Save Money on Airline Tickets – Vacation Tips for Cheap Flights

Buying cheap plane tickets can start your vacation budget off on the right foot.  An airline flight is often one of the first things you spend money for on your vacation so spending less on plane tickets will leave you more cash for the rest of your trip!

One of the most important things to consider about getting a bargain when it comes to airline tickets is to know when people fly most often.  The law of supply and demand tells us that this is the time when prices will be highest, avoid these times and you can save substantially on fares as well as in hassles with crowds. 

When You Fly
The most expensive days of the week to fly on are Friday and Sunday so to get a discount, fly midweek on a Tuesday or Wednesday.  You can also save money on your tickets by flying at lower demand times of the day, leaving really early or really late. 

When You Buy
Unless you can wait until the very last minute to fly stand-by or to buy a ticket when the airline is just trying to fill seats, it’s typically better to make your reservations at least 21 days in advance of traveling.  Airlines are willing to give you a lower price if you lock in your seat ahead of time because it helps them fill up the plane and cover their costs.  As the travel date gets closer, airlines can charge you higher prices since the demand for the tickets is more immediate.  You can use Farecast to help you predict how current conditions are effecting the rise and fall of ticket prices.

How You Buy
Like any business, the more employees that airlines have, the higher their costs. If they can answer your questions and sell you tickets through a website instead of on the phone with a live person they need fewer employees and they can save money.  To encourage customers to utilize the web, airlines will often offer a discounted rate for tickets purchased online.  If you have questions you’d like to discuss with a person, simply call in to get your questions answered, then go back and buy the ticket online.

Airport Location
Back to supply and demand.  Many travelers want to fly into the big hubs because that’s where a higher percentage of the population lives and that’s often where attractions are.  Sometimes if you can fly into a neighboring airport that’s in the suburbs instead of downtown or maybe even a few towns away, you may be able to get a cheaper fare.

It’s not just where you stop, it’s also how you get there.  Direct flights are the nicest to have but they can also be the most expensive.  If you’re willing to choose a flight with a layover or plane change you’re almost guaranteed to get a lower fare.

Comparison Shopping Online
The web makes it much easier to compare prices between different carriers.  There are several websites that will even do all the comparison for you such as Kayak, Sidestep, Orbitz, and Travelocity.  If you’re looking for summer travel deals, you can search for them in a centralized spot with these sites instead of having to wander all over the web on a quest for savings. 

Many of these sites will allow you to setup some type of alert that will notify you when there’s price action on the flights you’re interested in.  Airlines are constantly changing their ticket prices so sign up for these free price watch services to look for cheaper tickets. Of course, these websites are in business to make money and get a cut if you buy through them.  You can potentially save a little more money by finding the deal on a site like Orbitz or Kayak then going to the actual airline’s website and booking it there. 

Keep in mind that not all carriers are represented in these airline search sites.  Discount carriers such as Southwest and Jet Blue make every effort to keep their prices low.  If discount airlines listed their flights with sites like Travelocity or Orbitz they’d have to pay them an extra fee for referring the sale so they don’t publish their ticket prices there.  Make sure you check out the Southwest and Jet Blue websites when looking for a bargain on airfare.

Use Group Pricing Power
One of the ways to get a better deal on plane tickets is to take advantage of group pricing discounts.  For example, organizations such as AARP offer discounts for seniors and Student Advantage for students.  Member of the armed forces typically qualify for a military discount on plane tickets.  Discounts can’t normally be combined if you’re a member of multiple groups so in this case find the one that saves you the most.

If your employer has any kind of travel bureau that arranges tickets for business trips you may be able to purchase cheaper flights through them.  Another form of group pricing power are ticket consolidators such as Cheap Tickets.  Since they buy up large blocks of seats from the airlines they’re able to purchase the tickets at lower prices and pass the savings onto you.  Although this isn’t a group that you become a member of or belong to, they are able to leverage pricing power to get a better price for tickets.

