Saving money

[F16]

Get a Cheaper Credit Card

Transferring a typical $2,000 balance from an 18% card to a 10% card saves $160 a year in finance charges. Another way to reduce interest costs is to call your credit card issuer and simply request a lower interest rate. Many will comply to keep you as a customer.

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Bring Your Lunch and Snacks

That can of soda you buy every workday for 75 cents costs $188 a year.
Buy 12 store brand cans on sale for $3 and bring them to work and you'll save $125.
Start brown-bagging lunch several days a week, instead of eating out, and you'll probably save several hundred more dollars.
Ditto for midmorning or afternoon snacks and beverages.

[F16]

Slash Food Expenses by 10%

Do this by buying fewer snack foods and "impulse" items and making better use of store and generic brands, coupons, and price breaks.
Consider joining a warehouse club (e.g., BJs) for additional savings.
Trimming a $100 weekly food bill by 10% saves $520 a year.

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Get Discounts

Many products and services (e.g., insurance, hotels, car rentals) have discounts... but only for savvy consumers who ask for them.
Frequently asking the question "is this the best price available?" should save at least $100 annually.

Other ways to get discounts include joining an organization, such as AAA or AARP, or purchasing an entertainment book that contains hundreds of discounts on meals, products and services, and travel (e.g., hotels, airline tickets)

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Be patient

Waiting for things to go on sale, instead of purchasing at full price, should save several hundred dollars. This is especially true for clothing and "seasonal" items, such as yard-care supplies.

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Get a Long Distance Telephone Savings Plan

Every major long distance carrier offers a savings plan for consumers who request it. Actual savings will vary, depending on your calling habits.
You may also have to make calls at designated times, usually nights and weekends, to get the lowest rates. Nevertheless, the savings can be impressive.
If a plan saves $20 a month, that's $240 a year of extra money in your pocket.

[F16]

Get an Insurance Analysis

You may be paying for unnecessary coverage or missing valuable discounts.

Ask an agent to review your policies. If you are paying several thousand dollars a year for insurance (all types), some savings probably exist.
One idea: Consolidate all property coverage (auto, homeowners or renters insurance, and umbrella liability) with the same carrier.
Many provide discount for doing this.

[F16]

Shop "Alternative" Vendors

Shop where you can get the best value for your money.
Inexpensive sources of toys, tools, appliances, clothing, and home furnishings include flea markets, garage sales, thrift shops, and consignment stores.
Possible savings? Hundreds, maybe thousands, of dollars.

[F16]

Earn More on Savings

Don't let existing savings languish in a low interest bank account.
You are losing money after inflation and taxes.
Move this money to a CD or U.S. Savings Bond to earn a higher rate of return for additional income.

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Slash Bank and Investment Fees

Avoid banks that charge high fees or require large minimum balances on low - yielding accounts.

Shop around for a better deal by comparing the characteristics and fee structure of at least three bank accounts. Also avoid high brokerage firm commissions and above-average mutual fund expense ratios.

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Get a Match

If your employer offers a 401(k) plan, save at least enough to earn the maximum employer match.

Many employers for example match 50 cents on the dollar up to a specified percentage of salary.

For example, if you save $2,000, they add an additional $1,000 to your account. This is money for savings that doesn't have to come out of your pocket. Unlike the proverbial "free lunch", employer matching is a good deal that should not be passed up.

[anonymous_saver]

F16

Some good tips, but your repeated posting was a bit like SPAM. Perhaps next time combine some of the posts?

Just a request anyways...

[F16]

Some good tips, but your repeated posting was a bit like SPAM.
Perhaps next time combine some of the posts?

Ok. I'll do it.

[m1kesgurl]

i have made a new thread so the most help the better...thanx

[F16]

Twenty Ways to Save Money

1. Pay yourself first.
Treat savings like a "bill".
Put a part of each paycheck - even if it is only a few dollars - into savings and leave it there.

2. Collect coins
Place all loose change in a jar. When it's full, deposit the money into a savings account.

3. Bank your refunds.
When you get a refund from a supermarket product or your homestead rebate, save it.

4. Continue paying a loan
Just finished paying for your car? If you are about to pay off a loan, and don't need a new car right away, continue making the same monthly payment - to yourself!

5. Break costly habits
Do you really need to buy lunch out every day?
Are you trying to stop smoking?
Save the money you would normally spend on habits like these.

6. Increase Investment Yields
Don't settle for low interest rates!
Earn more money on your dollars by seeking investments - consistent with your risk tolerance level - which pay a higher return.
Avoid products with high fees or service charges.
Start saving early to maximize the compounding of interest.

7. Join an employer's Credit Union
Credit unions are convenient and an inexpensive source of funds when you need a loan. Deposits can be automatically deducted from your paycheck.

8. Buy U.S. Savings Bonds.
For as little as $25, you can buy a bond which will eventually double in value (e.g., $25 to $50). Yields are tied to treasury bond rates and are adjusted periodically.
A minimum (floor) return is also guaranteed.
Some employers have U.S. Savings Bond savings plans for their employees.

9. Take advantage of payroll deduction plans
Many people eliminate the temptation of spending their savings by never seeing it in the first place.

10. Participate in an employer's thrift plan.
In addition to automatically saving a portion of your pay for you, some employers even match your contribution - 25 cents or 50 cents (or more!)
on the dollar.

11. Overwithhold income tax
This is not the best savings method because federal and state governments do not pay interest and you must wait for your refund.
Nevertheless, it's one method people use to save money.
Adjust your W-4 form accordingly.

12. Join Christmas and Vacation Clubs
While money deposited in these accounts usually does not earn a high amount of interest, savings does occur in small amounts, enabling people to reach future goals.

13. Bank a Windfall
Whenever you receive unexpected money - an inheritance, bingo winnings, retroactive pay, an insurance dividend, etc. - put at least part of it into savings.

14. Try crash savings.
The secret of this strategy is setting a limit.
Decide for, say 2 months, you'll buy only absolute necessities, literally.
Save the rest. At the end of the 2 months, treat yourself and buy the item(s) you were saving for. Then resume your "normal routine" or set a new goal.

15.
Fund IRAs One Week At a Time
Try to set aside $38.46 each week.
As you accumulate sufficient funds, place them in your IRA. At the end of the year, you'll have saved $2,000 (plus IRA earnings). Use this same strategy for a Keogh plan if you're self-employed, subject to your maximum contribution limit.

16.
Participate in a 401(k) plan
If you are a corporate employee and your employer offers such a plan, you can reduce your salary (by payroll deduction) up to a certain annual allowable limit.
Many employers even match employee contributions! Fund accumulate tax-deferred for retirement.

17.
Participate in a 403(b) Plan.
If you're a teacher, college professor, or nonprofit organization employee and your employer offers such a plan, you can reduce your salary up to $9,500 a year for retirement savings.

18.
Analyze Family Expenses
Putting savings first will undoubtedly put pressure on your spending habits. Try to keep track of where your money goes and pinpoint expense categories that you could cut back.

19.
Save "Extra" Paychecks
If you are paid biweekly, in 2 months of each year you will receive three paychecks. Employees who are paid weekly will receive an "extra" check in 4 months of each year. The months vary with each year's calendar and the day of the week on which you are paid.
Save at least part of this money.


20. Set Goals
You'll be better able to save if you know what you are saving for.
Some examples of financial goals are a new car, a start-up capital for a business, college expenses, major appliances, a vacation, and retirement.
Make a list of your goals in priority order. Then determine how much money you'll need and when.
Calculate the amount of periodic savings necessary to achieve each goal.