SAVINGS TIPS

• SAVINGS TIPS How to Stay Disciplined with Your Savings Just do it!  Pay yourself first! Gather all important financially-related documents and receipts to a central location.  File them so you will be able to easily find the items you need in the future.  Consider a computer based financial program so you can keep track of every dime you spend – financial control is a special form of power! Spending every dime and more?  Start by cutting back on a few items per week and putting away that money.  Pay yourself first.  Just say no to spending more than you have. Ask for direct deposit at work if they offer it – you’re saving money, and you don’t even see it.  A savings plan at work that pays you a “matching contribution” is the fastest way to save.  Pay yourself first! Do not use credit cards.  Force yourself to pay cash so that you can track the dimes.  You will never have a late payment (now as much as $75) and you will never pay interest to others at the very high rates credit cards charge. Financial freedom will be worth everything you put into it.  Don’t want to work forever – choosetosave®! Top Saving Mistakes Not modifying your spending habits and committing to save money. Not taking advantage of your company’s match in a 401 (k) plan, or getting involved in a defined contribution plan. Not appropriately/correctly allocating your assets to meet a specific goal or time horizon (diversification is important). Not setting a specific dollar target or financial goal. Not knowing how much you have, where you are spending your money, and how much you need to save for the future (failure to plan for retirement). Cashing out your retirement plan – should roll over to an IRA or your new company’s retirement plan.

  50 ways to save money....

   

    

  British credit card holders now owe an average of £2,200 on their plastic and with retailers reporting a slump in sales not seen for two decades, it is clear that shoppers are reining in their spending. In short, it's payback time.
  To clear a debt of £2,200 on a card that attracts an interest rate of around 15% will take more than two years assuming a monthly repayment of £100.
  There are, however, plenty of simple ways to make significant savings on your regular spending that could clear the debt many times over in less than a year.
  Here are This is Money's top 50 money-saving tips.
  1. Change your attitude to your mortgage
  The most expensive item you are ever likely to buy is your home. If you're not in the privileged position to pay cash, make sure the loan you use to finance it is the best available. For example, if you are paying your lender's full standard variable rate (SVR) you are probably paying hundreds of pounds a year more than you need to.
  There are thousands of deals to choose from and while it is vital to check the small print for hidden catches, this is a relatively easy way to save a lot of money. Remember: loyalty to your bank benefits your bank, not you. Even better, if you can afford to make overpayments on your mortgage, you'll clear your debt several years early and make massive savings. For example, if you borrow £100,000 at 6% over 25 years, you'll pay it back at £643 a month. The total charge for credit will be £93,000. But if you can overpay by £100 a month you'll clear the loan in less than 19 years, giving you 6 years of mortgage-free living and saving a staggering £25,000 in interest.
  Saving: £1,000s
  Links: This is Money mortgage finder; mortgage calculators; mortgage guides
  2. Clear your credit card debt
  One of the golden rules of financial planning is to clear your most expensive debts first, in other words your credit cards. OK, credit cards offer a convenient way to pay for goods and services but if you can't clear the balance every month, consider a low-cost loan as an alternative. Do the sums: a credit card debt (APR 15%) of £2,200 over three years will cost £545 in interest. A loan at 6% will cost £209. A saving of £336.
  Saving: £100s
  Link: This is Money credit card finder
  3. Cut the cost of your fuel bills
  As the global demand for power threatens to outstrip supply, prices are rising. But that doesn't mean you need to be ripped off. The domestic market for fuel is a competitive one and you can change supplier with a few clicks of the mouse. Your new supplier will take care of the formalities - you just pay less every month.
  Saving: £100
  Link: Slash your fuel bills with This is Money

