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are ten tips you can use to help improve your personal
financial situation and inevitably save more money:
1. Pay Yourself Weekly
This may seem a bit odd, but this is an excellent way to start
building a substantial savings. On a weekly basis, pay yourself
$25-$50 and immediately put it in a safe place. You can even open a
special savings account where this weekly "payday" can be
placed to help minimize or eliminate impulsive spending. Think about
it this way, if you paid yourself $25 a week, in two years you'll
have accumulated $2600 (not including interest)!!! That's almost
$3000 from just putting $25 aside every week! Take advantage of this
money-saving opportunity. Simple, yet very effective.
2. Don't Shop
For those of you that love to shop, you may find that this is
one tip that could save you hundreds, maybe even thousands every
year. Start using the "Need or Want" strategy. Before you
spend a single dollar on anything, ask yourself, "Do I really
NEED this item, or do I just WANT it??" You may find that many
of the items we purchase, we do so just because it "caught our
eye" or it was "an impulse buy" or "my friend
bought the same thing". All these excuses just add up to
wasteful spending. You can probably get by without another sweater,
or a new pair of jeans, so just buy what you absolutely need, and
pass on those items that aren't necessities.
3. Use Your Bank's Own ATMs
Some banks will charge you money for using other ATM machines.
Even though you will be able to withdraw money using your ATM/debit
card from literally any machine, banks will charge you $2
(generally) for using a machine other than theirs, in addition to a
standard $1.50 charge the machine charges for its use. In other
words, if you use the ATM at your local 7-11 to take out $20, you'll
most likely end up paying $3.50 in additional charges! If you do
that 5 times a month, you'll lose $17.50 for that month, or $210 per
year! What a waste! Try and stick with your own bank's ATMs whenever
4. Track Your Spending
Take the time to track your spending habits for one week. Take
note of every single dollar you spend, even those sodas and candy
bars purchased here and there. This will give you a
"birds-eye" view of exactly where your money is being
spent, thus allowing you to refine your spending habits to
essentially save more money.
5. Lower Credit Card
Another very important tip that many often overlook. Pay off
those pesky credit cards as soon as possible because you are losing
up to 19% of the total. What a waste of your hard earned money! Keep
chopping away at the balances until you get to an amount that is
reasonable $100-$500 dollars.
6. Use Your Debit Card Instead of
Get in the habit of using your debit card instead of your credit
cards. For the most part, debit cards are accepted anywhere a credit
card is accepted, however as you know, with a debit card the amount
is taken directly from your checking account whereas credit card
usage is billed at a later date (along with a hefty interest rate).
7. Changing Jobs?
Roll-Over that 401(k) When people change jobs/careers they will
be faced with a decision to either "rollover" their 401k
(retirement plan) or to withdraw it. It will be ever so tempting to
withdraw the money since it will be a substantial amount, but don't!
You will be charged fines and penalties for an early withdrawal that
will cut YOUR total by 40%-60%! That's like giving half of your
earned retirement savings away to a stranger. Why would you do that?
Even though you may want the money now, resist the temptation and
roll it over. It will be well worth it in the long run.
8. Avoid Getting Too Many Credit
Why have eight credit cards? That's just going to provide you
with more opportunities to go further into debt. It's fine to keep
1-3 cards to build credit, establish yourself, and for emergencies,
but credit cards are double-edged swords. They can help or hurt you
depending on your self-control.
9. Check Your Credit
It's important to know where you currently stand as a consumer
and since your credit report is the most important historical list
of your financial past and present, it's a very good idea to check
it from time to time. There are a number of places where you can get
your credit report, however the most detailed compares information
from the top three national credit bureaus: Experian, Equifax, and
TransUnion. Once you get your report, look through it carefully to
see if all the information is accurate. If there are any
discrepancies, get those solved as quickly as possible to improve
your credit rating - a score of up to 800. Often times, consumers
are unaware of unsettled accounts, or accounts that are still
open/active when they should be closed. Pay close attention to this
when inspecting your report.
**Get credit report tips, hints, and
instant access here: http://www.SavingSecrets.com/creditreport.html
10. Finally: Review - Revise -
Once you start implementing these tips and become more familiar
with the money saving opportunities you have, take the time to
REVIEW your progress. Check and see where it may be possible to
REVISE some of your techniques or where you can implement new ones.
Once you have revised your plan, RETRY to see if your results
improve. The more frequently you review, revise, and retry your saving
ideas, the more "in tune" you'll be with your finances and
spending habits, and learn what works and what doesn't for you.