Akron Today Magazine

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Money

Annual Penalty For Non-Action

Every year, in the United States, we have to file and pay federal, state and local taxes, and we have to do them because there is a due date and penalties if we failed to file. Filing taxes are chores that MUST be done every year regardless of whether you want to or have the time to do them.

In a household, there are other chores that we MUST do, but neglect to do because those chores don’t incur penalties nor do they have a due date. One of the many drawbacks to neglecting to do our household chores is the fact that we are losing money. 

Here is a short list of the household expenses you must look at every year and reevaluate to see if everything is as it should be.

  1. Homeowners Insurance – Every year, your insurance company sends you the renewal papers to find out whether anything has changed.  From the coverage of your home to other structures in your property, the coverage you have for the home has to make sense to you. If you have a $1,000 deductible, consider all the $1,000 additional coverage charges your insurance company is charging you every year.  Your deductible comes first to pay for these losses. Why pay for them every single year if at the end you will be paying out of pocket anyway?  You must have home insurance to protect your home, but you have to be vigilant about what your insurance company is charging you. If you need more information or want to find more about home insurance follow this link. https://www.usa.gov/property-insurance
  2. Car Insurance – Nowadays, many insurance companies offer accident forgiveness or accident credits if you haven’t had an accident for the last twelve months. They offer a good student credit if you have teenagers in your policy, and they can offer you great rates if you bundle your home and car insurance.  Give them a call and talk to their agents, they want your business and they will find very competitive rates to lure you over.  Those TV advertisements are not all phony gimmicks, they do want your business, and shopping around for insurance coverage can save you money. For more information about car, homeowners, renters and flood insurance follow this link to this government site. https://www.usa.gov/property-insurance#item-34897
  3. Life Insurance – According to  2017 statistics,  almost half of Americans do not have any life insurance coverage and the other half has only the basic group policy.  If you have children under the age of eighteen living at home and do not have life insurance policy, we recommend to shop around and buy a policy right away. It is very scary to think of the consequences if something bad should happen to you, but it is very irresponsible to leave children financially unprotected.  Many Americans that do not have a life insurance policy believe the price of having one is much more expensive than it is.  With too much information at your disposal, it is easy to shop for insurance and find the best possible rates.  Talk to your partner or spouse and decide what insurance policy makes sense for you and your loved ones.

On top of these, there are other things that go up frequently and you should shop around when they do.  Utilities, mobile phone and television are just some other examples.

About Those Memberships

Today we are going to explore all those membership offers you need to decide about.  Are they a good value for your family?

Is a Consumer Reports membership worth the money?

Depends.

Americans buy billions of dollars worth of merchandise every year. From clothing, toys, and electronics to the most unnecessary items on their lists. If you are a person who likes shopping or buy things online, a membership like this can give you an extensive list of options while comparing quality and prices all from one place.

If you are buying electronics, appliances, or big ticket items, it is a good idea to buy a Consumer Reports membership and find out whether the item you are buying is worth the money. They have ratings for over 8,000 items to help consumers like you and I make a better decision when buying something for our home. The membership by itself can save you money the first time you buy a big ticket item.  You can get your membership fee back in the first year if, for example, you buy the best-rated lawnmower which should last longer, have  fewer problems, and minimize maintenance expenses.

Amazon Prime membership?

The Amazon Prime membership is not worth it if you don’t buy many things at Amazon.

But if you are like the average American, then with the Amazon Prime membership you will save money on shipping and it can pay for itself.  Plus you get Amazon Prime video and free returns on many items you buy.  The video by itself can make worth having the membership to Amazon if you use that and reduce your cable bill.

Is a Costco, Sam’s Club, or BJ’s membership worth it?  

How about those wholesale clubs?  For many families, it is worth it.  You can get four different membership options depending on what kind of membership you need, and the fee is more than worth it for many families. They can buy many items in bulk to save money, or they can store them when they find them on sale for future use.

One issue is they have so many items on sale and in bulk.  This makes the impulse to buy them hard to resist, and that is one of the major drawbacks of having a wholesale membership like this. Items that are on sale and the price is too good to pass is one of the reasons this membership is not worth the money.  A family might end up with too much stuff in their home and things they do not really need, like a box of muffins or a case of soap.  If you are not saving a lot, or if you are taking too long to use these items, remember there is interest on charge card debt or your money could be used to invest and earn more money, instead of buying enough product to last two years.

