No matter who you are there will come a time when you make a money mistake that comes back to haunt you. This is true even if you have a detailed budget that you follow down to every last letter. Personally, I try to follow my budget day in and day out to ensure that I never make any big mistakes. But a couple years ago I got a bit off track, made a bad decision, and played catch-up for quite some time.

Everybody loves the look and smell of a new car, right? I was the same way, and was determined to buy a new vehicle even if it meant stretching my resources. And of course, I didn’t want just any new car. I wanted a fully loaded Jeep Grand Cherokee with a sticker price of roughly $32k

After looking over my budget I came to the conclusion that I could afford the monthly payment as long as I cut out some other expenses. And for a new car that looked so good I was willing to do so. Unfortunately, my excitement got the best of me and I did not take the time to consider every expense related to my purchase.

What did I forget? For one, my new Jeep had a bigger gas tank than my previous compact car. To go along with this, my past car got 27 miles per gallon whereas the Jeep was lucky to get 17. Do you see where this is going? I forgot to budget for the fact that the Jeep was going to cost me $100 more each month in fuel expenses.

Then came the talk with my insurance company. Once again, I made a mistake. Since the Jeep was so expensive, and obviously newer than my past car, my car insurance premium increased by $35/month. This was not a huge hit, but over the course of the year it worked out to more than $400.

Would a more detailed budget have helped me to avoid this problem? Probably. But more importantly, I needed to take my time and do my homework. Gasoline and insurance costs were present on my budget, but I was in such a hurry that I overlooked these details and moved forward with the purchase anyway.

You want to know if I still have the Jeep, right? Well, after about 18 months of ownership I was lucky enough to trade it in for the amount that I owed on the loan. This allowed me to buy another new car. But this time one that was more suited to my budget.

Many people think they have to pay what their insurance company tells them. This way of thinking is true across the board with policies including auto, home, life, and health insurance. But one thing is for sure: this is a myth. You can set a budget for insurance and then stick to it if you put time into learning how to save money. Remember, the insurance industry is competitive. This means that every insurance company is fighting for your business. Why not use this to your advantage?

If you are interested in saving money on any type of insurance you should follow these two tips:

1. Follow the process of securing insurance quotes online. This is the easiest way to save money on insurance because you can compare prices from different companies without wasting time or worrying that you are missing out on something.

2. Collect as many quotes as you need to feel comfortable, but don’t jump on the one with the lowest price just yet. Remember, there is more to insurance than price; even though this is the one detail that you want to spend the most time on.

Are the insurance companies that advertise on television always the cheapest? Do they offer the best deals on both coverage and cost? While many people rush to answer “yes” they would be wrong. Just because a company buys up a lot of commercial time to tell consumers that they offer the best deals does not mean they are telling the truth. It is your job to receive quotes from companies that are advertising on television, as well as any others that you are aware of. You may find that the companies in the background are the ones that offer the best deals.

There are three ways to save money on insurance: negotiate a better deal with your current provider, find a better company, or do without coverage. The last option, doing without coverage, is not one that you want to consider. Instead, rely on the other two options to determine how much you can save on insurance expenses.

Many people use an Excel spreadsheet to setup and manage their budget. This is an easy way to get started, and is sure to put you on the right track to a more organized financial life. But believe it or not, some people don’t even know how to use Excel. Fortunately, once you open up a blank spreadsheet and take a closer look you should be able to pick up the proper knowledge.

Here are the basics of using Excel to setup a budget:

1. Open a new spreadsheet. You will notice an infinite number of rows and columns broken down into small blocks. As you can see from the start, these blocks are customizable and they will allow you to best organize the details of your budget.

2. Name your columns. You need at least two columns for a basic budget: income and expenses. Of course, you can add more columns depending on the complexity of your situation and what you are trying to accomplish.

3. Name your rows. As you move down a column each row will represent a value of a particular income type or expense. For instance, your expense column will include rows for everything from your rent to student loans to utility bills and much more.

4. At the bottom of each row should be a “final” number. In the income column this will represent how much money you earn each month. In the expense column the final number will be the total of all your expenses. At this point you will be able to see once and for all if you are earning more than you spend or vice versa.

Does that sound boring and time consuming to you? While Excel can benefit you in many ways, when it comes to your personal budget you may want to opt for something more professional.

Our personal budgeting software is anything but boring and time consuming. In fact, with no setup required you can build a successful budget in 20 minutes or less. When compared to Excel it is easy to see that our software is much more time efficient. To go along with this, we offer a variety of exciting features such as the ability to track spending, set goals, and chart your performance. When you are excited about your budget you have a much better chance of sticking to it.

