Don’t pay for something you can get for free. Be vigilant and do your research. Find out which store goes on sale at what period. What items do they put on sale? Is Store A selling the same product as Store B but offer it a cheaper price? If you just take note of the stores you visit and items that your frequently buy, you’d find out that there’s are a lot of freebies that you are missing out on. If you weren’t in the know, then it’s high time that you do, starting with your favorite grocery &
department store, favorite food to order at your favorite store, prescription and over the counter drugs, and even your credit report and technical support – some of them are free. When it comes to the latest books, music and movies try visiting your local library and get them either at a very low price or even for free.
Don’t be disorganized. Keep all your bills, receipts and other financial documents like insurance policies and tax papers in one place. Set up an automatic bill payment system online or through your bank. This practice will not only ensure no late fees, it will also save you postage costs.
So you want to be able to save and not get into credit card debt or debt anymore…or it could be that you are in the process of debt elimination. Whatever your financial situation is, make sure that you take note of the following suggestions on how you can take better care of your income and spending.
Don’t pay for something you can get for free. Be vigilant and do your research. Find out which store goes on sale at what period. What items do they put on sale? Is Store A selling the same product as Store B but offer it a cheaper price? If you just take note of the stores you visit and items that your frequently buy, you’d find out that there’s are a lot of freebies that you are missing out on. If you weren’t in the know, then it’s high time that you do, starting with your favorite grocery &
department store, favorite food to order at your favorite store, prescription and over the counter drugs, and even your credit report and technical support – some of them are free. When it comes to the latest books, music and movies try visiting your local library and get them either at a very low price or even for free.
Don’t be disorganized. Keep all your bills, receipts and other financial documents like insurance policies and tax papers in one place. Set up an automatic bill payment system online or through your bank. This practice will not only ensure no late fees, it will also save you postage costs.
Don’t be late in paying fees and never miss deadlines. This goes for anything that you borrow,
including harmless little things like books and movie rentals. Don’t forget to also mail in those rebates and expense reports on time to avail of the reimbursement. And make use of the return/replace policy of stores when you make an unfortunate purchase – it didn’t fit you, it’s expired, it’s broken, or you picked up the wrong item… don't let those things pass. Stores usually have a 24-hour policy and/or warranties, so avail of those and don’t forget to keep your receipts.
Don’t ever go shopping without a calculator. Check how much an item costs individually versus in bulk. Make a list of items that you use frequently and buy them in bulk instead of separately. Separate items have separate packaging and you are paying for that as well.
Don’t pay for things you don't use. How many channels are you actually watching on your cable
subscription? What are those extra features on your phone, do you often use them? Maybe it’s time to make an inventory of all your subscriptions and see if you are wasting money on features that you don’t get to avail.
Don’t mismanage your flexible spending account. According to WageWorks, an employee benefits
provider, the average worker leaves $86 behind in their use-it-or-lose-it FSA account a year. Many of them fail to take advantage of their workplace FSA, which lets them, set aside pre-tax dollars for those emergency personal medical costs.
Don’t go out to eat, that frequently. If you’re by yourself, that’s probably fine, but if you’re paying for two or the whole family, spending about $30 a person, frequently, is just not a good idea. There are ways to enjoy dining or spending time with people without spending over $10 or at all. You can learn to cook and bring food to work – and save a couple hundred bucks each month.
Don’t buy insurance if you don’t have dependents. Most single people, including the senior citizens
don't need a policy. Other insurance you can probably do without are credit-card insurance, rental-car insurance, mortgage life insurance and accidental-death insurance (most consumers are not able to use these insurance).
Don’t make impulse purchases anymore. If you think you’re an emotional shopper or eater, or you have vices, it’s time for you to check them by avoiding situations that trigger your compulsion. If you’re not suffering from compulsive behavior, on the other hand, but you still somehow buy impulsively – next time, give yourself time to compare prices first before buying. There’s a wise saying that goes: “Sleep on it.”
Do - Adjust your tax withholding and put it in an interest-earning account. Consult with a tax expert
regarding how you can file your tax refund so you can use the money on savings.
Do – Keep an income/expenses notebook. You can also try to use free budgeting software online, so
you’d know where you spend your money the most. Identifying your spending habits would help you assess where you are spending in excess, if you can eliminate that, or at least cut down on it.
Do – Look for the best return on your money and don’t let your money sit on a traditional savings
account earning next-to-nothing. Let your money earn for you searching for money-market savings
accounts. You can also try looking into free online checking accounts that pays interest. Don’t forget to check on your stocks and mutual funds as well, if you have any. See if they're earning compared to their peers, because if not, perhaps it’s time to move them to another project.
Do – withdraw money from your own bank. Did you know that you throw away nearly $4 every time you withdraw from an ATM other than your bank? If you use other banks’ ATM you’d be paying for surcharge, and then your own bank will charge you with a non-network fee. Find out if your bank charges for non-network service and if they do, you might want to switch to another.
Do – Read all the fine print before you sign. This is especially true for those who are thinking of doing a balance transfer – or those who are transferring their balance on a high-rate credit card to a low-rate card. Did you know that some credit-card companies charge 5% for balance transfers?
Do – Be flexible with your travels. If you can wait to travel before or after peak seasons when prices are lower, then do so, as it would save you a lot of money. Research about flights and airlines that offer
radical discount offers - because details of the travel (hotel or room accommodation, transportation,
etc.) can only be known upon arrival.