Impulse buying is a big thing when entering stores like these, and like it or not, we all love to get a good deal. Knowing what you need and what you will use is a must.  Also, avoiding bulk items that are unhealthy, no matter how good the deal is, will save you money and improve your health.  If you cannot resist these temptations, then these memberships are a bad deal for you.

 

Summer Home and Vacation Savings

Vacation Saving Tips (If You Are Driving)

As the time to start planning your summer vacation approaches, gas prices are going up.  It happens every year in anticipation of the travel season. Even if money is not an issue for you, these tips will help you be good to the environment, and help you save for other things you want to do with that money.

1. Shop around – Some of the best apps for your iPhone that are free and can save you money right away are:

  • a) GasBuddy
  • b) AAA Mobile
  • c) Gas Guru

2. Use Apps to help you with traffic and rerouting trips to avoid traffic jams, accidents or

  • a) Waze
  • b) Route4Me
  • c) inRoute

3. Check your vehicle’s tires. Having a well maintained car will help you save on gas.  The efficiency of your vehicle on the road depends on how well maintained you have kept your car all year round.

4. Follow the speed limit signs. Even when you have a long road ahead, driving at the speed limit posted can save you money on gas.  Driving slower and at a consistent speed burns less fuel, and if traveling for a long trip, use your cruise control to keep a consistent and moderate speed.

5. Keep it light – Excessive baggage or a roof box cargo can make gas consumption a bit expensive. Keeping your windows and sunroof close will reduce the drag, making you car more aerodynamic.

Home Saving Tips

Many of the new  homes have excellent windows, new roofs, new air conditioning units, etc.  Everything is new and working properly.  But, if you have an older home and are looking to save energy and money, what are some of the energy saving tips that will also save you money?

  1. Replacing your old air conditioning unit is not something we do frequently, they last a long time and they are expensive. But, if you have an old unit, the efficiency is not longer there. The electric bill is probably not a pretty sight every month, so replacing the unit is probably the only solution that can save you money in the long run.
  2. Replacing old Windows – The draft you feel as you get close to a window or door is heat leaving your home and making your gas or electric bill higher than it should be. Replacing old windows or doors can save you money in heating bills and add value to your home.
  3. Keeping the temperatures in your home at comfortable levels can save you money.  Too cold in the summer months and too warm in the winter can add hundreds of dollars a year.  Try a difference of a couple degrees and see if you feel a difference in your comfort level and notice the difference in your bill.
  4. Turning off the lights in your home and appliances or other electronic devices that nobody is using saves electricity and money.
  5. Remind your children that the water in the home is not heated by the sun. A short shower can save water and electricity and hundreds of dollars a year.

By using some of these tips, you will not only save money but will help the environment as well.

 

 

 

5 Ways To Improve Your Life AND Cut Expenses

The first thing we need to do is agree that some of the things in this article are not going to be more fun.  When I write, “Improve Your Life” I mean in a healthy way, not in a binge drinking frat party way.  The real key to this article is if follow all of these things, you should save many thousands of dollars per year and also be healthier and happier.

Next I want to say I got this information from all over.  We reference some things, in other cases you can do a search and find different numbers from different sources.  This is not a scientific research paper – just an interesting article on how to save money while improving your life.

Cold Showers

Your first reaction might be “Hell no!” but give me a moment.  There are a lot of people that swear by cold (or colder) showers because they have significant benefits and they save you money.  Cold showers have been associated with increases Alertness, Refines Hair and Skin, Improves Immunity and Circulation, Stimulating Weight Loss, Speeding Up Muscle Soreness and Recovery, Easing Stress and Relieving Depression.  I have also heard that taking a cold shower when you cannot go to sleep and getting in bed right away will put you in a great, deep sleep if you have trouble with that kind of thing.

So fine, it is good for you if you can hack it.  But does it save you a lot of money?  I found a calculator for shower costs online here.  I did an example where I did a colder, shorter shower and a longer, hotter shower and compared the cost.  Turns out a family of 4 would save $478.50 in a year.  Not bad – and good for you.

