Categories
insurance

Tips for Maintaining Your VA Benefits Eligibility

The first thing to understand when it comes to VA benefits is that there are never any guarantees.  Requirements and the application process can change at any time or you could lose your eligibility for future earnings.  What’s even worse than this is that you could be required to pay benefits back!  To reduce the risk of any of this happening to you, it is always advised to work with a qualified counselor when applying and meeting annual eligibility requirements, especially when dealing with non-service connected disability payments such as the Aid and Attendance Benefit, also known as the Veterans Pension Benefit.

If the VA benefits application process isn’t stressful enough, every year before March 1st, you are required to fill out an Eligibility Verification Report (EVR) and file it.  While this report is somewhat shorter and may seem simpler on the surface, if you don’t complete this accurately, your pension benefits could be reduced or revoked.

The Importance of the EVR

The Eligibility Verification Report must not be taken lightly.  It has been designed to make sure that you do still need those funds that you are being given every month and in some cases, you may even deserve more than you are being awarded.  Factors that affect whether you maintain your eligibility status or not include new assets that have been acquired throughout the year, additional income, shifting of any assets already owned, disuse of medical services that were previously needed and your life expectancy.

The EVR evaluates if your current pension amount is too low, high or unnecessary and ensures that the total of your monthly expenses exceeds your income.  To maintain eligibility, you will be required to submit financial documents and medical forms which should all be reviewed by a qualified professional before submitting your EVR.

Why Hiring an Attorney Makes Sense

If it’s not enough that an attorney can ease your burden associated with this stressful paperwork and help you keep your needed benefits, they can also be beneficial in other ways.  Such an individual will be knowledgeable of the proper forms that you need to file and they can help you reassign or convert assets so you can keep your eligibility.  They can also educate you on offsetting your income with medical payments so you can receive the maximum amount of money you are entitled to.

VA benefits are nothing to fool around with, especially when it comes to your annual forms.  Think of how good it felt to finally get that money and how it would feel if it was suddenly gone.

Categories
credit

Credit Card Companies Ease Standards

Banks took a softer view toward consumers seeking new credit cards in the first three months of the year, according to the Federal Reserve’s April 2011 Senior Loan Officer Opinion Survey on Bank Lending Practices.

The survey, which addresses the market of loans for businesses and households during the first quarter of 2011, found that lending standards used by credit card companies had eased, which means it was easier for consumers to get approved for new plastic. Ironically, though, the demand for new credit cards has been lethargic.

The Survey

Every three months the Fed requests feedback from banking executives in order to zero in on changes in the supply and demand of loans to businesses and households during the previous quarter. The Fed’s April Survey included responses from 55 domestic banks, plus 22 U.S. branches and agencies of foreign banks. According to the survey, 20% of banks reported easing their approval standards for consumers seeking new credit cards in the first quarter of 2011.

This is a dramatic improvement from the fourth quarter of 2010, when less than 10 percent reported a loosening of credit standards.. Additionally, about 6% of banks lowered the minimum credit score needed to get approved for a card, while no bank reported increasing the required score. Although 9% of banks reported increasing interest rates on new or existing accounts, this was equal to the percentage of banks that decreased them.

Consumer Credit Card Demand

According to the survey, it seems consumer demand has not increased along with the easing of credit approval standards, at least the demand for new plastic. On net, banks reported little change in credit card loans. However, when asked about new credit card accounts and credit increases for existing accounts, banks reported the demand rose by 16%. While only a net fraction of banks reported an increase in the number of credit card applications in the first quarter, it seems consumers are looking for higher credit limits on existing cards rather than opting for new ones.

The Good News

The good news for consumers is that this is a good time to shop around and check out various credit card offers with one in three major banks reporting an easing of credit standards. However, part of the reason the number of consumers seeking new credit cards has not increased might be due to the fact that companies are targeting low-risk borrowers, or people who are in a better overall financial position. Yet these consumers probably already have multiple cards and are not necessarily looking to add to their collection.

Categories
taxes

18 Tax Credits and Deductions (and How to Get Them Next Year…)

Tax season has wrapped and if you’re like most Americans, you’re doing everything you can to make sure as much money as possible stays in your wallet next year – that is where tax credits and deductions come into play!

But first, let’s get a couple things straight. We’ll be covering two different things – a tax deduction and a tax credit. These two things are commonly confused and can make a big difference in your return. So what’s the difference?

