.98/lb as opposed to $.99/lb. Needless to say it is good that I checked. Luckily today, most grocery store scanners have screens you can watch as they scan and I pay attention to these too. Mistakes happen but do not want to be out money for them.

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Want to Know What Makes You Savvy?

SavvySugar — Fri, 27 Jun 2008 12:35:09 -0700

You are all savvy in your own right and share many helpful and smart tips here every day. I've chosen some comments from this past week that stood out to me, and it was difficult to narrow them down to a few! Keep on sharing all of your awesome comments, ladies!

How to Get Half-Price Hotel Rooms - TeamSugar member Torgleson adds:

You'd also be surprised at how much leeway the person at the front desk has with your rate. Sometimes just calling and asking if they can do any better can get you a lower rate. I've had as much as $70 knocked off the nightly rate.

Is There a Peeping Tom in Your Inbox? - JaimeLeah526 tells it like it is:

You shouldn't write personal emails at work that you wouldn't want your boss to see. Everyone knows that they can look at your email because they tell you so when you're hired. They have every right ot see what you're doing on their time. Use your blackberry to send personal emails or don't do it at all.

There are two more of your comments so just read more.

Your Two Cents: Do You Use Coupons? - RosaDilia shares her tricks:

I do use coupons. I also print out coupons from a couple of websites and use those as well. A good way to get coupons is to go the websites of brands that you use regularly and sign up and you'll get coupons in the mail.

Savvy ATM: Start Saving For the Holidays - Soozicee has a brighter idea:

I started saving January 1st! $10.00 a week transferred from my checking to my ING "Christmas Fund" savings account. By the time Christmas rolls around I'll have over $500 to spend on gifts.

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