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7 Quick "Short-Cut" Tips
Here’s a list of things you might not
have thought of when saving money!
1.
Pay yourself first.
Try to save at least 10% or more of your income. But don't give up just
because you can't reach that amount. Work with a number that is
comfortable for you. Saving consistently is better than putting aside a
big sum just once. As your income increases, so should the amount you
save each week. Promise yourself that you will save each and every week.
2. Take advantage of your 401(k) plan at work.
Contribute up to the amount of the company match, which is the amount
your employer kicks in when you contribute. The most common match is 50
cents on the dollar. This is free money to you! You did not have to
earn this money, it was given to you!
3.
Don’t abuse your ATM withdrawals.
Decide how much you will need each week and make it count. Resist from
going back to your bank. And over time try to reduce the amount you
withdraw. If you have money left at the end of the week, put it aside
for the coming week.
4. Pay off all your credit cards and student/car loans.
Begin by paying off the credit card with the highest rate first, then
the next highest rate, and so on. Cut up all the cards except the one
with the lowest rate. When you're finished, start adding $50 a month to
your savings account. Interest on your car is not deductible unless
it's through a home-equity loan, or financed through your business. By
paying down debt, you are able to start placing more in your bank
account and earn interest on the amount.
5.
Start an automatic investment savings plan.
You can arrange to have as little as $50 a month deducted from your
bank account and deposited into a mutual fund account.
6. Try to pay an extra $100-300.00 on your mortgage each
month.
You will add equity to your home much faster. If you prepay $100 a
month on a $150,000 loan, you will save $72,952 in interest and shave 7
1/2 years off the loan. You don't have to commit to paying a specific
amount. Just pay what you can afford.
7. Don’t eat junk food, not only
is it bad for you, it’s also bad for your pocket book! Junk food is actually very
expensive, reason being is it’s prepared fast for you to pick-up and
leave within seconds! When you get hungry, don’t stop at the convenient
store! Instead, stop at a supermarket where prices are lower and allow
you to save money. Buy a piece of fruit and a bottle of water.
7 Quick "Short-Cut" Tips
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