A tax deduction reduces your amount of taxable income for the year, while a credit helps reduce the amount of taxes that you actually pay. Deductions usually come in the form of a percentage, whereas credits are a flat-dollar amount.

Alright, let’s dig in!

12 valuable tax deductions

Let’s start with deductions. When preparing your taxes, you can choose to take the standard deduction or itemize your deductions. According to the IRS, more than 60% of taxpayers take the standard deduction, which could be leaving money on the table. If your deductible expenses are more than $5,700 for singles or $11,400 for married couples (jointly filing), consider itemizing instead.

Below, you’ll find several deductions you should consider when doing your taxes, from college expenses to health premiums.

  • College costs – Families can deduct up to $4,000 of college tuition and fees (through 2011). However, if your adjusted gross income is between $65,001 and $80,000 as a single person or between $130,001 and $160,000 as a joint filer, you have a reduced deduction of up to $2,000.
  • 529 college savings plan – These are a great way to put away money for your childrens’ education, while saving money in taxes. This year, Internet access and computers are considered a “qualified education expense,” so they can be paid for tax-free.
  • Educational materials – If you’re a K-12 teacher, you can deduct up to $250 for classroom expenses like books, supplies, and computer equipment.
  • Sales and income tax – You can write off either your sales tax or income tax. If you live in a state like California or New York that has a high income tax, it’s probably to your benefit to claim sales tax instead. Additionally, states like Florida, Washington, and Texas don’t have income tax so be sure to take the sales tax deduction when filing.
  • Student loan interest – If a child isn’t claimed as a dependent, they can deduct up to $2,500 of student loan interest that’s paid by parents.
  • Mileage – Miles driven for work can be a huge deduction that saves you quite a bit of money. You can claim 50 cents per mile for business, 16.5 cents per mile for moving and medical, and 14 cents per mile for charitable.
  • Charitable giving – The percentage of charitable contributions that can be deducted is based on your tax rate. Be sure to keep tedious records of all cash contributions including a canceled check, name of the charity, and bank records that state the charity’s name, date, and the amount of the donation.
  • Home refinancing – Any points paid to refinance your home is deductible over the life of the loan. For example, if you refinance for 20 years, you can deduct 1/20th of the points each year. 
  • Last year’s tax return – If you paid money to the government last year, make sure to deduct it on your return.
  • Tax software and fees – Any fees you paid to a tax attorney or spent on tax software can be deducted – just be sure to keep good records.
  • Job-hunting costs – Job-hunting costs can be deducted (up to 2% of your adjusted gross income if your job is in the same line of work as you were doing previously). These include things like employment agency fees, printing costs of resumes and business cards, postage, and travel expenses if an interview took you away from home overnight. 
  • Investment losses – Up to $3,000 of investment losses can be deducted against your income (if your losses exceed your gains).

6 tax credits to save you money

Now that we’ve covered deductions, there are also a lot of tax credits available for this year’s taxes that can help your wallet. These fall into categories like home improvement, education, energy efficient upgrades and more. We’ve outlined the general guidelines for these credits, but be sure to check with your tax professional or the IRS website for specific restrictions when you file taxes online.

Children-related credits:

  • Child and dependent care credit – This includes any expenses paid for the care of children under 13, or a disabled spouse or dependent, to allow you to work or look for work. You can claim up to $1,050 per child or $2,100 for two or more children. The credit for 20-35 percent of your childcare expenses up to $6,000.
  • Child tax credit – This is for people with qualified children (up to $1,000 per child), and can be claimed in addition to the child and dependent care credit. To qualify, children must be under 17 at the end of the tax year.
  • American opportunity tax credit – Students can get a $2,500 higher education credit for their first four years of college. This includes 100 percent of the first $2,000 spent on tuition, books, and related expenses; and 25 percent of the next $2,000 spent.

Work-related credits:

  • Making work pay credit – This credit is equal to 6.2 percent of your earned income, with a maximum of $400 for singles or $800 for married joint filers. For single filers, the credit phases out between $75,000 and $95,000 adjusted gross income; for joint filers, between $150,000 and $190,000. 
  • Earned income tax credit – This is a refundable credit for those who have earned an income from wages, farming, or self-employment. Age, income, and the number of qualifying children determine the amount of the credit. To qualify, married couples filing jointly must have an earned income of less than $48,362 and singles under $43,352.
  • Saver’s credit – This credit is designed to help those with a low to moderate income save for retirement. If your income is below a certain limit and you contribute to a workplace retirement plan or IRA, you may qualify.

