Aug 30, 2011

Money Saving Tips From Bank of Luxemburg

Everyone knows it’s easy to spend money – especially on fun summer activities! Saving money is a little tougher. To get you started, here are some tips from Bank of Luxemburg’s Rebecca Edler:

Create a budget and stick to it. It can be intimidating at first, but knowing how much and where you’re spending your money will help you keep your finances under control.

Keep control of credit card debt. Try the “debt snowball” – pay off small balance cards first. Once those balances are paid in full, apply the money you were using to pay off that debt to the next card.  Also, use credit cards only for emergencies and pay off the balance each month.  Make sure those payments are on time to avoid penalties, late fees and interest.

Be selective with banking accounts. Look for accounts that don’t charge fees and banks that charge reasonable fees for services you use. Don’t overdraw your account, and use bill payment services to eliminate postage stamps, envelopes and paper checks.

Consolidate or refinance. Look into refinancing your mortgage to reduce the monthly payment and interest rate. Consolidate student loans to reduce interest rates and fees.

Other tips include buying a quality used car, making a shopping list and sticking to it, and waiting a month before making a major purchase to make sure you really need it! You can also make saving money fun by setting goals and rewarding yourself when you reach them. 

Rebecca recently appeared on FOX 11’s Living With Amy to share some of her tips:

What tips are you using to save some money?