Congratulations! You are going broke! I mean… getting married! As I mentioned in my first post on how to save money for a wedding over at my other blog, my best friend is getting married next spring (and I also have a sister-in-law getting married at the end of next summer, in 2010). So, while I will end up  broke in 2010, as I am the best man for both weddings, I will try to share all the money savings tips related to  weddings that I could find:

Money Savings Tip #1: Talk to people

I have already written about how much money you can save through your network. A wedding is definitely a great occasion to test how good your network is to help you save money. So, whatever you are looking for (dress, flowers, ballroom, cars, etc.) tell as many people as you can. One will ultimately come through with something like:

“hey! My friend is a DJ, he’ll give you a good deal”.

The only problem with using your network is that you might risk compromising on the results. Therefore, I suggest telling your connections that you are still shopping around and ready to meet the friend without obligation. You don’t want to hurt feelings; you simply want to save money on your wedding!

This would be a great idea if you are a looking for a nice car for your wedding: if you have a rich aunt, this is the moment to give him a call .

Money Savings Tip #2: Go back to school

I was able to get a ridiculous price for our flowers because I used the first and second money savings tips for my wedding at the same time: a friend of a friend had a sister finishing her courses to become a  florist. Therefore, she was ultra motivated to do our stuff while she didn’t charge much because she was not officially done with her classes yet.

Getting a student to do certain things (I wouldn’t let a student cut my fiancé’s hair for example ), can help make things affordable. In addition to the money you are saving, they are usually very motivated as it is one of their first jobs (and it is so cool to work for such a cute couple that is getting married ). We were very pleased with the results and we paid half price.

Money Savings Tip #3: The DIY method

We used this trick to save on wedding invitations. Instead of paying $500 for some pieces of paper that will be thrown out after a month (except by your parents!), we picked nice paper with letterhead and printed all the invitations. You just have to add a personal touch (nice envelopes or ribbons) and you will have nice wedding invitation cards for 50% of what it costs if it’s done by someone else.

Money Savings Tip #4: Try combinations

We were lucky enough to combine the ballroom with the food; we actually found a nice restaurant with a room reserved for private parties. The room was big enough to welcome 150 people and looked like a medieval chapel (with granite floors, stained glass windows and a huge wooden bar). Since the restaurant was taking care of the food for 150 people, they didn’t charge us for the room. By combining wedding services, you might be able to save a few bucks!

Money Savings Tip #5: Prioritize

There are virtually no limits on how much you can spend on a wedding. Some people like it very fancy and spend $75,000 and some others manage to get a frugal wedding for less than $10,000. I guess it is all a matter of prioritizing. In my case, I really wanted to have nice cars. This is why I decided to spend more money on cars and spend less on something else. By making your wedding list budget, it will become easier to make decisions.

There are several ways to save while planning a wedding but one thing I would not be shy to spend on would be the honeymoon… after all, this is the most important part of the wedding, right?

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On Monday, I wrote about some of the problems with mass transit and I thought that I would spend today on some of the other means of transportation.

When my wife and I were first married, we assumed that we needed two cars. Looking back, it was a little ludicrous. We both worked within two miles of our home. After we had children, Mrs. Stew quit her job to stay home, but we still continued to pay insurance, maintenance, and registration for two vehicles. About three years ago, I totalled my car and never replaced it. Ironicly, a car accident has actually saved us money in the long run . . . The point is, that we have met our responsibilities with one vehicle. We never thought it was possible, but with a little planning and a little self discipline, we are doing just fine. There are days when I have to take the car to work and Mrs. Stew has to be content to stay home or walk, but in the past two years, I have tried out several other ways to get to work.

Walking

My job has a “peak season” where I often work seven days and put in 70 to 80 hours in a week. During the off-peak season, I have the option of coming into work anytime between 9 am and 10 am. So last year, I walked the three miles to my office several times a week. It takes me about 50 minutes and I enjoy the exercise. I had to make sure that I had good shoes and proper clothing for the weather, but once those items are purchased, walking can be a really inexpensive way to get to work – if you have the time in your day. My wife often picked me up after work, so I did not have to walk both directions. You might be able to walk to work – try it once and see how you like it.