Do –Check if your service plans are still working for you. Examples of this would be your bank, insurance provider, creditor, phone plan and/or cable plan provider. You might be their loyal customer for several years already and if your circumstances have changed, perhaps you can check if you’re still compatible with your service providers. Even if you want to practice brand loyalty, it’s wiser to always look for bargains that provide the same services you need.
Do- Try to buy used cars instead of new. Did you know that cars lose 20% on purchase and 65% after five years? Of course you don’t’ want to compromise on quality and functionality, so bring a car expert (friend or someone you know) with you when you check a vehicle out. Many used cars can be of real value if you get them in tip-top condition and you'll also be paying less on insurance and taxes.
Related to his are anything “used” like books, furniture, toys and exercise equipment, clothing and other materials – this is not to say that you should never buy brand new stuff anymore.
Do – start saving. Young people and even 40-year-olds should look ahead at retirement. If they saves , for example, about $300 a month with an 8% return a year, they would save $287,000 by the age of 65. If they saved at the age of 25, they’d have an unbelievable $1 million worth of savings.
Don’t be late in paying fees and never miss deadlines. This goes for anything that you borrow,
including harmless little things like books and movie rentals. Don’t forget to also mail in those rebates and expense reports on time to avail of the reimbursement. And make use of the return/replace policy of stores when you make an unfortunate purchase – it didn’t fit you, it’s expired, it’s broken, or you picked up the wrong item… don't let those things pass. Stores usually have a 24-hour policy and/or warranties, so avail of those and don’t forget to keep your receipts.
Don’t ever go shopping without a calculator. Check how much an item costs individually versus in bulk. Make a list of items that you use frequently and buy them in bulk instead of separately. Separate items have separate packaging and you are paying for that as well.
Don’t pay for things you don't use. How many channels are you actually watching on your cable
subscription? What are those extra features on your phone, do you often use them? Maybe it’s time to make an inventory of all your subscriptions and see if you are wasting money on features that you don’t get to avail.
Don’t mismanage your flexible spending account. According to WageWorks, an employee benefits
provider, the average worker leaves $86 behind in their use-it-or-lose-it FSA account a year. Many of them fail to take advantage of their workplace FSA, which lets them, set aside pre-tax dollars for those emergency personal medical costs.
Don’t go out to eat, that frequently. If you’re by yourself, that’s probably fine, but if you’re paying for two or the whole family, spending about $30 a person, frequently, is just not a good idea. There are ways to enjoy dining or spending time with people without spending over $10 or at all. You can learn to cook and bring food to work – and save a couple hundred bucks each month.
Don’t buy insurance if you don’t have dependents. Most single people, including the senior citizens
don't need a policy. Other insurance you can probably do without are credit-card insurance, rental-car insurance, mortgage life insurance and accidental-death insurance (most consumers are not able to use these insurance).
Don’t make impulse purchases anymore. If you think you’re an emotional shopper or eater, or you have vices, it’s time for you to check them by avoiding situations that trigger your compulsion. If you’re not suffering from compulsive behavior, on the other hand, but you still somehow buy impulsively – next time, give yourself time to compare prices first before buying. There’s a wise saying that goes: “Sleep on it.”
Do - Adjust your tax withholding and put it in an interest-earning account. Consult with a tax expert
regarding how you can file your tax refund so you can use the money on savings.
Do – Keep an income/expenses notebook. You can also try to use free budgeting software online, so
you’d know where you spend your money the most. Identifying your spending habits would help you assess where you are spending in excess, if you can eliminate that, or at least cut down on it.
Do – Look for the best return on your money and don’t let your money sit on a traditional savings
account earning next-to-nothing. Let your money earn for you searching for money-market savings
accounts. You can also try looking into free online checking accounts that pays interest. Don’t forget to check on your stocks and mutual funds as well, if you have any. See if they're earning compared to their peers, because if not, perhaps it’s time to move them to another project.
Do – withdraw money from your own bank. Did you know that you throw away nearly $4 every time you withdraw from an ATM other than your bank? If you use other banks’ ATM you’d be paying for surcharge, and then your own bank will charge you with a non-network fee. Find out if your bank charges for non-network service and if they do, you might want to switch to another.
Do – Read all the fine print before you sign. This is especially true for those who are thinking of doing a balance transfer – or those who are transferring their balance on a high-rate credit card to a low-rate card. Did you know that some credit-card companies charge 5% for balance transfers?
Do – Be flexible with your travels. If you can wait to travel before or after peak seasons when prices are lower, then do so, as it would save you a lot of money. Research about flights and airlines that offer
radical discount offers - because details of the travel (hotel or room accommodation, transportation,
etc.) can only be known upon arrival.
Do –Check if your service plans are still working for you. Examples of this would be your bank, insurance provider, creditor, phone plan and/or cable plan provider. You might be their loyal customer for several years already and if your circumstances have changed, perhaps you can check if you’re still compatible with your service providers. Even if you want to practice brand loyalty, it’s wiser to always look for bargains that provide the same services you need.
Do- Try to buy used cars instead of new. Did you know that cars lose 20% on purchase and 65% after five years? Of course you don’t’ want to compromise on quality and functionality, so bring a car expert (friend or someone you know) with you when you check a vehicle out. Many used cars can be of real value if you get them in tip-top condition and you'll also be paying less on insurance and taxes.
Related to his are anything “used” like books, furniture, toys and exercise equipment, clothing and other materials – this is not to say that you should never buy brand new stuff anymore.
Do – start saving. Young people and even 40-year-olds should look ahead at retirement. If they saves , for example, about $300 a month with an 8% return a year, they would save $287,000 by the age of 65. If they saved at the age of 25, they’d have an unbelievable $1 million worth of savings.