Travel agents are another group of people that belong to organizations that have access to cheaper tickets.  Although they tack on their own fee for finding you a flight, it doesn’t hurt to ask them for a quote.  Let them know the best price you can find a flight for and see if they can beat it.  One way that travel agents can help is if you need a flight, hotel, and rental car they may be able to use their relationships and pricing power to find you a better all around deal on a whole travel package, even after their fees.

Pack Light
Due to increased price pressures from fuel prices, more airlines are looking for ways to cut their costs. Some airlines such as American and JetBlue are charging an extra $20–$25 to check a second piece of luggage on a flight.  For a round trip, a second bag could end up costing you an extra $40–50.  Not all airlines have this extra charge in place but it’s likely that more will move in that direction.

Travel Rewards Credit Cards
Travel rewards credit cards come in a variety of flavors.  It’s possible to use airline specific cards such as the  JetBlue from American Express or the Gold Delta SkyMiles card; or you could use a more generic one such as Blue Sky from American Express.  Each has a different reward and redemption structure so research the details to find the best travel rewards credit card for you.  In some cases, such as the deal on the NEW Business Gold Rewards Card(R) from American Express OPEN, you can even get 50,000 points after signing up and spending $10,000 in the first 5 months.

Airline Savings Summary
Not all of the savings methods discussed above will apply to you but chances are at least a few will.  Be sure to use these money saving tips in combination to reduce your airfare to your vacation destination.  This post is part of the Saving Money on Vacation Travel series.  Sign up for free updates to get the next article with tips for saving money on hotels.

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Three Ways Your Boss Can Save You Money on Gas

One way to cope with rising gas prices is to try and talk your boss into giving you a raise.  Of course that may be easier said than done considering the poor state of the economy.  Many people are glad to have jobs in the first place, let alone start haggling for a higher salary.  There may be a few ways you can actually get your company to make up for high gas prices without them paying you more money.

Cheap Public Transportation
Ask around at work whether your company offers any discounts on the cost of public transportation.  I can buy a $65 bus pass for only $15 through my human resources department.  The company has some agreement with the local government where they offer discounted bus passes and I’m guessing get tax breaks in return.  The city probably wants to cut down on the amount of cars, congestion, pollution coming into the downtown and work with employers to make that happen. The bus pass is paid for through payroll deduction and they mail new ones to your house right before the old one expires.

Share a Ride
Our company has a program where they facilitate car pooling among employees. They have web accessible software where you can find other commuters in your area to share a ride to and from work with.  One thing that makes car pooling an useable option for many people are scenarios where they need to stay late but are unable to since their ride is leaving. 

If your boss makes you stay late and miss your ride, ask the company to pay for it. My employer has a program that will guarantee you a ride home if you’re a car pooler and have to stay late for work.  They’ll make special arrangements to get you home if it’s necessary for you to stick around longer to finish up company business.

Telecommute
Broadband access and virtual private networks make it possible for many companies now days to allow their employees to work from home.  The biggest sticking point here is probably company policy, your boss, or one of their bosses may not like the idea of people working from home. It seems like some of the bigger companies have blanket policies on telecommuting but smaller companies are more flexible in dealing with individual situations on a case by case basis. 

Talk with your boss about working from home, maybe start negotiating with just one afternoon or day a week.  Skipping the entire commute can not only save you gas money; it can save time and prevent stress as well.  Check out the book “The 4–Hour Workweek” for more information on talking your boss into letting you work remotely.  Read the chapter called “Disappearing Act – How to Escape the Office”.

A Numbers Game – Convincing Your Boss
One of the keys to getting your boss to save you money on gas is to not make them feel the financial pain of the savings.  If you can utilize company programs that don’t come directly out of your manager’s budget, they’re much more likely to be agreeable to the plan. 

Your boss’s job is making their portion of the budget profitable, if you’re dipping directly into those profits they’re more likely to resist.  In cases where it does directly affect their bottom line, if you can demonstrate that you can offset or even overcompensate for the expenses, an example would be working more efficiently or effectively from home, then they may be more willing to bargain.

Saving Money on Gas
For more tips on cutting your gas bill, check out the best gas rewards credit cards and how you can use gas rebates from grocery stores to lower your bill.

