My home phone service typically ran $30 to $33 a month, and that didn’t include any extras or even long distance.  (I used a prepaid card from Costco to pay for my long distance at 2.2 cents per minute.)  I looked into alternatives, and found a home service that only costs $3 per month.  You can do the same.  Consider the following options:

Your cell phone.  Many families have eliminated their landline and simply use their cell phones for all of their phone calls both at home and away from home.  Crunch the numbers to make sure this will result in a savings for you, or consider moving to a plan that offers a family option if you don’t already use such a plan.  If you rarely use the phone, you may want to switch to a pay-as-you use plan rather than a monthly plan.  Every family’s situation is different, so you have to choose what works best for you.

magicJack.  magicJack touts low prices–$40 to buy and $20 annually after that.  There are a few important issues with magicJack that may trouble some users.  The hardware must be installed on your computer, and your computer must be on to allow you to receive calls.  (If the phone is not on, calls will go to voicemail.)  In addition, some complain that there is only limited tech support available from magic Jack.

Ooma Telo.  Ooma Telo works much the same way as magicJack with a few important differences.  First, it does not install anything on your computer, and your computer does not have to be on to use it.  You also have the option to keep your current phone number for a fee.  Ooma Telo is more expensive than magicJack; the device can be had for between $179 and $199, and the monthly fee is $3.  It also has 911 capabilities.  This is what we recently switched to.  While I have had no problems with it, a few of my callers have complained that the phone cuts out randomly.

Vonage.  Vonage also offers home telephone service through your Internet.  They offer a 3 month starter plan for $9.99; after that the cost goes to $25.99 a month, which is still a bit cheaper than conventional phone service.  For that fee, you are allowed unlimited minutes of free local and long distance calls.  There is also a 300 Plan that gives you 300 minutes of local and long distance calls for $11.99 a month.

With so much competition for your home phone service, there is no reason to continue to use your local phone company and pay their high bills.  Instead, take some time to research the many options that are available.  Amazon offers plenty of online reviews to peruse to help you make the best decision for your family.  Also, consider whether you can make 911 calls with alternative phone services.  For a few hours of research, you may find yourself saving hundreds per year; that is a smart use of your time.

Originating post: Seek Alternatives to Save on Your Monthly Phone Bill

Seek Alternatives to Save on Your Monthly Phone Bill is a post from: The Family Wallet.

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Compounded interest simply means that over time you earn interest on the interest you’ve already earned. Let me explain how this works. Let’s say that you have put $1,000 into a savings account that earns 10% each year. Okay, I know that interest rate is probably a little high, but for this example, easy math works best. At the end of the first year, you will have earned $100 and have a balance of $1,100 in your account. At the end of the second year, you will have earned 10% of the new balance or $110. Now your balance will be $1,210. See, because you left your interest earned during the first year in the account to earn more interest you were able to increase the amount of interest you earned in the second year by $10.

Now that you understand what compounded interest is, it should be easy for you to see how beneficial time is to helping your savings account grow. With each passing year your account will gain in earning power without your ever having to add any money to it. It will grow perpetually all on its own. How cool is that?

That doesn’t mean, however, that you shouldn’t keep adding to your savings account. As much as allowing the earned interest to compound will help your account grow, nothing is quite as effective as making regular deposits to the account. By pairing regular deposits with the time value of money your account will be growing leaps and bounds in no time.

The power of compounded interest is key to planning any type of long-term service savings plan or retirement savings plan. That’s why you hear so many suggestions to start planning for your retirement at a young age. By starting early, you will only have to make small regular deposits to be prepared to retire in style at the end of your career.

Originating post: The Power of Compounded Interest

The Power of Compounded Interest is a post from: The Family Wallet.

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Banks all tend to charge different amounts depending upon the types of accounts you hold, as well as how you use your account. When choosing your banking partner, make sure you ask about some of these common “surprise” charges.

Teller Fees – Some banks offer free checking, but with limited access to the bank’s teller services. If you choose to use those services you may find yourself charged a fee or your account converted to a different type of account.

Overdraft Fees – Although you should plan to avoid these fees, accidents sometimes happen. If you do happen to cause an overdraft of your account, make sure that you deposit the funds to correct the overdraft as quickly as possible. If your account doesn’t have enough money to cover the overdraft fee, you may end up with an overdraft charge for the overdraft charge.

Check Printing – You’d think that checks would come with a checking account, but unless you carry a large balance, they probably don’t. Don’t make the mistake of purchasing your checks from the bank; you’ll pay much more for them. Check out the online sources for check stock to save a considerable part of the charge.

ATM Fees – If you regularly need cash from your account, you should find an account that has plenty of conveniently located ATM’s in its network. Otherwise, you may end up paying a fee to a neighboring ATM network when you use it, as well as a fee to your bank.

Other Service Fees – You used to be able to use your bank to take care of some miscellaneous financial duties for you. Money orders, cashiers checks, and notary services are all available at local banks. However, some banks are starting to charge for these helpful services. If you regularly use these types of services, make sure you inquire about the fees that go with them before you need them.

Bank fees are often a necessary evil. Although you can’t avoid all of them, making sure that you keep the cost as low as possible will help you get the most bang for your banking buck.

Originating post: Bank Fees That Could Sneak up on You

Bank Fees That Could Sneak up on You is a post from: The Family Wallet.

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