Tips on Saving Money!
A recession is a good time to re-assess your finances and start saving.
It's never too late or too early to make a start.
Nor is the amount you save ever too small! Many people don't save because they think putting away a measly amount every month won't add up to much so why not spend it? But that's really a fallacy.
Even if you put away a few dollars a month, at the end of the year, the amount plus interest, can add up to a good amount-definitely enough to put a smile on your face! How can you cut corners and put a little extra into the kitty for a rainy day, or for your retirement, or even for a vacation! Here are a few simple tips! Write down your expenses every day! Divide them into categories at the end of the month.
You're bound to find some ways to cut down on each category.
Prepare a budget and don't live beyond your budget.
Make your credit card payments on time.
The late fee is just not worth it.
Pay off creditors who charge you the highest interest rates first! This way you save on high interest charges.
Don't accrue amounts on credit cards that have higher interests.
Use the lower interest cards more frequently.
Do yourself a favor.
Open up a retirement account and deposit some amount of money every month into that account.
You'll thank yourself when you reach retirement age.
Avoid dipping into this account to pay up expenses.
Refinance your mortgage.
Even if you reduce your interest rate by one percent it is more to your advantage to refinance, especially if you are paying high rates of interest based on your not so great credit card scores.
Designate an automatic withdrawal from your salary to a savings account and tell yourself that you will not dip into your savings funds to pay your expenses.
Even if you save $50.
00 a week you'll have $2600.
00 at the end of the year, not counting the interest! Keep a track of your total debt situation each month.
Reminding yourself of how much you are in debt can wisely put a wet blanket on any impulsive spending.
Impulse spending accounts for a lot of our expenses.
Wait at least 48 hours before spending on items you didn't budget for.
Good sense usually prevails! Don't spend extra income that you get by way of tax refunds, overtime, or gifts.
Either use it to pay off your credit cards or put it in your savings.
Avoid eating out at restaurants or buying pre-packaged cooked meals.
You'd be surprised at how much you can save by making meals at home.
It's easier than you think it is and healthier, too! And last of all, if you need assistance in debt management, remember there are professional credit card counselors who offer free services.
They will help you assess your financial situation and provide you with several options.
Perhaps a debt consolidation program may be your best solution to help you be debt free in the quickest possible time.
Such services also include education and seminars on how you can efficiently manage your finances so that you never live in debt again!
It's never too late or too early to make a start.
Nor is the amount you save ever too small! Many people don't save because they think putting away a measly amount every month won't add up to much so why not spend it? But that's really a fallacy.
Even if you put away a few dollars a month, at the end of the year, the amount plus interest, can add up to a good amount-definitely enough to put a smile on your face! How can you cut corners and put a little extra into the kitty for a rainy day, or for your retirement, or even for a vacation! Here are a few simple tips! Write down your expenses every day! Divide them into categories at the end of the month.
You're bound to find some ways to cut down on each category.
Prepare a budget and don't live beyond your budget.
Make your credit card payments on time.
The late fee is just not worth it.
Pay off creditors who charge you the highest interest rates first! This way you save on high interest charges.
Don't accrue amounts on credit cards that have higher interests.
Use the lower interest cards more frequently.
Do yourself a favor.
Open up a retirement account and deposit some amount of money every month into that account.
You'll thank yourself when you reach retirement age.
Avoid dipping into this account to pay up expenses.
Refinance your mortgage.
Even if you reduce your interest rate by one percent it is more to your advantage to refinance, especially if you are paying high rates of interest based on your not so great credit card scores.
Designate an automatic withdrawal from your salary to a savings account and tell yourself that you will not dip into your savings funds to pay your expenses.
Even if you save $50.
00 a week you'll have $2600.
00 at the end of the year, not counting the interest! Keep a track of your total debt situation each month.
Reminding yourself of how much you are in debt can wisely put a wet blanket on any impulsive spending.
Impulse spending accounts for a lot of our expenses.
Wait at least 48 hours before spending on items you didn't budget for.
Good sense usually prevails! Don't spend extra income that you get by way of tax refunds, overtime, or gifts.
Either use it to pay off your credit cards or put it in your savings.
Avoid eating out at restaurants or buying pre-packaged cooked meals.
You'd be surprised at how much you can save by making meals at home.
It's easier than you think it is and healthier, too! And last of all, if you need assistance in debt management, remember there are professional credit card counselors who offer free services.
They will help you assess your financial situation and provide you with several options.
Perhaps a debt consolidation program may be your best solution to help you be debt free in the quickest possible time.
Such services also include education and seminars on how you can efficiently manage your finances so that you never live in debt again!
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