SAVINGS TIPS Practical Savings Tips for Every Day Saving Print Page  Try take-out once a month instead of dining out. Rent a video instead of going to the movies.  If you really want to go to the movies, go to the less expensive afternoon “matinee.” Or better yet, go to your local library and borrow books, CDs, videos, and read the latest magazines and newspapers. Bring your lunch to work once or twice a week instead of buying it. Don’t grocery shop on an empty stomach or you may end up buying more than you need. Cut down food costs by buying what you need on sale, buying generic brands, buying in bulk, and shopping at discount outlets. Don’t buy a sale item or use a coupon just for the sake of it being “cheaper.”  Buy an item only if you need it!  Shop with a list. Increase your gas mileage by taking care of your car with schedule check-ups, or just drive less. Consider carpooling, walking, taking the bus or metro, or riding your bike. Cancel your cable (or at least the premium channels), as well as subscriptions to magazines and newspapers. Exercise at home rather than joining a gym. Make your own coffee at home rather than buying from a store, or at least cut down the number of times per week you purchase coffee. Get health insurance. Track your spending and cash – know where every dollar goes! Organize a friend/relative/neighbor swap of clothes, toys, furniture, CDs, etc. Buy clothes for next year at the end-of-season sales – try garage sales and thrift stores. Find a simple hairstyle that doesn’t cost too much to take care of on daily/weekly basis. Take advantage of free entertainment in your community – parks, museums, exhibits, etc.  Go to free park concerts and other community activities. Try to buy with cash, checks, or debit cards. If you use credit cards, get rid of all but one or two, and pay off the balance each month. You can save hundreds or thousands of dollars a year by avoiding credit card interest charges. Always do your grocery shopping with a list of items you need  -- and don't buy anything that's not on the list. You can save hundreds of dollars a year by avoiding impulse food purchases. Compare unit prices on labels when shopping (for example, price per ounce). You can save hundreds of dollars a year by purchasing items with the lowest price per unit. Avoid shopping at convenience stores. You pay for the convenience -- the prices are usually higher than grocery stores. Consider taking your lunch to work rather than buying it. Depending on where you live and what you eat for lunch, you could save $5 a day. Review your telephone and cable bills for services you don't use and cancel them. If you subscribe to magazines you rarely get around to reading, cancel the subscription. You could save tens of dollars each month. When choosing a cell phone plan, find one that's appropriate for the calls you intend to make. For example, if you plan to use the phone only for emergencies, avoid plans with monthly fees or minimums. When your doctor prescribes a medicine, ask if a generic is available -- you'll pay less. If you're taking a "maintenance" medicine, consider a mail-order pharmacy -- you'll pay less. Before buying a car, compare insurance, gasoline, maintenance, and repair costs for comparable models. You can save thousands of dollars over the life of the car by choosing a model with low operating costs. Save hundreds of dollars a year on gasoline by making sure your car's engine is tuned regularly and your tires have enough pressure.

SAVINGS TIPS Practical Savings Tips for Every Day Saving Print Page  Try take-out once a month instead of dining out. Rent a video instead of going to the movies.  If you really want to go to the movies, go to the less expensive afternoon “matinee.” Or better yet, go to your local library and borrow books, CDs, videos, and read the latest magazines and newspapers. Bring your lunch to work once or twice a week instead of buying it. Don’t grocery shop on an empty stomach or you may end up buying more than you need. Cut down food costs by buying what you need on sale, buying generic brands, buying in bulk, and shopping at discount outlets. Don’t buy a sale item or use a coupon just for the sake of it being “cheaper.”  Buy an item only if you need it!  Shop with a list. Increase your gas mileage by taking care of your car with schedule check-ups, or just drive less. Consider carpooling, walking, taking the bus or metro, or riding your bike. Cancel your cable (or at least the premium channels), as well as subscriptions to magazines and newspapers. Exercise at home rather than joining a gym. Make your own coffee at home rather than buying from a store, or at least cut down the number of times per week you purchase coffee. Get health insurance. Track your spending and cash – know where every dollar goes! Organize a friend/relative/neighbor swap of clothes, toys, furniture, CDs, etc. Buy clothes for next year at the end-of-season sales – try garage sales and thrift stores. Find a simple hairstyle that doesn’t cost too much to take care of on daily/weekly basis. Take advantage of free entertainment in your community – parks, museums, exhibits, etc.  Go to free park concerts and other community activities. Try to buy with cash, checks, or debit cards. If you use credit cards, get rid of all but one or two, and pay off the balance each month. You can save hundreds or thousands of dollars a year by avoiding credit card interest charges. Always do your grocery shopping with a list of items you need  -- and don't buy anything that's not on the list. You can save hundreds of dollars a year by avoiding impulse food purchases. Compare unit prices on labels when shopping (for example, price per ounce). You can save hundreds of dollars a year by purchasing items with the lowest price per unit. Avoid shopping at convenience stores. You pay for the convenience -- the prices are usually higher than grocery stores. Consider taking your lunch to work rather than buying it. Depending on where you live and what you eat for lunch, you could save $5 a day. Review your telephone and cable bills for services you don't use and cancel them. If you subscribe to magazines you rarely get around to reading, cancel the subscription. You could save tens of dollars each month. When choosing a cell phone plan, find one that's appropriate for the calls you intend to make. For example, if you plan to use the phone only for emergencies, avoid plans with monthly fees or minimums. When your doctor prescribes a medicine, ask if a generic is available -- you'll pay less. If you're taking a "maintenance" medicine, consider a mail-order pharmacy -- you'll pay less. Before buying a car, compare insurance, gasoline, maintenance, and repair costs for comparable models. You can save thousands of dollars over the life of the car by choosing a model with low operating costs. Save hundreds of dollars a year on gasoline by making sure your car's engine is tuned regularly and your tires have enough pressure.