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Free Trial of Blockbuster Total Access Can Save You Money this Summer Movie Season

The one month free trial of Blockbuster online movie rental and the two week trial probably aren’t news to you. I’ve covered them in the past but I wanted to take a look at how the free trials could save you money this summer movie season.  The movie industry makes at least a third, sometimes even 40%, of it’s box office sales off of summer blockbusters. There’s a whole list of movies coming out this summer:

• The Chronicles of Narnia: Prince Caspian
• Indiana Jones and the Kingdom of the Crystal Skull
• The Incredible Hulk
• Speed Racer
• Hancock
• The X-files
• The Dark Knight
• Get Smart
• The Love Guru
• Wanted
• The Foot Fist Way
• Kung-Fu Panda
• Son of Rambow
• The Wackness

Wow, isn’t Indiana Jones old enough to retire by now?  And how many versions of the Batman movie can they possibly come up with?  Anyhow, most people can find at least one movie they’d like to see in this list of comedy, cartoons, dramas, and fantasy films.

Costs of Going to the Movies
The question is how much money are you willing to spend to see these movies in a theatre?  Don’t get me wrong, spending a hot summer afternoon nestled in the cool darkness of a movie theatre watching the latest new release can be quite enjoyable.  However, now that my wife and I have outgrown our student id discounts, the price of going to the movies is more than we like to pay.

Movie tickets and refreshments add up pretty quickly and suddenly you’ve dropped a bundle for two hours of entertainment.  Of course, our young son has only added to the expenses of movie going.  Tack the cost of a babysitter onto the grand total, alongside ever growing gas prices, and the final bill for the theatre experience is just too much for us.

Renting Movies on Demand
If there’s a movie we really want to watch, or we simply want to veg out for two hours, we just rent DVDs from Blockbuster.  They’re also ramping up for the summer movie season and offering a free trial for new users.  It’s much cheaper and we can watch the movie on our own schedule instead of having to make it to a certain viewing time at the theatre. Blockbuster offers some pretty cheap packages for people like us that only watch a few movies a month.  Of course they also have options for hard core film fanatics but we just don’t have time for those.

Of course there is a certain draw for some people to seeing a movie right away and if you’re really into catching the latest release on the silver screen then online video rental wouldn’t help you much.  There are a lot of movie sequels these days, for example “The Chronicles of Narnia”, “Indiana Jones”, and “The X-Files” all have previous versions you might want to catch up on before seeing the latest in the series. 

The Blockbuster trial might actually work well in these cases, if you’re going to spend the money to see the new ones at the cinema, you could order the prequels ahead of time and refresh your memory for free.  You might also get them for free by checking out your cable stations to see if they’re showing any of the previous movies ahead of the new release.  It seems like TBS or a similar channel did that for the Star Wars and Lord of the Ring movies as they rolled out new ones.

Save Money on Movies
So if you have the patience, you could save some money this summer by avoiding the new releases in the theatre and signing up for a free trial of Blockbuster’s Total Access.  To avoid being charged for movies after the trial ends, make sure you have your DVD’s returned before the last day of your trial period.  Enjoy!

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Three Hour Emergency Room Wait Edition – Personal Finance Review

Our almost two year old son likes to get dirty and do things that are dangerous.  His favorite gravity defying move is to stand up on things and try to balance himself.  You’d think that’s how he would’ve earned his first trip to the emergency room.

Emergency Room Visit
Instead he tripped while trying to get up from his little picnic table and cracked his forehead on the side of a concrete pad on our patio.  There wasn’t much blood or crying but it was obvious from the gaping hole on the side of his face that doctor’s visit was necessary.  Our pediatrician has a hotline you can call on the weekends, the nurse there suggested seeing a doctor and the only place to do that on a Sunday was the emergency room.