If you need to “throw together” a quick budget, Excel may do the job for the time being. But remember, your personal budget is not something to take for granted. It is important to rely on a professional budgeting solution that will keep you motivated while helping ensure financial success.

Is your budget so tight you can barely breathe? If so, you would probably do anything to free up cash as to relieve some stress. While you may not be in position to overhaul your entire budget, you should definitely consider the five tips below. At the very least they will allow you to free up some breathing room for the time being:

1. The easiest way to relieve budget stress is to increase your income. Simply put, you have three options for doing so: 1. Ask your current employer for a raise. 2. Change jobs so you can earn more money. 3. Take on a part-time or side job. Which one of these three options best suits your lifestyle? If you can implement one of these ideas you will notice more income, and fewer budget related problems.

2. Cut expenses. Your budget should include an expense column. This column more or less tells you how much money you spend every month. As you are looking at each expense you should have one thing on your mind: lowering them no matter what it takes. For instance, if you are spending too much on eating out you can lower this expense by simply staying home for dinner. Does it get any easier than that? Many expenses can be lowered without hassle.

3. Negotiate a better deal. Did you know that almost all of the utilities you pay for are negotiable? For instance, if you are paying too much for internet service call your provider and ask them what they can do for you. There is a good chance that they can offer a better package, or maybe even knock off a few bucks for no reason at all. Remember, you never know how much you can save until you attempt to negotiate with all your service providers.

4. Refinance your loans. This is something that may or may not work for you based on your credit score, available funds, etc. If you have good credit you may be able to refinance your loans to save money. This holds true with everything from your mortgage to your car loan to student loans. By lowering your rate and/or extending your payment period you can most definitely save money on a monthly basis.

To go along with this, don’t be afraid of credit card balance transfers. If you are carrying a lot of credit card debt at a high interest rate you may be able to transfer your balance to another card, and in turn take advantage of no finance charges for three to six months. Just like a loan, a lower interest rate on a credit card cans save you a lot of money.

5. Find expenses that are not crucial to getting by, and then cut them. It is a silly (and dangerous) idea to not use your furnace because you are trying to save money. But it is a good idea to get rid of your super-premium cable package. By opting for basic cable you may be able to save in upwards of $50/month. There may be many expenses within your budget that are not exactly crucial to living a good life.

If you follow these tips you should be able to escape your tight budget, and subsequently give yourself some room to breathe from a financial point of view.

One of the best ways to save money on your next vacation is to find the cheapest airfare possible. With the help of the internet, more particularly Kayak.com, you should be well on your way to doing just that.

What if I have never used Kayak.com before? Don’t worry. This short tutorial will give you all the information you need to get started.

The following steps will help you move from start to finish. And when everything is said and done you can be rest assured that you have booked the cheapest possible airfare for your trip.

1. Navigate to Kayak.com, and then take a closer look at what the home page has to offer. It is here, on the “Flights” tab, that you will find all the information that is needed in order to obtain flight quotes and itineraries.

2. Select round trip, one-way, multi-city, or weekend. This should be based on the trip you are taking. If you don’t know which option to choose, go with round trip as it is the most common.

3. Enter the airport you are leaving from as well as the destination you are headed to. This information is required for obvious reasons.

4. Choose your departing and returning date. The departing day is when you want to leave, and the returning day when you want to come home. In addition to the date, you can also choose the time of day you want to fly. Your options include: anytime, early morning, morning, afternoon, evening, and night.

5. Select the number of travelers, cabin type (economy, business, first), and whether or not you prefer to fly nonstop.

6. The last step may very well be the most important. One of the most intriguing features of Kayak.com is the ability to compare deals to those from other sites such as Hotwire, Priceline, Expedia, Travelocity, and Airfare.com. You can select which sites to compare. If you are searching for the cheapest airfare you will want to compare Kayak.com prices to all other options.

7. When you are ready to move forward, click “Search.”

8. After several seconds you will be presented Kayak.com deals in your main window. Additionally, any sites you were comparing will popup in a new window. This makes it easy for you to toggle from screen to screen to see what you are being offered.

9. Which site offers the deal that is best for your wallet and your travel arrangements? If you choose a deal from Kayak.com, upon making a selection you will be routed to the proper site for completing your purchase. In other words, you will not purchase direct from Kayak.com but instead one of their partners. Be ready to input personal information, as well as credit card details to conclude the process.

Does it get any easier than that? If you follow these steps you will be well on your way to finding the cheapest airfare.