Drink Less

Well, this is already starting to sound really sucky.  Take cold showers and stop drinking.  But in 2018 more evidence has been steadily coming out that the whole 1-2 drinks a day are good for you thing is not really true.  Women should have much less than that and even men should only be have a couple a week.  I found another calculator that will help you see how much you are spending weekly on alcohol.  And remember, it is not as good for you as you have been lead to believe.

In this very reasonable example, I have used this calculator and estimated a $1,872 annual expense per person.  If you live in a big city and like to go out with friends or coworkers a lot you are spending a lot more than this in fact.

Eat Less

The average American consumes more than 3,600 calories daily.  This is a 24% increase from 1961, when the average was just 2,880 calories. A man needs around 2,500kcal a day to maintain his weight with a healthy , balanced diet. Woman need around 2,000kcal a day. These values can vary depending on age, metabolism and physical activity, among other things.  Body builders and professional swimmers should not try this at home.

With all of this in mind, we simply eat too much – and food costs money.  We eat 37.5% too much food to be exactish.

How much money does the average person spend on food per month?  This figure varies based on age and income level.  Assuming you are middle class and a fairly young adult, it is $173 per week times 52 weeks which equals $8,996 in annual food costs.  Now if we cut that back by 37.5%, we would be saving $3373.50 per year per person.  And you would also save money on health care as it would reduce the likelihood of many weight related diseases.

This gets even crazier when you consider Forty percent of food in the United States is never eaten, amounting to $165 billion a year in wasted food, according to a report from the Natural Resources Defense Council.  This would figure that you might be throwing away 40% of the groceries.  If you are someone throwing away a lot of food, plus eating 37% more calories than you need, it means 75% of your groceries could be wasted or eaten when they should not be.

Cook More

According to the Bureau of Labor Statistics, in 2014, the average American household spent $2,787 on restaurant meals and takeout, compared to $3,971 on groceries. But in 2015, the average amount spent on restaurants and takeout jumped $221 to $3,008. Grocery spending, by contrast, increased just $44 per household to $4,015.

We all know that restaurant food tastes great.  It is higher in sodium, bacon fat, fried breading and slathered in butter or some delicious sauce.   If you learn to make good, healthy meals at home and cut the restaurants, you can save money and be healthier very easily.  Going out no more than once a week should cut that restaurant bill in half or less, saving approximately $1,500 a year and

Walk or Bike More Short Trips

In 2017, the average household made 1.5 trips per week to grocery store.  Most likely these were done driving.  As mentioned above in the article, chances are you have too much food in your home already so going 6 times a month is too much.  But instead of saying “You can’t go”  let’s say you can only go on bike or walking unless you are going for a big run that should only happen 2-3 times per month.

Walking and biking are great exercise and if you really want something, just make yourself go on foot.  Chances are the craving will not be worth it if you have to walk there.

By using this strategy you will help yourself cut down on those food and alcohol expenses mentioned above while also saving gas and car maintenance.  AAA estimates that it costs 58 cents per mile to operate a car. Of that 58 cents,  only around 11 cents is in gas. The other 47 cents goes for expenses like, maintenance, insurance and depreciation.

So if you cut down on short trips by walking or riding your bike more, you could save several dollars on each trip and get better fit and buy less crap.  Putting a savings tag on this is harder but let’s say you cut $5 a week in car expenses plus another $10 per week in stuff you do not buy on a whim.  That is small but would add up to $780 saved in a year.

All told, all of these things would make you healthier.  And I certainly do not mean to imply to never take a hot shower or have a glass of wine again.  But the little daily things add up to huge savings and health benefits.  Let’s recap.

In one year, a family of 4 average people can save the following:

  • Cold Showers: $478.50
  • 2 Adults In Family Cut Drinking: $3,774
  • Eating Only Recommended Calories for Family of 4: $13,494
  • Eating Out Maximum 1 time per week: $1,500
  • Walking more and driving less: $780

This is all based on averages, different sources and fuzzy math.  We are just having fun here.  But this would suggest these changes could save an average family of four $20,026.50 per year.  Your results will vary.  But that is a lot of savings and health benefit.

If this all seems a little extreme, remember to start small and no one says you have to go to this level.  Shorter showers and less restaurants alone could save you some cash.  Make it work for you.  This is just an example of how you can imagine a different life.