Cons: time, shoes, clothes, weather

Pros: good exercise, no registration, no insurance fees, no maintenance, low fuel costs (food)

Cycling

Before I started walking to work, I was riding my bike. This is my favorite way to get to work. A little exercise, not a whole lot of time lost and it does not wear out your shoes quite as much. I was also fortunate to have a pretty nice bike, because I had a friend who worked in a factory and used his discount to get it. I loved the bicycle . . . until it was stolen last summer. I have not found a way to replace it, although I plan to make an effort to find one at a second hand store or rummage sale this year.

I have a friend who bikes thirty-five miles one way to work every day when the whether is nice. You might be surprised how easy a bicycle commute could be.

Cons: bicycle expense, clothes, weather, flat tires

Pros: almost as fast as driving, good exercise, no registration fees, no insurance costs, little maintenance, no fuel costs

Scooter

My latest work transportation is a little scooter that someone at work had in storage. They gave it to me and said, “If you can get it running – it’s yours”. The tires were flat, but only needed new valves. It leaks oil, but I add a little every week. It has trouble starting – sometimes it takes 30 or 40 “kicks”, but overall it has been a nice little way to get to work. I have since found out that it was made in China and parts are extremely difficult to get, so if it dies, I probably will just junk it.

In the meantime, my state does not require scooters of this size to be licensed, so I can drive back and forth to work for about $2.50 a week. That is really my only cost for this little bike so far. The biggest issue is weather. Riding can be painful if the temperature is less than 70 or it is raining. My scooter is not cool at all – no bright colors, it is old and has some cosmetic damage, but it gets me from A to B. Scooter riders have to deal with interesting looks from other people. A scooter provides for way more eye contact than driving a car. It can be unnerving.

Cons: cannot give rides to my kids, weather, rude stares, helmet head

Pros: same time as a car, no license/registration fees, no insurance, little maintenance

So what is your favorite way to get to work? Have you thought about getting there the cheapest way possible? - Article by Stew

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Many people use mass transit to save money. I like mass transit. A couple of years ago, I visited Germany and fell in love with their rail system. Buses, trains, light rail, the subway, the elevated train all make sense as a way to reduce cost and congestion – but not in every circumstance. Make sure that you are actually saving money before making the switch to the bus or train.

Government cost

One of the problems with mass transit in the United States is the cost to our government (us). You might be able to ride the bus to work for only $2.50 a day, but the cost of the ticket does not come close to paying for the bus, bus driver, maintenance, bus stop and road wear. That money comes from taxes and you are taxed for that bus whether you use it or not. If you aren’t taxed for that bus, your employer is being taxed for it.

Many municipalities and states have put in light rail in an effort to curb congestion, but often spend far more in debt and upkeep costs than riders save. I love to ride the Chicago area Metra and Elevated Train, but I always remember that I do so at the expense of the Chicago area tax payer. Amtrak, the federally subsidized railway that serves most of the United States can be a fun and relaxing way to travel, but from a fiscal point of view, every ticket sold is subsidized an average of $100. A New York to Los Angeles ticket comes with a $1,000 taxpayer subsidy.

Density

Mass transit has been a success in Europe, as I mentioned. It has also been a relatively good success in the United States – as long as the area is heavily populated. New York, Chicago, Los Angeles are all cities with a dense population. The urban setting allows for enough ridership to support the rail or bus system.

Cities with smaller populations and a  geographic area that is spread out cannot fill rail cars or buses. Not enough people live close enough to the rail stations on one end or work close enough on the other to make riding the rail practical.