Using even a few of the deductions and credits listed above can save you a lot of money during the upcoming 2011 tax season. For additional details on the credits and what’s eligible, contact your tax professional.

Categories
banking

One Year Later, Debit Cardholders Still Confused About Overdraft Protection Fees

The Federal Reserve’s implementation of new policies last summer has essentially backfired. It was intended to protect debit card users from unexpected overdraft fees and clarify bank policies. Instead, it seems to be helping banks rake in the money by signing account-holders up for overdraft protection plans. Plus, according to a new study by the Center for Responsible Living, the majority of debit-card holders are still confused about what exactly they’re agreeing to.

The New Rules

The Federal Reserve implemented new policies last year to clarify and protect debit-card users against overdraft fees. With these new rules, banks are required to have account-holders agree to their terms before they can go into effect. Basically, an account-holder either decides to opt in or opt out of a protection plan. By opting into a protection plan, you are guaranteed to pay more in fees and maybe even accumulate a little debt. Who knew that was possible with a debit card?

The new policy is relevant to point-of-sale transactions which are approved by the bank when there are insufficient funds in the person’s account to cover the purchase. Before this new rule, the bank would approve the purchase rather than declining it, costing the average account-holder $35 in overdraft fees. According to Time, 80% of debit cardholders said they would rather their card be declined in this instance to avoid fees.

Isn’t the whole point of a debit card to only spend what you have?

Same Old Confusion

A study recently released by the Center for Responsible Lending found that 33% of cardholders opted for overdraft protection fees. The Center also found that 60% of these account-holders did so in order to avoid fees in the event their debit card was declined, meaning they do not want their debit card to be approved when there are insufficient funds in their account. The study also found that for nearly half of the participants who opted in, getting the bank to quit advertising the overdraft protection through email and other methods was a factor in their decision. Despite the questionable behavior of the banks, consumers still seem to be confused about debit card policies. These overdraft protection plans are only bringing in more revenue for banks, which are set to make $38.5 billion this year, up from $36.5 billion last year.

Debit cardholders who opt into this service which allows them to use their debit card when it would otherwise be declined, are probably better suited for a credit card. With so many credit card offers currently featuring low interest rates and no annual fees, a cardholder could save money on fees even with an outstanding balance rather than continually paying overdraft fees on his/her debit card.

Categories
credit

Mobile Payment Wars: Credit Card Companies Arming for Battle

Payments are going mobile, and credit card companies do not want to be left behind. The big players are arming themselves to make sure that wherever the mobile payment field is headed, they get a little piece of the action.

Visa Invests in Square

Square is a mobile payment system that launched last May and allows anyone to accept payment through their mobile device. Square appeals to merchants who otherwise do not accept credit cards through a merchant account, such as small businesses, artists, or other vendors that want to avoid paying monthly fees to credit card companies. In the first three months of 2011 alone, Square processed $66 million in transactions. Not bad for a start-up company. But things are getting even better for Square as Visa announced this week plans to invest an undisclosed amount of money. In return, Visa gets a small piece of the action and has joined Square’s Board of Advisors.

Visa’s recent move will also open up new doors for the credit card company, as more merchants will be accepting credit cards for payment. According to the Central Penn Business Journal, this market includes some 27 million small businesses.

MasterCard in the Mobile Field

Visa isn’t the only company aiming to go big in the mobile payment field. MasterCard has been working its game since 2002 when it developed its PayPass system. PayPass-enabled cards contain a chip that allows shoppers to wave the card in front of a terminal in order to make charges. This takes advantage of a technology called radio-frequency identification, or RFID. The company now has 88 million PayPass cards and devices in use at nearly 300,000 merchant locations.

MasterCard is also teaming up with Google to allow Android users to make mobile payments. The Android device would contain everything a consumer needs, from being able to make payments to receiving offers and discounts after they make a transaction.

American Express Won’t Be Left Behind

As for American Express, it just launched Serve, a new payment network that lets people pay each other online through mobile phones or at merchant locations. Serve users manage their accounts through a smart phone app or with a prepaid card. Users can transfer funds from their debit cards, bank accounts or credit cards.

American Express also plans to partner with the start-up mobile payment company called Payfone, which also enables users to pay through their mobile phones.

Categories
investing

Are You Really Ready to Retire?