10 Point Small Business Marketing Checklist

Small businesses often do their own marketing and have some minimal outside help.  This can mean small details get overlooked and even minor things you do not see can be costing you a lot of opportunities.  So we have assembled this list of 10 things to review and improve if needed to save you time and improve your chances of getting more leads and sales.

  1. Dormant Social Media & Blogs – Social Media accounts and blogs that never get updated tend to also never get traffic because the various services take freshness into consideration.
  2. Mobile Website – More than half the traffic to your website is probably on a mobile phone. Websites can be made to display optimally for mobile devices and this will improve your traffic and the inquiries you get from these kinds of visitors.
  3. Online Reviews – It only takes one bad online review to really hurt your traffic and lead generation. The reason is that people do research on many kinds of companies and if they find a bad review first, they will most likely stop researching you.  There are ways to address online reputation and even having reviews taken down.  One good defense is a good offence though.  Ask happy customers to review your business and build up a lot of positive reviews.
  4. Functioning Website Forms – The kiss of death is when you find out for the last year your website contact us form has not been working. Test this regularly.  Software updates or changes in your spam filter might have stopped these contacts from reaching you.
  5. Effective Advertising – If you are running your own Facebook or Google ads you need to know your numbers and pay attention to the results. Just letting these kinds of campaigns run without knowing if they are profitable or now is a huge money waste.  Try using a magazine like this one to run native advertising which is then pushed through these channels and is more effective than just sending traffic to your main website.
  6. Spam Filter – Your spam filter on your email is always getting updated. This could mean you may not be seeing legitimate leads and prospects who are trying to contact you.  This could be especially true if you offer something free, like a “free estimate” on your website.  Visitors would send an email asking for the free estimate and your spam filter picks that up as spam and does not deliver it to you.  Another lead lost.
  7. Old Emails – Do you have older emails no one monitors in your company? Maybe ex employees?  Leads might be coming into these emails and just sitting there unanswered.  Make sure all these kinds of email situations are forwarded to your active email.
  8. Phone Forwarding or Voicemail Full – Do you have old phone numbers out there not being forwarded properly? Maybe tied to some older marketing?  This needs to be fixed because the cost of forwarding an old phone number is much lower than a lost customer.  Also, if your voicemail is always full people probably are just giving up and calling your competitor.
  9. Business Registrations – Especially if you have a physical storefront, you need to register your business in Google local and other places so you show up in apps that use GPS, on maps and in more searches. Basic common sense but some people may not know how important this has become.
  10. Local Media Exposure – Magazines like this one offer great ways to reach a local audience. For example, we offer the opportunity to submit a free article to us for consideration or sponsored articles which are seen by many thousands of local readers.  Not taking advantage of local media when you are a local business is money down the drain.  Local media outlets specialize in connecting with the exact same people you are most likely trying to reach.  And you can just reach out to them – they all want to talk to local business owners.  Find out what they have to offer.

If you verify you are not losing leads and also improve these areas where needed, you should see a significant spike in leads and new customers.  At least once a year I run into someone who has not known about one of these things causing leads to be lost for many months.  It is painful to think about “what-ifs” when you see your website form not working or lots of old leads you did not see in your spam folder.  Save this article and review it occasionally to make sure you are not having problems that are costing you money.

Ohio Residents Consider the Pros and Cons of Investing In Solar Panels For Their Homes

As Ohio residents consider putting in a solar power system, solar stock investors finally begin to see a light at the end of the tunnel. Up until 2017 solar companies, across the nation, had reported poor year end results. “The solar industry is recovering and it is looking like the days of bleeding red ink are finally coming to a halt.” There have been some solid leaders who have maintained stability within this industry and they are confident that not only investors but homeowners will reap the benefits from all of the developing technology.

But Ohio residents remain skeptical. As the small mom and pop solar shops close up people are not too quick to rush out and install a $100,000 to $200,000 system on their home. Many companies, were not only fly by night companies, but they left homeowners with a huge bill and lien on their property. “Talk about being left in the dark. We were told that our power bill would be cut in half and it would only take six years to pay off our system.” Says a disgruntled solar panel buyer.

Solar companies like SolarWorld and Suniva are just two of the many solar manufacturers who closed their doors. Ohio, which has a flourishing non-residential solar market, has experienced increased competition in the face of the states rising renewable portfolio standard goals. With close to 300 solar companies in Ohio, that means 300 businesses are employing Ohio residents. One local resident said “We have been talking about putting in a solar system for years. We figure with all of them being here and with so many of our friends working for them, it must be a solid, good investment.”