Comfort and Convenience

If you have a driveway at home and a place to park at work, driving is just better. There is more freedom to leave when you like and stop to pick up a carton of milk on the way home. Need other reasons to drive? How about comfortable seats, your own radio, temperature controls and a cupholder. Comfort and convenience need to be a part of the equation. Is it worth an extra $2 a day to avoid sitting at a bus stop when it is twenty-below?

Sanitation

In this age of SARS and swine flu (H1N1), you have to think about this. If you are worried about health costs, you might need to include sick days and doctor visits in the cost of your mass transit. Mass transit system might add to the spread of disease and sickness.

Although for some of us, our cars might be just as dirty as the subway or germy as the bus.

You still need a car

If I lived in Germany, I would not need a car – there are multiple trains every hour that go every place you might need to go and those trains make sense because they are always filled. However, you must remember that Germany has 85 million people in a country with 137,858 square miles or roughly half the size of Texas which has a population of 27 million. In Germany, the train put me within a reasonable walking distance of any place that I wanted to go.  The same could be said for large urban areas as I mentioned earlier.

Here is the bottom line when calculating the cost of mass transit versus driving your car: if mass transit allows you to divest yourself of a car, in other words, if mass transit in your area can make you “car free”, then it makes a lot of sense to use mass transit. However, if you need a car to get to the train station every day, you might be better off just making the drive. Once you pay for insurance, gas, maintenance and storage, you will probably not save much money or time by riding the bus.

We like to ride the train for fun – we enjoy riding into the city for a day, but that does not mean it is the most frugal way to get to work. - Article by Stew

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I was reading over on CNN Money this weekend that a health care market research company is seeing a growing trend in consumer use of credit cards to pay for medical bills.  Due to high unemployment and ever increasing health care costs, consumers are reaching out to credit in order to continue receiving health care.  Now, here’s the scariest part: CNN also reported that health care industry watchers see a multi-billion dollar opportunity to offer specialized “medical” credit cards!

If you haven’t figured this out already, let me explain this simply: “Consumers” (That’s you folks) visit the doctor one day, and potentially pay for that doctor’s visit for the next 1-5 years.

Already, 25% — 74 billion or so — of the $294 billion spent on out of pocket medical expenses is charged to standard credit cards.   With our current economy and jobless rates skyrocketing, this number is expected to grow quickly.  A health care consulting company, McKinsey Consulting, expects this number to grow to $150 billion by 2015.

How can you avoid having to use a credit card for medical expenses?

Here are just a few ways you can avoid using credit cards to pay for your medical expenses:

• Have a medical emergency fund – Start saving money to a medical emergency fund.  Use this fund to cover unexpected medical costs.  Learn more about specialized emergency funds.
• Set-up a Flexible Spending Account or Health Care Savings Account – Not only do these specialized savings accounts reduce your taxable income, they also can cover your medical expenses.  I’ve used an FSA (Flexible Spending Account) for the past 10 years and found it to be a powerful too for saving money and covering required medical expenses.  Learn more about Health Care Spending Accounts from Cash Money Life.
• Budget for medical expenses – First, if you don’t have a budget, create a budget.  Make sure you include an expense category for planned medical expenses.  This category would include any prescription medicines you require, over the counter products, upcoming doctor’s appointments, etc.  Accounting for these costs in your budget allocates money for those expenses and will keep you from having to use credit cards.
• Talk to your doctor – If you’re struggling financially right now and feel you might not be able to cover medical costs without resorting to credit cards, talk to your doctor.  Doctors can often reduce their expenses, provide tips for getting lower cost health care, or refer you to services that can assist you with medical expenses.  Don’t be ashamed to ask!  Medical costs are expensive.

What are your thoughts on this?  What tips can you share with other readers to soften the blow of medical expenses?  Add a comment!

This article is part of an ongoing series called Money Saving Monday. Each Monday, I share tips and techniques you can use to start saving money.  Have a tip?  Send it my way.

