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Financial Tips - Set #1

Financial Tips for April 2009

  1. Set up automatic withdrawal to your savings account. This is the simplest and most effective technique of all. If you set up $100/month to your savings account, you will save $100/month.

  2. Pass on extended warranties. A $129 two year extension on a $300 product is just not worth it. Warranties are insurance, and we rarely need to insure such a small amount.

  3. Make your monthly credit card payment on time. The $30-35 you save by not being charged a late fee each month on one card would save you most of the money you need for $500 in emergency savings

  4. Pay your bills online to save on postage.

  5. Record every purchase for one month. It will probably be an eye-opener an dhelp you stop impulse buying and even to create and stick to an annual budget.

  6. Try taking enough cash from your account to last you the week without using your ATM card. You'll be surprised how soon you're out of cash, and soon you'll find yourself cutting out the little extras that have been costing more than you realized.

  7. Leaking electricity from electronics on standby costs people millions annually. To avoid the leaking of electricity, either unplug electronics when not in use, or plug them into a power strip that can be switched off.

  8. Design your "debt snowball." Everyone needs a plan to help them get out of debt, so sit down and plot out what debts you’re going to pay off and in what order.

  9. Buy generic brands. They're usually as good and sometimes better than the brand that has to charge more to afford advertising.

  10. Carry lunch from home. Don't buy from outside. Save an average of $200 per month.

Tags: Personal - My Money



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