Plug Your Money Leaks and Save Hundreds of Dollars Painlessly

Did you know that this week is National Save for Retirement Week? I actually didn’t find out until Monday. If I had known earlier I would have liked to have done a series of retirement posts this week. Oh well, I’ll just have to mark my calendar for next year. That being said, there were a number of bloggers talking about retirement topics this week so you still have a lot of great resources available to help you brush up on your retirement planning knowledge.

And just a quick reminder, but there is still time left to get that $50 bonus from TradeKing just for opening an account. If you’re looking for a low cost platform for trading some stocks and want to make $50 the easy way it’s worth a shot. But enough of that, let’s get right to this week’s links.

5 Reasons To Dump Your Strict Budget – Has Frugal Dad lost his mind? He wants you to dump your budget! Well, not exactly. There are some compelling reasons why you might want to drop a strict budget. Find out more.

What is an ETF? – Here is a good introduction to exchange traded funds. I like ETF for when I want to make some shorter term trades when trying to capitalize on market moves. But they are useful in a number of different scenarios.

Free High Yield Checking Accounts – Want a high yield checking account but don’t want the fees and limitations? You’re in luck because SVB has found 5 free high yield checking accounts.

2010 401(k) Contribution Limit Won’t Be Adjusted – For those of you who max out your 401(k) each year and were hoping for an increase in the contribution limit this year, sorry. The government says there’s no inflation so therefore no need to increase the limits.

What Was the Best $100 You’ve Ever Spent? – This is a good question and I’m not sure I can come up with an answer on the spot. There have been many things over the years I’ve spent money on that were great purchases. What about you? What was the best $100 you’ve ever spent?

How to Make Yourself an Expert – A lot of people out there claim to be experts, but are they really? You might be surprised that someone claiming to be an expert may actually have little background in what they are talking about. Steve explains how the only true expert is you.

10 Free Online Budgeting Applications – We started out talking about why you might want to ditch your budget, but if you are going to keep on budgeting one of the best ways to do so is with some budgeting software. Here are 10 free online budget applications to help you out.

Should We Get Rid of 401(k) Plans? – Nickel points us to a Time article that called out 401(k)s. Are these plans really that bad? And even if they are, what are our options? This topic generated a lot of discussion.

What To Do When Your CD Matures – Most CDs automatically renew once they mature but that’s not always the best option. Before your next CD matures you should explore what would make the most sense for that money.

3 Reasons Why You Are A Genius For Not Investing In Gold (Now or Ever) – Neal says you’re a genius for not investing in gold and I have to agree with him. He has all sorts of pretty charts to back up his claim and it’s worth reading if you’ve been thinking about investing in gold right now with all of the hype.

Flu and Cold Season: 15 Ways to Fight the Flu – Like it or not, flu season is upon us and this year could be worse than most in the past. You might wonder what this has to do with finance, but it has everything to do with it. Getting sick means doctor visits, lost productivity, time off of work, and medicine purchases. Staying healthy can end up saving you a lot of money!

The Dow is at 10,000. Big deal, right? After all, it is just a number, but there has been a lot of emphasis placed on this milestone recently. Why is the media obsessed over this number? It has been over a year since we’ve seen the market at these levels, so whether it is an indication of good things to come or not, it’s welcome relief.

But why all of the hype and predictions? Is it just something for people on TV and the newspapers to talk about? Besides, the Dow isn’t even a very good representation of the market as it consists of only 30 companies. Most investors follow (or should) the S&P 500 for a better gauge of what’s going on in the market. Where was the fanfare when the S&P cracked 1,000 again?

Regardless of the Dow milestone I think we can all agree that it’s nice to see our investment account statements going up instead of down. That being said, we still have a ways to go. We’re still down around 40% from the highs in 2007 so we haven’t come completely back around yet, but it’s a good start.

So, what do you think about this milestone? Does it mean anything, even if it’s just at a psychological level? Do the markets continue to improve or are we just delaying the inevitable and we’re headed back to test the recent lows once again?