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When we purchased our current home, we knew it would require some work and a few upgrades.  Namely some new paint, repairs to some of the work the owners did (but didn’t do correctly) and yard work.  The big item we knew we would have to address was the upstairs.  When the original owners built the house, they left the upstairs unfinished.  The middle area of the upstairs was finished off as an office later, but it’s very obvious the work was done by the homeowner, and unfortunately not done well at all.  Then, when the owners decided to sell, their real estate agent recommended the remainder be finished off as well.  They finished it, but did even a worse job than before and cut corners.  For example, the middle office area has drywall ceilings.  The two outer rooms have cheap suspended ceilings.

We knew when we bought that the upstairs would need to pretty much be redone.  The other major issue with the upstairs was that being originally unfinished, it has no heating or AC.  Over the past few weeks, I decided to call around to some various heating and AC companies to get quotes.  In the process, I learned about the new tax credits for up to 30% of the cost when home owners make energy efficient improvements to their homes.  These new tax credits were introduced as part of the federal government’s economic stimulus package, passed in February.  This is a one time tax credit only, and is capped at $1, 500.

The trick with all of this is focusing in on the items that are actually worth it, as in many cases the cost of the upgrade doesn’t justify the tax credit savings.  Most financial experts agree that items worth considering are:

Add Insulation

Insulation is the least expensive energy efficiency upgrade that qualifies.  Installation of new insulation can also help you save an additional 20% on your energy bill as well.   To qualify, new insulation must meet the 2009 International Energy Conservation Code (check product labeling or call the manufacturer) and carry a two-year warranty (or be expected to last five years).

Insulation is measured in R-values, which stands for thermal resistance. It should range between R-30 to R-60. Each inch of insulation is equal to three to five R-value.  R-30 insulation, by this rule, would range between six and 10 inches.

Taking a peek at the insulation installed by our homeowners upstairs made me realize this something we’ll need to replace when we refinish the upstairs area.  They didn’t use adequate insulation, and this is probably one of the many reasons my electric bills were so so high over the winter.

New Windows and Doors

Need new doors or windows?  Now’s the time.  Prior to the new tax credits, upgrades to doors and or windows would only provide a max tax credit of $200.00.  The new changes raise that to $1500.00, but as with the insulation, only if the they new doors or windows meet certain requirements.

In order to qualify, Windows, doors and skylights require a label from the National Fenestration Rating Council (NFRC) that says their U-factor is no more than 0.30.   U-Factor is the measure of how well they window or door will insulate your home from heat.  The required label must also list a Solar Heat Gain Coefficient (SHGC).  SHGC measures how much of the sun’s heat penetrates into the home.  The SHGC must be no more than 0.30.  Storm doors also qualify BUT they must be accompanied by a tax credit eligible wooden door without exceeding a combined U-factor of 0.30

New doors and windows are expensive though, so really take a hard look before jumping in and doing upgrades on these items.   But, if you’ve been putting off replacement of a few windows or need a new door, now’s a good time.

Installing Air Conditioners

This is the one that has my attention.  To qualify, central air conditioners need a Seasonal Energy Efficiency Ratio (SEER) of at least 16 and an Energy Efficiency Rating (EER) of at least 13.  SEER measures the efficiency of the unit, and EER measures how the unit operates once the outdoor temperature reaches 95 degrees.

I had two different companies come up last week.  So far I’ve received a quote from one for $8200.00 for a tax credit qualifying unit, duct work, and labor.  Less than I expected actually, and with the $1, 500 tax credit that reduces the overall cost to $6,700.  Not an expense we were going to do right away, but with a $1, 500 savings on the line, we’re seriously considering it.

Some things to consider

There are a few things you to consider/be aware of.  Determining if the various products meet the requirements is tricky, so do your homework.  Dealers for these products are very quick to mention that tax credits and use that as a selling point.  They won’t guarantee they qualify though.  So you’ll really need to make sure you research the product yourself.  For example, just because an item is “Energy Star” compliant, doesn’t mean it qualifies.