As a college student you may think that having a budget is the stupidest thing in the world. After all, budgeting is for old people, right? If you feel this way you need to reconsider. No matter how old you are a budget is very important, and this is definitely the case when you are in college.

Unfortunately, college courses rarely teach students anything about budgeting, personal finance, or how to handle money. They figure that most students should have these skills in place by the time they reach college. Of course, this is not the case with most students and probably never will be.

Just because you are not making much money, or any for that matter, does not mean you can live without a budget. Remember, it is important to know what you are doing no matter how much you are earning and spending. Here is a list of things you should do if you need to create and manage a budget for the first time as a college student:

1. Determine how much money you are going to be earning every month, if any. This will not pertain to every college student. Some will have a job, others won’t have any income, and many will only rely on what their parents give them. No matter if you earn zero dollars per month or $2k you need to know this information.

2. Know your expenses. College students are funny. While most of them don’t have any income, a large number still have quite a few expenses. If you want to set a “proper” budget it is imperative that you do not spend more than you earn. If you do you are going to find yourself begging your parents for money, selling your blood, or worse yet using credit cards.

3. Ask for help. Most college students are stubborn, there is no denying this. But guess what? You can get all the help you need if you are willing to find it. A great place to start is with your parents. Anytime you can get advice from somebody who has been in your shoes you should take it.

4. Closely track your purchases, no matter how big or small. Did you spend money at the bar last night? How about at the bookstore this morning? Be sure you track every last dime that comes out of your pocket or bank account. This will help to avoid problems when it comes to balancing your checkbook and overdrawing on your account.

5. Make list of things you “need” and things you “want.” This is often times overlooked by college students. Remember, you don’t need beer every night and a new wardrobe every weekend. You do need books, school supplies, and money for food and housing, though.

Many people make the budgeting process entirely too complicated. Once you know the basics of starting and managing a budget there is nothing so complex that you should feel overwhelmed.

During my college years, when developing my first budget, I had no idea what to expect in terms of income and expenses. But soon enough the numbers started to fit better, I learned more about spending and saving, and my overall budget became a success. In other words, you have to get started at some point in time even if you don’t know exactly what you are doing.

The following budgeting tips and tricks are sure to help you out:

1. Don’t be scared. Believe it or not, many people don’t start a budget because they are afraid of what they will find. Sure, you may find you are spending more than you earn but isn’t it better to know? Remember, your problems are not going to get fixed by hiding from them.

2. Your first budget doesn’t have to be the end-all. Your budget can and will change on a regular basis. Anytime your income or expenses change so should your budget. This is why your first budget doesn’t have to be perfect. Sure, you want it to suit you well, but don’t get caught up in minor details.

3. Be accurate. When recording your income and expenses accuracy is more important than anything else. If you earn $5k/month but use $6k/month in your budget the end result is going to be off by $1k. As you can imagine this would throw your entire budget out of whack.

4. Don’t forget your family. If you are married you need to include your spouse when budgeting. Even if your spouse doesn’t contribute any income they still deserve to be involved. After all, it is important for everybody to be on the same page and working towards the same financial goals.

5. There is more than income and expenses. You should also have a column for savings. Just because you earn more than you spend does not mean you should waste the “leftover” money. Everybody needs to save, and this should be included in your budget.

The time you spend in college is sure to be educational, fun, and sometimes stressful. One of the biggest stressors facing college students is money. If you are getting ready to enroll in college and have yet to form a budget, you need to get on the ball. Remember, even though you are attending college to learn and have fun you are not going to be able to do so for free.

First things first, you need to get a good feel for how much college really costs. If you have never taken the time to write out all your expenses you may have a false sense of what you are going to spend during your college years. Here are several expenses that you must absolutely budget for. Remember, these expenses will vary based on the college you are attending:

1. Tuition
2. Room and board
3. Miscellaneous expenses
4. Books and other coursework material

Now do you see why college can be so expensive? While tuition and room and board are sure to cost a lot, other expenses can add up as well. This is why you need to have a complete budget that shows not only your expenses, but also your income.

When starting a budget, ask yourself the following three questions:

Where are you going to get the money to pay the above expenses?

This may be the most important question to answer. For some, scholarships, aid and grants are available to lower the cost of tuition, room, and board. Be sure to apply for as much “free money” as possible. Any money you receive from the school or a federal program is money you don’t have to pay out of your own pocket.

Of course, more and more students are finding that taking out loans is the best option. While you should consider other options first, this is a good way to get the money you need for tuition.

Will your parents be able to help? Some students have parents who will not only pay some of their tuition, but will also offer spending money on a regular basis as well. Have you asked your parents to help you with the cost of college?