So you’re approaching the tail end of your career and hopefully you’ve done your self the favor of investing in a 401k or other type of IRA, perhaps coupled with a portfolio of mutual funds, stocks and other investments, you may even be one of those lucky few who have a pension. I am sure that you may have some very well thought out day dreams about what your retirement will look like, but if you are in a state of debt those ideas are just that; fantasies. Keep in mind that your wealth is determined by the value of your assets minus the cost of your liabilities.

If you are 55 and have elephant debt (debt that is at least more than half of your net income) you are in a world of hurt. Here are the facts about your situation, you are debt heavy and your working years are numbered, now assuming you are not one of those tragic figures who currently finds himself unemployed you have a window of opportunity to salvage your retirement outlook and bring your retirement fantasies closer to fruition. Your first step on your escape from retirement limbo is to zap all unnecessary weigh-downs. Weigh-downs are avoidable expenses that are holding you back from becoming fiscally sound before retirement; cable or satellite bills, phone bills, smart phones, buying bottled water instead of getting a filter for your faucet, taking vacations, buying new cars instead of repairing your current ones, frivolous purchases, etc.

By now you are thinking that I’m telling you that you that you have to downgrade your lifestyle; the truth is that I am only telling you to take into account the many leaks that are in your financial boat and attempt to plug them up.

Instead of paying $30-$200 a month for cable or satellite get Netflix or Hulu for less than $10 a month do this and you save yourself $180-$2,280 a year. Instead of buying cases of bottled water for $4-$6 a case buy a faucet filter and save dramatically each year. Instead of paying for a redundant land line consolidate your phone service to just your cell phone, secondly unless you truly need a Smartphone for your work than just get a normal cell phone that does what it is supposed to do; make and receive phone calls, do these two steps and save your self at least $1,000 a year, if not far more. Hold off on taking a vacation for the time being and instead put the money towards saving you financial future, this will save you at least $1,200-$5,000 a year.

Assuming that your elephant debt was not caused by buying a luxury car, you have a yet another way to pay off your elephant debt; don’t buy a new car! Instead of buying a new car drive the one you have and keep up with regular maintenance, literally drive it till it dies and you will instantly generate a net savings for your self of at least $5,000 a year. Do all of these things and you will have at least $6,588 on the low end and up to $12,592 at the high-end.

Keep in mind that you probably have other weigh-down expenses that only you could know about and so I leave it to your judgment what your course of action should be regarding them. For some people cutting off weigh-down expenses alone will put them on the right track towards being financially solvent by the time they retire, the rest of us probably face dramatic changes to our operating procedure. If you own a boat or even a plane it may be the time to liquidate those assets in order to free up cash flow towards paying off debt. Now chances are that your kids have moved out and you no longer need as big of home as you have, you could capitalize on this situation and either rent out rooms or down size to a smaller home. Keep in mind that I only recommend down sizing in extreme cases when no other alternative is readily available. Remember your goal is to be in a position to actually achieve your dreams when you retire, you can’t hope to do that if you are weighed down by debt.

Categories
credit

Americans Shopping for Credit Cards — Again

According to the results of a recent survey by comScore, the findings reveal that Americans are feeling more optimistic about the economy. The optimism seems to be leading Americans to take on more debt. According to the comScore study of almost 2,000 Internet users and a research panel of 1 million U.S. consumers, 34% percent of respondents said they were feeling more confident about the economy. About 20% of survey respondents shopped around for a new credit card last year. There were several important factors consumers looked for most frequently when credit card shopping.

Primary Feature

According to survey respondents, the primary importance was a low interest rate. It seems to indicate that while consumers are once again looking to take on debt, they want to do so at the lowest interest rate possible. About 38% stated a low interest rate as the most important factor in choosing a credit card.

Second and Third in Importance

After a low interest rate, the next most significant feature credit card consumers are seeking is a card without an annual fee. Approximately 25% of survey takers said that they are looking for credit cards that come without an annual fee associated with it. Coming in third as the most important factor for choosing a credit card is a rewards program. About 16% of the survey respondents cited this as the most important factor when deciding on a credit card.

Consumer Spending Behavior

Sentiments on the economy apparently are not stopping short with applying for new credit and new credit cards either. A MasterCard survey in December 2010 also revealed that 61% of customers said they had not intentions on cutting back on spending in 2011. Of shoppers earning $100,000 to $150,000, 73% said they would not cut spending. So far, consumers are keeping true to their word, which is resulting in a return to applying for credit cards.