Also, don’t forget it’s not an immediate savings, and you won’t see the savings until you file your 2009 taxes.   It is a tax credit, so you’ll receive the full $1500.00 (assuming you’ve spent enough in upgrades).

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We purchased a new gas grill over the weekend.  I’ve been shopping and reading about them for a few months as we slowly saved our money for one.  After all of my research, I decided to buy a Weber E-310, which consistently received excellent reviews from every source I found.  The Weber is very expensive though and right at $700.00.  The question of “is quality really worth paying more for” kept looming in the back of my mind.

Since moving into our new home in October of 2008, we’ve been grilling on a cheap Weber “go-anywhere” portable grill.  While it does an decent job, we needed something larger and nicer as we grill out very frequently.  In the past we had owned other grills, but never a Weber.  Within 1 year, we always had to replace the burners and other miscellaneous parts of those grills.  I wanted something nicer, something that that would last.

This week, due to some flexible spending account reimbursements, we finally had enough money in the “grill savings account” to go buy a new grill.  We headed to Wal-Mart to get the Weber, as Wal-Mart had the lowest price by $50.00  Fortunately, they were out (yes, I said fortunately…keep reading).  They had other grills there that I looked at, but nothing that even came close to the Weber.  Next we went to Lowe’s.  The Weber at Lowe’s was a little more, but I intended to have them match the Wal-Mart price.

Before picking up the grill and heading to the check-out line, I decided to shop around one more time.  In addition to Weber, Lowe’s carries Char-broil as well as other various brands.  Char-broil makes a good grill, and we’ve owned them in the past.  Our only issue with them was surface rusting and the short lifespan of their burners.  But I looked anyway, always wanting to be a smart shopper.

Lowe’s had a Char-broil “commercial series”  model 403 grill that they sell exclusively at Lowe’s.  The 403 is a stainless steel, 4 burner grill with plenty of room for even the largest of outdoor family events.  The 403 looks very similar to this one.  The cost?  299.00.  That’s $400 less expensive than the Weber.  The question reared it’s head again: Is quality really worth paying more for?  More specifically is the Weber really $400 better than the Char-broil?

Long story short, I bought the Char-broil.  Why?  Well, to be perfectly honest the main reason was that had I bought the Weber for $400.00 more, I would have been kicking myself.  I wanted a great grill, but just wasn’t willing to dish out the extra $400.00, at least not in the current stage of my financial journey.  I can think of a large number of things we could use that $400.00 on.  Is the Weber worth the extra money?  Maybe.  But honestly Lowe’s has tons of replacement parts for the Char-broil grills and they’re cheap.  I could continue to replace the burners and other parts on the Char-broil for a few years before even getting close to the cost of the initial cost of the Weber.

In the end, we purchased the Char-broil for $300, bought a nice grill cover, a new gas tank, a rotisserie attachment and some cleaning brushes.  All for less than $400.00, still $300.00 less than the Weber.  With all of these “extras”, the Weber would have run us close to $800.00.  The additional $300.00 went into my “laptop savings account” for the Apple Macbook Pro I am saving to buy, but that’s the topic for another article.

How about you? Is quality really worth paying more for?  Should I have bought the Weber?  How do you go about making similar decisions?  Add a comment, I’d appreciate it.

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I often get emails from people desperate to get control of their finances and immediately reduce their spending.  Most often, these emails are the result of a sudden job loss.  While I’ve published more than 80 money savings tips as part of my Money Saving Monday Tips series, I thought it would beneficial for some out there to have a consolidated list of quick tips that would provide immediate money savings.