Finally, don’t forget that you can get a job to offset some of your expenses. Believe it or not, this is the best way to pay for your college experience. You may not earn enough to pay for every last dollar, but a job is a good start.

How can I cut back my expenses?

Instead of trying to find more money why not consider how you can cut back the expense column of your budget? You may be able to do this by purchasing used books, opting for a less expensive meal plan, or doing away with partying five nights per week. If you closely study your budget you should find a few ways to save.

Do I have enough time to work more hours but still maintain a social life while getting good grades?

Unfortunately, many college students spread themselves so thin that their job begins to affect other areas of their life. Remember, you are going to college to receive a degree above all else. Although having fun is important, you want to make sure that your grades come first. Making money to pay your expenses is a big deal, but you don’t want to compromise your grades along the way. If you do, you will find yourself in debt but also in jeopardy of not graduating. That doesn’t sound like fun, does it?

By asking yourself the above questions, while also having an idea of the expenses you will incur, you should be able to implement a solid budget before leaving for college.

When planning a vacation, lodging is often times so expensive that it slows down the entire process. But believe it or not, there are ways to save a lot of money on hotel and motel rooms. This holds true no matter if you are dealing with a five star luxury resort or a small motel that offers nothing more than a place to rest your head for the night.

Have you ever given any thought to booking your hotel room directly through the front desk? In today’s day and age of technology, more and more travelers are booking online and in turn missing out on some of the best deals.

If you call the hotel front desk you may be surprised at the deal you can negotiate. Here are several tips to follow:

1. Call the same day or the day before if you are interested in the best deal. Why does this work out in your favor? Simply put, hotels don’t want to get stuck with empty rooms. After all, an empty room does not make them any money. If a hotel can earn your business by offering a discount they will more than likely jump at the opportunity. After all, some money is better than none.

2. Be aware that hotels need to fill rooms. As noted above, the longer you wait to call the better chance you have of using this to your advantage. For instance, if you need to check-in Monday evening call the hotel that morning. If they have any rooms, and expect this to be the case for a couple of days, you should be able to negotiate a superb price. And remember, you are not “married” to one hotel. If you get turned down by the first hotel there is nothing wrong with trying another.

3. Be nice! Even though you are in the driver’s seat from a negotiating point of view, you need to be respectful to the person on the other end of the phone. If they cannot help, you may want to kindly ask for a manager. You will get further being nice than by demanding a lower price in a rude tone.

4. At the very least, you should be able to get a better room at a lower rate. For example, if the hotel won’t lower the price on a standard room, ask them if they can upgrade you to a suite for the same cost. No, you won’t save money, but you will at least get something in return for your negotiations. 

Don’t be afraid to use the above tips when booking a room directly through the hotel front desk. Who knows how much money you will save!

If you want to vacation on a budget you need to use every available tool to your advantage. The question is: which tools can you use to save money? Believe it or not, consumers who are skilled at using travel websites save hundreds (or more) of dollars on every trip. Would you like to join them?

There are two things you should know about every travel booking website: 1. they all offer their own benefits. 2. They are all unique in one way or the next.

Here are four tips for using travel sites to your advantage:

1. Compile knowledge on every site no matter what you already believe. The most popular services are Expedia, Orbitz, Priceline, Kayak, and Travelocity. Sure, it will take some time to peruse each site to learn the ins and outs, but in the long run this will save you a lot of money. When booking a trip it will take you a few minutes to compare prices from each site, but in the end you will know for sure that you are getting the best deal.

2. The front page is your jumping off point. It is here that you will find information including: site search engine, vacation packages, top destinations, top interests, featured deals, and much more. Simply put, you don’t have to dig too far in order to find what you are looking for. Start on the front page, gather the right information, and then move on from there.

3. Don’t assume that the information on one site is going to be the same as the next. For example, a hotel that Orbitz is offering for $99/night may cost twice as much on Expedia. These companies buy rooms from hotels in bulk and then sell them to you, the consumer. For this reason, no two travel sites are going to offer the same deal. And remember, this holds true for more than just hotel rooms.

4. Book a “package deal” to save even more money. Each travel site will give you the ability to search for deals on airfare, hotel, car, and activities. Sure, you can save by individually booking each portion of your trip. But you can keep even more money in your pocket by opting for a package deal that includes airfare, lodging, and car rental. Don’t be afraid to use one site to book your entire trip. The more you package together the more money you can save. This is particularly true if you opt for a “featured deal.”

Overall, you want to learn as much as you can about each travel site and their corresponding system. By doing this you will find it easier than ever to vacation on a budget.