Tag Archives: Saving

Driving habits, shopping around can help gas money go farther

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By Sheila McGrath
WKTV Contributing Writer

With everything going on in the economy and the world today, it’s hard to know what price you’ll see the next time you pull up to the gas pump.

While drivers can’t make the price of gas go down, they can take several steps to make each tank last longer.

Removing excess cargo in a car will help with making your gas last longer. (pxhere.com)

The U.S. Department of Energy has several tips online at fueleconomy.gov to help drivers stretch their gas dollars:

  • Slow down. Each 5 mph driven over 50 mph is like paying an additional $0.30 per gallon for gas, according to the site.
  • Don’t drive aggressively. If you’re speeding and rapidly accelerating  and braking, you’re lowering your gas mileage by 15% to 30% on the highway and 10% to 40% in the city. 
  • Get excess weight out  of your car. If you’re carrying an extra 100 pounds of unneeded stuff in your trunk or your back seat, you could be lowering your gas mileage by 1%. Carrying cargo on your roof is also a sure way to lower your mileage. Remove cartop cargo boxes when they’re not in use – at highway speeds, they could reduce your gas mileage by 10% to 25%.
  • Turn the car off when you’re idling. It takes much less gas to restart your car than to leave it idling, which can use a quarter to a half gallon of fuel per hour.

Buying gas on days when it’s a few cents cheaper per gallon is another way to save.

According to GasBuddy, an app that provides real-time gas price information, Mondays and Fridays are the most economical days to buy gas in Michigan, followed by Sundays.

Thursday is the worst day to fill up in Michigan, followed closely by Wednesday.

In years past, Friday was one of the most expensive days. But that hasn’t been the case since 2021, according to GasBuddy analysts, who said the pandemic may have shifted people’s buying habits, affecting supply.

Oil and filter changes are key in helping your car maintain good gas mileage. (pxhere.com)

Regardless of which day you’re buying gas, it pays to check around for the best price.

  • The GasBuddy app and the AAA Mobile App both offer drivers a way to search for the best price in their vicinity.
  • According to AAA, some gas stations offer discounts for paying cash instead of using a credit card.
  • Enroll in gas station savings programs. If you like to visit the same station instead of shopping around for the best deal, enrolling in a savings program at one of the major gasoline providers can save you anywhere from 2 cents to 5 cents per gallon. The Penny Hoarder offers a rundown at https://www.thepennyhoarder.com/save-money/fuel-rewards-programs/

Keeping your car in optimal running condition can also increase your mileage. Autozone offered several tips in a recent news release to increase gas mileage by taking good care of your car.

  • Change your oil filter. A dirty oil filter makes the engine work harder, reducing power and fuel efficiency.
  • Keep your tires inflated to the proper pressure. You can improve your fuel economy immediately by up to 3.3% just by keeping your tires inflated to the proper pressure, according to Autozone. The correct pressure can be found in your car’s manual or on a sticker inside the driver’s side door jam.
  • If you’re due for an oil change, get it done. Oil changes prevent oil breakdown and the buildup of sludge over time. Some types of oil are designed to improve engine efficiency. Ask for an oil marked “Energy Conserving.”

Financial Perspectives: Don’t put your money under the mattress – there are other options

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By Dave Stanley
Integrity Financial Service, LLC

“Numerous options exist for a safe place to keep your money; the secret is finding the best return without any exposure to risk.”  Dave Stanley

Insulating your money against inflation, theft or catastrophe is as simple as taking it out from underneath your mattress and opening a savings account. The three most common are transactional savings accounts, money market accounts, and certificates of deposit. Two alternative accounts are high yield savings and specialty savings accounts. They all operate under the same premise: money given to the bank will earn interest.

Photo from pxhere.com

Traditional Transactional Savings Accounts

The simplest way to store money with a financial institution is to open a traditional savings account with a small minimum deposit. If the minimum is maintained, the account holder usually avoids fees. Shop around and compare factors like initial deposit and balance requirements, interest rates, and other fees.  While being highly liquid makes it easy to withdraw cash and move funds between accounts, they typically have the lowest interest rates. Accounts are federally insured through the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Association (NCUA), protecting your savings from bank failures.

High Yield Savings Account

High yield savings accounts offer interest rates usually 20 to 25 times higher than the national average for transactional savings accounts. While potentially available at your local bank, the highest interest rates are typically offered by online banks. Electronic transfers between institutions are speedy and straightforward, making it easy to move your funds if needed. FDIC or NCUA also insures them. Keep in mind that banks offering high yield savings accounts do not typically provide checking accounts and other services like ATM cards.

Specialty Savings Account

Specialty savings accounts are specific to a particular savings goal. These include accounts you can open for children like savings accounts, student accounts, or 529 college savings accounts. Also included are home down payment savings accounts, health savings accounts, and traditional or Roth IRA’s. These accounts generate interest and have either low or no maintenance costs. Be aware of strict and potentially costly regulations related to early withdrawal of funds. There are also specifics concerning who can open what type of account.