Three Hour Wait
We’ve heard enough horror stories about wait times in the ER that we went prepared.  We packed up, checked in, and waited three hours to see the doctor.  Our little guy was surprisingly in a good mood most of the time despite the blood continually oozing from his wound.  I think his good spirits had a lot to do with the pre-emergency room preparation we did.  Here’s what I’d recommend to any parent taking their kid for a long wait at the hospital:

1) Bring Food.  (See jabster’s comments below). We brought along lunch for when he got hungry and snacks for when he was fussy.

2) Bring Toys/Books.  He kept himself entertained for quite a while playing with his trucks and reading books.

3) Bring Something Soothing.  We left his blanket at home so he wouldn’t get blood all over it. He usually only gets his pacifier in his crib but we made an exception for a hospital visit and brought it along.

4) Bring Wipes.  He was constantly touching everything he could in the waiting room then sticking his fingers in his mouth.  We used a lot of wipes trying to keep his hands clean and the germs out of his mouth.

5) Bring Patience.  This is obviously the most important of all.  Sitting in a waiting room with a hurt kid for hours on end will try anyone’s patience.  I’m just glad my wife and I were both there to help out, I don’t know how single parents do it.

Luckily he had no problems other than the bloody gash, he’s all patched up and ready to heal.  Even though we have insurance I’m still a little worried how much the emergency room visit is going to cost us.  As we waited I read a little more of the book “Stay Healthy, Live Longer, Spend Wisely ”, it’s had some valuable information so far on making your health care dollars go further, I’d recommend picking up a copy.

Anyhow, due to the extended hospital visit today is going to be an abbreviated personal finance review for the week.  Here are the articles that caught my eye: 

– Ten Steps To Take When You Are In Financial Trouble @ Gen X Finance

– How Do I Reduce Investment Fees? @ Million Dollar Journey

– Increase Your Salary Without Increasing Your Work @ Digerati Life

– Credit Card Arbitrage Q&A @ My Dollar Plan

– How I Invested My Roth IRA This Year @ Lazy Man & Money

– Soliciting Earthquake Relief Donation @ Suns Financial Diary

– A simple way to save money on food @ Brip Blap

– Save Money by Turning Off Your TV  @ Free Money Finance

There’s certainly alot of talk about the economic stimulus rebate checks.  Five Cent Nickel looks at Economic Stimulus Spending: Expectations vs. Reality, Consumerism Commentary comments on Paper Check Rebates for having Filing Fees Deducted, and the Mighty Bargain Hunter has his stimulus payment and seven suggestions for how you could use your money. Blogging Away Debt warns us of 15,000 Stimulus Payments Sent to the Wrong Accounts, if you want to check on your money, I covered how to track your economic stimulus check.

– No Credit Needed is getting ready for a family vacation, it’s that season and I’m covering travel tips for saving money on vacation and still having fun.

– Get Rich Slowly and the Consumerist point out this news article about Coupon Chrissy and how she saves amazing amounts of money by smart use of coupons. Being Frugal also takes a look at some coupons for the summer, the Simple Dollar lists Sixteen Hardcore Tactics for Minimizing Your Monthly Bills, and My Money Blog looks at Small Rewards Programs For Grocery Shopping. For more frugal tips check out the latest collection of frugal articles at Quest for Four Pillars.

– Lastly, thanks to Money Under 30 for hosting the last personal finance carnival featuring my post on buying health insurance for college graduates.

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Save Money on Gas – How I Saved 11.9% at the Pump With a Sneaky Trick

Saving money on gas is on everyone’s mind so I just had to share a tip I ran across yesterday that might help cut your gas costs.  It won’t work for everyone but with this method I was able to save 6.9% on my gas bill, on top of the cash back from our American Express Blue Cash card.

Gas Rebates for Purchases
Some grocery store chains have installed gas stations alongside their stores and will give you a discount on gas if you take your receipt along to show how much you spent in the store.  They typically use a tiered savings structure, the more money you spend on groceries, the higher your gas discount.

When I first heard about this promotion I thought maybe they just kept the price of their gas higher to make up for the difference but after some price comparison I determined they had similar fuel prices as other gas stations on the same street.  We do a majority of our shopping at this grocery store so our bills get pretty big and can bump us up into the higher savings tiers.

