Jan 19, 2011

5 Tips for Saving Money

Having trouble building up your savings?  Always wondering where your money goes?  Here are five ways to save:

1. Track spending and evaluate results.  By tracking your spending habits, you'll get an idea of where you spend your money.  By evaluating the results, you can see if you're using money for things that aren't really necessary.

2. Forget the plastic.  Limit yourself to one or two credit cards with the best rates, and use them for only major purchases or emergencies.  Also, pay off your credit card balances monthly.

3. Look to save on your home.  Look for lower mortgage rates and refinance.  Also, while paying off your home mortgage each month, round up.  You can pay off the loan a little faster, and save a high amount of the interest over time.

4. Read the fine print.  Review your bills carefully, including your credit card statements.  Errors in billing cost customers millions of dollars each year.  Also, in this new age of warranties included with every major purchase, read the fine print carefully, and buy only what will be valuable for those products most likely to need service.

5. Company savings plans.  Many companies offer 401(k) plans.  Take advantage of them.  If one isn't available, open an IRA.  Use direct deposit for these retirement savings accounts so you're not tempted to spend the money elsewhere. 

By following these tips, you should be well on your way!


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