Money Market Account

Money market accounts typically offer higher interest rates than traditional savings accounts, .02% higher on average. This type of account is special in that you can write checks and use a debit card, like a checking account. However, there are limits to the amount of money and the number of withdrawals allowed. It’s also not uncommon for higher minimum balance requirements and fees associated with money market accounts.

Certificate of Deposit (CD) FDIC Insured

A certificate of deposit, or CD, is an account with a fixed interest rate, term length, and maturity date. The fixed date means funds cannot be accessed early without penalty. These accounts typically pay higher rates than traditional savings accounts and are less liquid. The risk is very low, and the return is guaranteed, making it a safe place to store funds that you plan to use in the future.

 

Each of these accounts can help achieve your savings goals. Evaluate the pros and cons of each depending on your goals and financial situation. Be sure to explore various institutions for the best rates possible, and as always, consult a trusted financial advisor regarding any questions you may have.

Dave Stanley is the host of Safe Money Radio WOOD1300 AM, 106.9 FM and a Financial Advisor and Writer at Integrity Financial Service, LLC, Grandville, MI 49418, Telephone 616-719-1979 or  Register for Dave’s FREE Newsletter at 888-998-3463  or click this link:  Dave Stanley Newsletter – Annuity.comDave is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management

Five ways to save on housing costs

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Courtesy Michigan State University Extension

By Brenda Long, Michigan State University Extension


One key to financial success is lowering your housing costs. Generally, about one third of money spent by the typical household goes toward housing. The less you spend each month on housing, including utilities and other fixed costs, the less financial stress you will feel. You’ll also have more money to save toward retirement or for discretionary “fun” spending.


Refinance your mortgage: Interest rates are still low, and worth taking another look. Use an online calculator to estimate how much you will save over the years. If your current mortgage payment is over 31 percent of your income, you might qualify for a loan modification to lower your payments. 


Follow these links to determine if your mortgage qualifies:

  • Cut your utility bills: Weatherproofing, thermostat settings, landscaping and water conservation can all make a difference. Check out No to Low Cost Actions to Save Home Energy and Money for specific information.
  • Shrink your homeowner’s insurance costs: Look into paying a higher deductible to save yourself money. Ask about the many discount opportunities you might qualify to receive. Do a comparison shop of three companies. Insurance is necessary and it doesn’t have to be super expensive.
  • Fight your property tax assessment: If you feel your property tax assessment is too high, or much higher than neighbors with similar homes, you can appeal to your local taxing authority and potentially save for years to come. Generally in Michigan, January or February is the time of the year to submit an appeal request and it is reviewed by a local review committee in March. Check for errors on your property record and prepare your case.
  • Downsize to a smaller home: If your home is too large for your current needs, consider moving to a less costly residence to save money. A smaller home also could mean big savings on mortgage payments, utilities, maintenance and repairs.

Michigan State University Extension is a HUD-approved housing counseling agency and has many MSHDA-certified housing counselors at multiple county offices to assist you by phone or digitally. Find a staff person near you at mimoneyhealth.org. MSHDA-certified Housing counselors may be located as well.


This article was published by Michigan State University Extension. For more information, visit http://www.msue.msu.edu. To have a digest of information delivered straight to your email inbox, visit http://www.msue.msu.edu/newsletters. To contact an expert in your area, visit http://expert.msue.msu.edu, or call 888-MSUE4MI (888-678-3464).

Preparing youth to be money smart after graduation

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By Frank Cox, Michigan State University Extension

 

What comes to mind when you hear preparing for post-secondary education? Other than filling out applications for colleges, trade schools, financial aid or scholarships, you may think of working hard to get good grades, studying to make high scores for the SAT or the ACT, or, for student athletes, improving skills to get a scholarship. What about preparing students to manage their money while they are in post-secondary education

 

According to a study on college students and personal finance by LendEDU, statistics show this can be an important topic to teach to students entering into post-secondary education. For example:

  • 58% of students reported they were not saving money each month.
  • 43% of students stated they don’t track monthly spending.
  • 29% of students stated they saved 0 percent of their monthly income each month.
  • 81% of students stated they do not have an emergency fund.

What can parents, schools or community organizations teach or emphasize to students as they enter post-secondary education? First, for the statistics above: budgeting and saving. Other than paying for the costs of college like tuition, room and board, and other academic expenses, other expenses such as the costs of hanging out with friends, going to restaurants or sporting events can affect the budgets of students (please see “1. Don’t deposit and dash” in “4 Steps to Financially Prepare Your Student for College” by U.S. News).