Double – Double Cashback
What I recently discovered is that on certain days of the week they have a “Double Day” where they’ll double the discount you get on gas.  After grocery shopping last night we took our receipt over to the gas station to find a nice surprise, two surprises actually.

First off, it was a Double Day so we doubled our savings on gas.  We only needed half a tank of gas but as I got out of the car I discovered the second surprise.  The car before us had left their receipt at the pump and had spent almost twice as much we. I realized right away that due to the way they give their gas discounts I could use their receipt to almost double our already doubled fuel savings. 

How I Saved 11.9% on Gas

1) Filled up our gas tank and paid with our American Express Blue Cash card that earns cash back on gas.

2) Earned Double Cash back from Grocery Store Chain. Took grocery receipt to gas station on double savings day to redeem gas discount.

3) Submitted Receipt for almost Double the Amount we Paid.  The picture shows our receipt along with the one from the previous customer.  Not everyone takes advantage of the gas savings, they just left their receipt at the pump.  When I took the grocery receipt and gas receipt into the gas station to redeem our rebate, I just gave them the gas receipt for the higher amount. We’d only spent $25.63 on gas but I was trying to get cashback for $46.00

The lady behind the counter pulled out her calculator, figured out 6.9% of the higher gas bill, and handed me the cash.  I did have my receipt in my pocket just in case she questioned the one I gave her but she didn’t blink and I was shortly out the door with a total savings of almost 12%!

When I took a look at the best gas rewards credit cards I mentioned that the Chase BP Visa does offer 10% back on gas for the first two billing cycles but I don’t know where you can find almost 12% savings on gas.  I’ll definitely keep my eyes open for their next double savings day and discarded receipts, with the price of gas as high as it is every little bit of savings makes a difference.

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Save Money at Amusement Parks – Vacation Tips for Family Theme Park Savings

Are you planning a trip to a theme park this summer?  If so, it’s possible to pay a bundle for tickets, lodging, and meals if you don’t plan ahead.  The good news is you can visit somewhere like Universal Studios, Disneyland, or Six Flags and have a good time without spending all your money.  You don’t have to be like Clark Griswold at Wally World, you can get into the park and enjoy the rides for less than most other people spend without taking it to the extremes that he did in the National Lampoon’s Vacation movie.

Save Money on Food
Saving money on food is an important consideration when you are at these amusement parks.  Discounts can be found on admission tickets, but for food it gets a bit more difficult.  Prices are typically overinflated and every option in the park is expensive.  Since the parks don’t offer any cheap alternatives, you have to make up your own to cut back on costs. Here are a few ways you can save money on food:

• Bring your own water bottle and refill it in the bathrooms or at water fountains.  This alone will save you $10 or more per person. 
• Bring snacks to munch on at the park instead of investing in $5 pretzels and popcorn. Check whether the park allows you to bring in food from outside.  If not, make sure you hide it really well : )
• Eat a hefty breakfast before you leave for the park, bring along some sandwiches for lunch, and then on the way home stop for a late dinner.  You will save at least 50% of your bill by avoiding the food at these amusement parks.
• Share meals.  Many amusement park meals (especially Disney) have large meals that are great for sharing.  If you must eat at the park, share the meal between two people and save some money.

Save on Admission
With food costs under control on your amusement park trip, the next way to save is to look at admission prices.  Whenever possible, book large amusement park trips, such as Disney, Universal Studios or even Busch Gardens and Williamsburg in the off season.  Even just the last couple of weeks of school are a great time to get discounted prices on admission tickets.  Most of these parks, especially Disney parks, do not sell discount admission tickets to agents any other time. 

If you have to go during peak season check to see if any organizations you’re a part of offer discounts. For example at Disney, military members get discounted rates and AAA offers lower rates for multi-day passes.  Anyone can usually save a little money by purchasing tickets ahead of time through the park website instead of at the gate.

Buy a Package Deal
Another way to save on admission prices to amusement parks is to inquire about package deals. In order to draw in the tourists, hotels that service theme parks sometimes offer free or highly discounted park tickets if you’ll stay at their hotel. Do your homework to be sure this is a good idea, obviously it’s not worth cheap tickets if your hotel room is too expensive. In addition to searching for advertised deals, you can even inquire with hotels that aren’t publicizing the package.

