Crude Oil Lower as Dollar Appreciates

Oct 30, 2009

The dollar appreciated as the price of crude oil in the market has slowed downward on Monday. Benchmark crude for December delivery settled at $78.68 a barrel, a decreased of $1.82 from its previous, on the New York Mercantile Exchange. The US dollar has lost ground and appreciation which made commodities stable at higher ranges. The euro has registered a 14-month high of $1.5061 in overnight trading at New York on Monday afternoon after getting back at $1.4859. The euro was still at $1.5002 late Friday in New York.

In the mean time, regular gasoline has raised its average price for a gallon to $2.671 based on data provided by Wright Express, auto club AAA, and Oil Price Information Service.

Records show that gasoline price has increased by 20 cents a gallon for the past two weeks. This might give additional burden for consumer on their already depleted spending. This increase in oil price will greatly affect retail spending during the holidays as spending will be more on oil spending. It might be a bleak Christmas for everyone as the US is still recovering from economic recession.

According to Nymex trading, November delivery for gasoline has lost a penny for $2.0338 a gallon. Heating oil has registered a decline of 4.21 cents for $2.0335 a gallon. The natural gas for November delivery has gone done by 27.4 cents to remain at $4.516 per 1,000 cubic feet.

Brent crude oil, according to London-based ICE Futures exchange, slid down by $1.66 to stabilize at $77.26 per barrel.

Money-saving tips for the Christmas season

Oct 16, 2009

Christmas is in the air! Shopping malls are brightly decorated for the holiday season. Friends and loved ones keep on reminding about our holiday presents for them. However, the economy this year makes life harder for us. The big question is: Can we have the same holiday spending just like last year? It will depend on our ability to budget our money for this coming holiday. I am sharing you my best money-saving tips for the Christmas season.

1. Project and allocate a portion of your salary.

One of the most important considerations for spending is the status of our financial resources. You should make a projection on how much money you will earn until December. Out of this, you can allot a certain percentage of your earnings only intended for the Christmas holidays. Holiday spending includes gifts and presents for everyone, food and beverage preparation for Christmas parties, out-of–town trips or abroad, house decorations for Christmas, etc. However, we must always give primary emphasis on to pay on household spending like utilities, transportation expenses, food allotment, and other household needs before allotting finances for Christmas. After we have determined our allocated finances for the holidays, then a budget must be made.

2. Budget only for the most important expenditures on Christmas.

You should realize that you had set aside a certain portion of your salary for Christmas. Your budget must fit in only to buy necessary things for Christmas. In excess of the budget will break up your finances. You might end up happy for the holidays but financially empty-handed until the next payday. Spend only for what you had budgeted.

3. Do your shopping on pre-Christmas season.

Do your shopping right now to avoid shopping inconveniences and high costs of goods during the holidays. Prices will tend to rise during the holidays because of high demands for gift items during the season. During the holiday, high costs of goods do not matter with shoppers. They will just buy whatever they like to buy. Shopping months ahead will give you the most favorable time for sales and seasonal pricing trends. The savings you will make for early shopping will cut short your budget allocation and make use it to other expenses. Long queues of holiday shoppers can be avoided by buying all your needed stuffs earlier. Do not beat the shopping spree during the holidays but do it earlier than the holidays.

4. Buy things with “simple, cheaper, and sentimental value” than expensive ones.

The essence of gift giving is not based on the monetary value of your gift but on its sentimental value. Expensive gifts have the same value as cheaper ones with the same sentimental value. The gesture of giving Christmas presents will bring happiness to our loved one and friends irregardless of the monetary costs of the gifts. Choose gifts that are simple but valuable to our recipients.

5. Organize a rummage sale for your unused items.

A rummage sale will give you extra cash out of your unused items in the house. Old clothes, electronic appliances, books, fashion accessories, shoes, and other stuffs can be sold to earn revenue for the holidays. Other people make use of our idle stuffs to save from buying brand new things. Disposal of these stuffs will also help us clean our homes of cluttered and idle items. There is money to idle and unused personal possessions.

Watch out for more money-saving tips for our Christmas season.