Some tips to assist students in money management for college from “6 Must-Follow Money Tips For College Students” in the U.S. News and World Report are:

  • Create a budget.
  • Separate wants and needs.
  • Set up a checking account.
  • Use, don’t abuse credit cards.
  • Do your homework on loans and financial aid.
  • Shop smart for textbooks.

The National Endowment for Financial Education also provides a helpful resource with “40 Money Management Tips Every College Student Should Know” to help provide strategies and resources for young people before and during their post-secondary education.

 

Also, Michigan 4-H Youth Development through Michigan State University Extension has resources for youth money management. Parents and caring adults can use resources such as National Endowment for Financial Education High School Financial Planning Program and Michigan 4-H Youth Money Management to build personal finance skills that will help youth not only in college but also through adulthood.

 

Michigan State University Extension and Michigan 4-H Youth Development help to prepare young people for successful futures. As a result of career exploration and workforce preparation activities, thousands of Michigan youth are better equipped to make important decisions about their professional future, ready to contribute to the workforce and able to take fiscal responsibility in their personal lives. To learn about the positive impact of Michigan 4-H youth career preparation, money management and entrepreneurship programs, read the 2016 Impact Report: “Preparing Michigan Youth for Future Careers and Employment.”

 

This article was published by Michigan State University Extension. Reprinted with permission. For more information, visit http://www.msue.msu.edu. To have a digest of information delivered straight to your email inbox, visit http://www.msue.msu.edu/newsletters. To contact an expert in your area, visit http://expert.msue.msu.edu, or call 888-MSUE4MI (888.678.3464).

Kent County Issues Refunding Bonds, Projected Savings of $4.0 Million

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Kent County is taking advantage of both its Triple A Bond Rating and favorable interest rates to refund two separate bonds originally sold in 2007 and 2008. By combining the two issues, the County will save an estimated $4.0 million in interest payments on a nominal basis.

 

In 2007, Kent County issued $27 million in Building Authority Bonds to acquire, construct, furnish, and equip the Human Services Complex on Franklin Street in Grand Rapids. The following year, the County issued $14.3 million in Capital Improvement Bond to make improvements at the Kent County Fuller Campus and to acquire land and construct a building for 63rd District Court on the East Beltline in Grand Rapids Township. Since the issuance of the two bonds, interest rates have significantly declined so that it now is opportune time to refund both bonds and take advantage of associated interest rate savings.

 

High bond ratings – similar to high credit scores when buying a house – can have an impact on the rate of interest charged. County Administrator/Controller Daryl Delabbio, who is retiring in June of this year, credits the hard work of his Fiscal Services staff for the savings. “The staff, led by Fiscal Services Director Steve Duarte, have kept the County’s credit rating strong over the years,” Delabbio said. “When people ask, ‘Why is a Triple A credit rating important,’ it’s great to be able to point to projects and issues like this and say, ’Here is one reason.’”

 

“Daryl and his staff have provided great leadership over the past two decades, setting a solid foundation for economic policies and fiscal responsibility,” said Board of Commissioners’ Chair Jim Saalfeld. “This Board is fortunate to have elected and appointed leaders that look for ways to deliver services in the most effective and efficient manner, saving our residents and businesses money in the long-term.”

 

In June rating agencies S&P Global and Moody’s Investors Service affirmed the long-term Triple-A credit ratings for Kent County, marking the 19th consecutive year of this distinction. Credit ratings from these agencies are important in allowing local units of government to borrow money at lower interest rates, reducing costs to the average tax payer.

Your Community in Action: Financial health in the new year

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By ASCET Community Action Agency

 

Data from 2012 indicates that 60% of Michigan residents don’t have an emergency fund. What happens when their car breaks down or a family member gets sick? How do they find the money for these unplanned expenses?

 

Living pay check to pay check is stressful; it can feel like you will never catch up. Many people find money management training helps. With the right tools and dedication, it is possible to save up for that rainy day!

 

January is a great time to set goals for the upcoming year. If financial health is one of your New Year’s resolutions, there are many programs in Kent County that can help. For example, MSU Extension offers the Money Management Series. Money Management is a Personal Financial Education Program that gives participants information and tools to manage their finances, achieve goals and increase their financial stability. In this series, you will learn the following skills:

  • Making Money Decisions
  • Creating & Managing Spending Plans
  • The Importance of Saving & Investing
  • Credit Card Use & Paying Off Debt

After taking financial classes through MSU Extension, 84% of participants reported keeping track of spending and income as well as saving money regularly.  Are you ready to meet that New Year’s resolution of better financial health? The next series begins on February 8 in Grand Rapids!

 

Pre-registration is required. Learn more about the program and how to register online here. .  

 

Your Community in Action! is provided by ASCET Community Action Agency. To learn more about how they help meet emergency needs and assist with areas of self-sufficiency, visit www.communityactionkent.org