Avoid Buying Souvenirs
As you probably already know everything at amusement parks is overpriced, souvenirs included. The best way to remember your trip is by taking pictures with family and friends. When you get back home you can turn the pictures into a wide variety of souvenirs. A guy at work used his photos to order a mouse pad with a picture of his family at Disney, much better than a cheap trinket if you ask me, and also cheaper than loading up on expensive souvenirs.

These tips should help you save money on your food and theme park tickets while on your summer vacation. Remember, spending less money doesn’t mean having less fun. It just means you’re paying less for your fun and that you might even be able to afford more of it!

Check back soon for the next travel finance article where we’ll look at saving money on plane tickets.

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Saving Money on Vacations – Travel Tips for Cutting Costs & Still Having Fun

Saving money on vacations doesn’t mean you have to take away from the fun.  In fact, if you combine enough money saving tips you might be able to have even more fun by staying an extra night or visiting an extra attraction.

Best Travel Deals
Finding the best travel deals has become even more important lately with high gas prices making it more expensive for everyone to travel.  As the summer vacation season approaches and you begin to make plans for your family trip, use the tips from this vacation guide to help stretch your dollars.  Whether you’re going to Disney World, the beach, or on a big camping trip there are always ways you can save money or get a better deal on part of your vacation.

Planning Your Trip
A big part of saving money on things like hotel rooms and plane tickets is researching prices, comparing your options and planning ahead.  Although planning a vacation can be a lot of work up front, it’s usually worth the extra work for the money you save.  Not only that, having a good plan can save you time once you’re actually on your vacation and help you get more out of your trip.

Researching Your Options
The Internet has made it so much easier to shop around for travel deals and get better prices.  For example, a Kiplinger article on travel websites lists some of the best resources for planning and saving on vacations:

• Kayak.com
• FareCast.com
• WebFlyer.com
• TripAdvisor.com
• LateRooms.com
• Orbitz.com
• Priceline.com
• CruiseCompete.com

You can use these sites in conjunction with the topics we’ll cover below to have fun this summer without spending all of your hard earned money.  You can sign up for free daily updates to receive each of the money saving articles below either in your email inbox or your feed reader as they’re published.

• Save Money at Amusement Parks
• Save Money on Airline Tickets
• Save Money on Hotels
• Save Money on Rental Cars
• Best Travel Rewards Credit Cards
• Planning, Saving, & Budgeting for Your Summer Trip

Follow along the different ways you can fit a trip into your budget.  As you do the research and start planning a vacation you may even have fun just figuring out what you’re going to do and building the anticipation of the trip!

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Best Credit Cards for New College Graduates & Young Professionals

The best credit card for you will likely change along with your financial circumstances.  As you graduate from college and get a job, you’ll want to do a review of your finances and your current credit cards to make sure you’re taking advantage of the benefits your new salary might bring. 

Many people unfortunately rely heavily on credit in school because they don’t have much money coming in. However, once you graduate and find a job you’ll finally have a regular income. Not only will this allow you to start paying off the debt you might have accumulated during your college years, it may also mean you’re eligible for cards with better features. Here are some tips to follow as you search for the best credit card for a new college graduate.

Tip 1:  Upgrade your Credit Card

If you have a student credit card, chances are the interest charged on unpaid balances is higher than it needs to be. In order to offset the higher risk of students defaulting on credit card debt, student cards tend to have higher rates and lower credit lines.

If you were able to establish good credit while in school here are some of the best credit cards for you:

Blue from American Express

Blue from American Express has an introductory period of 0% interest for purchases.  You can’t get a rate any lower than zero and after the introductory period is over the rate is still one of the lowest around for credit cards. 