As the cost of photovoltaic, PV, continues to decrease, the rise of solar power in Ohio has increased. According to Wikipedia “Ohio installed over ten megawatts of solar in 2015.” Ohio utility companies put in place a net metering rule which permits customers producing up to 25 kW to use net metering. Net Metering puts money back into the homeowner’s pocket. If a homeowner’s system produces more than the home actually needs then these “credit” go back into the utility grid for credit to the homeowner. More often than not a solar system takes in a lot more power than needed for that home. This is a win-win for the customers as well as the utility companies.

Now that the solar industry has infiltrated Buckeye Nation, Ohioans have a lot more to think when it comes to renewable energy.

 

Akron Family Resource Guide

This is the ultimate family resource guide for Akron Families.

Are you  in search of a better bank for you? Do you want to know if there are close banks near your home, or if they offer a better rate to refinance your home mortgage? Are you looking for a better price or company  for your electric or gas supply? This small list will give you the places you need to go to compare your current rates, prices, and services from other banks and energy suppliers. Check them out and compare.

Interested to know how your school district is doing? How about your particular school?

To find a better bank. Go to:

FindABetterBank.com.  You can find the locations, fees, and best bank options after you enter basic information for them to you your search.  They offer you many choices and even after that you can compare up to 3 banks to see who offers the best deal for you.  This is truly a no brainer.

To compare Electric or Gas suppliers rates. Go to:

http://www.puco.ohio.gov/

Check the prices, contract’s lengths and fees, and take the best option for your family.

Do you want to compare your child’s school?

There are several places that you can go and check out the place where they are educating your children.

  1. U.S. News &World Report – Best School Districs

https://www.usnews.com/education/best-high-schools/ohio/districts/akron-city-102127

  1. Akron City District-If you are looking for the best high school.

http://www.usnews.com/education/best-high-schools/search?district-id=102127&state-urlname=ohio

Middle school Ratings –http://www.greatschools.org/ohio/akron/schools/?gradeLevels=m

  1. The Ohio Department of Education offers resources for testing and to find your district’s or school’s 2016 report card.

http://education.ohio.gov/Topics/Data/Report-Card-Resources

Do you have a junior or senior in high school looking for a college? Here is a link to the National Universities Rankings for them to pick and choose.

https://www.usnews.com/best-colleges/rankings/national-universities

Would you like a resource you would like us to include? Send as an e-mail. We would be happy to include it in a future article.

Children’s Gifts-What Are you Doing with Them?

Children’s birthdays, Christmas, or any other holiday where they received cash for the occasion, is a very nice day for older children if they know a bit about the value of money. For little children, it’s just funny to look at their faces when they open an envelope and out comes a $20 dollar bill or a check. They push it aside and continue with the box that actually has a toy of some sort.

So, what are you doing with that $20 dollar bill or check? They got it for-let’s say their birthday— but what are you actually doing with it?

You know, and they know they actually don’t need more gifts.  They probably have their rooms full of all sorts of toys that haven’t  been touched in months, and they probably have more video games than GameStop.

Then , what do you do with their money? Does the money then goes into your checking or savings account? Are you keeping track of how much money you have put into your personal account over the years? Are you planning on reimbursing them later on? With interest?

It is so easy, isn’t it, to forget that the money is actually theirs? After the party and the cleaning, the stress or anxiety level drops and we forget little things that need to be taken care right away.  A lot of people forget.

When our daughters were babies and were receiving a $20 dollar bill from grandpa and grandma, we did not open a savings account for them right away.  We never slept a whole night for four months with our first daughter, can you imagine us thinking about investing their gift money then?

We opened a savings account for our daughters a while back with the money they received at Christmas and birthdays from family members – Yes, we did reimbursed them—  The interest those savings accounts were earning was pitiful. We took the cash out and opened an account at an online investment company. We don’t regret it.  We stuck with safe stock options, haven’t sold them, haven’t traded them — it’s $6.95 per trade — and we do not panic when their price goes down.  We are in for the long run with their investment, and hopefully you will start investing their birthday money too.  When they’re 18 and want to have control of their money, then it’s your choice if you want to be an advisor or let them have full control of their investment.