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You may have already packed up your patio furniture and harvested everything from your garden, but that doesn’t mean it’s time to sit around the house and dream about next spring. Sure, you might not have to mow the lawn, tend to the garden, or host dinner parties out on the patio for another six months but now is the time to think about making some purchases that will save you a ton of money next year.

Every fall retailers have to clear their shelves to make way for all the new holiday items and cold weather products. That means big discounts on summer gear. It might not make much sense to buy a new bathing suit in October if you aren’t going to be able to use it until May or June, but the savings could make it worthwhile. Here are some top discounts you’ll see at various retailers this fall.

Spring and Summer Clothes

This probably goes without saying, but things like shorts, summer style shirts, sandals, and swimsuits will top the clearance racks this fall. In fact, many of these items even start going on sale before Labor Day and if you wait too long you might not even be able to find many summer clothes. So be sure to stock up as the cool weather eases in. It isn’t uncommon to find discounts of up to 50% off so it’s worth picking up some of next summer’s wardrobe this year.

Lawn and Garden

If you live in a cooler part of the country you know that once fall and winter arrive there is little gardening to be done, no lawns to be mowed, and less time spent outdoors as a whole. So most of us pack up the garden tools, the lawn mower, and cover up the patio furniture until the warm weather returns in the spring. If you need a new lawn mower, buy it in the fall. Many large chain stores will begin to drop the prices on law mowers and other power equipment by as much as 30% after Labor Day. I know, it stinks to spend good money on a brand new mower only to have it sit unused for a number of months, but when you consider the savings it is worth the wait.

Don’t forget about plants. There is nothing better than going to the nursery for the first time in the spring and basking in all of the great new plants, but that’s when everyone is buying and when prices are at their highest. In the fall most places are simply trying to get rid of as many plants as possible before the cold weather sets in and either kills them or forces them to take the plants back to the greenhouse where they take up valuable space. You can find some plants late in the year going for as much as 80% off!  In fact, the best time to plant a lot of species is during the fall, so as long as you still have a little warm weather ahead of you it is possible to make a big upgrade to your landscape at a fraction of the cost. Sure, you won’t see the results until next spring, but plants are expensive. Plan ahead and find the discounts this fall.

New Cars

I’ve talked about this many times before, but I’m not a fan of buying new cars. That being said, if you do want to buy a new car your best bet is to wait until the new models start to hit showrooms. For most brands that happens in September. But don’t rush out in September and expect killer deals on last year’s models just yet. It’s all about supply and demand, and if you wait another month or two and head into October and November most dealerships will start getting anxious about unloading the last year models to make room for this year’s model. The more pressure they have to reduce inventory, the better the deals you’ll find.

If you think about it, just because you’re looking at last year’s model instead of the new model just released it doesn’t change the fact that it’s still a new car. Sure, you might not get a certain bell or whistle that may have just been released in the new model, but it’s still a brand new car only now you’re likely to get it for 10-20% cheaper than you would have just a few months ago.

In case you missed it, I was a guest on the popular Personal Finance Hour hosted by Jim from Bargaineering and J.D. Roth over at Get Rich Slowly. Each Monday they spend an hour discussing a finance topic, chat with listeners, and take calls to answer questions. This week the topic was retirement. Given my background in retirement planning it was a good fit to have me on and discuss some of the common retirement planning mistakes and considerations for both the young and old alike.

While you may have missed the live show you can still play the episode at any time. You can find it on the Blog Talk Radio site, iTunes, or even use the embedded widget found on this page. Some of the highlights from the show talked about the biggest mistakes people make when it comes to saving for retirement. I say the biggest mistake is simply not saving enough. People often underestimate how much they really need to save or wait too long to start saving. It’s one of those things where time can either be your greatest asset or your biggest enemy. Use the time you have wisely and save appropriately and you’ll be in good shape. Let time slip away and you can’t get it back and it’s very hard to catch up.

So, if you’re interested in retirement planning this is a good episode to listen to. And of course, be sure to tune in every Monday as there are always good topics up for discussion on the Personal Finance Hour.