The Blue card does offer a rewards option through the Membership Rewards Express program. You could instead opt for the Blue Cash card if you have an excellent credit history.  Blue Cash can pay up to 6% cash back if you have the preferred version.  Both the Blue Cash Everyday and Preferred give you higher cashback at supermarkets, gas stations, and supermarkets. The Everyday card has no annual fee but pays a lower cash rebate, the Blue Cash Preferred does have an annual fee but pays 6% cash back on groceries and 3% back on gas and department stores.

Although student lines of credit are excellent to have during school to help to establish a credit history, now that you have a salary coming in, you’re likely eligible for a new card that offers more benefits.  Things to look for are a lower interest rate and a rewards program.  Of course the quality of card you’re eligible for will depend on your credit score.

Tip 2: Don’t Close Your Student Line of Credit

Many people make the mistake of closing their student line of credit because they have a better line of credit opened.  Ironically, this is a move that could actually cause your credit score to drop.  The problem is that lenders look for long term credit history on your credit report since a credit history helps establish your ability to repay on time and makes companies more willing to extend you credit. 

You can check your current report for free once a year with AnnualCreditReport.com.  You can also check out your FICO score in addition to your credit report at places like myFICO and GoFreeCredit.  There is a fee for the service but they do offer a free trial.

Tip 3: Watch Out For Balance Transfers

With your lower interest rate on a new credit card, you may be tempted to move your existing student credit card balance to a new line.  This may not be a bad idea but watch out for the high balance transfer fees often in place.  You also want to look for a card that offers a low APR on balance transfers (even a 0 percent APR) so you save money.

How you could take advantage of this is to move your balance on an existing student card over to the Discover card when you signup.  You’d have 12 months of no interest payments so the money you paid each month would go toward paying down the balance instead of towards interest.

Tip 4: Use Credit Responsibly

Now that you have a better credit card in your hand use it wisely.  Don’t create more debt for yourself with irresponsible spending.  As a new college graduate, you are likely looking for a home, furnishings, a car, or even to start your own business.  You’ll have plenty of opportunity to spend money, if you charge things on your card make sure you have the cash to cover them.  Pay off your credit card each month to continue to build a credit history and to avoid interest charges.

If you haven’t had a chance to build your credit history yet or have bad credit there are a few options for you. The downside is that you’ll have to pay an annual fee due to your bad credit.  The upside is you may still qualify for a credit card and if use it wisely you can rebuild your credit.

Tip 5:  Research Your Credit Card Options

There are many different cards available with a wide array of different card features.  Make sure you research your options before applying for a new card. You can call up your current card provider, explain your situation, and ask what cards you’re eligible for now that you have a regular income.

There are many sites online that you can use to review and compare different credit cards.  Some of the things to look for are:

• Low APR on purchases
• Low APR on balance transfers
• Low Balance transfer fees
• No Annual fees
• Cash Back options
• Travel rewards
• Gas rewards
• High Rewards earning limits
• 0% APR deals on card purchases and balance transfers

College Graduate Finance Guide
This article wraps up the personal finance tips for college graduate series.  Here is a summary of all the financial topics we covered:

• Investing for College Graduates
• Health Insurance for College Graduates
• Student Loan Tips
• Spending & Budgeting for College Graduates

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Keep Your Health Insurance Coverage Current During Life Events

Summer is a season of graduations and weddings.  Life events like these often have an impact on the health insurance coverage of those involved. When a new person joins your family or a child is no longer deemed a dependent it can affect their eligibility under your health plan

Insurance Deadlines
Often times your plan will allow for a two week or one month window after the life event in which you can update their medical, dental, and vision benefits.  My employer gives us 31 days from the date of the event to make the necessary changes. 

New Baby or Job Changes
It’s not just weddings and graduations, bringing home a summer baby or a spouse’s seasonal job change are also considered life events.  We had our son in the summer and I took three weeks off after he was born.  When I got back to work I was swamped trying to catch up from being gone for so long.  I didn’t realize I only had a week left to add him to my insurance plan and only discovered on the last day that I was almost out of time.

Update Your Benefits
Luckily I got him added under my benefits, if I hadn’t we would have been required to wait until the next open enrollment.  He would have had to stay on my wife’s insurance plan which was much more expensive than mine. So if you have exciting family events happening this summer be sure to check with your Human Resources department to maintain your family members health insurance coverage.