Here are 5 ways you can save money now:

1. Cut your cable/satellite service – Contrary to popular belief, cable and satellite TV services are a luxury, not a necessity.  They are also a fairly expensive luxury at that.  Cutting your cable or satellite TV service can result in an immediate $50 – $200 savings per month.
2. Reduce your cell phone plan – Many people have expensive cell phone planes that include lots of luxury features like text messaging.  Change your plan to a pay per use plan OR reduce it way down to the most minimum plan.   Turn your phone off when you don’t need to make a call and keep your calls to only those absolutely necessary.  Following this tip could potentially cut your monthly cell phone bill by more than $100.00.
3. Sell a car – Most families these days have two (or more) cars.  Consider selling one and only having one car.  Sure, it won’t be as convenient, but consider the money savings: gas, maintenance, payment, taxes, insurance.  Cars are expensive, and if you really don’t need to have 2, selling one and using just one car can have a significant positive impact on your finances.
4. Stop eating out – I talk to a great number of people about finances, especially when they find out I write here on Gather Little by Little. One of the things that amazes me is the number of people that say they’re “living on the edge” financially, but continue to eat out on a frequent basis.  Their reasons are lack of time to cook.  Make the time. Eating out is expensive and not near as healthy in most cases as eating at home.  If you’re struggling financially and don’t have time to eat at home, cut back on your schedule.   Personally, I’ve found people eat out because they’re too lazy to cook.  No excuse, there are hundreds of meals that literally take less than 15 minutes to cook.
5. Reduce your bills – Block out a 1 -2 hour time frame on a weekday, and spend some time calling all of your service providers: insurance, utilities, cable, cell phone, etc.  Tell them your looking for ways to cut your expenses and see if they can provide any options.  Many of these companies have special programs of offers they can provide.  Why? They would rather get less money from you and keep your business than lose you all together.  Trust me, with the recession these companies are hurting like everyone else.

These are just 5 quick ways you can cut your expenses.  Take a look at your budget, and spend a month writing down every expense/purchase you make.  Then at the end of the month, review where your money went.  I guarantee you’ll find a few areas that will shock you.  One of mine was the cost of Starbuck’s coffee everyday.  I found I was spending over $30/month in coffee alone!

How about you readers?  What tips or suggestion can you provide for other readers looks to immediately reduce their expenses?  Add your tip or suggestion by adding a comment!

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Due to the warmer weather, we’ve gone 100% without either AC or heat for more than a month!  I received our first resulting electric bill a week or so ago.  I was excited to see how low it was going to be.  While it was significantly lower than our winter bills, about 45% lower.  The bill was still higher than I anticipated.

I’ve been assuming all winter long that the primary consumer of electrical power in the house was the heat pump and underlying electric based back-up coils.  While certainly a large portion, it would seem  there might be some additional opportunities to reduce costs as well.  Here’s the run-down of other consumers and in the order I think they are “guilty”:

• Hot water heater
• Washer/Dryer
• Dish Washer
• Window/Box fans at night
• My Saltwater Aquarium (filters, lights and pumps)
• Lights
• Electric Oven
• Refrigerator
• Miscellaneous electronic devices left on (computers, DVR, etc.)

To determine the cost of each, I found a neat site called: How much electricity does my stuff use? The site has a calculator where you can select the offending electric device and determine how much it’s costing you.  I put the breakdown of how my devices break out below. Now, just a point of clarification: remember, I have a big family: 6 kids. As a result, we wash dishes daily, do 2 loads of laundry per day, and there are 8 showers per day (4 in the AM, 4 in the PM).  My costs are skewed much higher than the average family of 4.

I was really surprised, this estimate was not far off from our actual bill at all. Our bill was $220.00.  I also didn’t predict correctly how much various devices were using.  For example, I thought the window fans would use way more electricity than were.  I also assumed the refrigerators would use more as well.

