Senator Ben Cardin Joins The Your Money Bus Tour

Members of the media gather for a press conference this morning with Senator Ben Cardin, State Treasurer Nancy Kopp, Knight Kiplinger and Michael Joyce of the NAPFA Consumer Education Foundation. Each representative shared their views on the financial and economic concerns of people in Maryland.

Senator Cardin shared his view of the current crisis happening right here in the U.S. and what it means as the government votes to stabilize our credit markets.

If you live in the Baltimore area be sure to keep an eye out for the bus and our special guests.

A View On Savings

We just finished a fantastic press conference with Senator Ben Cardin, Maryland State Treasurer Nancy Kopp, and Knight Kiplinger. All three participants hit upon the most critical financial issue facing America today: lack of savings. Senator Cardin put the problem in perspective. He discussed how just 10 years ago America was booming. The stock market was yielding double digit returns consistently, home values were rising, and unemployment was at a historical low. These factors caused Americans to drop their savings rate. Why save when the markets were making us wealthy without saving?

Well, we are now finding that savings is the key facet to financial independence. Many families have no safety net because we, as a nation, failed to save. We MUST change our savings habit. We MUST realize that the markets cycle between good and bad. Having a savings “safety net” is the ONLY way to get through the difficult cycles.

I realize it is difficult to find money to save with children, rising gas prices, high taxes, and stagnant wages, but saving can often be much easier than you think. There are some simple measures that can make a big difference over time:

1. Review your auto, home, life, and other insurances. You may find that you can find the policies at a lower cost at another company. I find most people have a low deductible, say $250. You may be able to raise your deductible to $500 or $1,000 and save money. Term life insurance is continually getting cheaper due to rising life expectancies. You may save money by getting a new policy.
2. Buy generic. Often, the very producers of the marquee products make products for generic products. You are basically paying extra for the brand name. You could cut 10% from your grocery bill by using generics.
3. Start loving coupons. Sure, they are a pain to use and store, but you could probably find $25 to $50 per month by using coupons. Look at those coupon books that schoolchildren sell as fundraisers. I use them and find many coupons for restaurants I often frequent. I save about $300 per year with them.
4. Weatherproof your home. Caulk all open passages, let the sun into the home, and add more insulation. These measures can cut your heating bill by 20% or more.

There are other options to save, but the key is to save, save, save.

Kirk Kinder, CFP

NAPFA-Registered Financial Advisor

Press Conference At 11:30 am in Baltimore!

We wanted to let everyone know that you can come on down to the bus later this morning not JUST for free financial advice, but also to view a press conference we are going to conduct with U.S. Senator Ben Cardin and Maryland State Treasurer Nancy Kopp. Senator Cardin will discuss the Senate's recent vote on the Bailout/Rescue Plan and what the recent economic turmoil means for every American.

The press conference will be held at 11:30 am in front of the bus at the intersection of E. Pratt and Light Streets.