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Is Quick & Easy Worth the Price – Personal Finance Review

Do you know the missing piece to the quick and easy equation: quick + easy = ?? 

When I studied project management, I learned that every project is bound by three constraints: time, quality, and cost.  If you want something done in a short amount of time and done well it’s going to cost you. quick + easy = expensive.

Fixing the Refrigerator
One morning last week we discovered our refrigerator had stopped cooling so we made some hasty phone calls to repairmen in our area.  When I asked a co-worker for a referral, he suggested I just fix the problem myself.  With a fridge full of food, no free time, an irritated wife, and zero desire to troubleshoot and learn about fridge repair I quickly decided it was a job for a professional. 

Two hundred-twenty dollars and a cool fridge later, I’m still happy with my decision.  More and more I’m starting to realize the benefit of hiring others to take on tasks I would have attempted myself in the past.  If I was interested in fridge repair I’d get a job at a small appliance repair shop or start one myself.

Do it Yourself vs. Hiring Someone
One bad thing about trying to do everything yourself is that your to-do list never gets any smaller.  You always have more things to do than you have time for and it gets discouraging. I’ve started working on a list of things I’m going to hire out. 

You should make a list as well.  Don’t get hung up on whether you can afford it or not.  Make the list and start pricing how much each thing would cost.  Some things may be out of you price range but maybe some won’t.   You don’t have much to lose, give the affordable ones a try.  If it doesn’t work out, stop outsourcing it.  If it does, you’ll have more time to focus on the important things in your life and your to-do list will get a little smaller.

Money Articles
Speaking of more time, I had a little more time to check out money articles this week, here are some I enjoyed.  

It’s graduation season and time for new seniors to think about their financial future. Generation X offers job hunting tips for new college graduates and My Dollar Plan is gathering financial advice for graduating seniors (and giving away an Amazon gift card).  I’m also covering some financial tips for college grads.

Gas prices just keep going up, boo!  My Money Blog suggests a way you can hedge against the rising prices, the Dough Roller looks at some online tools for finding low gas prices, and a while back I covered some of the best gas credit cards.

Many people are watching for their economic stimulus rebates, My Two Dollars thinks they’ll means higher taxes in the future.  If you’re wondering why your rebate check was smaller than expected read about the Treasury Offset Program. If you still haven’t gotten your rebate yet find out how to check on your economic stimulus payment.

From The Money Writers:

– Lazy Man has a brilliant business plan, we wish him well.

– Brip Blap offers 7 tips for simplifying your life.

– Million Dollar Journey compares retirement account options in Canada and the US.

– The Digerati Life offers some ways to earn extra income with odd jobs, here are three other ways to make extra money in a recession.

– The Sun takes another look at online savings & checking interest rates.

From The Money Blog Network:

-No Credit Needed talks about the financial realities of having a new baby. Babies are neat but also expensive!

– The Mighty Bargain Hunter asks whether using money as a reward for good behavior is a good idea.  Why can’t kids just behave all the time : )

– Free Money Finance recommends why you should stay invested in the market.  We just keep buying lower,…and lower,…. and lower : )

– Five Cent Nickel reminds us of the blockbuster total access gift card promotion. It used to be they were offering a 30 day trial of blockbuster total access, now it’s a two week trial. 

– Get Rich Slowly looks ahead to planning his life for early retirment.

– Myscha at WiseBread writes about saving the planet when you least expect it.

– Consumerism Commentary discusses the importance of certification when hiring a financial planner.  When we hired someone to look over our finances we went with a certified financial planner (CFP).

– All Financial Matters reminds us why putting our money into stocks should be a long term investment.

Elsewhere

-Blueprint for Financial Prosperity takes a look at your options for online discount brokers and The Simple Dollar has twelve tactics for tackling debt.

– Last week Money Smart Life was featured in the Cavalcade of Risk, Festival of Frugality, and the Carnival of Personal Finance, thanks to the hosts!

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