Categories
insurance

Clever Car Insurance: Considerations Beyond the Bottom Line

If you wanna drive you’ve gotta have car insurance. It’s right up there with taxes on that list of payments we shell out because not doing it is, well illegal, but it’s also likely to end in disaster. So we do the best we can to keep the out-of-pocket as low as possible. Some corners are worth cutting, but there are others that maybe we shouldn’t. Here are just a few things to think about if you’re shopping for car insurance. And you should be. Seriously. Shop around.

Liability and Collision

One of the first things to look at in car insurance is liability coverage. This is the one that applies to the stuff we do to other people or their cars. And this is not an area to be stingy. See, if you total a car or worse, hurt someone, in an accident the costs could be pretty high. It’s important to look at your total liability and the coverage per person. It may cost a little extra, but taking a higher deducible getting the highest possible coverage in this area will bring you the most comfort in a bad situation. If you take the minimum you run the risk of paying for the costs that exceed your coverage. When you consider that accident injuries can costs hundreds of thousands of dollars if they are severe, do you want your insurance policy maxing at a $100,000? Yeah. Me neither.

Collision is the side of insurance that helps repair for damages to your car. Choose the highest deductible you think you can afford to save a little money and if you have an older car, consider dropping it altogether. If it’s going to cost almost as much to replace the car as you would get from the insurance company, instead of paying collision premiums, bank that money for a new car.

Additional Services

Once you get past the major stuff, liability and collision and so forth, you may want to think about a few miscellaneous benefits. A common one is car rental. In the event of an accident, you’ll still need to get around. Car repairs can take a while leaving you without transportation indefinitely. And if the car is totaled you don’t want to be rushed into finding your next one. In either case, you may already be facing additional expenses as a result of your accident and the last thing you want is to deal with high rental fees on top of that. When the time comes, you’ll be grateful you have a policy that covers the rental for you. You may be able to get towing and labor coverage as well, but this may also be worth cutting if you have AAA, OnStar or other roadside assistance. Are any of these considerations as important as Liability? No, definitely not. But when you get a quote, it’s worth finding out if these are included.

Other Benefits

Before you sign up with any insurance company, there are a few “little things” to think about. A dedicated representative is one of them. Having one person or a couple of people that you deal with exclusively can be a great relief in the event of an accident. If you file a claim and wind up talking to a dozen different people having to repeat details and information it can be a hassle. Having someone familiar help you maneuver the complexities of car insurance will be a relief in a time of crisis.

Signing up with an insurance company that can offer you the opportunity for future deductions and savings is also a good idea. Many companies offer opportunities to lower your premiums over time by proving yourself a safe driver, taking classes or long-time customer discounts. If you don’t have a house now, you may someday and getting your house coverage at the same agency as your auto insurance can qualify you for discounts. The same is true of multiple vehicles, rental insurance, life insurance or coverage for valuable items. When you cover multiple entities through the same company you can often save quite a bit. So when you look at an insurance quote, will it always be that number? Or does the company also offer incentives that can lower your payments in the future? This may be a deciding factor in who you choose as your provider.

Medical, Loss of Income and Uninsured Drivers

Insurance can also be used to protect you in the event of an accident. Three different kinds of extra coverage may help you if you get hurt or get into a scrape with an uninsured driver. Medical payments help you cover for medical bills and expenses. Loss of income coverage provides you with additional cash to help compensate for an inability to work as a result of an accident. Uninsured driver coverage will pay the costs of car repair if the other party does not have insurance that will cover it for you. However there are third party insurers like AFLAC also offer accident coverage for this kind of emergency. Just run the numbers; find out if grouping this coverage with your regular auto insurance policy may be cost effective.

Choosing car insurance is an important decision. While it may be tempting to go with the lowest quote you can find, it’s not always in your best interest. Consider the quality of your coverage and the risks in the worst case scenarios and figure out is it better to pay a little more every month or be up a creek in a disaster?

About the author. Platon writes for Guard Insure an agency featuring Massachusetts Car Insurance. Platon has written and blogged quite a bit over the last several years and has spent a number of years navigating the complex world of insurance.

 

Categories
credit

Drop in Credit Card Defaults Points to Economic Recovery

March has proved to be a tricky month in recent years for consumers to keep on top of their credit card payments after holiday shopping trips. This year, delinquency and default rates in March dropped, and the balances that credit card issuers had to charge off as uncollectible declined.