Little by little, those gifts can amount to something. If you have a financial advisor, ask for advice.  This is only for you to start thinking about taking small steps with money that they probably don’t need right now.  Think small first, when they’re older and see what you have done with their money they’ll thank you.

Happy Investing!

Saving Tips For The American Family

Many companies try to entice the consumer into buying their particular brands over those of the competition regardless of the value or the quality of their products.  A pretty product that is packaged well and looks pretty may perform worse than the simple packaged one.  As a consumer, you may fall for the marketing and buy the pretty package over the better one, but hopefully, you will make the mistake only once.

Many Americans are struggling with mortgage payments, car payments, insurance payments etc, to worry about other things like comparing prices, weight or performance of the products they are buying, but being savvy about the products they are using should save a buck or two, and in the long run, make us better consumers.

What are some of the items we use daily that can save us some money?

Gas and Electricity: Comparing prices for gas and electricity can save hundreds of dollars every year for the average American family.  There are many companies one can choose for gas and electricity, and even if entering into a contract with a particular company, it will save you money.  Be choosy when signing a contract, and make sure the penalty for canceling it early is not too much.

Car Insurance: If you want to save in car insurance, you need to shop around.  If you have a good history of no accidents or other claims within your company and you do not get any discounts with them, you need to shop around with other companies.

Dishwashing Soaps: According to a Consumer Report test, all dishwashing soaps perform equally well and according to them you should really buy what’s on sale because all dishwashing soaps perform equally well.

I can personally tell you that I do not agree with their results.  I can tell you for example that for me Palmolive, does not perform better or equally well than Dawn.  And some generic brands that you find on the shelves at the grocery stores, pharmacies or Wal-Marts require almost double the amount that you would need for Dawn.

Very recently, I tried a brand called “simply done” a registered trademark of Topco Associates LLC.  By simply looking at the bottle, it reminds you of the generic brands you see at the store.  I expected the same results as well.  The truth is that you do not see a difference between “simply done” and Dawn.  Is there a difference?  There may be a difference between the dishwashing soaps, but the price does not warrant buying the most expensive brand.

Restaurants: Despite having issues with money, Americans are spending over $3,000 eating out according to the Bureau of Labor Statistics. The convenience of having food readily available without having to cook it is very enticing, but the convenience of having no dirty dishes or cooking chores come with a steep price. Eating out should not be abandoned by families but should be treated as a treat instead of a necessity.

Saving is very smart, try to practice the habit.

What is Probate and why should you care?

Many people do not know about probate until a person has died. When a person dies, their will and other legal assets have to go through the probate process. This is often done by a probate lawyer because the process can become very complicated. When family members are involved it can create tension so having a neutral third party can help the process along.

Akron families can protect themselves with planning and finding an Akron probate lawyer.

When a person dies they leave behind debts, tax bills, property, and other assets. All of this is called a person’s estate. When a person dies with a will in place, by law the estate needs to be administered. This is done by a person called an executor. The executor will read the will and notify the beneficiaries that the process has begun.

Many people do not understand that even if they die with a paid off home and cars that their debts still need to be resolved. This is why most probate lawyers ask people to give a specific percentage of their estate’s value to each beneficiary. This way it does not become too confusing to administer after the debts are paid off.

This process can be lengthy because creditors need to be notified of the deceased person’s death. Some creditors will even ask for a death certificate as proof that the person has in fact passed away. If the person has a life insurance policy then that needs to be administered either by the insurance company itself or the executor. Some people decide to leave their life insurance proceeds to one person or to their estate so that it is divided equally among the beneficiaries.

The first thing that needs to be done is to submit the will to the court in the state where the will was filed. A petition will need to be filed with the court that states the deceased person’s full name, if there is a will, and when the death occurred. Then, the court will review the information, appoint the executor of the estate, and see if a bond needs to be given to the estate. After this process is completed, people who are related to the deceased, those individuals named in the will, and creditors will be notified by mail that the court has received the will and that the estate is now being dealt with.

After this, the probate process begins; it can take more than a year to get a will through this process. It depends on how well the parties that are involved deal with each other. If someone challenges the will then it can take years to close the probate process. When dealing with the probate process it is a good idea to consult a probate lawyer. They can help guide people through the process to make it easier and much less stressful.