How to reduce our electric bill

So armed with the data on what my various devices are costing me, I can now take some additional steps to begin lowering our costs even further.  Here are just a few of the items I’m going to pursue:

• Install a hot water heater timer.  I’m going to do this today.  I’ll turn the heater off around 7:00pm and turn it back on at 5:00am in time to get the water warmed up for morning showers at 6:00am.
• To reduce washer/dryer costs, we’ll begin using only cold water.   We do this fairly often anyway, but will begin to do this even for the extra dirty white loads (we have 5 boys…need I say more?)
• For my saltwater aquarium, I’m reducing the amount of lighting per day.  I doubt this will make a huge difference, but we’ll see.  Maybe it will cut down on my algae growth as well.
• For the miscellaneous devices, I’ll make sure things are unplugged when not in use, I’ll shut down our kids computers at night, and make sure I leave mine and my wife’s on standby.  Again, we generally do this, but we’ll make a stronger effort.

If you haven’t checked out and analyzed your electrical use lately, I highly recommend grabbing your bill and visiting the How much electricity does my stuff use? site.  I found it very insightful.  I’m determined to continue to reduce my bill.  I’ll keep you posted on how it’s going.

Did I miss anything?  What other tips do you have to help me (and others) reduce our expenses?  Add a comment and let me know what you think!

Photo by: redjar

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I’m a Weight Watchers master. In 2003, I was 5′8″ and 160 pounds — not exactly ideal for a 25-year-old single girl living in Manhattan. I spent three (!) years on Weight Watchers, and for two years, failed repeatedly. I obsessed over every drop of salad dressing and kernel of popcorn only to learn at my weekly meeting weigh-in that I’d gained half a pound. I quit multiple times, but would return months later with new resolve. Finally, in my third year, something clicked. I dropped thirty pounds in just six months.

To this day – and two babies later – I can still lose weight when I want to by altering certain habits. Here’s what I do, and how I’m now using the same rules to shave pounds off of my spending:

I’ve learned that, for me, diets of any form work better when I can track progress in my head. That’s why I like simple rules I can repeat daily. If a system is too complicated to track, it’s not a good system.

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When saving our money, we all want to get the best savings rate possible.  In the past in order to do that I’ve either used bankrate.com or manually visited the the various online savings banks to see what their current rates are.  That is until I learned about MoneyAisle.com.

Remember LendingTree.com?  LendingTree allows you to provide information about the mortgage loan you’re interested in getting, and then banks bid to provide you with the most competitive rate.  MoneyAisle is LendingTree for savings accounts.  MoneyAisle allows you to specify the amount of money you wish to save, either as a standard savings account or CD, and banks will “bid” for the best rate.  If you’re only saving a few hundred dollars or maybe even a couple thousand, you may not care about a slight interest rate variance.  For larger savings though, you definitely should.

MoneyAisle.com Bids

To see how MoneyAisle.com and their partner banks performed, I did some test runs on various savings amounts.

I put in $1,000.00, $5,000.00, $10,000 and $50,000 for high-yield savings accounts. The winning rate came back at 2.20% for all 4 amounts.

I put the same amounts in for CDs. Unfortunately online replies for North Carolina aren’t available due to state regulations (huh?), so I used South Carolina instead with a 36 month duration. CDs for $1,000 came in at 2.85%. Amounts of $5,000, $10,000 and $50,000 came in at 3.27%.

One note, unless you register, you can’t actually see the bank that provided the winning bid.  Once you register though, you are provided with their full information.

Additional Money Aisle Features

Registering with MoneyAisle allows you to view the details about the banks that bid, take advantage of the CD Laddering and read other user’s reviews of the various banks. Money Aisle is free and has a very clear and well promoted anti-spam policy. They’ve additionally been featured by many different major US news media companies as well.

Overall I’m impressed. The website is easy to use, the partner bank list is extensive (current more than 105 banks) and the service is free. If you’re looking to find the best rate on high-yield savings accounts, CDs or need assistance with CD Laddering, I’d highly recommend giving MoneyAisle.com a try.  Unfortunately, rates are terrible right now across the board, so don’t expect miracles, but every little bit helps right?

This article is part of an ongoing series called Money Saving Monday. Each Monday, I share tips and techniques you can use to start saving money.

Have you tried Money Aisle?  If so, what do you think?  Are you aware of other similar services?  Add a comment!

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