Assuring Lows in Credit Card Industry

The top credit card companies — Chase, Bank of America, Discover, Capital One, Citibank and American Express — reported a drop in delinquency and charge-off rates in March. In fact, both rates are the lowest they’ve been since mid-2008.

Capital One and Discover boasted the greatest improvements in delinquency rates and credit card defaults this month, according to The Associated Press. Bank of America reported the highest delinquency rate at 4.82% of balances, while American Express reported the lowest delinquency rate at 1.8% of balances.

According to the Federal Reserve, overall charge-off rates dropped in the fourth quarter of 2010 to 7.7% of balances from a high of 10.9% in the second quarter of that year. Bank of America and Discover reported the greatest improvements in their charge-off rates. Bank of America’s charge-off rate was still the highest among top credit card issuers at 8.18%, while American Express had the lowest rate at 3.7%.

According to Moody’s Investors Service, it is likely we will see this trend continue in the coming months. The drop in delinquency rates is a particularly good sign, a Moody’s analyst told The AP.

Consumers Improve Delinquency Rates

The post-holiday months can be a challenging time for consumers, yet they seem to have a stronger foothold in the management of their bills as the economy gradually recovers. The increase in employment rates certainly helps consumers to better manage their finances, but many of us have also learned to be smarter, more cost-efficient shoppers in the face of economic challenges. Both these factors might contribute to the drop in delinquent payments, which is defined as a payment that is at least 30 days late.

Categories
saving money

Young Professionals: 3 Spending Mistakes that Can Drain Your Savings Account

Getting your first professional job can be an exciting, new endeavor. Did you just move to a big city with a sprawling metropolis, full of great restaurants, cafes, and bars? Many college graduates like to work in big cities after graduation, and that can greatly increase general costs of living. However, you don’t have to live in the Upper East Side of Manhattan to have difficulty building a savings account. There are certain bad spending habits that young professionals develop early on. I am one of those young professionals, and I can tell you that I wasted a lot of money my first few years of working. Cutting back on small expenses will benefit you in the long run. You won’t have to be the friend who can’t afford an exotic vacation or weekend getaway because you haven’t tucked some money away for later.  Here are 3 spending mistakes you should nip in the bud as soon as possible.

Save Your Bucks with Less Frequent Starbucks Visits

We all love that green Starbucks mermaid. Admit it: you feel fashionable and chic carrying her around on your walk to work while sipping your $2 coffee. Let me add that $2 is the MINIMUM you will spend if you plan on drinking Starbucks on a daily basis. If you want to get fancier and add more to your coffee– frap it up or add a few shots of espresso you can easily spend six or seven dollars a day.  It took me a while to realize how much money I was wasting.  I would get a large latte in the morning for $4, plus one at lunch, kissing $8 goodbye every day. Now, I don’t want to insult your intelligence, but if you work five days a week, that adds up to a hefty $160 dollars a month. You can easily spend $1920 a year on your coffee and muffin alone (ever hear of the Latte Factor?)! I don’t know how you feel about extra money, but $1920 could buy a nice vacation to Europe or South America during even the busiest times of the year! Save money by buying a box of instant coffee for the month, or use that coffee maker your parents gave you as a housewarming gift!

Stop Paying for Daily Parking in Downtown!

So, I started my professional career in a relatively cheap American city: Houston, Texas. However, rates for parking in downtown were RIDICULOUSLY expensive (as they are in most big cities). I save close to $200 a month by using public transportation to downtown. You may be surprised how much easier this can be! You don’t have to sit in traffic every day, and you are automatically decreasing your carbon footprint by opting to use the subway or bus system in your city! If you live in downtown or close to the urban center of your city, use the most efficient form of transportation there is: you very own LEGS. Walk to work! If you still can’t get live without driving to work, talk to your employer about partial reimbursement for parking.

Taking Your Lunch to Work: Good for Your Belly and Your Savings Account

In addition to your daily coffee expenses, your lunch expenses can be even more fatal towards your savings. Take ten or fifteen minutes when you get home to pack your lunch for the following day! Make sure to include a piece of fruit! An apple a day WILL keep the doctor away. Not only will you be cutting your expenses in the short term, but you will be saving yourself from needing a whole new wardrobe in the long run. My daily lunch expenses were costly on my waist line! I gained 20 pounds my first year of working, and in addition to my $10 a day on lunch, I had to spend a few hundred to renew my wardrobe. Not good for my savings or my self-esteem!